StockMarketWire.com - Medical device company Creo Medical reported wider annual losses as increased spend on R&D and commercial activities offset a jump in revenue.

For the 12 months ended 31 December 2020, pre-tax losses widened to £23.5 million from £18.6 million year-on-year, while sales jumped to £9.4 million from £0.01 million.

'Having started the year with only one CE marked device, we have successfully cleared five additional advanced energy devices through the CE mark process and gained FDA 501(k) clearance for three devices,' the company said.

'Furthermore, we have completed two transformational acquisitions which are delivering meaningful revenue to the business and we have exceeded our objectives in expanding our sales team globally,' it added.

'[T]he commercial progress we expect to make with our expanded core portfolio as restrictions on hospital access ease, give us confidence for 2021 and beyond.'






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