Feedback PLC Outcome of strategic review and trading update (0522F)
10 July 2019 - 4:00PM
UK Regulatory
TIDMFDBK
RNS Number : 0522F
Feedback PLC
10 July 2019
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014. Upon the
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Feedback plc
Outcome of strategic review and trading update
New Cadran opportunity to capture medical imaging mobile
communication market
Cambridge, 10 July 2019: Feedback plc (AIM: FDBK, "Feedback" or
the "Company"), the specialist medical imaging technology company,
announces the outcome of its strategic review following the
appointment of Dr Tom Oakley as CEO in April 2019. The Board is
also pleased to provide a trading update on the year ended 31 May
2019.
Through the process of the review, the Board assessed both the
Cadran and the TexRAD portfolios. The Cadran portfolio has been
initially prioritised and this announcement relates to the findings
of this first phase of the review.
Dr Tom Oakley, CEO of Feedback, commented:
"An exciting opportunity has arisen from the first phase of our
strategic review. We believe that Cadran's innovative features,
such as the ability to view clinical grade medical images flexibly
on mobile and personal devices, allow it to be repositioned to meet
the needs of an emerging medical communications market,
particularly in medical imaging.
"There is huge potential to improve the efficiencies and lives
of our doctors and patients alike, through more flexible, secure
and accurate tools utilising the highest standards in global mobile
communications. We are now working swiftly to develop this new
offering and make it available for the many clinicians eager to use
it, both within the NHS and internationally."
Cadran is Feedback's established Picture Archiving and
Communications System (PACS) which facilitates the review of
medical imaging studies by clinicians. It is a progressive and
rigorously tested Class 1 medical device with a longstanding legacy
of service at NHS institutions, such as the Royal Papworth
Hospital. However, it is currently positioned in a competitive
market that shows little opportunity for future growth.
According to an article in BMJ Innovations, 97% of hospital
doctors routinely use WhatsApp to communicate about patients*.
There is an increasing trend for clinicians to use personal devices
to discuss patient care and make clinical decisions, as it is more
convenient and efficient than traditional methods of clinical
communication. Medical images are often shared as part of these
chats as photos of computer screens, and do not meet diagnostic
clinical standards. This raises a number of concerns with regard to
safety of patient data, breaches of GDPR and the ability to make
safe clinical decisions without using clinical grade medical
images.
By incorporating a dedicated, encrypted messaging function to
Feedback's existing Cadran technology, the Directors believe it can
become the only medical communication device on the market capable
of sharing clinical grade medical imaging directly from a hospital
PACS to mobile devices, ensuring the safe handling of patient data
and facilitating a secure means of communication for clinicians
across the UK. The Directors believe this new product will also be
the only communication tool to be a CE marked medical device.
The repositioning of Cadran marks a shift away from a
traditional software sales model towards a SaaS (software as a
service) model which is anticipated to generate considerably higher
recurring revenues for the Company and lead to a new phase of
growth. With over 15 million doctors globally, Cadran is uniquely
positioned to set new standards in this emerging, sizeable, medical
communications market.
Having undertaken a period of market research alongside NHS
clinicians, the Company is investing in the product enhancement of
Cadran, and launch of the new product is anticipated towards the
end of this calendar year. This rapid turnaround is possible
because the core technical features of the product are already
established within Cadran and our outsourced development partner,
Future Processing, is designing the additional features
required.
Whilst driving the development of this exciting opportunity for
Cadran, the Board will continue its review of the TexRAD product
portfolio. The Company will issue regular updates to the market on
the progress of both the TexRAD review and new product
opportunities. In the interim, Feedback continues to serve its
existing customers across both product portfolios and is committed
to the ongoing growth of both Cadran and TexRAD.
Trading update
Feedback also announces an unaudited revenue of GBP563k for the
year ended 31 May 2019, an increase of 23% on the previous
financial year (GBP458k), following new hires and investment in
product sales as indicated at the trading update in April 2019.
*O'Sullivan DM, O'Sullivan E, O'Connor M, et al WhatsApp Doc?
BMJ Innovations 2017;3:238-239.
-Ends-
Enquiries:
Feedback plc +44 (0)1954 718072
Tom Oakley, CEO IR@fbk.com
Lindsay Melvin, CFO
Allenby Capital Limited (Nominated Adviser)
David Worlidge / Asha Chotai +44 (0)20 3328 5656
Peterhouse Corporate Finance Ltd (Joint
Broker)
Lucy Williams / Duncan Vasey +44 (0)20 7469 0936
Stanford Capital Partners Limited (Joint +44 20 3815 8880
Broker)
Patrick Claridge / John Howes
+44 (0)20 7457 2020
Instinctif Partners feedbackplc@instinctif.com
Rozi Morris/ Deborah Bell/ Phillip Marriage
Notes to editors
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(R) , the quantitative texture analysis tool
and Cadran, a picture archiving communication system (PACS). For
more information, see www.fbk.com
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END
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