Feedback PLC Year End Trading Update (0924B)
June 08 2021 - 01:00AM
UK Regulatory
TIDMFDBK
RNS Number : 0924B
Feedback PLC
08 June 2021
Prior to publication, the information contained within this
announcement was deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 ("MAR"). With the publication of this announcement,
this information is now considered to be in the public domain.
Feedback plc
Year End Trading Update
London, 08 June 2021 : Feedback plc (AIM: FDBK, "Feedback" or
the "Company"), the specialist medical imaging technology company,
provides a trading update for the year ended 31 May 2021.
Trading during the period met management expectations, with the
Company securing its first commercial contract for its flagship
product Bleepa. During the period, the Company continued to develop
the product to include key features such as photocapture which led
directly to the award of this commercial contract. The Company has
also developed capabilities in cloud hosting to enable more cost
effective delivery and scalability.
Importantly, Bleepa became the only clinical communication
platform to be appointed to the national NHSx Clinical
Communications Framework with a CE mark as a Class 1 Medical Device
for medical imaging display.
During the financial year Feedback Medical Ltd. was successfully
re-certified as a medical device manufacturer with ISO 13485
accreditation for its manufacturing processes, additionally
achieving ISO 27001 accreditation for data security and data
management along with Cyber Essential Plus accreditation for cyber
security and DCB0129 clinical safety and risk management
certification. The emphasis on quality and regulatory compliance is
a clear differentiator for the Company and its products.
2020 was a difficult year for the healthcare sector with many of
our customers being overwhelmed by COVID-19. On one hand COVID-19
has strongly demonstrated the need for our leading technology but
it has also made it very difficult to engage customers who were
understandably focused on initially treating acute patients and
subsequently implementing the national vaccine programme. We are
now seeing increased interest for Bleepa as NHS organisations
emerge from the acute COVID-19 response and begin to focus on
solutions that can help them address the growing backlog of
elective and cancer care cases, as well as solutions that can
facilitate more robust communication ahead of any further waves of
COVID-19. Bleepa is now well positioned to recognise this
increasing customer interest in its domestic market.
The performance of Bleepa during the pandemic is also beginning
to be recognised in international markets and has been supported by
recent Department of International Trade missions to India. The
Company is actively responding to this interest and has invested in
a presence on the ground in India to help convert a growing
pipeline of opportunities, though these efforts have recently
slowed due to the recent surge of COVID-19 in India.
The Company's balance sheet remains strong, and unaudited net
cash as at 31 May 2021 was GBP2.2 million (31 May 2020: GBP0.7
million). Subject to completion of the audit, the Company expects
revenue for the financial year ended 31 May 2021 to be
approximately GBP0.28 million (FY20: GBP0.45 million). The
reduction in revenue stems from the realisation of the previously
anticipated decline in TexRAD sales which formed the basis of the
investment in Bleepa and the pivot in corporate strategy in 2019.
Importantly, the Company has now started to recognise revenue from
its new Bleepa product line in the current financial year. Although
sales have declined compared to the last financial year, largely as
a result of the reduction in TexRAD sales, the move to Bleepa has
also seen the average contract value increase, generating better
margins per sale. This will enable the Company to drive revenue
going forward. The Company has already invoiced GBP0.12million of
revenue to be recognised during the current financial year in
accordance with the Company's accounting policies and the Directors
expect revenues to grow as sales of Bleepa increase during the rest
of the financial year.
Outlook
The Company remains focused on increasing revenue generating
opportunities and addressing a wide range of markets both
domestically and internationally for Bleepa. While it continues to
be a core target, management is excited by the increasing number of
prospects and leads both in and outside of the NHS and has a strong
pipeline of opportunity. There is a growing requirement for remote
solutions and Bleepa leads at the forefront of the market.
Management expects to benefit from increasing demand for its
solutions enabling it to grow repeat revenues and benefit from
increasing visibility afforded by its Software as a Service
model.
-Ends-
Enquiries:
Feedback plc +44 (0)1954 718072
Tom Oakley, CEO IR@fbk.com
Lindsay Melvin, CFO
Allenby Capital Limited (Nominated
Adviser)
David Worlidge / Vivek Bhardwaj +44 (0)20 3328 5656
Peterhouse Capital Limited (Joint
Broker)
Lucy Williams / Duncan Vasey +44 (0)20 7469 0936
Stanford Capital Partners Limited
(Joint Broker)
Patrick Claridge / John Howes +44 20 3815 8880
Walbrook PR Ltd Tel: 020 7933 8780 or feedbackplc@walbrookpr.com
Paul McManus/Nick Rome/Nicholas 07980 541 893 or 07748 325 236 or
Johnson 07884 664 686
Notes to Editors
Feedback plc (AIM: FDBK) is a medical imaging technology
business. Its core product, Bleepa, is a revolutionary medical
imaging communications app, providing an easy-to-use, high quality
tool to enable remote and secure communications between front-line
clinicians and teams. Importantly, it is the only CE marked medical
imaging communications platform on the NHSx clinical communications
tools framework. Bleepa has unparalleled functionality for everyday
practice and can be accessed from any internet-connected device,
enabling control of patient cases when on the go.
Its highly scalable Software as a Service ("SaaS")-based revenue
model will provide increasing levels of visibility as the Company
grows its customer base. With a growing distribution base and
technology in place, the focus is on leveraging key relationships
in order to drive sales both in the UK and internationally to all
forms of care providers. As a fully certified medical device,
Bleepa aims to disrupt the medical imaging communications market
and, importantly, increase the accuracy and speed of clinical
review.
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