Business
Interim results for six months to 31 December 2017
Interim results for six months to 31 December 2017.
About this update from Creo Medical Group Plc
[{"type":"text","content":"\n \nRNS Number : 2122I Creo Medical Group PLC 20 March 2018 \n\nCreo Medical Group plc\n \nInterim results for six months to 31 December 2017\n \nFDA clearance for Speedboat RS2 and CROMA platform\nEuropean training programme commenced for leading clinicians, with first UK patients treated \n \n \nChepstow, Wales, 20 March 2018 - Creo Medical Group plc (AIM: CREO) (\"Creo\" or the \"Company\"), a medical device company focused on the emerging field of surgical endoscopy, announces its unaudited half year results for the six months to 31 December 2017.\n \nCreo is a medical device company focused on the emerging field of surgical endoscopy, having developed its ground-breaking CROMA electrosurgery advanced energy platform (\"CROMA platform\") which applies microwave and bi-polar radiofrequency (\"RF\") energy via its Speedboat RS2 device to cut, coagulate and ablate with precision. Early applications focus on Gastrointestinal (\"GI\") surgery where Creo's technology is expected to improve patient outcomes (shorter procedures, hospital stays and recovery times), reduce risk and make procedures easier to perform.\n \nOperational and Recent Highlights\n \n· Food and Drug Administration (\"FDA\") 510(K) clearance received for Speedboat RS2 and the CROMA platform in August 2017 ahead of the Board's expectations \n· Moved into a new facility in Chepstow, providing the engineering development capability and manufacturing capacity to support the commercial phase\n· European soft launch of first product, Speedboat RS2, on track\no Speedboat and CROMA platform installed at two NHS sites in the UK\no Creo European Training Academy programme underway \no A number of patients have been successfully treated with Creo's Speedboat RS2 device, powered by the CROMA platform\n \nFinancial Highlights\n \n· Cash and cash equivalents of £8.6m at 31 December 2017 (H1 2016: £18.8m)\n· Operating loss of £5.1m (H1 2016: £4.7m) including £0.5m share based payments, in line with management expectations\n· Underlying operating loss of £3.4m (H1 2016: £2.6m) reflecting:\no Accelerated investment in pro...