Creo Medical Group PLC (AIM:CREO) reported a growth in revenue for the six months ended 30 June as the group expects “to continue towards profitability in the second half of the year.”
Revenue climbed to £13.6mln from £12.9mln for the same period 12 months earlier, a statement from the medical device company said.
Growth was driven by its core technology, it said, as well as doubling the number of clinicians able to provide training in the period and new market penetration with its Speedboat Inject, which is used to treat a swallowing disorder.
"This period has seen a step change in Creo's commercialisation journey, with revenue growth driven from our core technology reflecting the tremendous groundwork and firm foundations put in place by the team over the last few years,” said chief executive Craig Gulliford.
Creo said it continues to strengthen its commercial footprint, expanding its US sales channel as well as opening its Singapore regional hub, which it said marks an “inflexion point.”
Underlying losses reduced to £11.9mln from £15mln a year ago and the London-listed company expects to take further steps towards profitability i the current six months, despite global geopolitical issues which it will “continue to monitor and assess.”