FDBK Feedback Plc

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."

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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.