Creo Medical has released a trading update for FY23, an active year for the company, with progress made across all business segments. Traction improved in H223, following Speedboat Inject’s European clearance for upper gastrointestinal (GI) procedures and the accelerated approval and launch of Creo’s slimmest electrosurgical device, Speedboat UltraSlim. Top-line growth was supported by continued streamlining of the cost structure, resulting in a better-than-expected underlying EBITDA loss (improving to £16.4m vs our £17.0m estimate) and slower cash burn. Gross cash at end January 2024 was £22.8m, which we estimate will take Creo to net profitability in H126 (compared to management’s target of FY25). We await the release of the final FY23 results to update our estimates.
08 Feb 2024
Creo Medical - Solid FY23 lays the groundwork for 2024
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Creo Medical - Solid FY23 lays the groundwork for 2024
Creo Medical Group Plc (CREO:LON) | 32.7 0.2 1.5% | Mkt Cap: 118.2m
- Published:
08 Feb 2024 -
Author:
Soo Romanoff -
Pages:
2
Creo Medical has released a trading update for FY23, an active year for the company, with progress made across all business segments. Traction improved in H223, following Speedboat Inject’s European clearance for upper gastrointestinal (GI) procedures and the accelerated approval and launch of Creo’s slimmest electrosurgical device, Speedboat UltraSlim. Top-line growth was supported by continued streamlining of the cost structure, resulting in a better-than-expected underlying EBITDA loss (improving to £16.4m vs our £17.0m estimate) and slower cash burn. Gross cash at end January 2024 was £22.8m, which we estimate will take Creo to net profitability in H126 (compared to management’s target of FY25). We await the release of the final FY23 results to update our estimates.