Creo Medical Group PLC (AIM:CREO) said it expects its revenues for the year just gone to come in ahead of forecasts and added that it ‘continues to deliver’ on its build, buy and partner strategy.
Shares in the company jumped 9% to 129p in early trading.
The company, which is focused on the emerging field of surgical endoscopy, said sales for the 12 months to December 31 would be around £25mln as it defied the commercial headwinds and disruption generated by the pandemic. Total sales in 2020 were £9.4mln.
In a trading update, it told investors that 2022 had begun ‘positively’.
Chief executive Craig Gulliford hailed the ‘significant growth’ in commercial orders and adoption of Speedboat Inject, which is used for flexible endoscopy.
He also flagged the successful acquisition of Aber Electronics, completed in November, and the signing of heads of terms with potential partners for its advanced energy technology.
"We see the COVID-19 outlook improving, with an increased backlog of doctors gearing up to perform procedures as staffing challenges reduce, and restrictions ease across the globe,” said Gulliford.
"2022 has already started positively, with strong performances seen from our core product portfolio.
“Throughout the rest of the year, we look forward to continuing to execute and expand our three-tiered strategy through the education and training of clinicians, the roll-out of our product portfolio in APAC and further commercial orders and adoption of Speedboat Inject in the US and Europe.
“With our strong cash position and clear strategy, Creo is well-positioned to deliver shareholder value in 2022. We look forward to updating shareholders in more detail in due course."
The company is a pioneer of the next generation of minimally invasive surgical technology bringing advanced energy, surgical tools to even smaller spaces while operating via standard flexible endoscopes such as colonoscopes, gastroscopes, duodenoscopes and echoendoscopes.
Its flagship Speedboat product allows interventional endoscopists and surgeons to make an incision, dissection and to coagulate the blood with one device obviating the requirement to switch instruments.
The Speedboat products, along with Creo’s MicroBlate ablation technology, and its SlypSeal non-stick sealing device, work from a single advanced energy platform called CROMA.
As well as looking to harness the commercial potential of its products by partnerships, it is also executing a build-and-buy strategy.
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