거래 업데이트 - 교체
The following amendment has been made to the 'FY 2023 Trading Update' announcement released on 7 February 2024 at 07:00 under RNS No 2519C.
Core technology sales and Kamaptive licensing income increased to £4.0m (FY22 £2.3m) with core technology sales increasing by c. 2.5x.
We closed the year with a c. SR 2.5x increase in our core technology revenues and with over 80% of the Group revenues now derived from Creo branded products.
다른 모든 세부 사항은 변경되지 않습니다.
수정된 전체 텍스트는 아래에 나와 있습니다.
크레오 메디컬 그룹 plc
("Creo"는 "회사" 또는 "그룹")
FY 2023 거래 업데이트
New products support strong growth and accelerate commercial momentum of Creo's core technology
Double digit Group revenue growth and ongoing cost control
Creo Medical Group plc (AIM: CREO), the medical device company focused on the emerging field of minimally invasive surgical endoscopy for pre-cancer and cancer patients, provides a trading update for the year ended 31 December 2023, including an overview of its commercial and clinical progress.
2023 was a pivotal year for Creo, with considerable strides made by all areas of the business with the focus on commercialisation of its core technology. The Company expects to report growth in Group revenues of 13%, from £27.2m in FY22 to £30.8m in FY23. Underlying operating costs were reduced by £3.7m (a reduction of 10% YoY) through tight cost control while still funding the strategic product development programmes that fuel future growth as Creo transitions into a fully commercial business with a clear path towards cashflow break even and beyond.
Gross margin across the Group improved from 48.3% to 49.6% through supply chain management and increasing sales volumes. Materially reduced operating costs contributed to a reduced underlying EBITDA loss of £16.4m (FY22: £20.8m). Following changes to the UK R&D tax credit scheme during the year, the amount recoverable (from 1 April 2023) reduced from 33p per £1 spent on R&D to 18.6p per £1. This resulted in a reduction of over £2m than anticipated. Without this change, underlying EBITDA loss would have been under £14.5m.
The improved revenues, margin improvement, conversion of inventory to cash and lowered operating costs improved net cash burn. Cash and cash equivalents as at 31 January 2024 were £22.8m (31 Dec 2022: £13.1m) and the Group remains on track to reach cash flow break even as planned, with the Company well positioned to meet its stated growth ambitions.
Core technology sales and Kamaptive licensing income increased to £4.0m (FY22 £2.3m) with core technology sales increasing c. 2.5x. December 2023 was a record month for orders and shipments following the launch of Speedboat® UltraSlim, which makes the range now compatible with all routine endoscopes worldwide. This momentum has carried through into 2024 and the Company is managing manufacturing capacity appropriately to take account of the increase in demand.
Creo's Endotherapy consumable revenues of £26.8m represent growth of 8% (FY22: £24.9m). The European consumables business acquired in 2020 is growing and profitable and continues to provide a solid foundation for the commercialisation of Creo's core technology.
Successful launch of Speedboat® UltraSlim
Speedboat® UltraSlim has been used successfully in procedures in the UK, USA, LATAM and APAC to treat precancerous lesions in the colon, oesophagus and stomach, as well as in oesophageal and gastric POEM procedures (which address swallowing disorders and gastroparesis). Within weeks of release, the device had been used by 16 doctors across 12 sites. Feedback includes:
"The Speedboat® UltraSlim improvement in size, energy delivery and handling will allow me to do more cases."
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"This new device will make my procedures faster and I can perform a POEM and Fundoplication with one Speedboat versus three total devices."
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"I can go whatever direction I want with complete rotation and deliver microwave faster. The UltraSlim is a gamechanger."
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Growing number of users and user pipeline
The number of users and prospective users for Creo's core technology continues to grow. Multinational and regional training and mentoring events held during 2023 have resulted in 175 confirmed users at the end of the period. This is an increase of c.120% over the 80 as at 31 December 2022 and a 30% increase over the 115 as at 30 June 2023. Management remains confident that this growth trajectory will continue during 2024, supported by: the exceptional clinical feedback from the new device, the large backlog of trained clinicians, who are expected to convert into users, and the growing pipeline of future users as Creo's core technology continues to gain market traction.
제XNUMX자 검증
The results reported by The Royal Oldham Hospital during 2023 illustrate the positive impact of Speedboat® and the launch of Speedboat® Submucosal Dissection ("SSD") service on patient outcomes, waiting lists and the prevention of bowel cancer. Having attended Creo's 'Pioneer' training programme and installed devices across multiple endoscopy rooms immediately, the hospital performed five SSD cases in its first afternoon, with over thirty further patients successfully treated within weeks, delivering excellent patient outcomes and at a significantly lower cost to the Trust.
The validation of Creo's technology has gathered further momentum with the selection of Speedboat® Inject by the National Institute for Health and Care Excellence ("National Institute for Health and Care Excellence, NICE") 범위를 지정하고 라우팅합니다. guidance and by an ongoing collaboration with NHS Supply Chain.
제품 개발
The Company has now started clinical market development with its MicroBlate® range, which provides flexible microwave ablation for soft tissue where flexibility and small diameter is required. MicroBlate® Flex has now been used in clinical cases ablating tumours in the lung for the first time as part of a multi-site clinical study, following pancreas and liver cases previously announced.
