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LONDON - Creo Medical (TASE:PMCN) Group plc (AIM: CREO), a company specializing in minimally invasive surgical endoscopy, has announced its financial results for the fiscal year ending December 31, 2024. Despite slight fluctuations, the company reported steady revenues of £30.4 million, nearly on par with the previous year's £30.8 million.
The firm experienced substantial growth in its Creo Core Technology segment, with revenues climbing 74% to £4.0 million, thanks to increased sales of products such as the Speedboat UltraSlim and the CROMA platform. The second half of the year alone saw a 50% revenue increase in this division.
Creo's strategic sale of a 51% stake in its Creo Europe business to Micro-Tech in September 2024 resulted in cash proceeds of about €30 million, received on February 14, 2025. This move has bolstered the company's cash position to £31.2 million, strengthening its commercial platform and funding ongoing development of its core technology.
The company's Kamaptive technology, which includes the MicroBlate™ Flex (NASDAQ:FLEX) ablation device for robotic-guided procedures targeting lung cancer, is making strides towards commercial use. Two UK sites are currently using the device in combination with the Intuitive Ion Endoluminal System, with more sites expected to become revenue-generating soon.
Revenue from Creo Medical Europe Consumables rose by 2.6% in constant currency, although reported revenues are slightly down to £26.4 million from £26.8 million the previous year, partly due to foreign exchange headwinds. These operations will be classified as discontinued in the FY24 audited results following the sale.
In line with its commitment to cost management, Creo has implemented cost reductions in the second half of the year, leading to a decrease in operating costs of approximately £5.0 million, with full benefits expected to materialize in FY25.
The company has expressed confidence in its current trading, indicating that it is performing in accordance with management expectations. Detailed operational performance and the continued adoption of Creo Core Technology will be shared with the full-year results, which are anticipated to be announced in April 2025.
This update is based on a press release statement from Creo Medical Group plc.
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