Creo Medical Share Chat (CREO)

Going to be a facinating update... got in heavily on the surprise drop to 11.75 on the offer.

mad price, really, considering... but guess we'll see.

gla.

You are very, very wrong. the CME 51% was paid in full, in cash, as per 18 Sept. 2024:

https://www.investegate.co.uk/announcement/rns/creo-medical-group--creo/strategic-partnership-51-subsidiary-cash-sale-/8423703

i don't mind you calling me out but i'd suggest maybe before your anger spills out on the bb you maybe 'please do YOUR homework: from 22Sept, 2025: 'Realised €30m net cash (£24.9m) in the period strengthening the balance sheet'

https://www.investegate.co.uk/announcement/rns/creo-medical-group--creo/unaudited-results-for-the-six-months-ended-30-june/9121550

don't worry... i don't expect an apology.

Plus there is almost another £3 million if CMR meets there sales Target. Accounts are Not confirmed as yet

Again your facts are wrong! The last payment is 19th May 8.5 was payed last Year. And the final payment is Monday at £16.5 million. Please go do your Homework!!!

Then it's 20p+ and nice blue sky!

The $30million was received in 2025. just because they announced it in the full year update doesn't mean it wasn't in the bank already. when they stated £12.4million left in jan 2026 that money was already spent. it's what kept the company going to today!

the only fallback option they have on a placing is to sell the remaining 49%, valued at about another $30million. but there's a big problem there... there is now legal restrictions to selling assets completely to China when the company also has connections to US companies. same, i think, in the UK. plus, it's very apparent that their cash burn doesn't get met by even a rising revenue (not profit, you understand!) so the money will get used up.

they'll be lucky to get £15million for it but then they don't receive the dividends and that's the last of the expendable family silver, except for the ip on their tech assets.

they bought in a second broker just recently... that was either to find a possible buyer OR to get a placing away.

if the sp gets anywhere close to 20p then i expect a placing to follow immediately. if the interim doesn't at least match the results then they'll be another pharma company with excellent assets that get cherry picked by someone like Boston.

they don't have a big enough reach with their sales team to get the revenue they need. boston has that...

they CAN sell their 49% but that's it... they then have the cash for another 18months but... so what? they need to triple/quadruple their sales to cover their costs.

stripping out manufacturing feels like house-clearing for a sale.

if i'm stating anything incorrectly, feel free to challenge me.

i'll be looking for 20-22p on interims... and if they announce a jv with someone like boston to grow sales then there's a chance of double that in the coming... 18months?

but i imagine even the ii's are getting concerned that turning this around to former glories, even with the stunning assets they have, is longer term than anyone wants to see from this position. and i'm assuming that, after 10 years they've already made their conclusions about the future.

guess we'll see who's right.

Please do your homework aims Re rate on Monday after report plus an additional 16.5 Million from sales of 51% stake to CMR. Meaning We have funding upto 2028 break even.

...but when i say 'lowball' i'm thinking 22 - 25p.

i took some as it's just too cheap for the assets and they seem to have done an awful lot of house-cleaning to make it look right.

with revenue moving up, at last and results due this month, wondering how long before we see another UK asset disappear? seems to be happening several times daily, atm.

guess we'll see.

1. the price stays low... no quantaitve revenue comes in a lowball offer comes to take it over.

2. they place... investor takes major stake in the company at the low price and then uses that to leverage a takeover.

not sure what else there is for the company, without a amjor sales drive, which they just don't have the network for?

It's going to take forever to realise sales, in spite of the quality of the product.

they don't have the clout to do major revenue... this reminds me of Bellascura and their oxygen equipment for ... whatever it was. it's great for a company to take at bargain bottom price but i don't think 12p is the bottom price. last year's 9p seems feasible, esp. at fundraising price... which then makes a takeover more credible at the lower price.

it;s harsh, considering the assets but... here we are!

The concept here is great. It is a money saver for hospitals and needs time for results to show. Developing this is a slow and steady. The results are the answer, but that takes time. All very good for us to top up and support the project. Oh and make some money during this process.

Do we know for a fact that it was a "money making asset"? It's sale purportedly reduces operating costs, that's the justification for it, but no mention of how it affects revenue. That seems like one sided spin. Since the sale amount is also undisclosed this is effectively a secret transaction with minimal transparency. Shareholders are presumably expected to trust management that this is in the company's interest. We shouldn't.

Some PR Would be good Anything! All we are getting is information from Third Parties . I don’t want to see a gain this stock is diluted I’d be surprised if it was even Possible at 0.12p Personally although they have stated Slimlining the Manufacturing Burden yet this has a potential gold mine and for who? To be it’s like taking assets for Managment to protect there Share Price. If this was an outside Deal like CMR 49% stake But Managment?

I would prefer to see an in-depth presentation from management, explaining the rationale and net cost/payment for this move, how the devices are being received in medical centres, how management time is being allocated between research and manufacturing etc...

What would you prefer ? a fundraise and dilution ?

Think you might well get your target, at this rate of selling.

80p target but waiting for 12p? Bold strategy. The CME stake is essentially Kevlar—the FY25 yield alone likely covers a £15m debt facility 3x over. At 13p, the market is effectively valuing the core business (Intuitive/NHS validation) at zero.

I’ve posted some math on this site and the 'other' major investor board today breaking down how that £30m–£75m safety net makes a fire sale unnecessary. If that news drops while you're fishing for a penny, you'll be chasing the rocket all the way to 20p. The spring is coiled; 12p might be a very expensive wait. GLA. DYOR.

But not this month...

i'll wait for 12p.

It's true, they're not really up on pr... i guess holders will have to let the interest from potential buyers to move the sp!

there's plenty of medical assets now to see interest grow, esp. now they've ditched the manufacturing glitch from the company and tidied up the finances.

if you can be bothered to wait, i've got 80p in mind.

The one thing this company lacks is any PR to spread the word more widely. I bet they don't follow up this encouraging Rns with a Proactive interview.

The market has finally spoken, one day late.

6. Making the company 'Buyout Ready':

If a big player wanted to buy Creo, they’d want the patents and the clinical results, not a factory. By offloading the manufacturing now, management is making the company a 'cleaner' and more attractive target for a future buyout. They are leaving the heavy, low-margin hardware behind to protect the high-margin IP.

