5th Apr 2019 08:35
LONDON (Alliance News) - Creo Medical Group PLC on Friday said its loss close to doubled in the 18 months to the end of 2018 on higher administrative expenses, as it worked to develop its Speedboat surgical endoscopy device.
The medical device maker, which specialises in surgical endoscopy, posted a pretax loss of GBP14.8 million for the 18 months ended December 31, widening from a GBP7.8 million loss for the 12 months to June 30, 2017. Last year, company changed its financial year-end to December 31 from June 30.
This was almost entirely due to administrative expenses, which climbed to GBP17.7 million in the eighteen month period from GBP8.9 million in the 12 months prior. Creo said these expenses related to its clinical and development activities, as well as its investment in its headcount and business infrastructure while it continued to commercialise Speedboat.
Creo has been training physicians in the use of Speedboat and CROMA through its clinical education programme during the 18 month period. Speedboat is the first of device within Creo's CROMA Advanced Energy platform. Both the CROMA platform and Speedboat have been approved for use in the US, and patients have been treated using Speedboat in multiple countries including the US and UK.
As at December 31, Creo had cash and cash equivalents totalling GBP44.6 million, multiplying from GBP13.7 million on June 30 2017.
Creo Chief Executive Craig Gulliford said: "We continue to deliver against our strategic objectives: developing a widening suite of innovative medical devices, expanding the list of physicians participating in the Creo clinical education programme as part of our training led commercialisation plan, and evolving our distribution network and manufacturing capacity in anticipation of commercial launch. We have established a solid platform for future growth and we look forward with confidence to another year exciting year in 2019."
Shares in Creo were down 1.5% at 195.00 pence on Friday morning. Creo listed on AIM in December 2016 at 76p per share.
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