Welsh medical device firm Creo Medical has reported significant revenue increases in its financial results for 2022 following success with its core technology. The Chepstow-based Alternative Investment Market listed firm posted total sales of £27.2m in the 12 months ending December 31 2022.
This was up £2m on the previous year and included first revenues of its Kamaptive licensing programme at £1.4m. Gross profit was also up by 13.3% to £13.1m (2021: £11.6m), with gross margin rising 2.3 percentage points to 48.3%.
Its Speedboat Inject and Croma technologies saw threefold increases in revenue at £900,000 following strong orders and growing sales.
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Chief executive Craig Gulliford said: "2022 saw a significant increase in revenue from core technology as we built on the foundations laid in previous years during the pandemic to deliver further growth and operational progress. With global cases using Speedboat Inject more than doubling in FY22 vs FY21, and a fourfold increase in core technology users, our approach to training, mentoring and converting clinicians into regular users is gaining considerable traction.
"It has been especially pleasing to see the pioneering work that has been done by our clinicians around the world to expand the use of Creo's technology into new indications, improving outcomes for even more patients. With this being the first full year of commercial operations, post-pandemic, we can now see where and how to apply our resources to achieve increasingly predictable results as we accelerate growth."
He added: "We developed and launched innovative new products, including the slimmer Speedboat Inject, and launched our Kamaptive partnerships in the field of robotic assisted surgery which are progressing well.
"Our post-period oversubscribed funding round provided us with the working capital necessary to continue executing our strategic vision and has provided us with a path to cashflow breakeven. I would again like to reiterate my sincere thanks to our shareholders for their support during the round.
"This has left Creo well positioned for further sustained growth. We expect to see the continued acceleration of the commercialisation of our core technology and the introduction of new innovative products, as well as the expansion of our Kamaptive programme as we continue to build a world class medical device and tech licensing company."
Last month, the firm raised over £33m, following two share offerings, to fund its continued global expansion. Proactive research analyst John Savin put £100m valuation on Creo in a research note on the group but added that Creo could be worth up to between £200-£250m.
Since Creo Medical posted its results, brokers Cenkos and Numis have maintained their recommendation to buy shares in the company.
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