Creo Medical Group PLC Trading update (3117P)
February 17 2021 - 1:00AM
UK Regulatory
TIDMCREO
RNS Number : 3117P
Creo Medical Group PLC
17 February 2021
Creo Medical Group plc
("Creo" the "Company" or the "Group")
Trading update
Strong regulatory and commercial progress achieved despite
worldwide COVID-19 restrictions
Creo Medical Group plc (AIM: CREO), a medical device company
focused on the emerging field of surgical endoscopy, announces that
trading for the year ended 31 December 2020 was marginally ahead of
management expectations, with revenue for the year ended 31
December 2020 increasing to over GBP9m (2019: GBP0.01m). The
Company had a net cash position at 31 December 2020 in excess of
GBP45m.
During 2020, the Company demonstrated commercial progress with
the transformational acquisitions of Albyn Medical S.L. and Boucart
Medical SRL. The acquisitions provide the Company with a direct
sales presence in Europe to facilitate the roll-out of its CE
marked advanced energy devices, and strengthen Creo's EU and UK
commercial teams. The integration of these businesses have
performed in line with management's expectations.
In addition, the Company has grown its commercial team
organically. David Woods, previously a non-executive director of
Creo and former President and CEO of Pentax Americas, joined Creo
full time as Chief Commercial Officer. Following his appointment,
David has built an experienced team in the US and APAC providing
the Company with greater access to these important markets. This
additional strength, together with the European acquisitions,
allows Creo to move from a distributor model to a direct and/or
directly managed sales approach worldwide.
At the beginning of 2020, Creo had a team of 91 people based
almost exclusively in the UK, and by the end of the year the
Company had more than doubled the size of its team, with a 10-fold
increase in its commercial, marketing and distribution resource and
a presence across five European countries, four regions of the US
and a centralised hub in APAC. This additional headcount and global
presence provide resilience and global capability to develop sales
across a wide range of products primarily in GI but with business
also in pulmonary and urology markets.
The Company made good progress ahead of plan on the regulatory
front. During 2020, Creo successfully CE marked an additional five
devices, achieved FDA 510k clearance for its tissue ablation
device, MicroBlate(TM) Fine, and, in December 2020, reported the
first clinical use of MicroBlate Fine in a successful pancreatic
tumour ablation. In January 2021, FDA 510k clearance was achieved
for a fourth product, MicroBlate(TM) Flex.
Despite COVID-19 continuing to create uncertainty worldwide, the
Company has delivered exceptional results across many fronts
including building a global commercial team, finding innovative
ways to train clinicians and delivering revenue ahead of
management's expectation. In 2021, the Company expects to build on
its current momentum and commercial infrastructure to generate
increasing revenues, develop wider commercial opportunities and
take further steps along the pathway to commercialisation. The
immediate focus for the Company is to deliver clinical outcomes for
all devices. Creo also intends to explore possible applications for
its Kamaptive(TM) technology in the adjacent fields of laparoscopic
and robotic assisted surgery together with third party
partners.
Craig Gulliford, Chief Executive Officer of Creo, commented:
"Despite COVID-19 having a short-term impact on the business, the
last 12 months has been a period of transformational change for the
Company. At the start of the pandemic, we asked the Creo team to
focus on what they can achieve not what they can't achieve; I
believe that they have done just that.
"In addition to stepping up to provide our own COVID response in
local communities, we have gained further CE marks and FDA
regulatory approvals for our devices, organically grown talent and
completed the acquisitions of Albyn Medical S.L. and Boucart
Medical SRL . The regionalised nature of the Group's business
hedges against pandemic related travel restrictions. With the roll
out of COVID-19 vaccines underway, we look forward to realising our
goals this year and beyond."
Creo Medical Group plc investors.creomedical.com
Richard Rees (CFO) +44 (0)1291 606 005
Cenkos Securities +44 (0)20 7397 8900
Stephen Keys / Camilla Hume (NOMAD)
Michael Johnson / Russell Kerr (Sales)
Walbrook PR Ltd Tel: +44 ( 0)20 7933 8780 or creo@walbrookpr.com
Paul McManus / Lianne Cawthorne Mob: +44 (0)7980 541 893 / +44 (0)7515
909 238
About Creo Medical
Creo Medical, founded in 2003, is a medical device company
focused on the development and commercialisation of minimally
invasive surgical devices, by bringing advanced energy to
endoscopy. The Company's mission is to improve patient outcomes by
applying microwave and RF energy to surgical endoscopy. Creo has
developed the CROMA Advanced Energy Platform powered by Kamaptive
full-spectrum adaptive technology to optimise surgical capability
and patient outcomes. Kamaptive is a seamless, intuitive
integration of multi-modal energy sources, optimised to dynamically
adapt to patient tissue during procedures such as r esection,
dissection, coagulation and ablation of tissue . Kamaptive
technology provides clinicians with increased flexibility,
precision and controlled surgical solutions.
The Company's strategy is to bring its CROMA Advanced Energy
Platform powered by Kamaptive technology to market, enabling a wide
range of medical devices which the Company has designed, initially
for the emerging field of GI therapeutic endoscopy, an area with
high unmet needs. The CROMA Advanced Energy Platform will be
developed further for bronchoscopy and laparoscopy procedures. The
Company believes its technology can impact the landscape of surgery
and endoscopy by providing a safer, less-invasive and more
cost-efficient option of treatment.
For more information about Creo Medical please see our website:
investors.creomedical.com
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