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Interim Results for the six months to 30 November 2019

Interim Results for the six months to 30 November 2019

Forging a leading position in the mobile medical communications market

London, UK, 18 February 2020 - Feedback plc (AIM: FDBK, "Feedback" or the "Company"), the specialist medical imaging technology company, announces its unaudited results for the six months to 30 November 2019.

Operational highlights (including post period-end)

  • Completion of Strategic Review drives focus on Cadran portfolio
  • Development and launch of new flagship product, Bleepa™
  • Revolutionary new app enables clinicians to review medical grade images on devices
    - Allows clinician-to-clinician communications to enable better and faster treatment for patients
    - Launched at NHS Expo in September 2019 to strong interest from clinicians and healthcare professionals
    - First pilot study underway with Pennine Acute Hospitals NHS Trust with positive early indications that average time to inpatient referral has more than halved due to Bleepa™
    - Secure and GDPR compliant for patient data
     
  • TexRAD continues to be sold within the research setting through third party distributors
  • Post-period:  Cadran licence agreement with Imaging Engineering to support installation and refitting of modernised fluoroscopy equipment across US
  • Strengthened Board
    - Prof. Rory Shaw became Chairman when Alistair Riddell stepped down
    - Post-period:  Appointment of Adam Denning, Former Assistant Technical Advisor to Bill Gates, as Non-Executive Director

Financial summary

  • Recognised revenue for the six-month period up 14% to £269k (H1 2018: £236k)
  • Loss after tax for the six-month period of £603k (H1 2018: loss £369k) due to recruitment to service new opportunities and launch the Company’s flagship product, Bleepa™
  • Increased investment in software development to £301k (H1 2018: £106k)
  • Loss before interest, tax and amortisation for the six-month period of £684k (H1 2018: loss £400k)
  • Cash at 30 November 2019 was £1.53m (30 November 2018: £1.37m) following the equity fundraise in August 2019, raising £2m before expenses

Dr Tom Oakley, CEO of Feedback, commented:

“We have deliberately changed the Company’s strategy to focus on the Cadran portfolio and transition into the emerging mobile medical market; this strategy is already bearing fruit.

“During the past six months, we completed the development of our new flagship product, Bleepa™. Following its launch in September at the NHS Expo, we have received significant interest and entered our first Pilot study within an NHS setting, from which early indications show great promise.  We believe that Bleepa™ has the potential to revolutionise the way clinicians are able to communicate with each other and advance treatment of their patients, quickly.

“Further evidence of the new strategy gaining traction is our first commercial contract of the Cadran platform outside of the NHS.  With growing momentum and the strengthening of our Board with the appointment of Adam Denning, 2020 is looking to be a promising year for Feedback.”

For the full results statement, see the Group website: www.fbk.com.

About Feedback plc - www.fbk.com
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 has launched Bleepa™, a new secure, encrypted medical communication app for clinicians accessible through smartphones, tablets and desktops that facilitates rapid clinical messaging and review of medical grade imaging for all members of a clinical team, directly from a hospital Picture Archiving and Communications System (PACS). For more information on Bleepa™, see www.bleepa.com

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

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Melanie Toyne-SewellManaging Partner