Creo Medical Group PLC (AIM:CREO) has reported a threefold increase in revenues from its Speedboat Inject and CROMA products to £0.9mln in its final results for the 12 months ended 31 December 2022 (FY22).
The medical device company focused on surgical endoscopy saw total sales for the period rise to £27.2mln, up from £25.2mln in full-year 2021, including £1.4mln from Creo's Kamaptive licensing program.
The company's gross profit increased by 13.3% to £13.1mln, with a gross margin of 48.3%. However, it posted an underlying EBITDA loss of £22.1mln for FY22, in line with market expectations.
Creo Medical noted that Q1 2023 trading has been in line with expectations with the company experiencing strong orders and growing sales in its core technology, with consumables sales 10% higher than the FY22 quarterly average.
In the results statement, Craig Gulliford, CEO of Creo Medical commented: "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."
The CEO also noted: "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."
"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," Gulliford concluded.