Results for the 6 months ended 30 June 2025
© Creo Medical 2025. All rights reserved.
CREO MEDICAL
Overview
Improving patient outcomes through surgical
endoscopy
Advanced Bipolar RF
Super High Frequency Microwave
SpeedboatTM
SpydrBladeTM
MicroBlateTM
Multi-indication platform across Gastrointestinal, Pulmonology, Oncology and Robotics (under development)
Enabling the switch from surgery under general anaesthesia to a sedation-based procedure
Innovation driven with 189 worldwide patents granted and 114 pending over 95 patent families*
Speedboat
Inject
SpydrBlade
Flex
MicroBlate
Fine
UltraSlim
Notch
Gastroenterology
MicroBlate
Flex
Pulmonology
Sustainable growth in Revenue
64.4%
Underlying revenue 3YR
CAGR since FY22
Established global footprint
$1m
Product validation
With just 130 cases as per
saved
UK NHS published cost
analysis
Direct sales in 14 countries and
>40 countries presence
Streamlined organisation
~ £5m of annualised cost savings delivered in H2 24 Transitioning to New Product Development Company
Clinical validation well under progress
Clinical studies in progress Rapidly expanding multinational, multi-centre clinical publications/studies
Established Partnerships
Micro-Tech strategic deal creating value now
*Patent numbers count only EP grants and not individual European country validations
Flywheel business model drives compounded
revenue growth
Clinical data and
Key Opinion Leader support
Proprietary
platform and Consumable devices
Industry
Leading partnerships moving to commercialisation
Growth of
customer accounts via new users + greater penetration
Bi-Polar
Range
Robotic
Vessel Sealer
Powered by
CROMA:
Strategic value from being at the
centre of next generation
minimally invasive surgery
Clinical studies >20 cases per site
Device / Indication | Benefits | Approx Region Potential sites in 2025 | |
Speedboat UltraSlim: Treatment of dysplasia and Barrett's in the esophagus - Cancer | Safety, efficacy, economic | 3-5 sites | |
3-5 sites | |||
Speedboat Notch: Treatment of E-, F-, and G-POEMs -Bariatric | Safety, efficacy, economic | 3-5 sites | |
3-5 sites | |||
SpydrBlade: Treatment of Z-POEMs - Swallowing | Safety, efficacy, economic | 3-5 sites | |
3-5 sites | |||
SpydrBlade: Treatment of pedunculated polyps / Hemorrhoids | Safety, efficacy, economic | 3-5 sites |
CREO MEDICAL
Financial Summary
H1-25 Highlights
Robust growth in revenue
Sales from all products such as Speedboat UltraSlim, SpydrBlade, MicroBlade Flex and CROMA platform
18 new customer additions during the period with focus on increasing utilisation from existing customer base
Strengthened balance sheet and established strategic partnership
€30m sale of 51% stake in Creo Medical Europe to Micro-Tech completed in Feb-25 establishing new strategic partnership;
Exceptional profit of £26.2m recognised from the sale, £24.9m net proceeds from sale of CME received in Feb-25
€36m (£29.5m) asset held on the balance sheet representing the remaining 49%, £1.2m NCI recognised in H1-25 which will provide cash inflows going forwards
£20.5m cash at 30 June 2025
Financial Highlights
Revenues up 40% to £2.2m (H1-24: £1.6m) with improving gross margins of 47% (H1-24: 43.8%)
Underlying operating costs reduced by 24% to £9.1m (H1-24: £12.8m)
Underlying operating loss significantly reduced by 43% to £6.8m (H1-24: £12.0m) with PBT of £16.4m (H1-24: £14.8m loss)
Positive outlook with H2 trading in-line and tracking on plan for 40% to 60% revenue growth for the full year
Operational efficiency and streamlining the business
Actions taken in H2-24 to deliver ~£5m annualised cost savings delivered benefits in FY25 with 30% reduction in period
Outsourced Croma manufacturing as phase one of a long-term manufacturing strategy evolution
H1-25 Results: Continuing Revenue
Revenue up by 40% to £2.2m (H1-24: £1.6m)
Continuing Revenue
£5.0m
£4.0m
£3.0m
£2.0m
£1.0m
£0.0m
FY22
