Half year results 2024 - Bleepa

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United Kingdom

Half year results 2024

We are pleased to announce our audited results for the six months to 30 November 2023.

Operational highlights

  • Continued focus on high margin growth opportunities and demonstration of technical improvements, time, and efficiency savings provided by our products
  • Continued development of Bleepa version 1.6 ahead of imminent release to underpin sales prospects
  • Granted import license for Bleepa as a registered medical device in India
  • Appointment of in-country managing director in India, to support business development and enable the conversion of opportunities for Bleepa in the country
  • Engaged with a growing pipeline of both domestic and international opportunities

Financial highlights

  • Revenue was £437k (H1 2023: £576k), 24% lower primarily due to the timing of revenue recognition of the Queen Victoria Hospital/Sussex Integrated Care System pilot contract during the previous period and legacy product contracts reaching end of term in the period; Bleepa-CareLocker contributed 77%
  • Sales were £411k (H1 2023: £612k) ; Bleepa-CareLocker contributed 73%
  • EBITDA loss increased to £1,675k (H1 2023: £1,226k) reflecting lower revenue and higher operating costs, primarily staff costs and maintenance of the Bleepa-CareLocker platform
  • Cash as at 30 November 2023 was £5,372k (30 November 2022: £9,228k, 31 May 2023: £7,318k)

Post period highlights

  • £300k NHS England central funding award for Bleepa pilots in two community diagnostics centres – secured as a result of participation in the All-Party Parliamentary Group for Diagnostics report
  • Second paid contract extension with Queen Victoria Hospital/Sussex Integrated Care System, worth £225k – to run until 30 June 2024 until formal procurement is progressed
  • Agreement to pilot Bleepa-CareLocker with Medical Imaging Partnership to deliver multiple clinical pathways to its customers in the UK private healthcare sector
  • APPG for Diagnostics report on future of CDCs used Bleepa case study to highlight the need for the integration of patient data and digital tools within CDCs, with the recommendation of commitment to further digital investment

We are delighted with the increased traction for our core products as customer recognition, new contracts, and positive impact data all point towards the same conclusion; that Bleepa is both ideally suited and uniquely positioned to connect medical professionals safely and securely, and there is a compelling case that could see it become a third pillar of build for the expanding NHS CDC programme.

“As the UK, in particular, combats continuing winter pressures and a growing backlog of patients, there is an increasing focus on digital infrastructure and digitally enabled tools as a means to streamline working practices and introduce time cost savings; which Bleepa has proven it can provide at the Northern Care Alliance. There is also a prevailing direction of travel, both in the UK and Internationally, that should see stricter data governance regulations imposed on the industry, which, the Board believes, will directly benefit Feedback, underpin demand for its products, and further differentiate it from competitors.

“The near-term outlook is promising. The implementation of the DPDP Act 23 in India and the ruling of the UK Information Commissioner’s Office against NHS Lanarkshire demonstrate that regulation and compliance are making a resurgence post COVID in both of our core markets. This, combined with the compelling evidence of clinical improvement that Bleepa delivers for its customers, has drawn increasing attention to Feedback and our products, culminating in our inclusion in the APPG for Diagnostics Report on CDCs and the award of central NHS funding to expand our pilot programme. The Board expects continued focus and investment in the CDC programme and cross-provider pathways in H2 and the upcoming financial year as the NHS continues its efforts to address the growing care backlog. We believe that Bleepa is optimally positioned to capture this opportunity and deliver meaningful system impact and commercial opportunities as a result.”

Dr Tom Oakley, CEO



As a team

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