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
Trading Update
Feedback plc (AIM: FDBK, "Feedback"
or the "Company"), the clinical infrastructure specialist,
announces a trading update for the financial year ended 31 May 2024
("FY2024") (the "Period").
FY2024 revenue is expected to be
around £1.2m, approximately 15% higher than the prior year. The
EBITDA loss for FY2024 is expected to improve in comparison to
market expectations, despite the slower than anticipated revenue
growth in FY2024, as the Company continues to optimise its cost
base. As such, the Company's FY2024 closing cash position is
expected to be at least in line with market expectations.
The Company's cash balance as at 30 April 2024 was
£4.3m.
NHS procurement processes are more
protracted for novel technologies such as Bleepa compared to the
replacement of existing similar services where NHS procurement and
funding is relatively more straightforward. The Company has been nurturing a number of commercial
opportunities with national and regional NHS organisations which we
had hoped to convert during the Period; unfortunately, the
financial and operational pressures facing the NHS have delayed a
number of these strategic conversations and consequently, the Board
now believes that these larger NHS opportunities are likely to
mature during the upcoming financial year.
Dr
Tom Oakley, CEO commented:
"Despite a delay in some of our larger national and regional
NHS opportunities we have delivered revenue growth in FY2024 and
optimised our cost base.
"Based on information currently available to us
we anticipate
that new funding streams will land in the system that will enable
us to progress with our wider pipeline of opportunity and build on
the fantastic foundation that we have built to date, and we are
therefore expecting these opportunities to convert to contract and
be recognised within FY2025 revenue.
"In the meantime, this has given us an opportunity to continue
pursuing our international opportunities and we are making
promising progress in India around TB screening and other upcoming
opportunities that have been unlocked by our in-country MD, Rohit
Singh, having established the right to sell Bleepa as a medical
device."
--Ends--
Enquiries:
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Feedback plc
Tom Oakley, CEO
Anesh Patel, CFO
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+44 (0) 20 3997 7634
IR@fbk.com
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Panmure Gordon (UK) Limited (NOMAD and
Broker)
Emma Earl/Freddy Crossley (Corporate
Finance)
Rupert Dearden (Corporate
Broking)
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+44 (0)20 7886 2500
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Walbrook PR Ltd;
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Tel: 020 7933 8780 or
feedbackplc@walbrookpr.com
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Nick Rome/Joe Walker
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07748 325 236 or 07407 020
470
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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, with greater
connectivity across organisations.
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 model is expected to provide increasing levels of
revenue visibility as the Company grows its customer
base.