Last close As at 05/08/2026
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Market capitalisation
GBP58m
Research: Healthcare
Speedboat Inject, Creo Medical’s flagship electrosurgical device, has received the CE mark for upper gastrointestinal (GI) procedures. This CE mark extension nearly doubles the device’s scope across all GI tract procedures in Europe and will likely create new surgical opportunities for additional indications (upper GI) as well as increasing the total user base in the near-to-medium term. We believe that the growth in Speedboat Inject’s user base rests on its pioneer training programme and robotics deals with Intuitive Surgical and CMR Surgical, which remain the primary growth drivers for Creo. We note that Speedboat Inject already has regulatory clearance for full GI tract procedures across both the United States and Asia Pacific (APAC) region. Taking into account the £33.7m (gross) fund-raise in Q123, we estimate the company is funded to operational profitability into H126.
Written by
Creo Medical |
CE extension nearly doubles addressable GI |
19 June 2023 |
Share price performance
Business description
Analysts
Creo Medical is a research client of Edison Investment Research Limited |
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Speedboat Inject, Creo Medical’s flagship electrosurgical device, has received the CE mark for upper gastrointestinal (GI) procedures. This CE mark extension nearly doubles the device’s scope across all GI tract procedures in Europe and will likely create new surgical opportunities for additional indications (upper GI) as well as increasing the total user base in the near-to-medium term. We believe that the growth in Speedboat Inject’s user base rests on its pioneer training programme and robotics deals with Intuitive Surgical and CMR Surgical, which remain the primary growth drivers for Creo. We note that Speedboat Inject already has regulatory clearance for full GI tract procedures across both the United States and Asia Pacific (APAC) region. Taking into account the £33.7m (gross) fund-raise in Q123, we estimate the company is funded to operational profitability into H126.
Regulatory update |
Year end |
Revenue (£m) |
PBT* (£m) |
EPS* |
DPS |
P/E |
Yield |
12/21 |
25.2 |
(29.7) |
(14.6) |
0.0 |
N/A |
N/A |
12/22 |
27.2 |
(31.0) |
(14.9) |
0.0 |
N/A |
N/A |
12/23e |
32.8 |
(24.3) |
(6.3) |
0.0 |
N/A |
N/A |
12/24e |
40.8 |
(14.8) |
(3.6) |
0.0 |
N/A |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
While Creo has been focusing its efforts on increasing adoption of its core CROMA technology platform and its flagship Speedboat Inject device, we expect the new regulatory approval for upper GI procedures in Europe will add further momentum to Speedboat usage. According to management, upper GI procedures in the US account for more than 40% of global Speedboat Inject procedures to date. Additionally, the company notifies that it already has a pipeline of clinicians, who are willing to use Speedboat Inject for upper GI procedures in Europe. As the Speedboat Inject device is already in use for full GI tract procedures for cutting and coagulation of soft tissue using radiofrequency and microwave energy across the US and APAC, we expect a quick turnaround into regular users in Europe.
This development follows the company’s recent efforts to gain more traction for Speedboat Inject and its CROMA technology platform. In May 2023, Royal Oldham Hospital (UK), a NHS facility, signed up for Creo’s CROMA technology platform, Speedboat Inject and related endotherapy products. Creo has a target base for the Speedboat range of products of more than 350 hospitals in the UK. In June 2023, Speedboat Inject was 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. The guidance, if favourable, would likely support increased adoption of the device in the UK.
We note that expansion of the Speedboat Inject user base (with an emphasis on training enrolment) remains the strategic priority for Creo in FY23. Robotic deals with Intuitive and CMR offer additional upside for the company, given the market credibility and reach of Intuitive’s robotic systems (da Vinci and Ion).
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Research: Industrials
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