7. The Bigger Picture and Burn Rate:

When you combine today’s £1m+ saving with the 20% cost cuts already achieved in 2025, the annual cost base is on track to be significantly lower moving into FY26. It also frees Creo from future CAPEX requirements—if a machine breaks next year, it’s NewCo’s problem to fix, not ours. This directly accelerates the path to EBITDA breakeven by 2028.

It is understandable why this feels like a 'side-track' or a cause for 'deflation' on the surface, but the mechanics suggest the opposite. We aren't losing a key asset; we are shedding a heavy liability to protect our home-grown Welsh IP. By converting high fixed overheads into lean variable costs, management is clearing the path to breakeven.

This isn't stripping; it’s shedding weight to reach the finish line. GLA. DYOR.

Healthy skepticism is one thing, and it’s easy to jump to 'asset stripping' when an MBO is announced. However, that ignores the basic financial reality of where the value actually sits in a med-tech like Creo. This isn't a fire sale; it’s a strategic pivot to protect the lucrative, high-margin core of the business and win the long game.

1. The 'Good Stuff' isn't the Machinery:

In med-tech, the real assets aren't the workbenches or the factory floor—it’s the Intellectual Property. The RNS confirms Creo retains its core technology and patents. Manufacturing hardware is a rapidly depreciating asset that requires constant, expensive maintenance. By moving it to a separate entity, Creo sheds those "Sunk Costs" and depreciation while keeping the high-tech 'brains' of the company entirely in-house.

2. Laser focus on Core Technology & Welsh Innovation:

This move allows a singular focus on making our home-grown Welsh tech the global standard for surgical energy. We aren't just a local business; we are the 'Intel Inside' for every robotic system and endoscope worldwide. By offloading the burden of factory management, we are doubling down on the high-tech 'brains' and patents that define Wales as a leader in global MedTech. This ensures the innovation engine remains firmly rooted in Chepstow while reaching every operating theater on the planet.

3. Unlocking the 'Vault':

Being 'asset-light' means we can bring the patents currently in the 'vault' to market faster without the bottleneck of re-tooling our own factory every time we innovate. Without the weight of manufacturing, we can accelerate the release of Welsh-designed tech that hasn't even been commercialized yet.

4. Addressing the Supply Chain (Fixed vs Variable Costs):

There’s a worry that adding a layer to the supply chain dilutes revenue, but for a growth med-tech, owning a factory is often a margin-killer. By outsourcing, we convert high fixed costs (rent, 25 salaries, machine maintenance) into variable costs. We only pay for what we need. This doesn't dilute revenue; it protects the gross margin and stops the factory from being a "money pit" during quieter months. It’s exactly how giants like Apple operate.

5. Deal Mechanics and Oversight:

It’s fair to ask why the sum is undisclosed and why management is involved. In AIM-land, an 'undisclosed sum' usually means the amount wasn't 'material' enough to legally require a specific line item—likely a nominal fee because the real 'payment' is the buyer taking over the massive overhead and staff liabilities. As for the conflict of interest: that’s exactly why the Independent Directors and the NOMAD have to formally state the deal is 'fair and reasonable.' Crucially, the CEO is joining the NewCo board as a Non-Exec, which ensures we keep a direct eye on operations and quality control without carrying the costs.

Hey Equality, I could really use one of your upbeat posts because I'm feeling pretty deflated here.

How can management strip out a key part of the business to keep for themselves, for an undisclosed amount?

I think it's really important to understand the implications for shareholders. You cannot add another layer to the supply chain without diluting revenue.

What now for breakeven or the burn rate?

I invested here for the whole company, I don't like management taking a key asset from the business without consultation.

I'm also worried CME Devices Ltd will have a portfolio of customers, only one of which is Creo.

Question need to be asked and answered.

"side tracked" is an exceedingly diplomatic way of putting it.

Is this just me or would anyone have a concerning view of Out sourcing Manufacturing here to a Third Party created by Creo in-house Employees. Especially with an undisclosed sum of Cash. Surely as shareholders we are being side tracked.

Hi grounding,

Welcome aboard I see you got in at 11p, the market is still pricing the Core Technology at a massive negative. The 8% move today is just the start of the gap closing toward the audited CME yield we'll see in the April results. GLA.

I concur with you equality - first purchase today after monitoring for a while (100k shares bought)

Part 3 of 3

The longer Micro-Tech delay, the further it benefits CREO. As a long-term investor, and the fact that management remain heavily invested, I have significantly topped up my holdings especially at these levels.

Micro-Tech does not want the above based on 25% EBITDA, as waiting even one year adds a staggering £16.13m in gross market value to the asking price at 20%. Consequently, the current Implied "Buy Now" Valuation for the 49% CME stake in April 2026 should be viewed as a baseline that could move significantly higher if margins continue to outperform. This makes the cost of inaction and the "valuation trap" far more expensive every month they wait.

As a shareholder, my position is firm: unless there is a fair mutual balance or additional strategic accelerating benefits put on the table by Micro-Tech, the debt route remains the categorically superior choice. We should not surrender the massive compounding value of this asset unless the alternative provides an immediate and significant acceleration of our Core Technology and Global footprint.

GLA. DYOR.

Part 2 of 3

The Buy Now PEG Check (April 2026):

At a 13.4x P/E (£77.64m / £5.76m forward yield) divided by 20% growth, the resulting 0.68 PEG is a deep discount to the 1.0 fair-value benchmark. Even at 18.82p, Micro-Tech is securing a high-growth asset at an undervalued entry point.

The Profit of Waiting on the 49% CME stake (Buy now value April 2026 vs. April 2027) based on Forward Yield:

Value in April 2026 buy now: £5.76m (Forward Yield) × 14x = £80.64m.

Value in April 2027: £6.91m (Forward Yield) × 14x = £96.77m.

The Growth: Waiting one year adds £16.13m in gross market value.

The Cost: CREO pays £1.5m in debt interest to "wait" that year.

The Net Adjusted Surplus: £16.13m (Growth) - £1.5m (Interest) = £14.63m net profit more than a premature exit today.

The Strategic Reset PEG Check (April 2027):

Even at the 23.46p (£96.77m) gross valuation, the 14.0x P/E (£96.77m / £6.91m forward yield) divided by 20% growth results in a 0.70 PEG. This confirms that the "reset" price remains a significant discount to intrinsic fair value.

