AGM Statement

RNS Number : 3741Q

Creo Medical Group PLC

28 June 2022

 

Creo Medical Group plc

("Creo" the "Company" or the "Group")

AGM Statement

Creo Medical Group plc (AIM: CREO), a medical device company focused on the emerging field of surgical endoscopy, provides an update to shareholders ahead of its Annual General Meeting ('AGM') today at Osborne Clarke, 2 Temple Back East, Temple Quay, Bristol BS1 6EG at 10.00 am.

Chairman's AGM statement

"At the end of May, we delivered our financial results for 2021, reporting on a year of good progress both financially and strategically. We were also delighted to be able to announce our exciting collaboration with Intuitive. Creo's mission remains the same: to improve patient outcomes by bringing advanced energy to therapeutic endoscopy. We aim to do this via our Build, Buy and Partner strategy, and our collaboration with Intuitive is one of a number of partnerships which we are looking to develop to achieve our aims.

The commercialisation of our endoscopy devices continues at pace, with our user community continuing to grow as trainees from our Pioneer Training Programme are converted into users. We anticipate that high vaccination rates in both Europe and the US will continue to lessen the impact of COVID-19 during the remainder of 2022, allowing clinicians to focus on the huge backlog of elective cases, increasing activity in our key areas of clinical focus - core GI and soft tissue ablation.

In terms of revenue growth, 2021 was a year of considerable and strong progress for the Group. Total sales for the 12 months ended 31 December 2021 were £25.2m. Whilst much of our revenue is derived from Creo Europe (previously Albyn Medical), revenue from Creo's core products continues to grow. Furthermore, we are taking steps to leverage this acquisition and open new markets for certain Albyn products within the USA.

Our acquisition of Aber Electronics during 2021 added specialist expertise to our team whilst securing a key element of our supply chain. This represents a great example of how the Buy element of Creo's strategy can benefit Creo's stakeholders as a whole, and we continue to evaluate potential strategic acquisition opportunities.

We also recently established our regional hub in Singapore to support the commercial roll-out of Creo's products in the APAC region and, alongside our other global centres such as our US office in Danbury, Connecticut, enable us to demonstrate products and provide training sessions for clinicians around the world.

Our momentum from 2021 has carried over with strong trading in the year to date, and the Group continues to innovate, educate clinicians and to commercialise. The Board looks forward to further updating shareholders during 2022 on important product advancements and meaningful commercial progress. The solid progress made over the past year underpins the Board's continued confidence in the Group's opportunities in 2022 and beyond.

As a Board, we remain confident in delivering on our Build, Buy and Partner strategy and I would like to put on record my thanks to our hardworking and talented team at Creo, and my fellow shareholders alike for their continued support."

Enquiries:

Creo Medical Group plc	www.creomedical.com
Richard Rees (CFO)	[phone]
Cenkos Securities plc	[phone]
Stephen Keys / Camilla Hume (NOMAD)
Michael Johnson / Russell Kerr (Sales)
Numis Securities Limited (Joint Broker) Freddie Barnfield / James Black / Duncan Monteith	[phone]
Walbrook PR Ltd	Tel: [phone] or [e-mail]
Paul McManus / Sam Allen  / Phillip Marriage	Mob: [phone]

About Creo Medical 

Creo Medical is a medical device company focused on the development and commercialisation of minimally invasive electrosurgical devices, bringing advanced energy to endoscopy.

The Company's vision is to improve patient outcomes through the development and commercialisation of a suite of electrosurgical medical devices, each enabled by CROMA, powered by Kamaptive. The Group has developed the CROMA powered by Kamaptive full-spectrum adaptive technology to optimise surgical capability and patient outcomes. Kamaptive is a seamless, intuitive integration of multi-modal energy sources, optimised to dynamically adapt to patient tissue during procedures such as resection, dissection, coagulation and ablation of tissue. Kamaptive technology provides clinicians with increased flexibility, precision and controlled surgical solutions.  CROMA currently delivers bipolar radiofrequency ("RF") energy for precise localised cutting and focused high frequency microwave ("MW") energy for controlled coagulation and ablation via a single accessory port. This technology, combined with the Group's range of patented electrosurgical devices, is designed to provide clinicians with flexible, accurate and controlled clinical solutions. The Directors believe the Company's technology can impact the landscape of surgery and endoscopy by providing a safer, less-invasive and more cost-efficient option for procedures.

For more information, please refer to the website www.creomedical.com

 

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