REG - Creo Medical Group - Trading update and notice of results

Creo MedicalAnnouncement

28/04/2022 07:00

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RNS Number : 6161J  Creo Medical Group PLC  28 April 2022

Creo Medical Group plc

("Creo" the "Company" or the "Group")

 

Trading update and notice of results

 

Solid start to 2022, with revenues in line with expectations

 

Creo Medical Group plc (AIM: CREO), a medical device company focused on the
emerging field of surgical endoscopy, announces a trading update for the first
quarter of 2022 and confirms that it expects to publish its final results for
the year ended 31 December 2021 in early May 2022.

 

Creo continued to build momentum during 2021 and, as announced in the
Company's 3 February 2022 trading update, overall revenue for the year ended
31 December 2021 is expected to be just over £25m - in line with the upgraded
market expectations for FY2021. This momentum has continued in 2022 YTD with
Creo seeing a solid start to the year. Revenues for Q1 2022 are strong,
supported by the commercial groundwork put in place during the COVID-19
pandemic, the reopening of markets post COVID-19 and the resultant backlog of
demand for elective procedures, increased training and adoption of Creo's
Speedboat Inject device.

 

Commercial activity from Creo's core products continues to grow, with notable
contributions from the US, EMEA and Asia-Pacific ("APAC") markets where case
volumes have increased quarter-on-quarter.

 

Positively, March 2022 was the highest month on record for cases performed in
the US, as more physicians adopt Speedboat Submucosal Dissection ("SSD") for
resections in the colon and functional disorders in the oesophagus and
stomach. Best in class training and mentoring programmes are helping leading
academic and community hospitals deliver minimally invasive advanced
endoscopic surgical procedures.

 

The acquisition of Albyn Medical, bringing direct sales representation and
complementary products to the Group, has led to significant growth of users
and training sites in UK, Spain, France, and Belgium. Leading physician
mentors recently launched a new 'pioneer' training programme for large groups
of interventional endoscopists and surgeons. These forums will be the standard
for onboarding new physicians and institutions.

 

Creo has now officially opened its regional hub in Singapore
(https://bit.ly/3OAopda) , with the facility providing a multi-functional
centre for the commercial roll-out of Creo's products across the APAC region,
providing a direct sales and marketing presence across APAC and will be
central to the management of Creo's distribution partners in the APAC
region.

 

Whilst many of the APAC countries are emerging from the COVID-19 pandemic
slower than western economies, the Creo APAC team have utilised their
extensive experience to build strong relationships with distribution partners
in the region and to commence the initial steps required to commercialise
products as and when their respective markets allow.

 

Since the start of the COVID-19 pandemic, Creo has increased the number of
distribution partners engaged in the APAC region, all of which will be
directly managed through the regional hub. Partners are selected to ensure
that they have the necessary experience to not only sell Creo's core
technology in their respective markets but to also work alongside Creo's
clinical education team to ensure that Creo's training led strategy is
replicated.

 

Craig Gulliford, Chief Executive Officer of Creo, commented: "I have been
delighted with the start to the year that the Creo team has made, as we build
on the momentum that we established in 2021. We have seen increased training
and adoption of clinicians using Speedboat Inject, with March 2022 being our
record month for US cases performed using the device.

 

"The new 'pioneer' training programme demonstrates our commitment to
continually improving our training standards to ensure that clinicians are
properly educated on the safe use of our products, and become long-term users
of our technology. Although our APAC regional hub has only just recently
opened, the local Creo team has already made strong progress in building
relationships with distribution partners, and we expect the hub to be a strong
driver for our international expansion going forward as restrictions are
lifted around the region."

 

Enquiries:

 

 Creo Medical Group plc                              www.creomedical.com (http://www.creomedical.com)
 Richard Rees (CFO)                                  +44 (0)1291 606 005

 Cenkos Securities plc                               +44 (0)20 7397 8900
 Stephen Keys / Camilla Hume (NOMAD)
 Michael Johnson / Russell Kerr (Sales)

 Numis Securities Limited (Joint Broker)             +44 (0)20 7260 1000

 Freddie Barnfield / James Black / Duncan Monteith

 Walbrook PR Ltd                                     Tel: +44 (0)20 7933 8780 or creo@walbrookpr.com
 Paul McManus / Sam Allen /                          Mob: +44 (0)7980 541 893 / +44 (0)7502 558 258 / +44 (0)7867 984 082

 Phillip Marriage

 

 

 

About Creo Medical

 

Creo Medical is a medical device company focused on the development and
commercialisation of minimally invasive electrosurgical devices, bringing
advanced energy to endoscopy.

 

The Company's vision is to improve patient outcomes through the development
and commercialisation of a suite of electrosurgical medical devices, each
enabled by CROMA, powered by Kamaptive. The Group has developed the CROMA
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 resection, dissection, coagulation
and ablation of tissue. Kamaptive technology provides clinicians with
increased flexibility, precision and controlled surgical solutions.  CROMA
currently delivers bipolar radiofrequency ("RF") energy for precise localised
cutting and focused high frequency microwave ("MW") energy for controlled
coagulation and ablation via a single accessory port. This technology,
combined with the Group's range of patented electrosurgical devices, is
designed to provide clinicians with flexible, accurate and controlled clinical
solutions. The Directors believe the Company's technology can impact the
landscape of surgery and endoscopy by providing a safer, less-invasive and
more cost-efficient option for procedures.

 

For more information, please refer to the website www.creomedical.com
(http://www.creomedical.com)

 

 

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