Creo Medical eyes strong growth in 2025 after upbeat start to year
Published: 02:55 19 May 2025 EDT
Creo Medical Group PLC (AIM:CREO) has reported a positive start to 2025 following strong first-quarter sales of its Speedboat UltraSlim and newly launched Speedboat Notch devices, as the medical technology group targets up to 60% growth in its core revenue this year.
The AIM-listed med-tech specialist said its performance in the opening months of the year had been bolstered by increasing demand from clinicians, with additional momentum expected from the commercial release of SpydrBlade Flex, a next-generation surgical instrument launched after receiving CE marking.
Management expects revenue growth to be further supported by a full-year benefit from cost savings introduced in the second half of 2024. The group is targeting an increase of 40% to 60% in sales from its core technology platform in 2025.
Creo’s core technology revenues rose by 74% year on year to £4 million in 2024, driven by the growing adoption of its minimally invasive Speedboat UltraSlim surgical tool. Over 3,000 resection procedures were performed globally using the device in its first year on the market.
Total group revenues for the year were £30.7 million, flat compared with the previous year.
However, following the sale of a 51% stake in Creo Medical Europe and a planned divestment of Aber Electronics, both units were classified as discontinued operations. The core business now comprises surgical endoscopy products built around the CROMA energy platform.
An adjusted operating loss from continuing operations widened slightly to £22.3 million, although the company said its balance sheet had been strengthened by recent funding activities.
A £12 million equity raise in October was followed by a €30 million cash injection from the partial sale of Creo Medical Europe. The remaining 49% interest is expected to generate recurring income through a share of profits.
Creo ended the year with £8.7 million in cash, up from £3 million in 2023. The investment asset from the European transaction is also expected to provide ongoing balance sheet support.
During the year, Creo amended its collaboration agreement with Intuitive, the US-based surgical robotics company, to accelerate the controlled market release of MicroBlate Flex, a device used for microwave ablation. The alliance allows more clinical sites to combine robotic diagnostics and treatment in a single procedure.
Creo has now completed more than 5,000 procedures using its technology, including the world’s first robotic-guided lung tissue ablation using MicroBlate Flex. In April 2025, the company expanded its gastrointestinal offering with the launch of Speedboat Notch.
"The transition from development to commercial profitability is the most challenging phase for any company," said CEO Craig Gulliford.
"The consolidatory steps taken in 2024 and our renewed focus will only help us as we continue to drive towards our goals.
"We will continue to look for efficiencies and cost reductions where possible to maximise the use of the funds we have. We look forward to another year of strong growth in our Core Technology from both existing and new users, helping drive us towards our goals of self-sustaining cash flows and improving lives."
