Creo Medical Group is on track to achieve its projected revenue increase of 15% for the first half of 2023, according to a statement released on Thursday.
The company, which specializes in endoscopic surgical devices, anticipates reporting total revenue of £15.7 million ($20.0 million) for the six months ending June 30. This represents a significant increase from the £13.6 million recorded during the same period the previous year. The launch of a slimmer version of its Speedboat Inject device in late 2022 contributed to this strong performance.
Revenue generated from Creo’s Core Technology segment is expected to rise to £900,000 from £400,000, while Endotherapy consumable revenues are projected to increase by 12% to £14.3 million. Revenue for Kamaptive, the company’s proprietary energy technology, is forecasted to remain stable at £500,000.
The London-listed group stated that underlying operating expenses are predicted to remain unchanged during this period.
Creo Medical Group is optimistic about the continued growth of its Core Technology segment throughout the remainder of 2023 and beyond. This serves as confirmation of the board’s confidence in the company’s long-term growth plans.