Creo Medical Group plc has reported a sharp increase in its results.
The Chepstow company, listed in London, manufactures minimal invasive devices used for therapeutic endoscopic procedures.
In the first six months of 2023, it saw a 44% increase in its user base and 65% increase in the number of clinicians able to provide training using its products.
It also reported a 15% rise in revenues to £15.7 million for the six-month period ended 30th June 2023. Underlying EBITDA losses for the period narrowed 15% to £9.2m.
Creo achieved regulatory clearance for its Speedboat Inject product, adding upper gastrointestinal use – for example swallowing disorders, oesophageal and stomach cancers – in the UK and mainland Europe. Its core technology has now been used in over 20 countries.
The firm raised £33.7m in an oversubscribed fundraise in March.
“The past six months have been hugely significant for Creo. We continue to be at the forefront of a paradigm shift, introducing advanced energy to endoscopy in new markets and procedures – facilitating an array of benefits to patients, clinicians and healthcare providers,” said CEO Craig Gulliford.
“This, combined with an increased focus on business efficiencies, is solidifying Creo as a platform for growth.
“Attracting the necessary funding earlier in 2023 was clearly an important moment in our push towards our goal of being cash flow breakeven during FY2025.
“The rapid pace of adoption of Creo’s technology, and the global recognition it is achieving, has been a particular highlight for me. From India to the US, Spain to Singapore; patients from around the world are benefiting from our unique technology, with the body of data supporting the clinical and commercial benefits growing quickly as a result.”