Feedback PLC Year End Trading Update (0549D)
June 19 2023 - 2:00AM
UK Regulatory
TIDMFDBK
RNS Number : 0549D
Feedback PLC
19 June 2023
Feedback plc
Year End Trading Update
Feedback plc (AIM: FDBK, "Feedback" or the "Company"), the
specialist clinical technology company, is pleased to provide a
positive trading update for the 12 months to 31 May 2023 (the
"Period").
Financial Highlights
Trading during the Period was in line with the Board's and
market expectations, with revenue for the Period expected to be
c.GBP1.0m (2022: GBP0.6m), up approximately 70%. Increased traction
for the Company's Bleepa-CareLocker solutions in the UK drove the
majority of revenue growth during the period, offsetting the
phasing down of legacy products. Bleepa-CareLocker now contributes
approximately 74% of total revenues.
Cash and cash equivalents as at 31 May 2023 is expected to be
reported as c.GBP7.3m (31 May 2022: GBP10.3m).
Operational Highlights
The Company successfully extended its contract with Queen
Victoria Hospital ("QVH") for its Bleepa-CareLocker Community
Diagnostics Centre ("CDC") solution and continued to focus on
opportunities across the wider CDC spectrum, including regional CDC
opportunities with integrated care systems (ICSs). Feedback remains
in dialogue with several potential partners and continues to be
well placed to convert its pipeline.
The Company also continued to develop opportunities in India.
The CareLocker deployment at Sampurna Sodani Diagnostic Clinic is
continuing to be a strong case study and reference point for other
centres, both in the region as well as in larger cities including
Mumbai. In addition, the establishment of the Company's Indian
subsidiary, Feedback Medical India Private Limited, is now
complete, with local medical device registration for Bleepa now
underway, which management believes will facilitate further
opportunities for Bleepa in clinical settings.
During the Period the Company successfully recertified for a
number of its accreditations including: ISO13485, the standard for
quality of the product manufacturing process (a pre-requisite to
medical device certification); ISO27001, relating to data
governance and management; Cyber Essentials Plus, data security and
resilience; and DCB0129, clinical risk management.
These standards are an essential component of the Company's
product development and strengthen its ability to sell to the NHS
and international customers. Successfully revalidating against
these standards has also enabled the Company to complete the
technical file for the latest version of Bleepa v1.5, and to affix
a UKCA mark to this product release. Bleepa v1.5 incorporates a
number of advanced features that further strengthen the proposition
including:
-- the ability to share the patient record to a clinician
outside of the current hospital deployment, opening the potential
for truly regional or national care delivery;
-- enhanced features for document capture such as document
preview and categorisation enabling users to contribute to the
patient record with virtually any medical information (referral
letter, ECG trace, blood report, etc); and
-- improved messaging functionalities such as tagging teams and
individuals and making structured notes to enable users to
communicate even more intuitively, quickly and safely.
Outlook
Bleepa-CareLocker continues to present exciting opportunities as
the Company's target market expands. The combination of over 160
CDC sites to be implemented nationally, renewed Government
commitment to NHS spending on the CDC programme, and increasing
traction in India, continue to underpin significant growth
potential for the Company. We remain in continued dialogue with
relevant stakeholders, potential partners and potential customers
in relation to NHS opportunities, particularly within CDC and ICS
settings.
At a time when NHS backlogs are at an all-time high and the NHS
is facing some of its worst staffing shortages, management believes
the Bleepa-CareLocker solution has never been more needed. Initial
data from the Bleepa-CareLocker symptom-based CDC pathway is
showing encouraging results to date, with an approximate 70% saving
in patient wait times compared to the NHS 18-week referral to
treatment (RTT) target, without the need for additional clinical
staff. The case for the Company's solutions has also been supported
by recent NHSE guidance stating that CDCs should be used to
facilitate symptom-based care pathways in order to maximise their
impact on patient wait times*. With the Company's solutions
reducing waiting times and increasing efficiency the Board
continues to be excited by the growth opportunity.
* Source: NHS England >> Adult breathlessness pathway
(pre-diagnosis): diagnostic pathway support tool
-Ends-
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
Nick Rome/Joe Walker 07748 325 236 or 07407 020 470
About Feedback
Feedback plc helps clinical teams to make better decisions
faster for patients. We design products that enhance clinician
access to patient data and to their colleagues. Our unique approach
centres around individual patient episodes, into which we pull
relevant clinical data from hospital systems and around which we
build remote clinical teams for collaboration. As a result, we
produce a digital infrastructure that makes patient data available
to clinicians in multiple settings, in a format that enables them
to meaningfully interact with it, providing flexibility to
clinicians and free movement of patients between provider settings
- clinicians can practice from anywhere and patients can attend any
care provider for treatment.
Our products Bleepa and CareLocker work together to deliver
unparalleled value to our customers. Bleepa is our application
layer and sits on top of CareLocker as our data layer. Bleepa is a
clinician facing platform that displays clinical results from a
patient's CareLocker at a certified and regulated quality, that is
suitable for clinical use and enables dialogue on a
patient-by-patient basis with colleagues through a secure,
auditable chat interface that links back to the patient medical
record. The CareLocker data storage model is built around the
patient. Our vision is one where relevant clinical data is always
available to the patient as well as to any care setting that they
may attend - a federated data architecture with the patient as the
tenant.
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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END
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