Currency in GBP
Last close As at 09/06/2023
GBP0.25
▲ 2.00 (8.60%)
Market capitalisation
GBP89m
Research: Healthcare
Creo Medical has announced a multicentre observational study to assess the safety and efficacy of MicroBlate Flex, a soft tissue microwave ablation device for the treatment of lung lesions. This is the first in human study for the device and is based in the UK, with the potential to expand to up to six sites across Europe and one site in the United States. MicroBlate Flex’s post-market study is one of several planned by Creo (in collaboration with its Kamaptive technology partners) for its ablation devices starting in 2023 and the study aims to generate evidence/user data for the device. We see this development as a positive step towards expanding the market reach of MicroBlate Flex. Recruitment has commenced for the study, with first treatment expected in Q223.
Creo Medical |
Observational studies to expand capabilities |
5 April 2023 |
Share price performance Business description
Analysts
Creo Medical is a research client of Edison Investment Research Limited |
Creo Medical has announced a multicentre observational study to assess the safety and efficacy of MicroBlate Flex, a soft tissue microwave ablation device for the treatment of lung lesions. This is the first inhuman study for the device and is based in the UK, with the potential to expand to up to six sites across Europe and one site in the United States. MicroBlate Flex’s post-market study is one of several planned by Creo (in collaboration with its Kamaptive technology partners) for its ablation devices starting in 2023 and the study aims to generate evidence/user data for the device. We see this development as a positive step towards expanding the market reach of MicroBlate Flex. Recruitment has commenced for the study, with first treatment expected in Q223.
Clinical update |
Year |
Revenue |
PBT* (£m) |
EPS* |
DPS |
P/E |
Yield |
12/20 |
9.4 |
(23.0) |
(12.8) |
0.0 |
N/A |
N/A |
12/21 |
25.2 |
(29.7) |
(14.6) |
0.0 |
N/A |
N/A |
12/22e |
27.1 |
(26.4) |
(12.4) |
0.0 |
N/A |
N/A |
12/23e |
31.0 |
(21.8) |
(10.2) |
0.0 |
N/A |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
The clinical study is a post-market, prospective, single-arm, multicentre, nonrandomised, observational study, which plans to enrol up to 32 patients in six sites in Europe and possibly one site in the United States. During the trial, MicroBlate Flex will be used in bronchoscopic microwave ablation of peripheral lung nodules. It also requires a post-procedure assessment and six follow-up visits at seven days, 31–45 days, three months, six months, nine months and 12 months. The primary completion of the study (which we believe to be the date when the last patient is recruited) is anticipated in March 2024, while the full study completion is expected in March 2025.
MicroBlate Flex is an electrosurgical device that uses high-frequency microwave energy to ablate nodules and tumours in soft tissues such as the pancreas, liver, kidneys, lungs and muscles, as well as nasal indications. Due to its flexible design, Creo claims it is materially less invasive than the standard alternative procedures in lung tumour treatment. The device has been CE marked in Europe and received US Food and Drug Administration clearance in January 2021.
While FY22 was marked by several developments for Creo, including increased adoption of its Speedboat Inject device and new robotic deals with Intuitive and CMR Surgical, we expect commercialisation of the core technology portfolio to remain a key strategic priority for Creo in FY23 across global markets. The observational studies are a step forward in creating market potential for Creo’s devices. The user data, if positive, might lead to enhanced adoption of the device. Supported by the recent fund raise of £26.8m (net proceeds) through a private placement, the company is adequately positioned to advance its commercialisation plans and R&D efforts.
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Research: Industrials
Solid State’s trading update confirms that trading continued strongly during H223, resulting in record revenues of c £125m and adjusted profit before tax of at least £10.5m in FY23. Consensus PBT estimates for FY23 and FY24 have not been changed, but consensus revenue estimates have been raised by 4% and 2%, respectively, for FY23 and FY24.
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