Financial highlights (unaudited)
As per the announcement dated 1 June 2022, trading for FY22 was materially ahead of market expectations with revenue expected to be reported as c.£0.59m (FY21: £0.29m), up approximately 105%, following a significant increase in sales to £0.67m (FY21: £0.18m), up approximately 280%. The Company performed strongly with its flagship product Bleepa® contributing an increasing proportion of total revenue. The performance was further enhanced by technology license fees arising from the Company’s partnership with Imaging Engineering LLC, leveraging the Company’s existing Cadran platform technology underpinning Bleepa.
Cash and cash equivalents as at 31 May 2022 is expected to be reported as £10.30m (31 May 2021: £2.22m) and reflects the impact of the over-subscribed fundraising in November 2021, enabling further development of the Company’s product suite and capabilities in both the UK and overseas markets.
Domestic and international expansion
The development of BleepaBox and CareLocker in FY22 have enabled Feedback to truly address remote clinical working requirements, resulting in the Company winning its first private sector contract with veterinary provider CVS, as well as equipping the Company to deliver both the community diagnostic centre (CDC) opportunity in the NHS and tuberculosis (TB) screening in rural locations in India. The two NHS acute trust contract awards for Bleepa in FY22 demonstrate the value of Bleepa as a core clinical communication system and again highlight the strength of the Company’s pilot-to-contract business model.
The Company commenced the initial phase of its pilot scheme with Sussex Health and Care Partnership Integrated Care System (Sussex ICS) to establish symptom-based pathway models for CDC services using its digital infrastructure solutions Bleepa and CareLocker. Sussex ICS is one of the UK’s exemplar CDC sites and is expected to be the first to deliver end-to-end symptom-based pathways through the CDC programme.
Feedback also made significant progress in India with its cloud TB screening pilot service going live at the Evangelical Hospital Khariar in Odisha in March, following which over 250 patients have now gone through the workflow. This pilot is being used to generate evidence which will enable the Company to expand into further sites and pursue opportunities to commercialise the offering.
Following the fundraise in November 2021, the Company strengthened its UK sales team, hiring two sales managers with extensive experience of the digital health and NHS markets, focusing on business development activities across NHS acute trusts and the CDC programme. The Company also engaged a sales manager in India with a strong track record of business development in the medical device sector in India, including medical imaging products. The Company also strengthened its R&D, IT support, regulatory and administrative teams ahead of fulfilling anticipated future demand for its products.
The Company’s growing portfolio of clinical communications apps and strong growth trajectory underpin management’s confidence. The Company continues to target a number of exciting opportunities and remains focused on investing in the UK and India and on increasing and diversifying its customer base domestically and internationally.
Furthermore, while the Company has no commitment beyond maintaining and providing software under its licence agreement with Imaging Engineering, this partnership is another example of how its existing technology can be exploited to generate additional revenue opportunities. Following a pickup in activity post-pandemic, the Company expects to receive ongoing license fees from Image Engineering LLC.
The Company will provide further information at the time of its full year results announcement, expected in September 2022.