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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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

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