H1-26 Trading Update
Creo Medical Group plc reported a strong first half of 2026 with revenues increasing by 45% to £3.2 million, driven by commercial momentum and expansion into new regions. The company successfully reduced its operating cost base by 15% to £7.8 million, leading to a more than 25% reduction in underlying operating loss to £4.9 million. Significant progress was made with the disposal of manufacturing operations and the proposed sale of its remaining interest in Creo Medical SL, alongside a £5.5 million equity placing and a £2.0 million convertible loan note. With £7.4 million in cash at the end of June 2026, Creo is confident in its near-term funding and path to profitability, expecting full-year revenue growth of 50% to 60%.
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Confident in delivering full year performance in line with management expectations
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 six months ended 30 June 2026 ("H1-26").
Financial highlights
The Group has continued to make strong operational and strategic progress through the second quarter of this financial year. Revenue for H1-26 increased by 45% to £3.2m (H1-25: £2.2m). Trading for the period was in line with management expectations, supporting the Board's confidence in delivering full year revenue growth in line with existing guidance of 50% to 60%. This full year guidance is underpinned by a strong order book carried into Q3-26, the Group's usual H2-weighted revenue profile and continued expansion into new regions, particularly in LATAM.
Management has remained focused on scaling the commercial platform, reducing the Group's operating cost base and simplifying the business. Underlying operating costs for H1-26 decreased by 15% to £7.8m (H1-25: £9.1m). The disposal and outsourcing of the Company's manufacturing operations, announced on 16 April 2026, completed during the second quarter and further supports the Group's path towards profitability and a more scalable operating model. Underlying operating loss on a continuing basis reduced by over 25% in H1-26 to £4.9m (H1-25: £6.9m).
In May 2026, Creo announced the proposed sale of its remaining 49% interest in Creo Medical SL ("CME Stake Disposal") and completed an equity placing raising approximately £5.5 million, alongside the establishment of a £2.0 million convertible loan note instrument subscribed for by the Development Bank of Wales. Creo continues to progress the CME Stake Disposal, with completion expected during Q3-26. Together, the completed financing actions in H1-26 and anticipated proceeds from the CME Stake Disposal are expected to strengthen the Group's near-term funding position and provide additional strategic flexibility as the Group executes its H2 priorities. Cash and cash equivalents at 30 June 2026 were £7.4m (31 December 2025: £12.4m) and, subject to completion of the CME Stake Disposal, the Directors believe that the strengthened balance sheet will provide the Group with sufficient cash resources to fund its development through to sustainable cash flow generation and profitability.
Operational overview
Commercial and clinical momentum continued across the product portfolio during the period, supported by increased third-party clinical validation and procedural adoption. Key developments included the first UK private hospital use of Speedboat, key opinion leader presentations at DDW supporting Creo's core products, novel BEAM procedures using SpydrBlade™ Flex, and the milestone of 50 clinical cases using MicroBlate™ Fine.
Earlier this month, the Company announced that MicroBlate™ Flex had exceeded 100 clinical cases, reflecting increasing utilisation, growing clinician engagement and accelerating adoption across leading centres.
Outlook
The Board remains encouraged by trading into the second half of 2026, supported by a strong order book carried into Q3-26, the Group's usual H2-weighted revenue profile and the continued growth in clinical and commercial validation. Together with the benefits of a lower cost base, the Board remains confident in delivering full year revenue growth in line with existing guidance of 50% to 60%.
Notice of Interim Results
Creo will announce its unaudited interim results for the six months ended 30 June 2026 in September 2026. A further announcement confirming the publication date of the interim results will be issued in due course.
Craig Gulliford, Chief Executive Officer of Creo, said: "We have delivered a strong first half, with the actions taken during the period strengthening the foundations of the Group. We have made further strategic progress, improved our operating platform and established a materially lower cost base. With growing clinical and commercial momentum across the portfolio, we remain well placed for the second half and confident in delivering our full year guidance."
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