Creo Medical FY22 results and recent funding
Last updated: 03:22 27 Apr 2023 EDT, First published: 03:21 27 Apr 2023 EDT
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Creo Medical has announced FY22 results and the final payments to acquire the last 5% of the Albyn distribution business. In March, Creo completed a successful placing, subscription, and open offer raising a total of £33.7mln gross (we estimate about £31.7mln net). Top-line revenues of £27.2mln were announced in January, so the full results confirm the end-of-year cash at £13.1mln and the loss at £25.4mln. Our updated 2023 estimates are for revenues of about £36mln due to strong sales of Creo core products (up to 300%) and related consumables especially in the US market. With ongoing cost control and lower R&D, this is expected to give a loss of about £15mln and a cash outflow before funding of about £17mln. Year-end 2023 cash could therefore be about £27mln. The fundraising allows Creo to continue the development of its minimally invasive surgery devices as well as make crucial investments in training medical professionals to use its devices, and in commercialising its core technology and consumables to markets in the US, Asia, and Europe. We also note the clinical trial of the FDA-approved MicroBlate product to treat solid cancers. This will add cost but is needed to develop the market for the innovative product. |
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