Creo Medical Group has today announced its audited final results for the 12 months ended 31 December 2021.
· Total sales in the period of £25.2m (FY 2020: £9.4m)
· Cash and cash equivalents of £43.5m at 31 December 2021 (FY 2020: £45.1m), including £34.3m net raised through Placing and Open Offer in September 2021
· R&D expenditure in the year was £12.9m (FY 2020: £10.2m)
· Operating loss of £29.9m for FY 2021 (FY 2020: £23.5m) including £2.6m share based payments (FY 2020: £0.7m), in-line with management expectations
· Net assets of £73.3m at 31 December 2021 (FY 2020: £62.8m)
· Over 1,000 Speedboat Inject procedures performed to date
· Speedboat Inject procedure volumes doubled over previous year
· Pipeline of clinicians to be trained under Clinical Education Programme has doubled
· 25% increase in the Group’s direct sales force since the start of 2021
· New market penetration with multiple cases of Peroral Endoscopic Myotomy (“POEMS”) procedures in the US using Speedboat Inject
· Heads of terms (“HoTs”) agreed with multiple partners, with advanced discussions ongoing
· Strengthened IP portfolio with 376 granted patents and 870 pending patents
· Health economic study indicated that savings of up to £10k could be saved per Speedboat Inject procedure versus traditional surgical outcomes, with the NHS saving over £2m cumulatively to date
· Positive outcome on first pancreatic ablation using MicroBlate Fine
· Strengthening of supply chain and R&D capabilities through acquisition of Aber Electronics Limited (“Aber”) in November 2021
· Fully integrated Albyn Medical and Boucart Medical into the Creo family, operating in-line with expectations under the Creo brand
· Completion of the purchase of the freehold of Creo House, Chepstow, and the adjacent building for £4.25m to support the Company’s planned and sustained growth
· Opening of US office on the East Coast in Danbury, Connecticut, to provide a base for US operations and enable in-person clinical and education programmes
· Established APAC Hub based in Singapore
Craig Gulliford, Chief Executive Officer, commented:
It has been a year of strong progress for the Group, as we continue to build momentum and make progress against our mission of improving patient outcomes through our ‘Build, Buy and Partner’ strategy. We doubled our pipeline of clinicians who are to be trained under our Clinical Education Programme, with a significant proportion of those trained during the year now being product users. Our US office opening, as well as the purchase of the freehold of Creo House, and the post-period end opening of our Singapore regional hub, have all been key steps for the Group’s commercial growth and the increased education of clinicians across our target markets.
Our acquisition of Aber Electronics during 2021 has added specialist expertise to our team whilst enhancing a key element of our supply chain. Our prior acquisitions of Albyn Medical and Boucart Medical have proved to be successful, with both having expanded our commercial footprint across Europe, and are now fully integrated within the Group.
We have signed non-binding heads of terms with a number of carefully selected partners, in order to leverage our core Kamaptive technology in therapeutic areas that the Group is not already operating.
Looking ahead we remain well-positioned to continue our commercial growth and will continue to evaluate further potential strategic acquisitions. We expect that as restrictions related to the COVID-19 pandemic continue to ease throughout 2022, we will see increased rates of clinical education and increased rates of use of our technology in elective cases.
Full detail available at Final Results (investis.com)
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