FY23
FY24
H1-24
H1-25
Revenue increased by 40% to £2.2m in H1-25 (H1-24: £1.6m)
Revenues include sales from Speedboat UltraSlim, Speedboat Notch, SpydrBlade, MicroBlade Flex and CROMA platform from existing and new customers
Creo products remain as continuing operations in the H1-25 results
User and Product Adoption drive Accelerating
Revenue Growth
User base - commentary
Growth in user base as expected to beyond 230 during 2025 with 214 users as at start of 2025
Focus during 2024 and 2025 has been on increasing utilisation per site rather than higher growth in user numbers
New products (Speedboat Notch, SpydrBlade and MicroBlate Fine) expand user base and broadens utilisation
1000
800
Users
600
400
200
0
Average Revenue per user per year
£40k
Anticipated user growth
2022 2023 2024 H1-25
Average procedures per user per year
Increased adoption driving procedures and revenue per user per year
40.0
1000
800
Users
600
400
200
0
Increased utilisation driving procedures per user per year
Number of procedures per user per year
40
30
20
10
0
2022 2023 2024 H1-25
Users
Procedures / userGrowing user and utilisation drives product
revenue growth
US reimbursement in place for upper GI POEMS procedures with lower GI expected within next 1-2 years
Training programme well established and ensuring correct future users are being targeted
£30k
£20k
£10k
£0k
2022 2023 2024 H1-25
Revenue / user
Procedures / user30.0
20.0
10.0
0.0
£40.0m
Revenue
£30.0m
£20.0m
£10.0m
£0.0m
2022 2023 2024 H1-25
202220232024H1-25H1-25 Results: Operating Costs
Underlying operating costs under control
Underlying Operating Costs
£5m reduction going into 2025 has been delivered
£30.0m
£20.0m
£10.0m
£0.0m
FY22
FY23
FY24
H1-24
H1-25
G&A R&D S&M
Underlying operating loss decreased to £6.8m (H1-24 £12.0m) due to:
£0.3m of higher gross margin,
£3.7m reduction in underlying operating costs following the cost restructuring completed in 2024,
£0.4m reduction in R&D tax credits due to lower R&D spend post this restructuring
£1.2m contribution from the 49% holding in CME.
Underlying operating costs decreased to £9.1m (H1-24 £12.8m) following the
£5m savings announced at the end of 2024:
Creo undertook a comprehensive review to decrease operating costs, especially in R&D, engineering, and operations
Significant headcount reductions in 2024 due to less resource-intensive business needs
Resulted in greater than £5m savings for FY25 vs FY24 which has helped reduce
the operating loss
Focus on increasing revenues while maintaining cost management throughout 2025
Actively reviewing manufacturing strategy, partner interactions, and long-term shareholder value delivery
CREO MEDICAL
Product Strategy and Evolution
Product Roadmap Evolution
Product
Speedboat Inject
Speedboat UltraSlim
Core Products
Speedboat Notch
Speedboat Short
SpydrBlade Flex
MicroBlate Fine
MicroBlate Flex
Outsourced
Bipolar Knife
Bipolar Snare
Bipolar Grasper
Bipolar Sphincterotome
2019 2020 2021 2022 2023 2024 2025 2026 2027
Launched
Launched
Launched
Launched Launched *
Limited Market Release Limited Market Release *
2028
Market DisruptionFull commercial launch
Full commercial launch
Specialty growth
Utility growth
Target indications in Gastroenterology
Millions
1.3
1.2
1.1
1
0.9
Global procedures per year
0.8
0.7
0.6
0.5
0.4
Millions
40
35
30
25
20
15
10
5
0
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Marketed products breaking ground in high-growth indications
Resections in the lower and upper GI tract. Includes procedures such as Endoscopic Submucosal Dissection (ESD)
Myotomies and other NOTES procedures in the GI tract. Includes procedures such as Per-oral endoscopic myotomy (POEM)
EUS-guided ablation for treatment of cancer in the pancreas, liver, and other organs accessible via the GI tract
Bipolar Snare
Bipolar Grasper Bipolar Knife
Resection of small and sessile lesions in the digestive tract.
