Revenue for the six months ended June 30 rose to £2.2 million from £1.6 million a year earlier
LONDON: Creo Medical Group plc (AIM: CREO), a UK-based medical device company specializing in minimally invasive surgical endoscopy, reported a 40% rise in first-half revenue, driven by increased clinical adoption of its core product portfolio.
Revenue for the six months ended June 30 rose to £2.2 million from £1.6 million a year earlier. The company also reduced underlying operating costs by 24% to £9.1 million, helping narrow its operating loss by 43% to £6.8 million.
Creo posted a statutory profit before tax of £16.1 million, reversing a £14.8 million loss in the prior-year period, boosted by a £26.2 million exceptional gain from the sale of a 51% stake in Creo Medical Europe (CME) to Micro-Tech (Nanjing) Co. Ltd. The transaction also delivered €30 million in net cash and left Creo with a €36 million investment asset from its remaining 49% stake in CME.
Cash and cash equivalents stood at £20.5 million at the end of June, up from £8.7 million at year-end 2024.
The company reported continued clinical uptake, with 232 core product users by mid-year, up from 214 at the end of 2024. It also launched SpydrBlade™ Flex in the US, UK, and EU, and saw early commercial sales of MicroBlate™ Flex for lung tumour treatment.
CEO Craig Gulliford said current trading supports full-year guidance of 40% to 60% revenue growth. “With continued growth, improved operational efficiencies and cost reductions, and a solid cash position, the Board and management team remain confident in the Company’s goals to deliver self-sustaining cashflows and increased value for shareholders,” Gulliford said.
Creo reiterated its commitment to improving outcomes for pre-cancer and cancer patients through its advanced endoscopic technologies.