Creo Medical

LN: CREO

Market Cap£103m

Last Close 56.5p

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.

More Creo Medical content >

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. 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 28/09/2022
Content on Creo Medical
Creo Medical – Building momentum in 2022
Healthcare | research Update | 14 September 2022
abstract-140898
Creo Medical – Continued growth momentum in H122
Healthcare | research Flash note | 4 August 2022
abstract-140898
Creo Medical – Solid FY21 followed by robotics deal with Intuitive
Healthcare | research Flash note | 25 May 2022
abstract-140898
View more
Register to receive research on Creo Medical as it is published
Share price graph
Balance sheet
Forecast net cash (£m) 12.2
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (17.5) (39.9) (67.7)
Relative* (12.0) (36.5) (65.9)
52-week high/low 175.0p/56.5p
*% relative to local index
Key management
Craig Gulliford CEO
Richard Rees CFO
David Woods Chief commercial officer
Rhys Davies Communications manager