FY25 results validate growth strategy

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 a...