Creo Medical Posts 74% Core Revenue Surge and Strengthens Balance Sheet in FY24

Creo Medical's FY24: 74% core revenue surge, £8.7m cash boost & NHS validation. Strategic Micro-Tech partnership fuels growth in precision surgical tech.

19 May 2025by Joshua Thompson2 min read38 views

This article covers information on Creo Medical Group PLC.

LON:CREO

Creo Medical’s FY24: A Surgical Strike on Growth and Stability

If you’ve ever watched a skilled surgeon navigate a complex procedure with precision, you’ll appreciate the delicate balance Creo Medical has struck in its latest results. The AIM-listed medtech firm just dropped its FY24 numbers, and there’s plenty to dissect. Let’s grab our endoscopic tools and take a closer look.

The headline act: 74% core revenue growth

Creo’s Core Technology revenue jumped a whopping 74% year-on-year to £4m. This turbocharged growth comes courtesy of their flagship Speedboat UltraSlim device, which has become the Swiss Army knife of endoscopic surgery. Over 5,000 procedures globally (3,000+ in its debut year) suggest clinicians are voting with their scalpels.

Total group revenue held steady at £30.7m (£30.8m in FY23)
Cash position strengthened to £8.7m (up from £3m in FY23)
£5m annualised cost savings achieved – the financial equivalent of removing a tumour without damaging surrounding tissue

Strategic manoeuvres: Playing chess with the balance sheet

Creo’s management has been busy in the corporate theatre:

1. The Micro-Tech partnership

September’s sale of 51% of Creo Medical Europe to Chinese giant Micro-Tech was a masterstroke:

€30m cash injection (post-period)
Retains 49% stake for ongoing profit share
Opens doors to APAC markets and potential co-development projects

2. Portfolio pruning

December’s decision to sell Aber Electronics completes the shift from R&D darling to commercial operator. As CEO Craig Gulliford notes: “The transition from development to commercial profitability is the most challenging phase for any company.”

Clinical wins: More than just numbers

The real story lives in operating theatres:

Share𝕏 in

Investing
Polar Capital Technology Trust Reports 102% NAV Growth in Stellar Fiscal Year
Polar Capital Technology Trust sees 102% NAV growth in FY2026, beating its benchmark by 47 points thanks to AI and semiconductor exposure.
JoshuaJuly 10, 2026
Investing

Tagged

Last updated

5 July 2026

Star Rating

No ratings yet

NHS case study: 130 procedures at East Kent Hospitals showed 87% reduction in patient stays and £687k savings
World first: Robotic-guided lung ablation using MicroBlate Flex (with Intuitive Surgical)
Royal seal: King’s Award for Innovation collected at Windsor Castle

The toolkit expansion

Creo’s product pipeline is hitting its stride:

Speedboat Notch: Enhanced upper GI version launched April 2025
SpydrBlade Flex: The “harmonic scalpel at the end of a flexible scope” making waves at St Mark’s Hospital
CROMA platform: Becoming the Android of endoscopic energy systems

Looking ahead: FY25 guidance

Management’s scalpel stays sharp for 2025:

40-60% Core Technology revenue growth target
Full £5m cost savings to flow through
MicroBlate Flex expected to start generating recurring revenue

New Chairman Kevin Crofton strikes a cautiously optimistic note: “We remain diligent and flexible to respond to challenges, steadfast in our mission to improve lives.”

The investment thesis: Scalpel or Swiss Army knife?

Creo’s transformation story contains all the classic medtech ingredients:

✓ Transition from R&D burn to commercial scale
✓ Strategic partnerships de-risking expansion
✓ NHS validation providing rubber-stamp credibility

But as any surgeon knows, precision matters. The 74% growth comes off a small base, and macroeconomic headwinds haven’t disappeared. That said, with gross margins improving (46.6% from 40.2% ex-Kamaptive) and the balance sheet stabilised, Creo appears to be suturing its early-stage risks closed.

As the NHS scrambles to clear backlogs and global healthcare seeks cost-effective solutions, Creo’s technology sits at the perfect crossroads. The FY24 results suggest they’re not just building better scalpels – they’re redesigning the operating theatre.