Business
H1 2022 Trading Update
H1 2022 Trading Update.
About this update from Creo Medical Group Plc
[{"type":"text","content":"\n \n \n Creo Medical Group plc\n \n \n (\"Creo\" the \"Company\" or the \"Group\")\n \n \n \n \n \n \n \n \n H1 2022 Trading Update\n \n \n \n \n \n \n \n \n ·\n \n Increased revenues\n \n \n \n ·\n \n Over 20% reduction in underlying EBITDA loss vs H2 2021\n \n \n \n ·\n \n New revenue streams added\n \n \n \n ·\n \n Commercialisation\n \n \n of core technology enabling Creo to take significant steps forward to profitability\n \n \n \n \n \n \n \n \n Creo Medical Group plc (AIM: CREO), a medical device company focused on the emerging field of surgical endoscopy, announces a trading update for H1 2022 and confirms that it expects to publish its unaudited interim results for the six months ended 30 June 2022 in September 2022.\n \n \n Building on the momentum seen in the final quarter of 2021, Creo had a strong first half of 2022 and is expecting to report an increase in revenue of over 10% against H2 2021 revenues; with the growth driven by Creo's core technology, including first revenues from the Company's Kamaptive licensing programme. Increases in revenue and gross margins, coupled with a reduction in underlying operating costs, means that Creo expects to report a reduction of over 20% in underlying EBITDA loss for H1 2022 compared to H2 2021. The commercialisation of the Company's products has also led to a reduction in the Group's cash burn, with the Company having taken positive steps towards being cashflow positive. Creo continues to be engaged with other licensing partners as well as potential strategic investors.\n \n \n \n During H1 2022 the number of clinicians able to provide training on Creo's technology has doubled compared to the previous 6 months, contributing to a 100% increase in both the volume of procedures and regular users of\n Speedboat Inject\n internationally over the same period.\n \n \n \n Having forged an excellent reputation for training, mentoring and supporting clinicians, \n the international relaxation of COVID-19 \n restrictions has seen the take-up of the Company's recently branded and expanded \n Pioneer\n training programme increase considerably. \n This expansion has allowed Creo to hold regional and large-scale simultaneous multinational events, utilising international facilities and local key opinion leaders. \n In June alone, Creo he...