REG - Feedback PLC - Contract Update

FeedbackAnnouncement

19/07/2022 07:00

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RNS Number : 8874S  Feedback PLC  19 July 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

 

Contract Update

 

Feedback continues commercial strategy as it departs legacy PACS contract

 

Feedback plc (AIM: FDBK, "Feedback" or the "Company"), the specialist clinical
communication company, announces that as part of its strategy to move the
Company's operating model away from low margin legacy PACS (picture archiving
and communication system) contracts, it is no longer providing PACS services
for Royal Papworth Hospital NHS Foundation Trust ("Trust").

 

The Company has maintained the Cadran PACS service to support the Trust during
a transitional phase whilst it identified a replacement provider and will
continue to support the migration of underlying PACS data to the incoming
provider, under contract until January 2023. The potential role of Bleepa at
the site remains open as the Trust embeds with the new provider.

 

Having historically provided customers with solutions utilising TexRAD and
Cadran, Feedback has evolved its proposition to focus on flagship product
Bleepa, which targets a broader clinical audience and cross provider
opportunities with increasingly visible revenue streams. Moving away from
supplying PACS services will enable the Company to focus more resources at the
growing opportunity for Bleepa, both domestically and internationally and has
been a key strategic focus for the last two years.

 

Bleepa now contributes an increasing proportion of total revenues with growing
commercialisation opportunities and routes to market matching the scalability
of its product suite. This includes CareLocker and BleepaBox - which are
providing increased exposure to the community diagnostic programme and
tuberculosis screening programme in the UK and India respectively. Redirecting
internal resource away from legacy products towards high margin growth
opportunities is essential to delivering greater value for shareholders and
underpins the Company's strategy to move into larger addressable market
opportunities.

 

Further information on Feedback and its products can be found on the Company's
website: https://fbkmed.com/feedback-plc/reports-and-presentations/
(https://fbkmed.com/feedback-plc/reports-and-presentations/)

 

 

Enquiries:

 

 Feedback plc                                    +44 (0) 20 3997 7634

 Tom Oakley, CEO                                 IR@fbk.com (mailto:IR@fbk.com)

 Anesh Patel, CFO

 Panmure Gordon (UK) Limited (NOMAD and Broker)  +44 (0)20 7886 2500

 Emma Earl/Freddy Crossley (Corporate Finance)

 Rupert Dearden (Corporate Broking)

 Walbrook PR Ltd                                 Tel: 020 7933 8780 or feedbackplc@walbrookpr.com
                                                 (mailto: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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