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.
Healthcare |
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Healthcare |
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Healthcare |
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Healthcare |
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Craig Gulliford
CEO
David Woods
Chief commercial officer
Richard Rees
CFO
Forecast net debt (£m)
5.7
Forecast gearing ratio (%)
9
% | 1M | 3M | 12M |
---|---|---|---|
Actual | (8.7) | (21.3) | 28.0 |
Relative | (11.1) | (24.7) | 26.3 |
52 week high/low | 48.1p/23.2p |
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 GI tract procedures, soft tissue (eg pancreas and liver) and pulmonology. It has six products CE marked, with five cleared by the FDA. Its first commercially available device, Speedboat Inject, is used across the globe. It reported 13% y-o-y growth in FY23 sales following Speedboat Inject’s European clearance for upper GI procedures and the accelerated approval and launch of Creo’s slimmest electrosurgical device, Speedboat UltraSlim. It recently reported first use of its MicroBlate Flex device.
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 |