Refreshed business outlook

Creo Medical has released its FY24 trading update, summarising an eventful year for the company and its strategic priorities. The period saw Creo reaffirm its focus on its core technology platform and implement a majority stake divestment (51%) of its European consumable business (for net proceeds of c €30m), to help inject liquidity into the core business. Reported revenues in FY24 stayed broadly flat at £30.4m, and while core sales (excluding partnerships) grew c 74% y-o-y to £4m, the ramp-up was slower than management’s expectation. Consumables accounted for the remaining £26.4m, down marginally from £26.8m in FY23 (up 2.6% in constant currency), although cost controls enforced in H224 allowed for a c £5m reduction in opex. Given the...