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Creo Medical (AIM: CREO)

Currency in GBP

Last close As at 28/11/2023

GBP0.32

▲ −0.40 (−1.23%)

Market capitalisation

GBP117m

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 — FDA nod for UltraSlim

Healthcare | Flash note

Creo Medical — Potential UltraSlim upside with swift EU pathway

Healthcare | Update

Creo Medical — Detailed half-yearly reflecting Speedboat traction

Healthcare | edison tv

Creo Medical – executive interview with Craig Gulliford, CEO
creo05
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Sector

Healthcare

Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Key Management

  • Craig Gulliford

    CEO

  • David Woods

    Chief commercial officer

  • Rhys Davies

    Communications manager

  • Richard Rees

    CFO

Balance Sheet

Forecast net debt (£m)

5.7

Forecast gearing ratio (%)

9

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (2.0) (5.6) (15.8)
Relative (5.1) (7.1) (14.8)
52 week high/low 37.8p/18.4p

Financials

Creo Medical has received US FDA approval for its Speedboat UltraSlim device, which will enable the company to launch it in the coveted US market. Though expected, this marks a material regulatory win for Creo as UltraSlim is the company’s thinnest and most versatile device and it is now projected to be available in both Europe (via accelerated EU regulatory pathway) and the US in 2024. The UltraSlim device remains an important addition to the portfolio as it provides broader access to gastrointestinal (GI) procedures and it is a key contributor to Creo’s near- to medium-term growth. All eyes are on the upcoming 7 November capital markets day, which will likely be the next catalyst.

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

Research

creo05

Flash note

Healthcare

Creo Medical — Potential UltraSlim upside with swift EU pathway

Update

Healthcare

Creo Medical — Detailed half-yearly reflecting Speedboat traction
Creo Medical_resized

Healthcare

Flash note

Creo Medical — FDA nod for UltraSlim

Creo Medical_resized

edison tv

Healthcare

Creo Medical – executive interview with Craig Gulliford, CEO

Update

Healthcare

Creo Medical — Growth momentum with core strength
creo05

Flash note

Healthcare

Creo Medical — CE extension nearly doubles addressable GI
creo05

Flash note

Healthcare

Creo Medical — NICE to review Speedboat Inject

Flash note

Healthcare

Creo Medical — New NHS client win for CROMA technology
creo05

Update

Healthcare

Creo Medical — Entering phase of accelerating growth inflection

Flash note

Healthcare

Creo Medical — Albyn Medical stake acquired as wholly owned
creo05

Flash note

Healthcare

Creo Medical — Observational studies to expand capabilities
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Thematics

thematic

Healthcare

Deutsches Eigenkapitalforum (EKF) 2023 healthcare
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thematic

Healthcare

VolitionRx – Decoding the DNA of cancer 

thematic

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ASCO 2023 key takeaways

thematic

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Machine learning in drug development
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