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Highlights
- Creo Core Technology Revenue Soars: 74% increase to £4.0m, driven by growing adoption of Speedboat UltraSlim and CROMA platform.
- Cost Reductions & Strategic Sale: £5.0m in cost savings achieved in H2 2024, with further benefits expected in FY25.
- £31.2m Cash Boost: Sale of 51% stake in Creo Europe to Micro-Tech completed, strengthening financial position.
Creo Medical Group plc (LSE:CREO), a leader in minimally invasive surgical endoscopy for pre-cancer and cancer treatment, has reported progress in its core technology and strategic transformation in its latest trading update for the year ended 31 December 2024 (FY24).
While total revenue for FY24 is expected to be £30.4 million, slightly below the £30.8 million reported in FY23, this reflects the strategic shift towards high-growth areas. The company is successfully transitioning from development to full commercialization, positioning itself for sustained long-term growth.
Surging Growth in Creo Core Technology
A standout highlight of FY24 was the 74% increase in Creo Core Technology revenue, which reached £4.0 million compared to £2.3 million in FY23. Sales in H2 2024 alone totaled £2.4 million, reflecting a 50% half-on-half growth.
This growth was fueled by:
- Rising adoption of the Speedboat UltraSlim and CROMA platform.
- Significant new customer acquisitions, further solidifying Creo’s market presence.
Advancements in Kamaptive & Robotic-Guided Procedures
Creo made significant progress in the commercial deployment of the MicroBlate™ Flex ablation device, designed for robotic-guided lung cancer treatments. Two UK sites have already started performing combined diagnosis and ablation procedures using the device in combination with the Intuitive Ion Endoluminal System.
As part of an amended agreement with Intuitive, more sites are expected to come online soon. However, as the initial post-market cases are still being completed, no revenue from this segment was recorded in FY24 (FY23: £1.7m).
Strategic Sale Strengthens Financial Position
In September 2024, Creo Medical announced the sale of a 51% stake in its Creo Europe business to Micro-Tech, generating approximately €30 million in proceeds. The sale, which was completed on 12 February 2025, resulted in a cash inflow of £31.2 million, significantly bolstering the company’s financial position.
This strategic transaction enhances Creo’s commercial capabilities while allowing it to focus on scaling its core technology business.
Cost Efficiency & Future Growth
As part of its operational streamlining, Creo achieved £5.0 million in cost reductions in H2 2024, with the full impact expected in FY25.
Looking ahead, Creo Medical remains on track to meet management expectations, with further updates on operational performance and expanding adoption of its technology to be provided in its full-year results announcement in April 2025.
