REG - Feedback PLC - Trading Update

FeedbackAnnouncement

22/05/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240522:nRSV3714Pa&default-theme=true

RNS Number : 3714P  Feedback PLC  22 May 2024

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."

 

 

--Ends--

Enquiries:

 

 Feedback plc                                    +44 (0) 20 3997 7634

 Tom Oakley, CEO                                 IR@fbk.com (mailto:IR@fbk.com)

 Anesh Patel, CFO

 Panmure Gordon (UK) Limited (NOMAD and Broker)  +44 (0)20 7886 2500

 Emma Earl/Freddy Crossley (Corporate Finance)

 Rupert Dearden (Corporate Broking)

 Walbrook PR Ltd;                                Tel: 020 7933 8780 or feedbackplc@walbrookpr.com
                                                 (mailto: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, 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.

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTFZGZKLMKGDZM