Last close As at 05/08/2026
GBP0.13
▲ −0.38 (−2.83%)
Market capitalisation
GBP58m
Research: Healthcare
Creo Medical has expanded its collaborative agreement with leading robotics manufacturer Intuitive Surgical, to include additional sites in the UK and Europe testing MicroBlate Flex in combination with Intuitive’s Ion surgical system for combined lung cancer diagnostics and treatment. The first such successful procedure under a clinical trial setting was announced in March 2024 by Professor Shah at Royal Brompton Hospital and the addition of new centres could potentially drive accelerated adoption of the MicroBlate Flex (commercial roll-out is planned over the next 12 months, with first procedures from the new sites expected in H2 CY24). We view this deal expansion as a validation of the utility of Creo’s technology in robotics-assisted procedures and a sentiment boost ahead of MicroBlate Flex’s commercial launch later this year.
Written by
Creo Medical |
Intuitive deal expansion is a notable milestone |
Partnership update |
Healthcare equipment |
5 July 2024 |
Share price performance
Business description
Analysts
Creo Medical is a research client of Edison Investment Research Limited |
|||||||||||||||||||||||||||||||||
Creo Medical has expanded its collaborative agreement with leading robotics manufacturer Intuitive Surgical, to include additional sites in the UK and Europe testing MicroBlate Flex in combination with Intuitive’s Ion surgical system for combined lung cancer diagnostics and treatment. The first such successful procedure under a clinical trial setting was announced in March 2024 by Professor Shah at Royal Brompton Hospital and the addition of new centres could potentially drive accelerated adoption of the MicroBlate Flex (commercial roll-out is planned over the next 12 months, with first procedures from the new sites expected in H2 CY24). We view this deal expansion as a validation of the utility of Creo’s technology in robotics-assisted procedures and a sentiment boost ahead of MicroBlate Flex’s commercial launch later this year.
Year, end |
Revenue (£m) |
PBT* |
EPS* |
DPS |
P/E |
Yield |
12/22 |
27.2 |
(28.6) |
(13.5) |
0.0 |
N/A |
N/A |
12/23 |
30.8 |
(22.1) |
(6.2) |
0.0 |
N/A |
N/A |
12/24e |
40.1 |
(16.6) |
(3.9) |
0.0 |
N/A |
N/A |
12/25e |
54.1 |
(4.8) |
(1.0) |
0.0 |
N/A |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
Backed by Creo’s Kamaptive technology, MicroBlate Flex is focused on soft tissue microwave ablation of nodules and tumours in lung, pancreatic, liver, kidney and bladder cancers and received FDA clearance in January 2021. The first-in-human lung treatment using the device (as part of a clinical trial) was announced in May 2023 and the first use in robotics-assisted surgery (using Intuitive’s Ion robotics system) was reported in March 2024.
We see the expansion of Creo’s collaboration with Intuitive Surgical (the largest medical robotics player globally) as incremental validation of the potential utility of Creo’s devices when combined with Intuitive’s robotic systems. Management plans to roll out the technology over the next 12 months across multiple sites in the UK and Europe under a clinical pioneer programme, which is designed to train clinicians to use MicroBlate Flex with the Ion Endoluminal System for microwave ablation of lung nodules and lesions. First procedures are expected in H2 CY24 at the new sites and the additional data may support an accelerated launch and potentially a commercial licensing agreement with Intuitive. Creo first signed a multi-year research collaboration with Intuitive Surgical in May 2022 and MicroBlate Flex’s utility with the Ion robotics system (534 installed systems worldwide) appears to be the first potential application. As noted previously, if the collaboration expands further to include Intuitive’s da Vinci system (an installed base of 8,606 systems), the market opportunity could be significantly larger. We understand that Creo is in talks with Intuitive to develop its SpydrBlade device (laparoscopic dissection and coagulation) to function with Intuitive’s da Vinci robotics system and we await further updates from management on this.
Robotics-assisted surgeries are widely regarded to be transformative for the healthcare system, given the ability for early cancer detection, greater surgical precision and shorter recovery times and we see this deal progression as an exciting opportunity for Creo to tap into this field.
|
|
Research: TMT
Nano Dimension has entered into a definitive agreement to acquire Desktop Metal (DM) in an all-cash deal worth $185m ($5.50 per DM share), with potential adjustments that could reduce it to $135m ($4.07 per share). The deal is subject to regulatory approvals and DM shareholder approval and is expected to close in Q424. With complementary product lines, the combined entity will offer a broad range of additive manufacturing solutions covering multiple verticals and materials, supporting the entire value chain from prototyping through to mass manufacturing.