Feedback PLC Year End Trading Update (1113P)
June 16 2022 - 2:00AM
UK Regulatory
TIDMFDBK
RNS Number : 1113P
Feedback PLC
16 June 2022
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014 (as amended), which forms
part of domestic UK law pursuant to the European Union (Withdrawal)
Act 2018. Upon publication of this announcement via a Regulatory
Information Service, this inside information is now considered to
be in the public domain.
Feedback plc
Year End Trading Update
Trading materially ahead of market expectations
Feedback plc (AIM: FDBK, "Feedback" or the "Company"), the
specialist clinical communication company, provides a trading
update for the year ended 31 May 2022 ("FY22").
Financial Highlights (unaudited)
As per the announcement dated 01 June 2022, trading for FY22 was
materially ahead of market expectations with revenue expected to be
reported as c.GBP0.59m (FY21: GBP0.29m), up approximately 105%,
following a significant increase in sales(1) to GBP0.67m (FY21:
GBP0.18m), up approximately 280%. The Company performed strongly
with its flagship product Bleepa(R) contributing an increasing
proportion of total revenue. The performance was further enhanced
by technology license fees arising from the Company's partnership
with Imaging Engineering LLC, leveraging the Company's existing
Cadran platform technology underpinning Bleepa.
Cash and cash equivalents as at 31 May 2022 is expected to be
reported as GBP10.30m (31 May 2021: GBP2.22m) and reflects the
impact of the over-subscribed fundraising in November 2021,
enabling further development of the Company's product suite and
capabilities in both the UK and overseas markets.
Operational Highlights
Domestic and International Expansion
The development of BleepaBox and CareLocker in FY22 have enabled
Feedback to truly address remote clinical working requirements,
resulting in the Company winning its first private sector contract
with veterinary provider CVS, as well as equipping the Company to
deliver both the Community Diagnostic Centre ("CDC") opportunity in
the NHS and tuberculosis ("TB") screening in rural locations in
India. The two NHS acute trust contract awards for Bleepa in FY22
demonstrate the value of Bleepa as a core clinical communication
system and again highlight the strength of the Company's
pilot-to-contract business model.
The Company commenced the initial phase of its pilot scheme with
Sussex Health and Care Partnership Integrated Care System ("Sussex
ICS") to establish symptom-based pathway models for CDC services
using its digital infrastructure solutions Bleepa and CareLocker.
Sussex ICS is one of the UK's exemplar CDC sites and is expected to
be the first to deliver end-to-end symptom-based pathways through
the CDC programme.
Feedback also made significant progress in India with its cloud
TB screening pilot service going live at the Evangelical Hospital
Khariar in Odisha in March, following which o ver 250 patients have
now gone through the workflow. This pilot is being used to generate
evidence which will enable the Company to expand into further sites
and pursue opportunities to commercialise the offering.
Strengthened Team
Following the fundraise in November 2021, the Company
strengthened its UK sales team, hiring two sales managers with
extensive experience of the digital health and NHS markets,
focusing on business development activities across NHS acute trusts
and the CDC programme. The Company also engaged a sales manager in
India with a strong track record of business development in the
medical device sector in India, including medical imaging products.
The Company also strengthened its R&D, IT support, regulatory
and administrative teams ahead of fulfilling anticipated future
demand for its products.
Outlook
The Company's growing portfolio of clinical communications apps
and strong growth trajectory underpin management's confidence. The
Company continues to target a number of exciting opportunities and
remains focused on investing in the UK and India and on increasing
and diversifying its customer base domestically and
internationally.
Furthermore, while the Company has no commitment beyond
maintaining and providing software under its licence agreement with
Imaging Engineering, this partnership is another example of how its
existing technology can be exploited to generate additional revenue
opportunities. Following a pickup in activity post-pandemic, the
Company expects to receive ongoing license fees from Image
Engineering LLC.
The Company will provide further information at the time of its
full year results announcement, expected in September 2022.
Further information on Feedback and its products can be found on
the Company's website:
https://fbkmed.com/feedback-plc/reports-and-presentations/
Note (1): "Sales" is non-IFRS metric representing the total
value of invoices raised in a period. The figure does not take
account of accrued or deferred income adjustments that are required
to comply with accounting standards for revenue recognition across
the life of a customer contract (typically 12 months).
Enquiries:
Feedback plc +44 (0) 20 3997 7634
Tom Oakley, CEO IR@fbk.com
Anesh Patel, CFO
Panmure Gordon (UK) Limited
(NOMAD and Broker)
Emma Earl/Freddy Crossley (Corporate
Finance)
Rupert Dearden (Corporate Broking) +44 (0)20 7886 2500
Walbrook PR Ltd Tel: 020 7933 8780 or feedbackplc@walbrookpr.com
Paul McManus/Nick Rome 07980 541 893 or 07748 325 236
About Feedback
Feedback plc is a specialist clinical communications business,
with a mission to improve the efficiency and quality of
communications for frontline clinicians and hospitals with a key
focus on building solutions that enhance access to high quality
patient data.
Feedback has developed a toolkit of clinical communications
apps. Its core, regulatory approved product is Bleepa, a
revolutionary medical imaging app enabling remote and secure
communications between frontline clinicians and teams. CareLocker
is an evolutionary GDPR compliant patient-centric cloud
architecture - its proprietary technology enables an easy route to
creation and mobilisation of individual healthcare records. Bleepa
Box is a specialist tool to enable image transfer from remote
settings to the Bleepa platform over mobile networks.
The Company has a number of growth opportunities domestically
and internationally across a range of markets including the NHS,
the veterinary market and private healthcare providers and its
highly scalable Software as a Service ("SaaS")-based revenue model
is expected to provide increasing levels of visibility as the
Company grows its customer base.
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