8th April 2019

Medical equipment first establishes ‘solid platform’ for growth

A Welsh medical equipment manufacturer believes it has established a solid platform for growth after increasing its framework distribution agreements.

In the 18 months to 31 December 2018, Chepstow-based Creo Medical recorded an underlying operating loss of £12.6m, compared with a loss of £5.6m for the 12 months to 30 June 2017, in line with management expectations.

The number of physicians trained to use its products increased to more than 60, with a strong pipeline of further trainees.

Creo also received FDA clearance for the Speedboat device and the CROMA platform, with regulatory approval for additional products also on track.

During the year the business strengthened its balance sheet following the successful raise of an additional £48.5m (before expenses) through a significantly oversubscribed share placing.

Craig Gulliford, chief executive of Creo Medical, said: “We continue to deliver against our strategic objectives:; developing a widening suite of innovative medical devices, expanding the list of physicians participating in the Creo Clinical Education Programme as part of our training led commercialisation plan, and evolving our distribution network and manufacturing capacity in anticipation of commercial launch.

“We have established a solid platform for future growth and we look forward with confidence to another year exciting year in 2019.”