FY25 Trading Update

Continued clinical adoption by new users and increased utilisation of Core Products

Creo Medical Group plc (AIM: CREO), the medical device company focused on the emerging field of minimally invasive surgical endoscopy for pre-cancer and cancer patients, provides a trading update for the year ended 31 December 2025 (FY25). All financials below relate to continuing operations.

Financial highlights

• 50% revenue growth to £6.0m (FY24: £4.0m), in-line with market expectations and management guidance, and reflects H2'25 revenue increasing by 58% versus the respective prior period (H2'24: £2.4m) at £3.8m.
• 20% reduction in underlying operating costs to £18.4m (FY24: £23.8m) reflecting the full impact of actions taken in FY24 and continued cost control in FY25.
• Underlying operating loss reduced by more than 40% to £13.3m (FY24: £22.3m).
• Cash and cash equivalents of £12.4m at year end (30 June 2025: £20.5m; 31 December 2024: £8.7m).

Operational overview

Creo delivered a strong trading performance in 2025. Revenues were up 50% supported by continued clinical adoption of Creo's products by new users and increased demand from existing users as utilisation increased.

The Company's core product portfolio, with a growing range of clinical applications and proven benefits for patients and healthcare practitioners, is gaining commercial momentum. In particular:

Resection:

• Speedboat® Notch continues to see increased use in advanced procedures, including upper GI per-oral endoscopic myotomies (POEMs), which have favourable reimbursement in major markets. There was also increased use in GI resection procedures, which are expected to benefit from reimbursement codes in the USA from 2027.
• Following regulatory clearance and its commercial launch in the US, UK and EU during the year, the reception of Creo's SpydrBlade™ Flex device has been encouraging.

Ablation

• MicroBlate™ Flex continued to be employed in multiple studies to treat lung tumours, with commercial sales from the initial sites now coming through.
• A limited market release of MicroBlate™ Fine has taken place in key research sites in Europe, APAC and the USA, where clinical data will be collected for the treatment of lesions in the pancreas and liver.

There is growing recognition amongst leading clinicians of the benefits of Creo's innovative products. This is reflected in a growing body of papers, abstracts and case studies. A selection of these can be accessed through Creo's Clinical Resources bibliography at:

Outlook

The outlook for FY26 and beyond is positive. The Board is confident in the Group meeting its expectations for FY26, and with continued sequential growth period-on-period, improved operational efficiency and financial discipline, the Company is well positioned on its path to deliver self-sustaining cashflows and increased value to shareholders.

Notice of Results

Creo will announce full year results in April 2026. A further announcement confirming a date for publication of the results will be issued in due course.

Kevin Crofton, Chair, commented:

"The second half of FY25 represents two more consecutive quarters of consistent delivery against management expectations. We continue to be focused on achieving high revenue growth, improved operational efficiency and continued cost control to become cash positive. Strategically, our products are well positioned in growing attractive markets creating significant potential for shareholder returns."

Craig Guliford, CEO, commented:

"I am proud of our performance in FY25. We have achieved substantial growth in revenues supported by increased adoption of our core products and growing demand. In addition, we continued to strengthen our product portfolio with the introduction of new products and progress in clinical studies that support new clinical applications in key markets. The benefits of our innovative products have growing recognition from key opinion leading worldwide. Together, this creates confidence and optimism for the future potential of Creo."