This positions the debt route as a strategic liquidity bridge. CREO pays £1.5m in interest to "earn" £16.13m in annual capital appreciation—a 10.7x return on the cost of the debt. CREO is firmly in the driving seat: the debt route is a win-win, while only one option is a win for Micro-Tech.

The trigger is clear: as soon as the CME EBITDA margins exceed 25% due to the expansion of CREO’s own products and the China-synergy acceleration, these surplus numbers jump even higher, widening Micro-Tech's value trap.

A contractual framework ensures that a final 49% CME stake sale provides the non-dilutive cash required to reach breakeven without sacrificing strategic influence. CREO protects its long-term interests through a China entry agreement and a mandate that Micro-Tech distribute CREO products through global channels. This partnership effectively allows CREO to focus on R&D while Micro-Tech provides the NMPA (China's FDA equivalent) regulatory "shield" and the distribution engine needed to navigate the highly localized Chinese market. If Micro-Tech can accelerate these benefits over and above what is already agreed, it adds the necessary strategic value to bridge the gap; otherwise, the value trap for them only continues to widen.

The Implied 49% CME stake buy now Valuation in April 2026:

Current Share Price: ~11.00p

LESS: Realistic Asking Price of the 49% CME Stake: -18.82p

Implied 'Core' Business Value: MINUS 7.82p

If we take this further and account for the illustrative £15m funding requirement being fully satisfied by this sale, CREO is left with a £62.64m (15.18p) cash surplus. At an 11.00p share price, the market is effectively paying you 4.18p per share to own the entire company for free—including the Global Core Technology, its huge, high-value patent library and the massive opportunity of the MicroBlate Flex lung cancer program being scaled in collaboration with the robotics gian

Part 1 of 3

Crucially, management announcing in the Jan 2026 RNS pulling forward results to April—a month earlier than previous years—implies a strategic plan is already in place to satisfy 'Going Concern' requirements.

To the points about a potential "surprise raise": CREO is miles ahead of the rushed pain of 2024; they are no longer operating with their backs to the wall and time against them. Management pulling forward results to April is a signal of strength, not a scramble for cash.

Professional analyst models have already explicitly modeled an illustrative £15m debt facility for FY27F as the credible, non-dilutive bridge to the expected FY28 EBITDA breakeven.

This modeled requirement positions the debt route as a viable, non-dilutive liquidity bridge that management can utilize to protect the share price while waiting for a fair-value buyout. Even at a conservative 10% interest rate, the £1.5m annual service cost would be comfortably self-funded by the profit share from the 49% CME stake alone. With CME c.20% EBITDA margin expected to continue—as stated and presented in a slide in the results presentation on 24th September 2025—breakeven can be achieved with ZERO shareholder dilution.

The Projected Strategic Micro-Tech 49% CME Stake Buyout Math (412.5m Shares)

To value the 49% CME stake, we apply a Forward Sector Multiple to the projected 12-month income. This is the industry-standard approach for high-growth Med-Tech.

Projected 2026 Forward Yield: £5.76m (~1.40p/share)

The Math: Based on a conservative £4.0m baseline (FY25)—calculated as a £3.0m profit share plus a £1.0m dividend sourced from analyst modeling.

The Growth Path: Applying a consistent 20% CAGR results in a £4.80m yield during 2026 and reaches the £5.76m Forward Yield (representing the April 2027 period).

The Realized Run-Rate Math: For transparency, the H1-25 results reported a realized £1.2m profit share from just 4.5 months, establishing a £3.2m annual run-rate—already outperforming our conservative £3.0m baseline.

Applied Sector Multiple: 14.0x EV/EBITDA

This represents a conservative "Net Multiple" that already incorporates a standard Minority Discount for the 49% stake. At this level, the valuation sits significantly below the 18x–22x multiples typically seen in high-growth Med-Tech buyouts.

Gross Strategic Value (April 2026 Buy Now): £80.64m (19.55p/share)

Calculated as: £5.76m (2026 Forward Yield) × 14.0x (Market Multiple).

The Strategic "Buy Now" (April 2026 Settlement): 18.82p (~£77.64m)

In professional negotiations, a Strategic Discount is unnecessary as the 2026 projected £4.80m yield covers the £1.5m debt interest over 3.2x. However, the 18.82p "Buy Now" price accounts for the £3.0m Avoidable Cost of Delay. This represents the total 2-year interest-drag that is immediately eliminated upon consolidation, allowing Micro-Tech to recapture that value today rather than seeing it eroded by the debt bridge to 2028.

Endoscopic submucosal dissection knives for the resection of complex colorectal polyps with suspected submucosal invasion

Provisional Schedule

Committee meeting: 1: 23 July 2026

Draft guidance: 1: 18 August 2026 - 09 September 2026

Committee meeting: 2: 24 September 2026

Expected publication: 19 November 2026

Reminder of dates, seems such a long wait since first announced - but hopefully will generate more interest in the company. Certainly should be a trigger event.

I wouldn’t be Suprise if that’s why Shore Capital have been Appointed to raise more Capital to Institutional investors, which is a common Practice. This Stock just keeps on giving! A Disappointment for the lack of Communication is Not Surprising Considering they have just Taken our Cash and think there’s No Recourse with their individual Investors.

Sure needs some news, hopefully some positiong in current taxyear and more buying in new causing is reason for weakness right now.

Behind the scenes it's going as earlier update.

Results are due in April.

You have to go back to last summer to find a RNS highlighting a commercial success or development.

I’m heavily invested here and getting a little worried with the silence.

It would do wonders for us loyal shareholders to see the company publishing a positive RNS showing things are moving in the right direction.

GLA.

Part 4 of 4

The Verdict:

The technical "restriction," highlighted by Scharnhorst which is less than 1% of the total content of the Shore Capital report, is precisely why they maintain a 40p target (nearly 3x the current price). Crucially, this 40p target—which is a matter of public record—already factors in every headwind discussed, including the industry’s "Safety-First" environment, while not including any US robotic lung volume in their base case. This confirms that Creo’s path to EBITDA breakeven in 2028 is extremely conservative. It is built on a robust, non-dilutive trajectory that utilizes the company’s existing asset base—including the potential monetization of the CME stake (valued at £29.5m)—to bridge any funding requirements without recourse to the equity markets.

