REG - Feedback PLC - Year End Trading Update

FeedbackAnnouncement

16/06/2022 07:00

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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.£0.59m
(FY21: £0.29m), up approximately 105%, following a significant increase in
sales((1)) to £0.67m (FY21: £0.18m), up approximately 280%. The Company
performed strongly with its flagship product Bleepa® 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
£10.30m (31 May 2021: £2.22m) 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 over 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/
(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 (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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