REG - Feedback PLC - Year End Trading Update

FeedbackAnnouncement

19/06/2023 07:00

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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.£1.0m (2022:
£0.6m), 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.£7.3m (31 May 2022: £10.3m).

 

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
(https://www.england.nhs.uk/long-read/adult-breathlessness-pathway-pre-diagnosis-diagnostic-pathway-support-tool/)

 

-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.

 

 

 

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