26th September 2023

Innovation Puts Welsh MedTech Firm on Strong Growth Trajectory

Creo Medical, an innovative business in South Wales has reported a sharp rise in revenues for the first half of its financial year, following a strong trading period and the quick adoption of its flagship device tackling bowel cancer.

The high-technology medical device company specialises in the emerging field of surgical endoscopy, which aids minimally invasive surgery by applying microwave and radio wave energy.

The business recently posted revenues of £15.7m in its latest interim results for the six months to the end of June 2023, £2.1m, 15% more than the same period a year earlier. Revenue generated from its core products stood at £0.9m in the first half of 2023, equal to the revenue made during the entire of 2022.

Following its significantly oversubscribed fundraising round in March, Creo managed to secure upwards of £33m through two share offerings, underscoring its success.

The rapid pace of adoption of Creo’s technology, and the global recognition it is achieving, has been a particular highlight for the business. From India to the US, Spain to Singapore; patients from around the world are benefiting from the business’s unique technology, with the body of data supporting the clinical and commercial benefits growing quickly as a result.

Creo chief executive Craig Gulliford commented:

“The past six months have been hugely significant for Creo. We continue to be at the forefront of a paradigm shift, introducing advanced energy to endoscopy in new markets and procedures – facilitating an array of benefits to patients, clinicians and healthcare providers”

The Creo Medical journey began in earnest in 2016 but needs to be put into the context of the last half-century, which has seen the surgical world evolve rapidly from ‘Open Surgery’, to a point in 2010 where keyhole/laparoscopic surgery became the standard of care. Creo is now bringing the benefits of the advanced energy which drove that evolution to an array of minimally invasive endoscopic treatments.

The team behind Creo team is a blend of some of the most respected engineering and tech talent in the UK.

This includes global telecommunications specialists, experts in military antenna and leaders in RADAR design, through to signal processing specialists and young microwave-focused PhD students – the flexibility of its team means that clever components can be translated into devices that are at the forefront of a new wave of treatment.

The company’s latest report can be found here – Creo Medical | Half Year Report