London, UK, 13 October 2020 - Feedback plc (AIM: FDBK, "Feedback" or the "Company"), the specialist medical imaging technology company, announces its audited results for the 12 months to 31 May 2020.
Operational highlights (including post period-end)
· Flagship product, Bleepa, achieves CE Mark in less than a year and used by frontline NHS clinicians within two months of launch
- September 2019 launched at NHS Expo to strong interest from healthcare professionals
- First pilot study with Pennine Acute Hospitals NHS Trust (PAT) with positive early indications that average time to inpatient referral can be halved due to Bleepa
- Subsequent adoption of Bleepa by PAT as COVID-19 management tool to support care delivery and COVID-19 inpatient referral pathways
- Post year end, appointment to NHSx National Communications Framework, Bleepa is unique in being the only product on the framework with a CE mark for medical image display
· Contract renewal in May 2020 of Cadran with upgrade to Bleepa by the Royal Papworth Hospital
· New Cadran application, Fluorocapture software, being offered under licence in the US
· Strengthened Board, with Prof. Rory Shaw appointed Chairman and new NED, Adam Denning as Non-Executive Director, and post year end appointed Philipp Prince as Non-Executive Director
· Full year revenue of £450k down 20% (2019: £563k) as strategic focus shifts away from TexRAD product
· Operating loss increased 25% to £1.4m (2019: 1.1m loss) following increased investment in resources to deliver Bleepa strategy
· Loss after tax of £1.1m (2019: 0.97m)
· Cash at 31 May 2020 was £0.7m (May 2019: £0.54m)
· Equity fundraising in August 2019, raising £2m (before expenses), and post year end, in June 2020, a fundraising of £5.3 million (before expenses), to support scalability and commercial strategy for Bleepa, resulting in unaudited cash at 30 September 2020 of £4.4m
Dr Tom Oakley, CEO of Feedback, commented:
"This has been a transformational year as we transitioned the Company away from older products and towards the emerging mobile medical market which has significant potential for growth. We are now creating a very different company through our flagship product, Bleepa, our proprietary medical imaging communications platform.
"Our fast delivery on development, launch and roll-out of Bleepa has exceeded our expectations this year. We have delivered on the key milestones for Bleepa in a remarkably quick timeframe - from regulatory approval (CE Mark), launch and start of commercialisation. Covid-19 may have brought many challenges to the NHS healthcare and clinical staff, however, through our work with the Pennine Acute Hospitals Trust, the pandemic has catapulted Bleepa to the mainstream NHS and NHSx, as it has demonstrated how remote working capabilities can transform care delivery.
"We have been fortunate to have the support of our shareholders through two fundraisings, one during the financial year and one in post period, which will help us to drive Bleepa forward. Our aim for the new year is to scale the product, at pace, in order to acquire as large a userbase as possible. Longer term, our vision is that Bleepa will become the platform that all frontline clinicians use to access information about their patients and confer with their peers to reach collective, informed treatment decisions."