Feedback PLC Half Year Trading Update (0669K)
19 December 2022 - 6:00PM
UK Regulatory
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RNS Number : 0669K
Feedback PLC
19 December 2022
Feedback plc
Half Year Trading Update
Feedback plc (AIM: FDBK, "Feedback" or the "Company"), the
frontline clinical technology company, announces a positive trading
update for the six months to 30 November 2022 (the "Period").
Financial Highlights
Trading during the Period was in line with the Board's and
market expectations, with revenue positively impacted by the
12-month extension of the Company's pilot programme to provide its
Community Diagnostic Centre ("CDC") solution in Sussex, a GBP0.5m
contract covering the 12-month period from 31 March 2022. This was
an important milestone for the Company, highlighting its ability to
transform the patient journey within the NHS with a view to
providing a meaningful impact on patient waiting lists.
Revenue for the Period is expected to be c.GBP0.6m (HY22:
GBP0.2m), up approximately 200%. Cash and cash equivalents as at 30
November 2022 is expected to be reported as c.GBP9.2m (30 November
2021: GBP11.4m).
During the period the Company also successfully completed a
200:1 share consolidation with a view to creating a more
appropriate capital share structure and increasing liquidity.
Operational Highlights
With the Government's re-emphasised commitment to funding the
CDC programme in the NHS the Company is seeing growing interest in
its Bleepa-CareLocker pathway solution amongst NHS providers. The
Company remains focused on this core opportunity. Using the pilot
in Sussex as a reference point has given credibility to both the
Bleepa-CareLocker platform and the symptom-based pathway
approach.
The pilot has also shown early indications of wider delivery
benefits in the healthcare ecosystem relating to more efficient use
of clinical personnel and an accelerated patient journey.
Importantly, this could help to reduce the back log pressures on
the NHS. With a government commitment to funding 160 CDCs across
the UK, the Company is now looking at a considerable market
opportunity. Feedback remains in active conversations with OEMs and
other commercial entities around potential joint go-to-market
strategies that will enable the Company to scale the solution to
meet this opportunity.
The creation and development of the CareLocker consumer app in
conjunction with Sampurna Sodani Diagnostic Clinic in India
("Sampurna") was a key highlight and is an integral part of
Feedback's growth strategy in India. The app gives patients direct
access to their clinical data and medical scans - and its launch
provides a strong reference point for the Company as it targets
significant commercial opportunity in India on several fronts. The
Company is evaluating various pricing models with Sampurna's
patients and expects to generate CareLocker sales via Sampurna in
the near term. While sales are expected to be modest initially, due
to the fact that they would be generated from a single imaging
centre in a small city, there is significant potential to scale if
the solution is rolled out to multiple imaging centres in larger
cities and their many customers as planned.
Outlook
The Company continues to discuss contracts with multiple
potential partners across NHS Trusts and CDCs in addition to
working on pilot programmes in India. These opportunities provide
the potential for significant upside with a growing number of
routes to markets and end customers underpinning the Board's
confidence in continued strong growth for the remainder of the
financial year.
-Ends-
Enquiries:
Feedback plc +44 (0) 20 3997 7634
Tom Oakley, CEO IR@fbk.com
Anesh Patel, CFO
Panmure Gordon (UK) Limited
(NOMAD and Broker)
Emma Earl/Freddy Crossley (Corporate
Finance)
Rupert Dearden (Corporate Broking) +44 (0)20 7886 2500
Walbrook PR Ltd; Tel: 020 7933 8780 or feedbackplc@walbrookpr.com
Nick Rome/Joe Walker 07748 325 236 or 07407 020 470
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.
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 revenue model
is expected to provide increasing levels of visibility as the
Company grows its customer base.
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END
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