The Company expects regulatory approval in 2024 for its SpydrBlade? technology, a surgical device that combines the Speedboat® blade and precise microwave coagulation in a unique multi-modal jaw design.
Kamaptive licensing partnerships
Creo's Kamaptive licensing partnerships with Intuitive and CMR have progressed well during 2023. Milestones have been met and the team continues to explore how best to expand the scope and reach of its partnerships.
회사는 예상 continued progress towards SpydrBlade's integration into robotic laparoscopic tools, as part of the Kamaptive programme, during 2024. Discussions to expand and broaden partnership opportunities with new and existing partners continue such as the recently announced collaboration with Khalifa University.
Commenting on outlook, Craig Gulliford, Chief Executive Officer of Creo, said:
"2023 was another significant year for Creo, beginning with the planned fundraise in extremely challenging market conditions, which allowed us to focus time and energy on the business for the rest of the year. We closed the year with a c. 2.5x increase in our core technology revenues and with over 80% of the Group revenues now derived from Creo branded products. The final step of miniaturising our Speedboat technology in the form of Speedboat® UltraSlim was launched into the US, EU and now beyond; this significant step has expanded our market access even further, making Speedboat compatible with all routine endoscopes worldwide.
"We are also developing the clinical case volumes and commercialising our MicroBlate brand. With increasing clinical cases and, more recently, the first combined use of our products for Robotic procedures, our technology promises to deliver an alternative to patients in indications where, to date, mortality rates have remained stubbornly high.
"We have also made some significant progress on the Kamaptive programme integrating our SpydrBlade technology into the field of robotically assisted laparoscopic surgery. We are solving the foundational limitations of existing market leading laparoscopic technology that prevent their effective application in robotic surgery.
"The collaborations with our Kamaptive partners illustrate that Creo has a truly unique technology platform, with unmatched surgical resection and sealing capabilities. This platform is driving increased volumes and users across all areas as the business transitions further into a commercially cash generative phase.
"With revenues increasing across the Group by 13%, operating costs reducing by 10% and an outlook of an increasing product range, increasing Kamaptive programme and having now maximised the miniaturisation of the Speedboat product, all of the indicators are on the right trajectory.
"We look forward to another year of strong growth in our core technology from both existing and new users and remain confident of our goal to achieve cashflow break even in 2025."
Creo expects to announce its audited results for the year ended 31 December 2023 during April 2024.
이 발표에 포함된 정보는 시장 남용(수정)(EU 출구) 규정 596에 의해 수정된 시장 남용 규정(EU) No. 2014/2019에 따라 회사가 내부 정보를 구성하는 것으로 간주됩니다.
문의 :
크레오 메디컬 그룹 plc | www.creedical.com |
리차드 리스(CFO) | +44 (0)1291 606 005 |
캐번디시 캐피털 마켓 리미티드 | +44 (0)20 7397 8900 |
스티븐 키스 / 카밀라 흄(NOMAD) | |
마이클 존슨(영업) | |
도이치 누미스(공동 Broker) 프레디 반필드 / 던컨 몬테이스 / 유안 브라운 | +44 (0)20 7260 1000 |
월브룩 홍보 | 전화 번호 : +44 (0) 20 7933 8780 or [이메일 보호] |
폴 맥마누스 / 샘 앨런 필립 결혼 | 몹: +44 (0)7980 541 893 / +44 (0)7502 558 258 +44 (0)7867 984 082 |
Creo Medical 정보
Creo Medical은 최소 침습 전기 수술 장치의 개발 및 상용화에 주력하는 의료 장치 회사로 내시경 검사에 첨단 에너지를 도입합니다.
회사의 비전은 Kamaptive가 지원하는 CROMA를 기반으로 하는 전기수술 의료기기 제품군의 개발 및 상용화를 통해 환자 결과를 개선하는 것입니다. 그룹은 수술 능력과 환자 결과를 최적화하기 위해 Kamaptive 전체 스펙트럼 적응 기술을 기반으로 하는 CROMA를 개발했습니다. Kamaptive는 조직 절제, 해부, 응고 및 절제와 같은 시술 중에 환자 조직에 동적으로 적응하도록 최적화된 다중 모드 에너지원의 원활하고 직관적인 통합입니다. Kamaptive 기술은 임상의에게 향상된 유연성, 정밀도 및 제어된 수술 솔루션을 제공합니다. CROMA는 현재 단일 액세서리 포트를 통해 정밀한 국소 절단을 위한 양극성 무선 주파수("RF") 에너지와 제어된 응고 및 절제를 위한 집중된 고주파 마이크로파("MW") 에너지를 제공합니다. 그룹의 다양한 특허 전기 수술 장치와 결합된 이 기술은 임상의에게 유연하고 정확하며 제어된 임상 솔루션을 제공하도록 설계되었습니다. 이사들은 회사의 기술이 보다 안전하고 덜 침습적이며 비용 효율적인 시술 옵션을 제공함으로써 수술 및 내시경 분야에 영향을 미칠 수 있다고 믿습니다.
자세한 내용은 홈페이지 www.creomedical.com을 참조하세요.
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