Creo Medical Group PLC (AIM:CREO), the creator of minimally invasive surgical endoscopy products, announced that revenues and EBITDA for 2022 were in line with market expectations.
In a trading update, the group also said its new business pipeline provided "clarity and predictability" over growth in 2023, while cash burn is also set to further reduce.
In line with forecasts, Creo is expected to break even in 2025. As of 31 December 2022, the company had £13.1mln in the bank and said is looking at additional options to fund its growth ambitions.
Looking at the company’s performance in 2022, Creo said it saw a significant increase in sales of its core electrosurgical technology products, with revenues from this source increasing eight-fold.
The company's core electrosurgical products, including the Speedboat Inject and CROMA Advanced Energy platform, saw 45% growth in the second half of the year compared to the first half.
Additionally, the company's Pioneer clinical training initiative saw a more than doubling to 450 in the number of surgeons taking part.
Creo also announced it received its first revenues through the Kamaptive licensing and partnering programme and the first-in-human robotic procedure is expected to take place this year.
“Against the backdrop of challenging macroeconomic conditions, 2022 was a year of significant operational progress for Creo,” said chief executive Craig Gulliford.
“I am pleased we are expecting to report revenues and underlying EBITDA for the year in line with market expectations.
“Most pleasing is the rapid growth in the core technology and product revenues coming out of the pandemic which leaves us well positioned for ambitious future success as we move towards EBITDA breakeven.”