Considering this, we should all focus on the 40p Shore Capital report for now. It is curious—and perhaps telling—that Scharnhorst is stating a narrative currently being pushed on this board that fixates on the US technicalities while suppressing the broker's definitive conclusion. To highlight the "restriction" while suppressing the broker’s own 2027 clearance timeline suggests a motive of deramping rather than objective research. Those who take the time to review the full context of the report will likely find the broker’s assessment—and the unmodeled "Blue Sky" upside which logically moves the valuation significantly higher than 40p as clinical data accrues—to be a significant surprise compared to the narrow narrative being presented in Scharnhorst posts that completely ignore the 99% of positive data.

Inviting investors to review the official Shore Capital research is the opposite of "ramping"; it is an invitation to move away from board-room noise and toward regulated, institutional fact. If one believes the broker is "telling the truth" about the US technicalities, one must also accept their professional conclusion that the fair value is 2.8x higher than the current price. This is not "ramping"; it is simply pointing out the institutional consensus that a vocal minority of derampers choose to ignore.

Furthermore, beyond the scope of the current broker model, the Micro-Tech partnership provides a massive unmodeled catalyst: the acceleration of NMPA (Chinese FDA equivalent) approval for MicroBlate Flex. By leveraging Micro-Tech’s 30% market share of the Chinese endoscopic consumables market, Creo secures an immediate, high-volume launchpad into the world’s largest lung cancer patient population. This is a definitive "when, not if" catalyst for revenue growth.

As previously suggested, the Shore Capital research can be read by taking a trial to Research Tree. For those who choose not to, the 40p institutional target remains a verifiable, public-domain baseline that highlights the company's true enterprise value, far removed from the noise of rampers or derampers.

DYOR / GLA

Part 3 of 4

5. The Monopoly Moat: "Ablate and Resect" Data

The Ablate and Resect and Ablate and Follow studies are the clinical fruits of this partnership and the firm pillars of the joint plan to engage the FDA later in 2026. Proving the procedural and energy-delivery safety profile will be the definitive factor in clearing the current US "Safety Bar."

This 2026 regulatory engagement represents a significant potential catalyst for the company. Should the European histology data—which consistently demonstrates 100% cell death while maintaining total structural integrity—be accepted as a predicate for a Limited Controlled Release in the US, it would fundamentally shift the commercial timeline.

Crucially, this histology confirms that MicroBlate Flex maintains total structural integrity—with no component breakdown ("bits falling off") or system overheating—even when navigated through the complex bronchial tree via the Intuitive Ion platform. The "bonus" of consistently demonstrating 100% cell death without damaging surrounding tissue is the real game-changer; this histology data acts as an accelerant that will likely ruffle feathers even within the FDA as they recognize a generational shift in efficacy—driving the path toward a Breakthrough Device Designation and/or De Novo application and approval.

• The Monopoly: While the market focuses on "restrictions," it is missing the most critical point: No competitor has performed an 'Ablate and Resect' study of this caliber.

• The Advantage: If the data consistently validates 100% efficacy alongside a superior safety profile compared to legacy competitor data, Creo will effectively hold a Monopoly on safety-validated robotic lung cancer ablation, potentially establishing the technology as the new clinical Gold Standard.

6. The 2025–2027 Execution Phase: Building the Clinical Foundation

The company’s roadmap defines this period as a structured transition from specialist clinical validation to wider commercial launch:

• 2025 Milestone: "First commercial sales of MicroBlate Flex recorded in 2025." This is the active Limited Market Release phase at world-leading pioneer sites like the Royal Brompton and St Bartholomew's.

• 3rdQ 2027 Target: "Commercial launch 3rdQ 2027." This remains the company's internal target for commercial expansion. While specific US regulatory timelines remain subject to clinical data accrual, this period provides the robust evidence base required for the Breakthrough Device Designation and/or De Novo pathway.

part 2 of 4

3. patented 5.8 ghz super high frequency: precision over power

as prof. pallav shah (consultant physician in respiratory medicine at royal brompton & harefield and chelsea & westminster hospitals) has noted, the fda's "troubles with ablation" stem from competitors using the "wrong approach." while other companies sought "bigger and bigger" ablation zones (30mm–50mm), prof. shah and chris han**** concluded that "big is not better."

utilizing the patented and protected 5.8 ghz super high frequency—which enables better control of thermal energy and depth of penetration—they intentionally settled on a 28mm precision zone. this specifically ensures the protection of underlying tissue structure through superior thermal containment, providing reproducible and on-demand ablation effects which is a critical safety differentiator from legacy systems. this intentional precision zone avoids hitting vital structures, leading to the hemorrhage, pneumothorax, and cardiac inflammation that triggered us caution. this was ultimately a strategic creo decision to prioritize patient safety and reproducibility over blunt power.

4. proactive strategy: the 5 july 2022 partnership with intuitive surgical

while the public record may not disclose which party made the initial approach, the strategic logic is clear: intuitive surgical (nasdaq: isrg)—the world leader in robotic surgery with a $150b+ market capitalization—sought out creo's specific engineering breakthrough. microblate flex was already a validated, fda-cleared technology well before the formal collaboration began on 5 july 2022.

fundamentally, despite their best efforts and multi-billion dollar r&d budget, intuitive recognized that they could not replicate the harmonic energy synchronization with the instrument required for precision lung ablation internally. this partnership resulted in the existing microblate flex being integrated into a sophisticated plug-and-play system, synced perfectly with the croma platform. just as non-clinicians pay a premium for seamless plug-and-play ecosystems in high-end consumer tech, the medical world is moving toward this integration where the robot, the generator, and the probe function as a single, unified unit. this collaboration gathers the high-fidelity safety data required for the breakthrough device designation and/or de novo application and approval in the us, proving the strategy was in place years before current market noise.

part 1 of 4

scharnhorst / the board—

to provide a clinical and objective perspective on the current discussion: the "restriction" highlighted by scharnhorst in the shore capital note is not a "setback." it is a technical description of a regulatory environment that chris han**** (chief technology officer and founder) specifically designed creo’s technology to navigate over a decade ago.

1. foundational engineering: solving the endoscopic crisis with microblate flex

the "deaths with a competitor product" and structural failures mentioned on this board regarding the shore capital report were not caused by the robotic approach, but by the failure of legacy technology to transition from percutaneous (through the skin) to endoscopic (through the airway) delivery. throughout the 2010s, attempts by major competitors to adapt low-frequency (2.4ghz) probes for flexible airways led to uncontrolled "energy bleed." without the thermal containment that the microblate flex provides via 5.8 ghz, legacy heat tracked back along the endoscopic catheter, damaging vital structures. furthermore, these adapted probes suffered from poor structural integrity—literally "bits falling off" or fracturing—because they were not engineered like microblate flex for the extreme thermal and mechanical stresses of the flexible bronchial tree.

