Creo Medical posts 74% Core revenue surge and strengthened balance sheet in FY24
() , a medical device company focused on minimally invasive surgical endoscopy, announced its final resutls for the year ended December 31, 2024 (FY24). reported results in line with market expectations, marked by strong Core Technology performance, continued cost control, and 74% increase in Creo Core revenues.
Total group revenues reached £30.7m, comprising £4.0m from continuing operations and £26.7m from discontinued operations. The latter category includes Creo Medical Europe (CME), 51% of which was divested in September 2024, as well as Aber Electronics which was sold in December 2024. Both assets are reported as discontinued operations in the FY24 results.
rolled out its Speedboat UltraSlim resection device during the period, which drove a strong orderbook and the abovementioned 74% year-on-year rise in Creo Core sales. The group continued to effectively manage costs, delivering a £0.5m cost reduction on continuing operations in FY24, with the programme's full £5.0m benefit expected to be realised in FY245.
In terms of balance sheet, raised £12m through a placing and open offer in October 2024, and generated c. €30m net cash from the sale of Creo Medial Europe post-period, with a €36m investment asset held on the balance sheet for future runway. The remaining 49% stake in Creo Medical Europe should provide continuing cash inflows via the agreed share of profits.
Craig Gulliford, CEO, commenting: "The transition from development to commercial profitability is the most challenging phase for any company. The consolidatory steps taken in 2024 and our renewed focus will only help us as we continue to drive towards our goals. We will continue to look for efficiencies and cost reductions where possible to maximise the use of the funds we have. We look forward to another year of strong growth in our Core Technology from both existing and new users, helping drive us towards our goals of self-sustaining cashflows and improving lives."
Looking ahead, Creo's Core technology should continue to drive revenues, as over 5,000 procedures have been performed globally to date, with the new Speedboat UltraSlim used in over 3,000. With the newest product Speedboat Notch launched post-period in April 2025, Creo should see continued growth of its CROMA platform and related devices.
Both recent Speedboat product launches (UltraSlim and Notch) have generated strong cashflows in Q1, underpinning strong revenue visibility for the remainder of the year, bolstered by the cost control programme targeting £5m in savings in FY25. is targeting 40-60% revenue growth in Core revenues in FY25, which is likely given the group's strong sales momentum from recent successful product launches.
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