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Currency in GBP
Last close As at 09/06/2023
GBP0.25
▲ 2.00 (8.60%)
Market capitalisation
GBP89m
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 the gastrointestinal endoscopic technologies market is worth c $3.0–3.2bn and the radio frequency 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.
Managing Director - Head of Content, Healthcare
Craig Gulliford
CEO
David Woods
Chief commercial officer
Rhys Davies
Communications manager
Richard Rees
CFO
Forecast net cash (£m)
9.8
Forecast gearing ratio (%)
N/A
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | 2.0 | 2.0 | (72.8) |
| Relative | 4.3 | 6.4 | (72.5) |
| 52 week high/low | 96.5p/18.4p |
Creo Medical has announced that its flagship product, Speedboat Inject, has been selected for assessment by the National Institute for Health and Care Excellence (NICE), a UK-based independent expert organisation that provides national guidance on medical practices and technologies. Post selection, the device will go through a committee review of the headline data and a multi-stage evaluation process by NICE, to investigate Speedboat for endoscopic submucosal dissection of lower gastrointestinal lesions. While Creo’s Pioneer training programme and robotics deals with Intuitive Surgical and CMR Surgical hold significant potential for Speedboat’s uptake globally, the NICE guidance, if favourable, would likely support increased adoption of the device in the UK, providing further validation for the product as well as the CROMA platform.
| 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) | (6.26) | N/A | N/A |
| 2024E | 40.8 | (11.5) | (14.8) | (3.59) | N/A | N/A |
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