2. reducing procedural risk: the microblate flex advantage

a primary driver of the complications seen in legacy endoscopic attempts was the complexity of multiple equipment changeovers. competitor systems often required surgeons to switch between different catheters and energy sources mid-procedure, significantly increasing the risk of trauma and device failure. these complexities were directly linked to fatal outcomes, including uncontrollable respiratory failure and sudden cardiac arrest triggered by procedure-induced inflammation or pneumothorax. this is precisely why microblate flex was designed as a plug-and-play instrument for the multi-modal croma platform. by integrating resection and ablation into a single, synchronized system, creo minimizes "changeover" risk, ensuring a safer, streamlined endoscopic workflow that legacy "power-heavy" suites simply cannot match.

I’m happy to comment on company output but I’m not willing to work to get the share price up. That’s for the company employees. If I was to actively try to get the share price up I feel like it would compromise my integrity. I would have to ignore, or actively lie about, new information that doesn’t fit the positive trajectory narrative. I would no doubt end up saying stupid things like the company’s own broker isn’t telling the truth. I’ll leave that sort of thing to ramping traders. For information the Shore Capital research can be read by taking a free trial to Research Tree.

Hi Scharnhorst, another "clown" here. Do you like my shoes?

You said "MicroBlate does not have FDA approval for endoscopic use. It is only approved for use in open, laparoscopic or percutaneous procedures "

Both laparoscopic and percutaneous procedures are endoscopic, so your sentences contradict each other.

Custard pie time?

Your so called research is superficial. In the RNS you refer to the company did not make it clear that the FDA approval does not cover the endoscopy use. A further FDA application will be required before Creo’s equipment can be used with the Intuitive robotic bronchoscopy. This is not only made clear in the Shore Capital broker research, it is also clearly stated in the Cavendish research. It’s another example of brokers getting better information than the plebs relying on RNS.

In short MicroBlate has FDA approval but it does not cover endoscopy use which is needed by Creo before it can commercialize in the US.

Microblade fine already has fda approval, as in https://www.creomedical.com/en/media-centre/news/us-fda-clearance-for-microblate™-fine-device it is being trialled in bronchoscopy by palav shah on intutive Ion endoluminal system.

Need to do one's own research rather than take or infer from broker notes.

Another clown.

It’s in black and white in the Shore Capital initiation research report published on 25th February 2026. MicroBlate does not have FDA approval for endoscopic use. It is only approved for use in open, laparoscopic or percutaneous procedures so it doesn’t cover robotic broncoscopy work, hence the evidence is being collected prior to FDA submission.

A quick check on AI specifically with regard to your claim, suggests Equitable is correct and you are wrong, sir.

I can't be a r s E d reprinting the full text here but please feel free to do so in your own time.

Suffice to say, Creo got 510(k) authorisation for the Full Suite of MicroBlate products for endoscopy use in June 2025.

Quote from report dated 30th March 2026

“We note that Intuitive Surgical recently announced its FY25 results, stating Ion procedures grew c51% in the year, and while we expect most of the procedure volume to be in the US where MicroBlate flex is not approved, we believe the procedure growth indicates the potential of the lung tumour opportunity.”

Posters putting up info is what BB is for. Up to one to take note or not, but I can see well reasearched wrightups here which I appreciate reading.

Appreciate the feedback from everyone.

Greg58—thank you. It’s vital to stay focused on why we’re here, despite the brutal road to get to 15p.

JamYesterday—I welcome the comments. While we’ve had our differences elsewhere, it’s refreshing to see you’ve done the work, cross-referenced the data, and reached the same conclusion. Accuracy helps every investor on this board, and I’m glad you’ve put the 'boiler room' theories aside to focus on the actual June 2025 'Full Suite' FDA clearance for endoscopy. I hope you continue your own research and validation into the CROMA platform; if you haven't invested already, I’m confident the data speaks for itself regarding the value at these levels.

Scharnhorst—regarding the 'Claude,' 'spiv,' and 'ramper' comments: I’ve been open about using AI as a research tool, but let's be clear—this wasn't a 'five-minute' job. It took me days of manual effort to direct that research, specifically triple-checking the output against official FDA filings (K221672) and the June 2025 'Full Suite' clearance to ensure every point is mathematically and legally sound.

This isn’t the typical 'ramping' seen on many boards; this is a factual breakdown of public data. In fact, Scharnhorst, if you truly believed I was 'ramping and lying,' it would be in your own interest as a holder to stay quiet and let the price rise. The fact that you’re choosing to attack factual data that supports your own investment is beyond me. On a board that often goes days or weeks without a single post, it is beyond unbelievable that you would choose to attack a non-ramping, factual contribution. It serves no one and is counter-productive to the share price.

To suggest MicroBlate isn't cleared for endoscopy is a fabrication. Official product specs on the Creo website explicitly state its use through a standard bronchoscope, and the June 10, 2025 RNS confirmed FDA clearance for the full suite of products for the flexible endoscopy market.

You are probably confusing the gathering of clinical evidence for global 'Gold Standard' status with basic permission to sell. The reality is that MicroBlate Flex is already being used by Prof. Shah and other pioneer sites right now. You don't start 'robotic-guided pioneer cases' with a $100bn+ leader like Intuitive Surgical using a device that isn't cleared.

Instead of taking shots at the delivery or calling fellow investors 'clowns,' we should be supporting the facts. If you have something useful to add regarding Creo's actual path that assists our fellow investors, then we are all open ears.

GLA to those focused on the reality.

“Thank you for your effort” lol.

Dear Claude…

Thank you for the effort you put into your post. I am also a long term shareholder, who continues to hold with a belief in the company.

Part 7 of 7

We are essentially buying the 2026 commercial success of global giants like Intuitive and CMR at an R&D-era valuation. The disconnect is staring us in the face. When you step back and look at the total picture—the massive institutional accumulation, the profitable £30m CME safety net, and the fact that we are now 'spring-loading' on major technical indicators—everything is pointing to the fact that this represents a rare opportunity to buy or top-up at these levels.

