Creo Medical ups FY revenues guidance after stronger-than-expected Q1 trading

Medical device company Creo Medical Group said on Wednesday that first-quarter trading had been ahead of management expectations, leading the group to upgrade guidance for its year-end revenue performance by "at least 10%".

Creo said the current trading year had "started well", with trading in the three months ended 31 March ahead of management's thanks to an increase in commercial activity from its core products and strong contributions from Albyn Medical and Boucart Medical, which were acquired during 2020.

The AIM-listed group said the UK and French markets had rebounded from the Covid-19 pandemic "more strongly" than expected during the first quarter and, as a result, now anticipates that its revenue performance for the year ending 31 December will be "at least 10% ahead of current market expectations" of £20.1m.

Chief executive Craig Gulliford said: "The worldwide uncertainty created by Covid-19 continues; however, the team at Creo has delivered exceptional results across many fronts including, making significant clinical and technical advances, building a global commercial team, finding innovative ways to train clinicians and continuing to deliver revenue ahead of management's expectation into the new financial year.

"We are delighted with the progress that has been made and believe our products will have a big part to play in reducing costs associated with traditional open surgery, reducing the huge backlogs for elective surgery that have built up during the pandemic, and most importantly providing better outcomes for patients globally."

As of 0940 BST, Creo shares were up 5.99% at 203.50p.