Creo Medical

LN: CREO

Market Cap£181m

Last Close 100p

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 and four have been cleared by the FDA. It recently acquired Albyn Medical, which provides it with profitable products and a direct sales force in Europe.

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Investment summary

Creo Medical is developing and commercialising minimally invasive endoscopic electrosurgical devices. Its CROMA platform delivers a combination of advanced bi-polar radiofrequency (RF) and microwave energy for the purpose of dissection, resection, ablation and haemostasis of diseased tissue. The initial focus is on gastrointestinal (GI) procedures expanding into soft tissues (such as the pancreas) and pulmonology. The company has had all six products within the CROMA platform CE marked with four cleared for use by the FDA and the other two expected to be cleared in the coming months. Creo’s first commercially available device, Speedboat Inject, is now used across the globe.

Y/E Dec
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2019A 0.0 (18.2) (18.6) (13.1) N/A N/A
2020A 9.4 (21.4) (23.0) (12.7) N/A N/A
2021E 25.9 (21.2) (22.7) (12.3) N/A N/A
2022E 28.4 (22.9) (24.4) (13.3) N/A N/A
Industry outlook

Creo Medical products are in a large and lucrative market. Conmed estimates the GI endoscopic technologies market alone is approximately $3.0–3.2bn with the RF energy based surgical device market at $2.7–2.9bn per year.

Last updated on 23/05/2022
Content on Creo Medical
Creo Medical – Positive Q122 trading update
Healthcare | research Flash note | 29 April 2022
abstract-140898
Edison Open House – Creo Medical
Healthcare | Edison TV | 6 October 2021
Creo Medical – Providing energy for endoscopic surgery
Healthcare | research Initiation | 4 October 2021
abstract-140898
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Share price graph
Balance sheet
Forecast net cash (£m) 46.7
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (5.7) (29.3) (50.9)
Relative* (5.0) (29.0) (52.7)
52-week high/low 219.8p/96.0p
*% relative to local index
Key management
Craig Gulliford CEO
Richard Rees CFO
David Woods Chief commercial officer
Rhys Davies Communications manager