Last close As at 05/08/2026
GBP0.13
▲ −0.38 (−2.83%)
Market capitalisation
GBP58m
Research: Healthcare
Speedboat UltraSlim, Creo’s slimmest surgical device, was employed in the first UK surgical procedure (lower gastrointestinal, GI) under the early adopter programme. The commercial launch came earlier than previously anticipated (early 2024), with quicker than expected regulatory acceptance, and this highlights the commercial potential. The device’s smaller dimensions allow providers increased flexibility compared to treatment alternatives and increase potential utility as it is compatible with all major endoscopes, further expanding the target GI procedures for Creo. UltraSlim has received an accelerated approval pathway in Europe (announced in October 2023), followed by the FDA’s nod in November. With incremental surgeries planned for the coming weeks in Europe and the US, full market launch is now anticipated in early 2024 in Europe, potentially signalling momentum into FY24.
Written by
Creo Medical |
UltraSlim launch – kicking off FY24 momentum |
Commercial update |
Healthcare equipment |
14 December 2023 |
Share price performance
Business description
Analysts
Creo Medical is a research client of Edison Investment Research Limited |
||||||||||||||||||||||||||||||||||||
Speedboat UltraSlim, Creo’s slimmest surgical device, was employed in the first UK surgical procedure (lower gastrointestinal, GI) under the early adopter programme. The commercial launch came earlier than previously anticipated (early 2024), with quicker than expected regulatory acceptance, and this highlights the commercial potential. The device’s smaller dimensions allow providers increased flexibility compared to treatment alternatives and increase potential utility as it is compatible with all major endoscopes, further expanding the target GI procedures for Creo. UltraSlim has received an accelerated approval pathway in Europe (announced in October 2023), followed by the FDA’s nod in November. With incremental surgeries planned for the coming weeks in Europe and the US, full market launch is now anticipated in early 2024 in Europe, potentially signalling momentum into FY24.
Year end |
Revenue (£m) |
PBT* |
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) |
(6.6) |
0.0 |
N/A |
N/A |
12/24e |
40.8 |
(14.8) |
(3.5) |
0.0 |
N/A |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
Speedboat UltraSlim is the third device in the company’s flagship Speedboat portfolio (following Speedboat Inject and Speedboat Slim) and its slimmest device, designed to be compatible with all endoscopes with a 2.8mm or larger working channel (which accounts for most GI endoscopic procedures undertaken currently). This commercial launch is expected to increase utilisation and support a wider scope and breadth of endoscopic procedures (under the Speedboat family of devices) as well as facilitating increased top-line traction.
Creo’s Speedboat suite allows for incision, dissection and coagulation to be achieved with a single device by using a combination of bipolar radiofrequency and microwave energy, which targets quicker recovery and fewer follow-on procedures. Like Speedboat Inject, the UltraSlim version will target conditions of the GI tract, such as cancers related to the bowel, stomach and oesophagus, as well as procedures required for swallowing disorders (peroral endoscopic myotomy or POEM procedures).
In November 2023, Speedboat UltraSlim received 510(k) clearance from the FDA for its Speedboat UltraSlim device, close on the heels of the accelerated clearance pathway in Europe (18 months earlier than anticipated). Management has indicated that the validation work and transfer to manufacturing has now been completed and launch activities should pick up pace in the coming weeks, with a full launch anticipated in early 2024 in Europe. We believe this will be swiftly followed by a launch in the US as well as in other geographies such as Asia-Pacific. We see the launch of the UltraSlim version as a key commercial win for Creo, supporting greater top-line traction for the core portfolio in FY24.
|
|
Research: Investment Companies
BlackRock Greater Europe Investment Trust (BRGE) has two co-managers: Stefan Gries (since June 2017) and newly appointed Alexandra Dangoor (since September 2023). They highlight that Europe is very attractively valued and as the managers seek the best businesses that are based in Europe, investors do not need to have a positive view on the European economy to consider BRGE. The trust has outperformed the Europe ex-UK market over the last one, five and 10 years, and its NAV total returns also rank first compared with those of the other three funds with a growth mandate in the AIC Europe sector over these periods.