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Feedback plc, which has operations in Cambridge, posted its highest ever reported revenue since becoming a medical imaging company in 2014 for the full year to May 31.
The AIM-quoted clinical infrastructure specialist recorded a 105 per cent increase in revenue to £0.59 million (2021: £0.29m) based on a 280 per cent increase in sales to £0.67m with Bleepa contributing £0.26m (£0.08m). Bleepa is a secure clinical communications platform that facilitates the sharing of clinical-grade medical images.
The operating loss increased to £2.51m from £2.06m reflecting investment in the development and roll out of Bleepa; thanks to an oversubscribed placing and open offer raising £11.20m – to support accelerated revenue growth and product development – Feedback ended with almost quadruple the cash year-on-year (£10.31m compared to £2.22m.
CEO Dr Tom Oakley reveals that the company is planning a share consolidation which will be detailed in a separate announcement shortly. He said: “The share consolidation is expected to result in a more appropriate share capital structure for the company.”
Dr Oakley added: “We are delighted with the progress made during the period, which was significantly ahead of previous market expectations and the strongest performance in terms of revenue since entering the medical imaging market in 2014.
“The performance highlights the strength of our model with revenues growing because of innovative product development and, importantly, proof within working environments that our technology expediates secure and regulated access to patient data, enabling faster decision making.
“Building on the success of the last year we have moved beyond just clinical communication to become a core platform for frontline clinical care delivery.
“Our unique suite of products provides digital infrastructure that connects multiple care settings around individual patient journeys, to enable cross-provider care delivery and new models of care.
“We describe Bleepa and Carelocker as a ‘digital glue’ that connects multiple provider settings and allows patients to ‘be known’ at any location of care that they attend.
“By focusing on cross-provider customer opportunities we are addressing a growing market, both domestically and internationally, where we can achieve high margins and larger contract values, while benefiting from first mover advantage.
“The strategy also recognises that, increasingly, cross-provider care is becoming a focus for our customers as they seek to achieve efficiencies, at a system level, to aid in the recovery of the pandemic; and to reduce the post COVID backlog of patient care.
“2022 was a crucial year for the company as we recognised the initial success of our new strategic direction and the growth in Bleepa sales, continuing the move away from lower margin legacy products.
“We are now well positioned to address a number of at scale market opportunities and are sufficiently funded to deliver against them. We look forward to building on the momentum generated during the period and delivering further growth in the year ahead.”
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Feedback plc reveals revenue landmark – Business Weekly
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