Creo Medical has reported its headline FY25 results, delivering fully on its guided revenue and cost savings targets for the year. Core revenues were reported at £6.0m, 50% y-o-y growth and within the 40-60% growth guidance. Notably, the sales uptick was driven by both an increase in new users and improved utilisation from existing users, which we view as a positive leading indicator for product adoption and future revenue scalability. Operating expenses fell by 20% to £18.4m, fully achieving the targeted £5m cost savings for the year. Underlying operating loss narrowed by >40% y-o-y to £13.3m, outperforming our forecast of £14.1m. Creo ended FY25 with a gross cash balance of £12.4m, broadly in line with our estimate of £12.7m. Looking ahead, we estimate that a broadly similar revenue growth trajectory will be required in FY26-28 for Creo to achieve EBITDA break even in FY28. The company retains the right to monetise the remaining 49% stake it holds in Creo Medical Europe (CME), which should provide significant downside protection if required. We will present our updated estimates in a more detailed update note shortly.Den vollständigen Artikel lesen ...
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