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 four cleared by the FDA. In 2020 Creo acquired Albyn Medical, which provides it with profitable products and a direct salesforce in Europe.
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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. In H122, Creo reported first licensing income from its May 2022 multi-year collaboration with robotics market leader, Intuitive and has agreed heads of terms with further potential future partners as interest grows in its Kamaptive technology.
Y/E Dec |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (p) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2020A | 9.4 | (21.4) | (23.0) | (12.752) | N/A | N/A |
| 2021A | 25.2 | (26.7) | (29.7) | (14.577) | N/A | N/A |
| 2022E | 28.7 | (23.1) | (25.8) | (12.118) | N/A | N/A |
| 2023E | 33.8 | (20.9) | (23.7) | (11.096) | 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. Entering the robotics and laparoscopic markets further increases the scale of opportunity open to Creo.
Last updated on 28/09/2022Content on Creo Medical
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| Forecast net cash (£m) | 12.2 |
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Key management |
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| Craig Gulliford | CEO |
| Richard Rees | CFO |
| David Woods | Chief commercial officer |
| Rhys Davies | Communications manager |