Craig Gulliford, chief executive of Creo Medical Group PLC (AIM:CREO), hailed the first half of 2023 as "hugely significant" for the company.
Core technology revenue for the period matched the total revenue for the entire fiscal year of 2022, driven by the streamlined Speedboat Inject device.
The company, focused on minimally invasive surgical endoscopy, reported turnover of £15.7 million for the six months ended June 30, marking a 15% increase compared with the same period last year.
This growth was primarily fuelled by Creo's Core technology and its endotherapy consumable business. Notably, the revenue generated from Creo's core products was £0.9 million, equalling the revenue generated in the entirety of FY-2022.
Operational highlights include a 42% increase in the volume of Speedboat Inject procedures compared to H2-2022 and a 44% increase in the user base since December 2022. The number of clinicians able to provide training surged by 65%.
Medical Device Regulation (MDR) CE clearance was obtained for Speedboat Inject for upper gastrointestinal (GI) use in the UK and mainland Europe.
The company also expanded its global footprint, introducing the Speedboat Inject in Croatia, Slovenia, Malaysia, and the United Arab Emirates. The technology has now been utilised in over 20 countries.
Financially, the company raised £33.7 million in an oversubscribed fundraise in March 2023 and reported cash and cash equivalents of £26.5 million as of 30 June 2023.
"Attracting the necessary funding earlier in 2023 was clearly an important moment in our push towards our goal of being cash flow breakeven during full-year 2025," said Gulliford.