(Alliance News) - Creo Medical PLC said it expects to report a boost in revenue and a decrease in its administrative expenses in its half year.
Revenue in the six months ended June 30 is expected to be GBP15.7 million, up 15% from GBP13.6 million. Creo Medical said its revenue was boosted from its core technology of GBP900,000, up from GBP400,000 the year before. Endotherapy consumable revenue was GBP14.3 million, up 12% from GBP12.8 million the year prior.
Administrative expenses are expected to be GBP18.0 million, down 8.6% from GBP19.7 million the year before, which it said reflected the reduction in research & development spending and strict cash control by management.
Chief Executive Officer Craig Gulliford said: "Creo has made considerable strides across all areas of business over the past six months, not only in terms of attracting the necessary funding to provide us with a clear path towards breakeven, but also in terms of the rapid pace of adoption and recognition that the company is now achieving globally.
"Our technology is beginning to have the impact we knew it could, and the path ahead is a clear one thanks to what has already been achieved. It's incredibly rewarding to see patients now treated on a daily basis across all corners of the globe with our game-changing technology."
Creo said it had 115 confirmed users at the end of the period, up 44% from 80 users as of December 2022.
Shares in Creo Medical Group were down 0.8% at 32.00 pence in London on Thursday morning.
By Will Neill, Alliance News reporter
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Creo Medical (CREO)