One of Wales' leading life sciences firms, Creo Medical, said that revenues in the first half of its financial year are expected to come in more than 10% higher (around £13.5m) than the second half of 2021, following strong trading.
The Chepstow-based Alternative Investment Market listed firm, which is focused on the emerging field of surgical endoscopy, said that growth has been driven from its core technology, including first revenues from it Kamaptive licensing programme
. Increases in revenue and gross margins, coupled with a reduction in underlying operating costs, also means it expects to report a reduction of over 20% in underlying Ebitda loss the first half of this year compared to 2021. It has also seen an increase number of clinicians able to provide training on Creo’s technology has doubled compared to the previous six months.
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The international relaxation of Covid-19 restrictions has seen the take-up of its recently branded and expanded Pioneer training programme increase considerably. Creo recently held three multi-national training courses across three continents, training clinicians from France, the US, South Africa, Chile, India and elsewhere.
In May it announced multi-year collaboration agreement with Intuitive to optimise certain Creo products to be compatible with Intuitive’s robotic technology.
Creo’s chief executive Craig Gulliford said: “During H1 2022, we have seen new indications being treated with our technology, a collaboration with a robotics giant and a truly global take up of our Advanced Energy technology resulting in an increase in revenues versus each half in 2021. It’s been an excellent period for the business, and we look forward to using this as a springboard for the second half of the year, which promises to bring further progress.
“The commercialisation steps achieved so far in 2022 mark an inflection point for the business, revealing Creo as a global medtech player with innovative and unique products supported by world class multi-jurisdictional training.
“This is a key milestone for Creo, as the business grows towards profitability evidenced by our significant reduction in underlying Ebitda loss. Having revenue streams across multiple facets of the business only strengthens this.
“Our clear pipeline and strategy to enhance each one of our revenue streams puts us in a very healthy position to continue to drive the business forward and ensure that our advanced technology makes a difference to the lives of as many people as possible, saving healthcare providers time and money in the process.”
Creo is expected to publish it half year results next month.
In a note broker Cenkos said: "Creo is demonstrably progressing its build, buy and partner strategy. The strategy will see the company continue to develop and commercialise its core suite of six devices ,buy businesses which can enhance its distribution, particularly in the US and partner its technology platforms in adjacent markets in which Creo itself will not compete directly.”
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