Feedback plc (AIM: FDBK), the specialist medical imaging technology company, announces a trading update for the financial year ending 31 May 2019.
Following new hires and investment in product sales in the first half of the financial year, it is anticipated that Feedback will report significant growth in recognised revenue for the year ending 31 May 2019.
The investment in new hires for Cadran, along with the agreement with Future Processing, signed in January 2019, to accelerate Feedback Medical’s technology development and innovation, has increased the Company’s cost base, the principal benefit of which will not be realised until the next financial year. As a result, the loss for the current financial year will reflect such investment but not the total anticipated income.
As announced in the half year results in January 2019, these investments have been made in order to help drive sales, increase capabilities and improve functionality of Feedback’s technology as well as to provide access to specialist medical imaging and AI expertise.
As announced on 9 April 2019, with the appointment of Dr Tom Oakley as the new CEO of the Company, a strategic review of the business is currently underway. A further announcement will be made in due course.