2022 was an eventful year for Creo Medical, as it progressed on all fronts of its ‘Build, Buy and Partner’ strategy. The period was marked by the increasing traction of Speedboat Inject (its flagship electrosurgical device) and its proprietary CROMA technology platform. Enhanced levels of user, robotics deals with Intuitive and CMR, and multiple heads of terms agreements all suggest a potential inflection point for Creo. To factor in these developments and the improved visibility of the company’s near-term plans, we have revisited our model assumptions and introduced more granularity to our estimates. We now categorise Creo’s revenue stream from three sources: Core technology, Consumables and Partnerships, resulting in our valuation rising to £493m or 272p/share, from £489m (269p/share) previously. We note that at current burn rates, Creo would need to raise funds by Q223 to continue supporting its development plans.