26th May 2021

Creo on track to beat 2021 revenue expectations

Chepstow-based Creo Medical Group is on track to beat expectations for 2021 revenue following a strong first quarter.

In a trading update, the listed medical device company said revenue for the year ending 31 December 2021 was set to be at least 10 per cent ahead of current market expectations of £20.1m.

It follows a strong first quarter, with an increase in commercial activity from Creo’s core products together with strong contributions from Albyn Medical and Boucart Medical, which were acquired during 2020.

The UK and French markets were said to have rebounded more strongly than the company expected during Q1, with many hospitals now starting to focus efforts on clearing the backlog of cases.

Trading for the year ended 31 December 2020 was also ahead of management expectations, and the company expects to report revenues of more than £9m when it publishes its audited report and accounts in early June.

Craig Gulliford, chief executive at Creo, said: “The worldwide uncertainty created by Covid-19 continues; however, the team at Creo has delivered exceptional results across many fronts including, making significant clinical and technical advances, building a global commercial team, finding innovative ways to train clinicians and continuing to deliver revenue ahead of management’s expectation into the new financial year.

“We are delighted with the progress that has been made and believe our products will have a big part to play in reducing costs associated with traditional open surgery, reducing the huge backlogs for elective surgery that have built up during the pandemic, and most importantly providing better outcomes for patients globally.”