It only takes one of these verified catalysts to fully translate into the share price for us to move back toward the brokers' initial targets. Shore Capital currently maintains a 'Buy' rating with a 40p target, and as these 2026 milestones hit the P&L, they will be forced to evaluate and rerate further. I’m staying put because it is clear the company now has the funding safety net and legislative levers to reach break-even. This is no longer an R&D gamble; the commercial infrastructure is built and the 'pull' has started.

Disclaimer: These are personal thoughts & opinions based on publicly available info. Not financial advice. Always do your own DD and consult a professional.

GLA.

Sorry, was anyone able to read the Shore Capital report issued in the last couple of days? Thanks

Hi, was anyone able to read the Shir Capital re

I bought in this morning. My wife has had lung lobe removed 3years ago. This is amazing, I would love to see this in massive use and NHS drs seeing better outcomes for their patients.

So what are you bring to the table? This is all old news. The share price is rising due to Wes Streeting Announcement and the Nice NHS (November) and the rollout.

Share Price:..16.75..0.00 (0.00%) ..Bid:..16.50..Ask:..17.00..Spread: 0.50 (3.03%)

Market Cap: £69.09m.

Over a year since I looked at this one .

Bouncing about from 10p to 17p I see.

FTSE AIM All-Share casino.

Cavendish Corporate Finance LLP

Capital market company

Parent organization: finnCap Group.

Cavendish ( I do not know anything about them )

Maybe they trade them .

30 January 2026

Price 14.3p Target price 70.0p Upside 391% .

Delivering revenue growth

Creo provided a FY25 trading update with 50% revenue growth and strong operating cost containment, resulting in more than 40% reduction to the underlying operating loss. Broadly, increased adoption by new users and greater utilisation by existing users had driven revenue growth, with the company noting positive trends for the recently launched Speedboat Notch and SpydrBlade Flex device. Creo closed FY25 with cash of £12.4m. This updated supports our positive view on Creo, delivering revenue growth and cost containment and moving towards positive cash flow and profitability by FY28.

Filtered.

Another arse.

As I delve further into Creo, I am fascinated by the back story and future outsized growth potential.

Clearly, this share is not for widows and orphans. I estimate that some £120mn of equity has been raised since 2019 at prices varying from 180p down to 20p. And yet the current MC of the company is £70mn, far less than the total capital invested to build the technology and associated infrastructure.

It means the market is assigning a negative value to the company's future potential, or at the very least, giving new investors the entire R&D, the FDA clearances and the global robotic partnerships, for free.

Why, and what does this mean?

One way of looking at it is that early investors paying 180p were paying up for the invention risk. New investors today are paying for "Execution risk".

What would a large, well-funded medtech company, like Medtronic, say, spend to recreate Creo's CROMA platform, Speedboat and Kamaptive IP from scratch today? Far more than £70mn, I expect, and maybe 5-7 years of R&D. So Creo is selling well below its Replacement value.

On the negative side, there must be a negative "AIM" discount. And a funding fear, that the £10mn junior funding commitment cannot be refinanced or repaid at maturity in November.

So there is a considerable "show me" element to the current valuation, as a pre-revenue medtech business, at least at scale even if starting up and growing rapidly.

I am inclined to the positive side of this fascinating market opportunity. The tech is proven, the sales are ramping up, and the November NICE decision will be (fingers crossed) the "Value Unlock" that corrects this somewhat irrational market pricing.

Good post drbiotech. I think it’s a super company and has then products to thrive. It may take a bit longer than equality’s AI manipulative slop is saying but I feel sure they’ll get there.

I have my doubts about whether posting on these forums makes any difference at all, least of all the bull cases. I almost never look at threads of shares I don't hold - and I'm pretty sure that 9 out 10 who read this will be holders (and I don't think bears make a great deal of difference). The most successful ramps I have seen are with RC365/Woodbois/Mast Energy illiquid minnows (look at their charts) and these have been promoted through false news/financial websites.

Not a big user of youtube, I do like investor meets though if you have seen them.

As for NICE I have looked through the latest Cavendish note and there is no mention of it. The management have always said they haven't allowed for any kamaptive (3rd party) sales and I *think* the same applies to NICE. Certainly no sales this year. Of course NICE is a help, they can sell to the NHS without it.

For me - that they hit 2025 sales targets and are confident of meeting this years shows that they have finally got traction and hopefully their forecasts aren't the fantasy that they have previously been. Getting a partnership and takeoff in the US/China could dwarf any UK sales.

For me this has been a poor investment, but I still have faith it can be a success. Its not been a smooth road but I think the TU was pivotal. Time will tell, but good luck with whatever you decide.

Drbiotech,

You make some valid points, and I thank you for that.

I'm still learning to distinguish between genuine posters with original thoughts, however non-consensual, and AI-driven ones, that come across as all -knowing, reasoned commentaries. They pop up all over the place these days. For example, as a Gold and Silver bug, using YouTube increasingly, I and many other experienced investors were taken in by a certain "Asian_Guy" , who seemed very knowledgeable and posted stuff that was about 80% right, but then added spurious sensationalist stuff that fitted his/her agenda but was subsequently shown to be simply made up.

I was initially taken in by Equitable, as a reasonable pov. And this guy may have 1.5mn shares in Creo. I have no idea if this is true. But as I delve more deeply into Creo, I am naturally inclined to try and see all sides of the investment case, and that means wondering if the NICE timeline might slip from November. And also wondering if Creo has built in a margin of safety for Trusts not taking up the ESD knife product within a short time frame due to individual Trust's bureaucracy, budgets or Specialists' resistance for whatever reason. If asking these questions in all sincerity in a public forum is deemed to be a negativity, then that reflects more on the responder than the questioner, in my opinion. Not my problem. I just look for knowledgeable posters willing to spend a few minutes of their time to broaden my knowledge base about Creo, and in so doing, help to spread the word to a wider audience, as I admit I have not come across Creo up until now. My sole biotech investment is Avacta.

Sorry for the long reply. I am interested and willing to read up on the tech, and Creo's place in this rapidly expanding market segment.

And then there is the issue of management, which I have read about from certain posters, given the tortuous road travelled over the past few years in the stockmarket. For another day, perhaps....

I have equals down as a spiv. If it’s his fanciful cash projections versus the company’s financial track record I’ll give more weight to the latter thanks all the same.

JY,

Equality has somewhat spammed this thread and others elsewhere, but what he has said largely makes sense, if somewhat over optimistic in my opinion.

