REG - Feedback PLC - Half Year Trading Update

FeedbackAnnouncement

19/12/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221219:nRSS0669Ka&default-theme=true

RNS Number : 0669K  Feedback PLC  19 December 2022

Feedback plc

 

Half Year Trading Update

 

Feedback plc (AIM: FDBK, "Feedback" or the "Company"), the frontline clinical
technology company, announces a positive trading update for the six months to
30 November 2022 (the "Period").

 

Financial Highlights

Trading during the Period was in line with the Board's and market
expectations, with revenue positively impacted by the 12-month extension of
the Company's pilot programme to provide its Community Diagnostic Centre
("CDC") solution in Sussex, a £0.5m contract covering the 12-month period
from 31 March 2022. This was an important milestone for the Company,
highlighting its ability to transform the patient journey within the NHS with
a view to providing a meaningful impact on patient waiting lists.

 

Revenue for the Period is expected to be c.£0.6m (HY22: £0.2m), up
approximately 200%. Cash and cash equivalents as at 30 November 2022 is
expected to be reported as c.£9.2m (30 November 2021: £11.4m).

 

During the period the Company also successfully completed a 200:1 share
consolidation with a view to creating a more appropriate capital share
structure and increasing liquidity.

 

Operational Highlights

With the Government's re-emphasised commitment to funding the CDC programme in
the NHS the Company is seeing growing interest in its Bleepa-CareLocker
pathway solution amongst NHS providers. The Company remains focused on this
core opportunity. Using the pilot in Sussex as a reference point has given
credibility to both the Bleepa-CareLocker platform and the symptom-based
pathway approach.

 

The pilot has also shown early indications of wider delivery benefits in the
healthcare ecosystem relating to more efficient use of clinical personnel and
an accelerated patient journey. Importantly, this could help to reduce the
back log pressures on the NHS. With a government commitment to funding 160
CDCs across the UK, the Company is now looking at a considerable market
opportunity. Feedback remains in active conversations with OEMs and other
commercial entities around potential joint go-to-market strategies that will
enable the Company to scale the solution to meet this opportunity.

 

The creation and development of the CareLocker consumer app in conjunction
with Sampurna Sodani Diagnostic Clinic in India ("Sampurna") was a key
highlight and is an integral part of Feedback's growth strategy in India. The
app gives patients direct access to their clinical data and medical scans -
and its launch provides a strong reference point for the Company as it targets
significant commercial opportunity in India on several fronts. The Company is
evaluating various pricing models with Sampurna's patients and expects to
generate CareLocker sales via Sampurna in the near term. While sales are
expected to be modest initially, due to the fact that they would be generated
from a single imaging centre in a small city, there is significant potential
to scale if the solution is rolled out to multiple imaging centres in larger
cities and their many customers as planned.

 

Outlook

The Company continues to discuss contracts with multiple potential partners
across NHS Trusts and CDCs in addition to working on pilot programmes in
India. These opportunities provide the potential for significant upside with a
growing number of routes to markets and end customers underpinning the Board's
confidence in continued strong growth for the remainder of the financial year.

 

 

-Ends-

 

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)
 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.

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTDZMMZNVKGZZM