Creo Medical

Overview
Price performance
Financials
Research
Thematics

UK-based Creo Medical focuses on the development and commercialisation of minimally invasive electrosurgical devices. Its six products in the flagship CROMA platform have all been CE marked, with five cleared by the FDA. Acquired in 2020, Albyn Medical provides Creo with profitable products and a direct salesforce in Europe.

Creo’s products are in a large and lucrative market. Conmed estimates that the GI endoscopic technologies market is worth c $3.0–3.2bn and the radiofrequency energy-based surgical device market is worth $2.7–2.9bn pa. Entering the robotics and laparoscopic markets further increases the scale of opportunity open to Creo.

Latest Insights

Healthcare |
Flash note

19.09.24

Creo Medical — Consumables business divested in strategic move

Healthcare |
Flash note

05.07.24

Creo Medical — Intuitive deal expansion is a notable milestone

Healthcare |
edison tv

04.06.24

Creo Medical – executive interview with Craig Gulliford, CEO

Healthcare |
Update

20.05.24

Creo Medical — Setting the stage for pivotal growth

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Sector

Healthcare

Equity Analyst

Arron Aatkar

Analyst

Jyoti Prakash

Analyst, Healthcare

Key Management

Craig Gulliford

CEO
David Woods

Chief commercial officer
Richard Rees

CFO

Balance Sheet

Forecast net cash (£m)

0.1

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(19.8)	(43.5)	(50.4)
Relative	(16.9)	(42.1)	(54.1)
52 week high/low	48.1p/16.2p

Financials

Creo Medical is developing minimally invasive endoscopic electrosurgical devices backed by its CROMA advanced energy platform. Its initial focus is on GI tract procedures, soft tissue and pulmonology. It has six products CE marked, with five cleared by the FDA. Its first commercially available device, Speedboat Inject, is used globally and Creo recently launched its slimmest device, Speedboat UltraSlim. In September 2024, Creo announced the divestment of a 51% stake in its mature consumable business for net proceeds of €30m (completion expected in Q125) as well as an equity issue, raising £11.1m net. These funds will be redeployed towards growing the company’s core franchise and technology licensing partnerships. H124 results saw positive traction from the core portfolio (+ c 80% y-o-y revenue growth) albeit lower than management expectations. Following the divestiture, break-even is now expected in 2028, with a cash runway into H227, per our estimates.