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 £0.5m 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.£0.6m (HY22: £0.2m), up approximately 200%. Cash and cash equivalents as at 30 November 2022 is expected to be reported as c.£9.2m (30 November 2021: £11.4m).

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.

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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.  

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.