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Feedback plc - Final Results for year ended 31 May 2018: Invoiced sales up 51% following significant contract, investment and restructuring

Feedback plc - Final Results for year ended 31 May 2018: Invoiced sales up 51% following significant contract, investment and restructuring

Cambridge, UK, 29 November 2018 - Feedback plc (AIM: FDBK, "Feedback" or the "Company"), the specialist medical imaging technology company, announces its full year results for the year to 31 May 2018.

Operational highlights (including post period end)

  • CE marked release of TexRAD® Lung in November 2017
  • Restructuring in April 2018 brought TexRAD Ltd and Cambridge Computed Imaging (CCI) subsidiaries together under Feedback Medical brand
  • Signed world-wide non-exclusive distributorship with GE Healthcare in April 2018
  • Two year contract renewal with Papworth Hospital, Cambridge, UK for Cadran archiving system agreed in April 2018
  • First order through GE Healthcare received in August 2018
  • Samsung Medical Centre order for TexRAD® received in September 2018, following distribution agreement with ISG Korea in June 2017
  • European customer expansion for TexRAD®, signing four university hospitals in Belgium, France, Italy and Portugal during September and October 2018

Financial summary (including post period end)

  • Equity fundraise in March 2018 raised £440k before expenses, from new and existing investor
  • Invoiced sales for the year up 51% to £771k (FY2017: £508k) due to a significant two-year contract with an existing major customer, as well as investment in recruitment and training
  • Recognised revenue of £458k (FY2017: £466k)
  • Operating loss of £750k (FY2017: £300k)
  • Invoiced sales in first quarter of current financial year up 100% to £236k (Q1 FY2018: £117k), driven by international sales
  • Equity fundraise in November 2018 raised £1.375m before expenses, from new and existing investors

Dr Alastair Riddell, Executive Chairman of Feedback, commented:

“The last year has been a period of transition and major growth for Feedback. The Board has been strengthened and the restructuring of our operating subsidiaries into one integrated unit under the Feedback Medical brand is already bringing benefits, demonstrated by the significant improvement in sales performance. During the year and post period end, we secured significant investment from new and existing shareholders, enabling us to invest further in the sales and marketing of both TexRAD® and Cadran, including pursuing US FDA approval.

“As the role of AI in assisting medical management decisions begins to be appreciated, our products sit at the heart of this, assisting radiologists to analyse and assess digital images from CT, MRI and PET scans. The existing broad international customer base for our TexRAD® research product will form the springboard for the clinical product following regulatory approval and validation in clinical trials.

“Our Cadran Picture Archive and Communication System has the potential to assist machine learning from image data of hundreds of thousands of patients, enabling better insight into disease associations. This has potential applications in the selection of patients most likely to benefit from particular treatments or clinical trials, ultimately improving patient outcomes.

“We are encouraged by the measurable progress so far, which is continuing into the current financial year. The potential for more significant growth will be enabled by the renewed investor support and our more integrated and collaborative operating company led by an able and supportive board.”

For the full statement, see here: https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/FDBK/13885690.html


About Feedback plc
Feedback plc (AIM: FDBK) is a specialist medical imaging technology company providing innovative software and systems, through its fully-owned trading subsidiary, Feedback Medical Limited. Its products advance the work of radiologists, clinicians and medical researchers by improving workflows and giving unique insights into diseases, particularly cancer. Feedback Medical works with customers globally from headquarters in the internationally renowned scientific hub of Cambridge, UK. Its proprietary technologies are TexRAD®, the quantitative texture analysis tool and Cadran, a picture archiving communication system (PACS). For more information, see www.fbk.com.
 

Issued for and on behalf of Feedback plc by Instinctif Partners.
For more information please contact feedbackplc@instinctif.com



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Rozi Morris
Associate Partner


Rozi Morris
Associate Partner