Creo Medical Signs Long-term Collaboration Deal With Intuitive; FY21 Loss Widens

(RTTNews) - Creo Medical Group plc (CREO.L), a medical device company focused on surgical endoscopy, Monday announced that it has signed a long-term, multi-year collaboration agreement with Intuitive Surgical Inc. (ISRG) to optimise certain Creo products to be compatible with Intuitive's robotic technology.

Intuitive is focused on minimally invasive care and the pioneer of robotic-assisted surgery, .

Under the deal, the companies will also undertake joint clinical studies. The agreement includes a number of milestone payments to be made to Creo. Future royalty structures have also been agreed for any products which may be sold in the future.

Creo noted that it is developing and commercialising a suite of electrosurgical medical devices, each enabled by the CROMA Advanced Energy platform and powered by Kamaptive, full-spectrum adaptive technology to help support surgical capability and patient outcomes.

Craig Gulliford, Chief Executive Officer of Creo, said, "The combination of Intuitive's robotic platforms and our Kamaptive Technology strives to provide patients with additional treatment options using state-of-the-art technology."

Separately, Creo reported fiscal 2021 loss before income tax of 30.34 million pounds, wider than last year's loss of 23.46 million pounds. Loss per share was 15 pence, compared to loss of 13 pence a year ago.

Operating loss widened to 29.91 million pounds, and underlying operating loss widened to 19.04 million pounds from prior year's 18.01 million pounds.

Total sales in the period climbed to 25.2 million pounds from prior year's 9.4 million pounds.