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Creo Medical Group PLC on Wednesday said sales of its core electrosurgical products and technology multiplied nearly eight times in 2022 from the year before.
Creo Medical is a Wales-based medical devices company, specialising in surgical endoscopy.
Electrosurgical and technology sales increased to £2.3 million last year from £300,000 in 2021.
‘FY 2022 was the first full year following the lifting of most global pandemic restrictions, and the benefits of their removal for the company’s sales operations and the roll-out of core Creo products have been a key driver of progress over the year. The launch of the Kamaptive license and partnering brand, and the signing of the group’s first two deals in 2022, generated first sales for this business revenue stream. These key drivers provide a positive trend and outlook going into 2023,’ Creo said.
The company said it is focused on the quality of training and mentoring of doctors using Creo products and on increasing product utilisation.
Chief Executive Officer Craig Gulliford said: ‘Most pleasing is the rapid growth in the core technology and product revenues coming out of the pandemic which leaves us well positioned for ambitious future success as we move towards Ebitda breakeven.’
Looking ahead, Creo said it is on track for earnings before interest, tax, depreciation and amortisation breakeven during financial year 2025, in line with market expectations. Cash and equivalents were at £13.1 million as at December 31, about half of £26.1 million at June 30.
Creo Medical shares were 0.3% lower at 24.43 pence each in London on Wednesday afternoon.
By Tom Budszus, Alliance News reporter
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