Creo Medical Reports 50% Revenue Growth and 40% Reduction in Operating Loss for FY25

Creo Medical’s FY25: Big revenue step-up and a leaner cost base

Creo Medical (AIM: CREO) has delivered a punchy FY25 trading update: revenue up 50% to £6.0m and a more than 40% reduction in underlying operating loss to £13.3m. Management says this performance was in-line with market expectations, which matters because it underpins credibility after a period of heavy investment.

The improvement isn’t just top-line optics. Underlying operating costs fell 20% to £18.4m as the actions taken in FY24 flowed through. H2 was particularly strong: revenue of £3.8m, up 58% versus H2’24. Cash at year end was £12.4m.

Key FY25 numbers at a glance

Metric	FY25	FY24 / Prior period	Change
Revenue (continuing ops)	£6.0m	£4.0m	+50%
H2’25 revenue	£3.8m	H2’24: £2.4m	+58%
Underlying operating costs	£18.4m	£23.8m	-20%
Underlying operating loss	£13.3m	£22.3m	Reduction >40%
Cash and cash equivalents	£12.4m (31 Dec 2025)	£20.5m (30 Jun 2025); £8.7m (31 Dec 2024)	H2 reduction vs June; up vs Dec 2024

What’s driving growth: clinical adoption and product utilisation

Management pins the performance on two levers: new clinicians starting to use the kit, and existing users doing more cases. That utilisation point is important. Once capital and training are in place, consumable pull-through can scale, which is how procedure-driven device businesses move from promise to recurring revenue.

Creo focuses on minimally invasive surgical endoscopy – essentially using endoscopes to cut, dissect, coagulate or ablate tissue with precision, rather than traditional surgery. Its platform (CROMA powered by Kamaptive) delivers bipolar RF and microwave energy through a suite of single-use devices.

Resection portfolio: Speedboat Notch and SpydrBlade Flex gaining traction

Speedboat Notch usage is rising in advanced procedures, notably upper GI per-oral endoscopic myotomies (POEMs). POEMs are endoscopic procedures to treat swallowing disorders, and the RNS notes favourable reimbursement in major markets – a practical tailwind for adoption.

There’s also increased use in GI resection procedures. Importantly, these are expected to benefit from reimbursement codes in the USA from 2027. Reimbursement codes are the billing “labels” hospitals use to get paid. Having them in place can be a step-change for US commercialisation, so that 2027 marker is one to watch.

SpydrBlade Flex achieved regulatory clearance and launched commercially in the US, UK and EU during FY25. Early reception is described as encouraging. That’s a sensible, measured phrasing – not hyperbole, but enough to suggest clinicians are engaging.

Ablation portfolio: MicroBlate Flex and Fine progressing

MicroBlate Flex continued to be used in multiple studies to treat lung tumours, and commercial sales from initial sites are “now coming through”. The link between research use and early commercial orders is exactly the validation pathway investors want to see.

MicroBlate Fine had a limited market release across key research sites in Europe, APAC and the USA, with clinical data collection underway for pancreatic and liver lesions. This is classic staged roll-out: seed with leading centres, gather data, and then scale.

Profitability trend: losses narrowing as the model tightens

Underlying operating loss narrowed to £13.3m from £22.3m, helped by a 20% cost reduction. It shows management did what it said it would do in FY24: cut the cost base and focus the portfolio. Combined with stronger H2 revenue, the trajectory is moving the right way.

Two consecutive quarters of delivery against internal expectations, as the Chair emphasised, matters because it builds trust – both with clinicians who commit to new tech and with investors who underwrite the journey to cash generation.

Cash position into FY26

Year-end cash was £12.4m, compared to £20.5m at 30 June 2025 and £8.7m at 31 December 2024. The mid-year to year-end step-down reflects ongoing investment and the timing of receipts and outflows. The Board’s stated destination is “self-sustaining cashflows”; today’s numbers show progress on the P&L, but cash discipline will remain a focus in FY26.

Outlook and catalysts: guidance intact, more data on the way

The Board is confident in meeting expectations for FY26, calling the outlook “positive”. The plan is continued sequential growth, better operational efficiency and tight financial discipline. If they execute, that should translate into further loss reduction and a clearer line of sight to cash breakeven.

On catalysts, keep an eye on: expanding procedure volumes in POEMs and GI resections, the US reimbursement pathway for resection procedures ahead of 2027, and ongoing clinical data and early sales for MicroBlate devices in lung, pancreas and liver. The growing body of clinician-authored papers, abstracts and case studies is a useful barometer of momentum. You can browse a selection on Creo’s Clinical Resources bibliography.

Full-year results are due in April 2026, when we should get deeper granularity on gross margin, regional mix and cash flow dynamics.

My take: why this update matters for investors

• In-line delivery with strong H2 – Positive. Hitting guidance while accelerating in H2 is exactly what you want at this stage.
• Cost base reset showing through – Positive. A 20% opex cut without stalling adoption suggests the portfolio is tighter and sales effectiveness is improving.
• Loss narrowing – Positive. A >40% reduction in underlying operating loss is meaningful progress towards the cash-positive goal.
• Cash – Mixed. £12.4m at year end provides a cushion, but the H2 decrease from £20.5m highlights the need for continued discipline and revenue growth.
• Reimbursement and clinical evidence – Positive medium-term drivers. Favourable POEM reimbursement now and anticipated US resection codes from 2027 can support scaling, while growing publications build credibility with clinicians.

What to watch next

• Quarter-on-quarter revenue progression in FY26 to test the “sequential growth” promise.
• Utilisation trends at existing sites, which drive recurring consumable revenue.
• Commercial traction for SpydrBlade Flex post-launch across US/UK/EU.
• Conversion of MicroBlate study sites into commercial users and the breadth of indications supported by new data.

Bottom line

Creo Medical’s FY25 update ticks the right boxes: faster growth, lower costs, and a clearer route to sustainable operations. There’s still work to do on cash generation, but the ingredients – clinician adoption, procedure economics, and product breadth – are lining up.

If management can keep the H2 tempo into FY26 and beyond, the story should keep compounding. For background on the platform and product suite, visit creomedical.com.