You have clearly come here trying to make the opposite case, pretty much not knowing any details. Whilst decisions can get delayed (as evidenced in this case as its been ongoing for a lot longer than initially envisioned) its unlikely to be delayed for more data. Secondly, its not their robotic sytem that is up for appraisal. Thirdly the core product sales forecast for this year is c11m, thats about 70%. This excludes NICE approval as even if it does happen on time it won't make any difference to this years sales. Whilst a positive outcome will undoubtedly help its not the be all and end all.

Finally if you believe that boiler room guff, why are you interacting with them? Isn't that achieving their goal?

Https://www.fool.co.uk/2026/02/04/1000-buys-7200-shares-in-this-uk-penny-stock-thats-tipped-to-rise-190/

"This isn't just about clinical guidelines; it's about a legal and political mandate for funding that creates a perfect storm for rapid adoption. For independent verification, you can review the official NICE project page for the Creo Speedboat (GID-MT602) here: www.nice.org.uk."

GID-MT602 was the original NICE reference, is now: GID-HTE10072, at this stage.

Part 7 of 11

7. The NHS / NICE Mandate: The "Streeting Factor" & High Probability of Rapid Adoption

This isn't just about clinical guidelines; it's about a legal and political mandate for funding that creates a perfect storm for rapid adoption. For independent verification, you can review the official NICE project page for the Creo Speedboat (GID-MT602) here: www.nice.org.uk.

• The NICE Catalyst: NICE hand-picked Speedboat to optimize NHS resources; a legal mandate for funding is expected around November 19, 2026.

• Proven Savings: Real-world data showed the Speedboat procedure reduced hospital stays from 8.4 days to 1.1 days, saving the NHS nearly £5,000 per procedure.

• The "Streeting Factor" (Why Enforcement is Guaranteed): Wes Streeting has explicitly stated the NHS must 'reform or die,' tying future funding to productivity gains. Under this 'Value for Money' framework, a Trust refusing to adopt a NICE-mandated, cost-saving technology like Speedboat isn't just ignoring a guideline—they are actively defying the government’s core strategy. This creates:

o Contractual & Legal Breach: The NHS Standard Contract mandates compliance with the MedTech Funding Mandate (MTFM). Refusal is a breach of contract with financial penalties.

o No Local Veto: The MTFM policy is clear: local 'affordability' is not an excuse because the tech is proven to be cost-saving.

o The 90-Day Clock: The Health and Social Care Act creates a statutory obligation for funding to be available within 90 days of a NICE publication.

By February 2027, the adoption of Creo's technology isn't just expected—it is contractually and legally mandated, acting as a massive 'adoption accelerator.'

Disclaimer: These are personal thoughts & opinions based on publicly available info. Not financial advice. Always do your own DD and consult a professional. I hold 1,485,000 CREO shares.

I’ve just read that Wes Streeting was treated for kidney cancer. He’s on a mission.

Great summary. been sat on the sidelines for about 8 months after researching, planning on buying in for along haul soon. Free funds permitting.

Thanks for the post. being a shareholder for many years this give me hope I may come out from underwater 1 day!

Part 2 of 2

5. The "Hybrid" Victory: Ion + da Vinci

Creo is uniquely positioned as the first and only partner to provide a dual-energy (RF/Microwave) platform for both of Intuitive’s flagship robots: Internal Ablation (Ion) via MicroBlate Flex and External Resection (da Vinci) via SpydrBlade Flex. Integrated into the da Vinci platform (10,000+ units globally), Creo is becoming a universal surgical energy standard.

6. Strategic Certainty and the Inevitable Exit

At a share price of ~14p and a market cap of roughly £50m, the valuation disconnect is profound. Considering Creo received ~£25m in cash for its European stake, the market effectively values the global IP and robotic partnerships at zero. As robotic and non-invasive surgery becomes the global default, a total buyout by a MedTech giant becomes a strategic certainty. Entities with the cash and the need include:

• Intuitive Surgical: Seeking a "closed-loop" system to capture high-margin consumable revenue.

• Johnson & Johnson (J&J MedTech): Needing an energy suite for their Ottava™ platform.

• Medtronic: Looking to replace aging ablation tech with Creo’s precision range.

• Olympus Corporation: Transitioning from a "camera company" into a "robotic treatment company."

The technology is on a superb global flight path for both patients and shareholders. For those who see past the noise, Creo represents a foundational opportunity at the start of a global surgical revolution.

Disclaimer: These are personal thoughts & opinions based on publicly available info. Not financial advice. Always do your own DD and consult a professional. I hold 1,500,000 CREO shares.

Part 1 of 2

The Global Robotic Infrastructure: Why the £1.25bn Lung Pillar is Just the Foundation of Creo’s Value Realisation

1. The Macro Catalyst: Wes Streeting, Prof. Shah, and the NICE Pipeline

On January 20, 2026, Health Secretary Wes Streeting visited Royal Brompton Hospital, hosted by Professor Pallav Shah and NHS England CEO Amanda Pritchard. Streeting hailed the robotic "one-stop-shop" lung procedure as "the future of the NHS." This momentum is backed by a critical regulatory driver: Speedboat™ Inject is under formal NICE assessment, with guidance expected by November 2026. By February 2026, NHS Trusts are preparing business cases to trigger the MedTech Funding Mandate; once NICE approves a cost-saving device, the NHS is legally obliged to fund and adopt it, clearing the path for a rapid revenue surge across the UK’s 350+ hospitals.

2. From Keyhole to Non-Invasive (The Endoluminal Revolution)

While the market focus is on robotic "keyhole" surgery, Creo’s technology is enabling a shift toward totally non-invasive, incisionless treatment. By using the body’s natural pathways—the airways for lungs and the GI tract for bowel/stomach cancers—Creo allows clinicians to biopsy and ablate tumors without a single external cut. This endoluminal approach reduces recovery times from weeks to hours and is the primary reason clinicians like Professor Pallav Shah describe this as a generational breakthrough.

3. Regulatory Dominance vs. Clinical Adoption (The Data Moat)

The core suite—Speedboat, MicroBlate, SlypSeal, and SpydrBlade—already holds CE Mark and FDA Clearance. Ongoing trials are building the Economic Evidence Base, proving Creo’s tech is safer and cheaper than traditional surgery. Real-world NHS data showing that Speedboat™ Inject saves approximately £5,000 per procedure (equating to £687k per Trust) is foundational to the NICE review. This "Data Moat" creates a massive barrier to entry that competitors would require years of clinical data to replicate.