Includes polypectomy and EMR
Control of procedural bleeding
Bipolar
Sphincterotome
Low-cost resection instrument targeting expansion in APAC
where pricing is capitated
For treating conditions of the bile and pancreatic ducts. Includes indications such as Endoscopic retrograde cholangiopancreatography (ERCP)
Complimentary pipeline targeted at large volume markets
Product Adoption
Expanded product adoption
Regulatory clearances and commercial launch of SpydrBlade Flex in US, UK and EU
Grew user base and increased clinical adoption with 232 sites globally
Continued growth of Speedboat Notch for advanced procedures such as per-oral endoscopic myotomies (POEMs) which have favourable reimbursement in major markets such as USA
Broader dissemination of clinical evidence by multiple investigators at major international meetings such as DDW (USA), ESGE (EU), and JGES (Japan)
Continued progress with MicroBlate Flex
Adoption in multiple studies to treat lung tumours, with commercial sales from initial sites
5 UK and European sites are using MicroBlate Flex with the Intuitive Ion Robot for combined diagnosis and ablation.
Multi-Author Publication for SpydrBlade Flex
-
Simplified Zenker's diverticulum endoscopic
myotomy performed with a new bipolar scissor
Compelling clinical report in Endoscopy highlighting an innovative adaptation of the flexible endoscopic myotomy technique (Z-POEM)* for Zenker's diverticulum.
Authors:
Eduardo Albéniz
Zacharias Tsiamoulos
Roser Vega
Shi Jie Looi
Fermín Estremera-Arevalo
Marta Gómez Alonso
Sauid Ishaq
The takeaway
Minor technical modifications using SpydrBlade Flex simplify the Z-POEM technique, reduce complication risk, and make it safe for patients with
implantable devices. This could make Z-POEM more accessible to endoscopists with less experience in third-space procedures - opening the door for broader adoption and better patient care.
15 CREO MEDICAL
* Approx $50m current market opportunity in the USA
MicroBlate Flex
Clinical
Over 50 global cases completed
Ablate and follow predicted to close enrolment in Q4
Ablate and resect active in two sites (UK and NL)
Data being presented at largest clinical conference in EU (ERS,
Amsterdam, September 2025)
Registry for collection of post-market data launched
Partnership
Limited market release:
2 sites doing cases in LMR (UK)
2 new sites trained and going through local registrations/approvals (IT, CH)
2 additional sites identified for onboarding (UK, FR)
Potential for expanded scope:
Extension to new territories (APAC region)
Expanded indications (larger nodules)
Commercial
Sales gaining traction:
1 site expected to switch to commercial sales in Q4-25
1 site expected to switch to commercial sales in H1-26
Officially listed on NHS supply chain in UK at £5,795
Summary and Outlook
Summary and Outlook
Strong track record of delivering growth
Revenue Growth - Total
£3.0m
£2.0m
£1.0m
£0.0m
H2-22 H1-23 H2-23 H1-24 H2-24 H1-25
User Growth - Total
250
200
150
100
50
0
H1-22 H2-22 H1-23 H2-23 H1-24 H2-24 H1-25
Pipeline Growth - Total
1500
1000
500
0
H1-22 H2-22 H1-23 H2-23 H1-24 H2-24 H1-25
Increasing utilisation per user on core products. Speedboat UltraSlim, SpydrBlade and Speedboat Notch increasing CROMA platform utilisation and revenue
Collaborating with Micro-Tech to grow Creo Medical Europe and
increase overall Creo revenue
Strong H1-25 performance driven by Speedboat UltraSlim and Speedboat Notch, supporting revenue growth of 40-60% for FY25
Cost reductions from 2024 benefiting 2025, aiding the transition to commercial profitability and well positioned to achieve positive cash flow and profitability by 2028
Developing relationships with Ion and expanding MicroBlate Flex sites to generate revenue
CREO MEDICAL
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