Creo Medical Group plc (AIM: CREO), a medical device company focused on the emerging field of surgical endoscopy, announces its audited results for the 18 months ended 31 December 2018, in line with management expectations.
The previous 18 months reflect a period of considerable progress in the development and path to commercial launch for the Company’s CROMA Advanced Energy platform and Speedboat device for use in Gastrointestinal (“GI”) therapeutic endoscopy, the first in a suite of products being developed for the CROMA platform.
Operational Highlights, including post period end
- Number of procedures increased substantially during the period including first cases in the United States
- Number of physicians trained increased to more than sixty, with strong pipeline of further trainees
- Clinical Education Programme is now clearly defined and repeatable, enabling physicians to be trained in the use of the Speedboat device
- FDA clearance received for the Speedboat device and the CROMA platform and regulatory approval for additional products is on track
- Patients treated in multiple countries, including the United States, UK, South Africa and Spain, using Speedboat in both upper and lower GI procedures
- New framework distribution agreements entered into, covering a number of European markets along with the UK and South Africa to complement existing distribution agreement with PENTAX Medical for the Asia-Pacific region
- Strengthened balance sheet following the successful raise of an additional £48.5m (before expenses) through a significantly oversubscribed share placing
Financial Highlights (for 18 months ended 31 December 2018)
- Cash and cash equivalents of £44.6m at 31 December 2018 (30 June 2017: £13.7m)
- Operating loss of £17.7m (12 months to 30 June 2017: £8.9m) including £1.8m share based payments, in line with management expectations
- Underlying operating loss of £12.6m (12 months to 30 June 2017: £5.6m)
- Net cash outflow from operating activities of £14.3m (12 months to 30 June 2017: £6.9m)
- Net assets of £47.7m (30 June 2017: £14.7m)
Further details can be found here
Craig Gulliford, Chief Executive Officer of Creo, commented:
A training-led commercialisation strategy is key to the successful roll-out of our products and we are delighted with the progress that we are making with clinicians in the US. Our Clinical Education Programme ensures that the first adopters of our technology, having been carefully mentored by our own doctors and endoscopy nurses, can deliver consistently high standards in this emerging field of surgical endoscopy, safeguarding quality control and ensuring best patient outcomes.
