Creo Medical Group Plc (LSE:CREO) reported on 30 September 2026 that first-half Revenue rose 45% to £3.2 million while its underlying operating loss narrowed by more than a quarter. The endoscopy technology company also raised new funds during the period and says it is confident of solid full-year growth.

What the company does

Creo develops and sells minimally invasive surgical devices that use advanced energy, combining radiofrequency and microwave energy in a single platform. Its products are used mainly in gastrointestinal endoscopy to cut, coagulate and ablate tissue. The Speedboat device, which has been used in over 10,000 procedures to date, is one of its main products, and MicroBlate Flex is another, which exceeded 100 clinical cases according to an announcement on 23 July 2026.

Interim results

For the six months ended 30 June 2026, revenue was up 45% to £3.2 million. Underlying operating costs fell 15% to £7.9 million, and the underlying operating loss was cut by more than 25% to £4.9 million. The company raised £5.5 million through an share placing and a further £2.0 million through a convertible Loan note. Management said it was confident of full-year revenue growth of 50 to 60%, citing commercial momentum.

LSE:CREO is also progressing the sale of its remaining 49% interest in Creo Medical S.L., which it expects to agree in the fourth quarter of 2026. Creo does not pay a dividend, and as a loss-making medical device Business its financial priority is reaching a self-sustaining cash position.

Other recent announcements

A first-half trading update on 28 July 2026 preceded the results. LSE:CREO held its Annual General Meeting on 29 June, issuing an AGM statement and results, and on 23 June announced the appointment of a nominated adviser and corporate broker. Shares were awarded under the share incentive plan in early July, and a holding notification followed in August.

Sector and index context

Medical technology groups on AIM often spend heavily for years before reaching profitability, with progress measured by procedure volumes, regulatory clearances and reimbursement. Gastrointestinal endoscopy is a large field in which established device makers hold significant shares, so small innovators must show clinical evidence that persuades hospitals to adopt new tools. Creo is a small-cap member of the FTSE AIM All Share Index, and its shares tend to respond to funding news and commercial milestones.

Taken together, the £5.5 million placing and £2.0 million convertible note brought in £7.5 million of new money, against an underlying operating loss of £4.9 million for the half. Cost discipline has been a visible theme, with underlying costs down 15% while revenue rose.

Key risks

The company remains loss-making and relies on external capital, so further fundraising and dilution cannot be ruled out. The convertible loan adds a future repayment or conversion obligation. Guidance for 50 to 60% revenue growth depends on adoption rates in hospitals and on the timing of orders from distribution partners. The sale of the remaining interest in the Spanish Subsidiary is not yet agreed. Regulatory and reimbursement hurdles in different markets can slow commercial rollout.

What to watch next

Investors will focus on whether LSE:CREO completes the sale of its remaining stake in Creo Medical S.L. in the fourth quarter, on any year-end trading update confirming the growth guidance, and on clinical case numbers for MicroBlate Flex and procedure counts for Speedboat. Further news on cash resources and cost control will also shape sentiment.