Business
Half Year Trading Update
Half Year Trading Update.
About this update from Creo Medical Group Plc
[{"type":"text","content":"\n\nCreo Medical Group plc\n(\"Creo\" the \"Company\" or the \"Group\")\n \nHalf Year Trading Update\n \nCore technology revenue in the first six months of 2023 to equal Core technology revenue for the twelve months of FY 2022; trading in line with expectations and Management confident of achieving the Company's objectives\n \n \nCreo Medical Group plc (AIM: CREO), the medical device company focused on the emerging field of minimally invasive surgical endoscopy, provides an unaudited trading update for the six months ended 30 June 2023.\n \nTrading update\n \nCreo made significant progress during the first half of 2023 (\"H1-2023\") with a step change in commercial activity and considerable strides made in all facets of the business. Boosted by the launch of a slimmer Speedboat Inject in late 2022, trading across the business has tracked in-line with management's expectation during H1-2023 and the Company expects to report:\n \n· Total revenue in H1-2023 of £15.7m, a 15% increase vs H1-2022 : £13.6m;\n· H1-2023 revenue from Creo's core technology of £0.9m (H1-2022 : £0.4m), equal to like for like revenue for FY 2022 (£0.9m);\n· Endotherapy consumable revenues of £14.3m, representing growth of c. 12% vs H1-2022 (£12.8m);\n· Kamaptive revenue of £0.5m (H1-2022 : £0.5m) in respect of development work undertaken with robotic partners in H1-2023; and\n· A continued focus on cost control, with underlying OPEX remaining flat over H1-2023. Underlying administrative expenses in the period of £18.0m (H1-2022 : £19.7m) reflecting the reduction in R&D spend and strict cash control by management as Creo transitions into a commercial and operational based business with a clear path towards break even.\n \nThe increase in revenue from Creo's core technology has been driven by an increase in new and high-volume users, global cases, a strengthened pipeline of interested clinicians and Creo's technology being introduced into new territories.\n \nLooking forward, the pipeline of users and prospective users for Creo's core technology continues to grow. Multi-national and bespoke regional training and mentoring events, held during H1-2023, have resulted in 115 confirmed users at the end of the period, an increase...