Creo Medical (AIM: CREO)

Last close As at 28/03/2024

GBP0.35

−0.75 (−2.11%)

Market capitalisation

GBP129m

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 $2.7–2.9bn pa. Entering the robotics and laparoscopic markets further increases the scale of opportunity open to Creo.

Latest Insights

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Healthcare | Flash note

Creo Medical — MicroBlate Flex progresses with first robotics use

Healthcare | Flash note

Creo Medical — Solid FY23 lays the groundwork for 2024

Healthcare | Flash note

Creo Medical — UltraSlim launch – kicking off FY24 momentum

Healthcare | Flash note

Creo Medical — FDA nod for UltraSlim

creo05

Sector

Healthcare

Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Nidhi Singh

Nidhi Singh

Analyst

Jyoti Prakash

Jyoti Prakash

Analyst, Healthcare

Arron Aatkar

Associate analyst

Key Management

  • Craig Gulliford

    CEO

  • David Woods

    Chief commercial officer

  • Richard Rees

    CFO

Balance Sheet

Forecast net debt (£m)

5.7

Forecast gearing ratio (%)

9

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 15.5 (3.4) 40.6
Relative 11.9 (5.9) 31.3
52 week high/low 48.1p/23.2p

Financials

Creo Medical is developing and commercialising minimally invasive endoscopic electrosurgical devices. Its CROMA advanced energy platform delivers a combination of advanced bipolar radiofrequency and microwave energy for the dissection, resection, ablation and haemostasis of diseased tissue. Its initial focus is on gastrointestinal (GI) tract procedures, expanding into soft tissue (eg pancreas and liver) and pulmonology. It has six advanced energy products CE marked, with five cleared by the FDA. Its first commercially available device, Speedboat Inject, is used across the globe. It reported 13% y-o-y growth in FY23 sales following Speedboat Inject’s European clearance for upper GI procedures and the accelerated approval and launch of Creo’s slimmest electrosurgical device, Speedboat UltraSlim (first procedures already performed in the US, Europe and Latin America).

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2021A 25.2 (20.0) (29.7) (14.58) N/A N/A
2022A 27.2 (20.8) (31.0) (14.85) N/A N/A
2023E 32.8 (20.7) (24.3) (6.57) N/A N/A
2024E 40.8 (11.5) (14.8) (3.49) N/A N/A

Thematics

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