Creo Medical (AIM: CREO)

Currency in GBP

Last close As at 06/12/2023

GBP0.33

0.00 (0.00%)

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.

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Sector

Healthcare

Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Nidhi Singh

Nidhi Singh

Analyst

Arron Aatkar

Associate analyst

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 (0.8) (0.8) (10.2)
Relative (2.0) (1.3) (8.8)
52 week high/low 37.8p/18.4p

Financials

Creo Medical is developing and commercialising minimally invasive endoscopic electrosurgical devices. Its CROMA advanced energy platform delivers a combination of advanced bipolar radiofrequency and microwave energy for the dissection, resection, ablation and haemostasis of diseased tissue. Its initial focus is on gastrointestinal (GI) tract procedures, expanding into soft tissue (eg pancreas and liver) and pulmonology. It has six advanced energy products CE marked, with five cleared by the FDA. Its first commercially available device, Speedboat Inject, is used across the globe. Additionally, the company has collaboration agreements with two surgical robotic partners, Intuitive and CMR Surgical. Recently, Creo received CE mark for Speedboat Inject for upper GI procedures, broadening the scope to full range of GI procures in the region and FDA approval for its Speedboat UltraSlim device, slimmest version of Speedboat Inject.

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

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