4. The "Ion" Maths: A £1.25bn Revenue Pillar (MicroBlate Flex Alone)

Lung cancer accounts for 2.2 million new cases annually. The potential for MicroBlate Flex (at ~£5,700 per disposable) represents a massive untapped upside:

• Approved Base Case (US, EU, UK, Ex-China APAC): ~1.14m new cases p.a. A 10% adoption rate represents a £650 million annual recurring revenue path.

• China Multiplier: Adding China’s ~1.06m cases via the Micro-Tech partnership jumps the potential to £1.25 billion annually.

Continued.....

Disclaimer: These are personal thoughts & opinions based on publicly available info. Not financial advice. Always do your own DD and consult a professional. I hold 1,500,000 CREO shares.

i think we need to talk about the human element of the recent presentations. when you watch the videos, there is a stark contrast in 'connection.' kevin crofton connects with a level of compassionate authority; he acknowledges the weight of the task. in contrast, gulliford and rees often come across with a blasé attitude—the vibe of two men very comfortable with their own pay and benefits, regardless of the carnage in the share price.

to be clear: this isn’t a call for an immediate sacking. gulliford has the technical vision. but both of them need to look in the mirror and realize that their current presentation style feels like a slap in the face to long-term investors who sat through 180p down to the teens. they need to find the words to actually say sorry and reset the button. they must acknowledge that the previous 'wales-only' manufacturing strategy and the unrealistic sales curves were expensive mistakes made with our money.

i hope management, the employees, and the chairman are reading these forums. to ignore the sentiment of the people who have funded this journey would be a further slap in the face.

regardless of any prior working relationships kevin crofton may have with rees or other executives, he cannot afford to lose the respect he has built in the industry. his duty is to protect the company and its shareholders, not gulliford or rees. it might sound unfair, but that is exactly why these executives are paid the salaries they are—to not make the same mistake ten times over. gulliford and rees should view this new era under crofton as their absolute last chance.

however, regardless of who holds the official titles, the reality is that the technology and instruments are now leading the way. this company is on a superb flight path for both shareholders and patients. the kamaptive platform is a game-changer, the speedboat inject is saving lives, and the 20% reduction in costs shows the engine is finally being tuned correctly.

like i said, the ghosts are in the past. this company is going to be a success with or without the current leadership—it’s time they stepped up and proved they deserve to be in the ****pit for the rest of this journey.

Thank you for setting out the case in such a complete fashion.

Part 9 of 11

9. MicroBlate Fine: The "Category of One" Opportunity

This is a game-changing device that truly represents a "Category of One" opportunity and a future catalyst for the share price.

• Market Monopoly: It is the world’s only 19-gauge less than 1mm microwave ablation needle. It is the only device thin enough to destroy pancreatic and liver tumors internally via standard Endoscopic Ultrasound (EUS), avoiding invasive surgery.

• High-Margin "Razor/Blade" Model: This drives recurring revenue via single-use needles (approx. £500 per unit) powered by the existing CROMA platform.

• Strategic Roadmap: It is currently in Limited Market Release (LMR) at elite global sites to establish the clinical "gold standard." Its transition to Full Commercial Launch in 2028.

• Clinical Proof: Initial human cases for pancreatic neuroendocrine tumors showed 100% successful ablation and zero major complications, proving the tech works in high-risk anatomy.

• The Bottom Line: MicroBlate Fine transforms high-risk surgery into a routine outpatient procedure. It owns a technological niche that no competitor can currently enter.

Disclaimer: These are personal thoughts & opinions based on publicly available info. Not financial advice. Always do your own DD and consult a professional. I hold 1,485,000 CREO shares.

Part 4 of 11

5. Predator Urgency & the £1bn+ Valuation: The Path to Re-rating

The current share price of ~14p fundamentally ignores the true strategic value of Creo's assets. A predator's (Medtronic, Boston Scientific, Johnson & Johnson, Intuitive Surgical, CMR Surgical) interest is in long-term, multi-billion-dollar market access and IP, not today's P&L statement.

The path to a £1bn+ valuation uses M&A math, which is different from standard analyst forecasts:

• Analyst Price Targets (The Floor): Analyst price targets sit between 40p and 70p. Edison Group analysts suggested a peak valuation of 102p per share (£419m market cap) once profitability is proven. This is the market's current conservative "floor".

• The M&A Strategic Premium (The Ceiling): The £1bn+ valuation is achieved when a predator applies a much higher premium for strategic control. A predator benefits significantly by acquiring now to gain a market and IP monopoly:

o Intuitive Surgical (The Integration Gap): Intuitive dominates robotic surgery but has historically relied on third-party energy tools. Acquiring Creo would allow them to own the entire "Search & Destroy" procedure (diagnosis + ablation) "in a single sitting," a major goal for robotic surgery, and integrate Creo's technology like the MicroBlate Flex into its ION and flagship da Vinci platforms.

o Medtronic (The Vascular "Heat-Sink" Gap): Medtronic is a leader in advanced energy with its LigaSure (RF) products. Standard RF ablation is limited by the "heat-sink" effect, where blood flow cools tissue and prevents tumor destruction. Creo's 5.8GHz microwave energy is largely unaffected by blood flow, providing a "gold standard" tool for abating tumors in highly vascularized organs like the liver and pancreas where Medtronic's current tools often fall short. This is achieved using the world’s only 19-gauge less than 1mm) microwave ablation needle, MicroBlate Fine, the only device thin enough to destroy pancreatic and liver tumors internally via standard Endoscopic Ultrasound (EUS), avoiding invasive surgery.

o Boston Scientific (High-Growth Adjacency): Boston Scientific has an established position in interventional oncology and is actively pursuing acquisitions to expand into new high-growth segments and compete with Medtronic. Creo's unique energy platform and product pipeline perfectly align with BSX's strategy of M&A for "high-growth adjacency" markets where they have a limited presence today.

o CMR Surgical (Robotic Energy Gap): CMR is a major global player in robotic surgery with its Versius system. Their primary focus is on the robotic platform itself rather than advanced energy tools. They have a licensing agreement with Creo; an acquisition would allow them to own "best-in-class" energy and prevent competitors from doing the same.

Disclaimer: These are personal thoughts & opinions based on publicly available info. Not financial advice. Always do your own DD and consult a professional. I hold 1,