TIDMFDBK
RNS Number : 2191X
Feedback PLC
19 December 2023
Feedback plc
Half Year Trading Update
Feedback plc (AIM: FDBK, "Feedback" or the "Company"), the
clinical infrastructure specialist, announces a trading update for
the six months to 30 November 2023 (the "Period").
Financial Highlights
Reported revenue for the Period will be c.GBP0.44m (H1 2023: GBP
0.57m) , down approximately 24 %. This is primarily due to the
prior period being positively impacted by the QVH/Sussex ICS pilot
contract, which was signed in September 2022 but covered the
12-month period from 31 March 2022, and, the planned ongoing
decline in legacy product revenues as these legacy contracts reach
the end of term. Management expects Bleepa-CareLocker solutions to
drive revenue growth going forward as the Company continues to
demonstrate the technical improvements, time, and efficiency
savings that its products can provide to customer sites.
Cash and cash equivalents as at 30 November 2023 were GBP 5.37 m
(30 November 2022: GBP9.23m).
Operational Highlights & Current Trading
Community Diagnostics Centre s
As announced today, the Company is conducting a series of pilot
programmes of Community Diagnostic Centre ("CDC") care pathways
funded by a combined award of GBP300,000. The Company has directly
contracted with the individual NHS organisations hosting the pilot
sites utilising funds locally disbursed for this purpose under NHS
England's ("NHSE"), Community Diagnostic Centre Programme.
The pilot contract awards follow the successful CDC pilot at
Queen Victoria Hospital ("QVH") and seeks to replicate the positive
impact data seen; reinforcing the case for subsequent funding of a
pathway approach to UK CDC delivery in subsequent years, which are
central to Government ambitions to cut NHS wait times. The Pilot
sites are Amersham CDC ("Amersham") in Buckinghamshire and a pan
regional pilot across Buckinghamshire, Oxfordshire and Berkshire
ICS ("BOB ICS").
Feedback has also secured a second, paid extension to its
contract with QVH worth GBP225k for a further six-months to 30 June
2024 . Further to previous announcements, the Trust launched a
replacement procurement process in November 2023 which is expected
to complete by March 2024. Feedback is participating in this
replacement procurement process, which follows the abandonment of
the Trust's previous procurement (as per the announcement dated 04
April 2023).
Northern Care Alliance
The Company also continues to demonstrate the benefits of Bleepa
in the NHS beyond the CDC setting. In October, an independent study
found the Northern Care Alliance cut its inpatient referral times
by three quarters using Bleepa to manage its inpatient referrals.
The review estimates that the collective time savings could free up
GBP7.7 million over the next five years if adopted across the whole
Greater Manchester ICB footprint.
India
The Board remains confident in the long-term prospects of the
Indian market, which offers significant scale. In the Period, the
Company was successfully granted an import license for Bleepa as a
registered medical device in India and its new in-country Managing
Director, Rohit Singh, continues to explore potential market
opportunities with various government organisations and large
hospital chains.
Bleepa
The latest version of Bleepa, v1.6, is currently undergoing
final testing prior to release. Key additional features include a
dashboard view of patient pathways to assist with pathway
coordination and administration, giving customers the ability to
track their patients' progress across care settings; improvements
to message directionalising within chat and the ability to generate
urgent messages to highlight key clinical insights. This version
will be rolled out to customers in the new year and is anticipated
to greatly improve the value proposition to NHS customers in
particular as we look to growing sales in H2.
Outlook
The Company has performed well during an extremely challenging
trading environment; large amounts of NHS digitisation funding has
been pulled to meet the increased salary packages awarded to
frontline clinicians following the strikes, which has placed a
number of digital projects in jeopardy across the system. However,
we have seen continued focus on the CDC programme, which remains a
key area of strategic investment for the NHS and has led to the
recent award of funding to expand the Bleepa-CareLocker pilot
programme around pathway enablement. Bleepa-CareLocker has been
recognised as having the potential to supercharge the CDC
initiative, helping to leverage the diagnostic capacity generated
by the CDCs to drive clinical pathways and reduce waitlists. The
additional pilot funding and the continued investment by the NHS in
the CDC programme, gives the Board confidence that Feedback is well
aligned to the key areas of NHS strategic priority and will
therefore be less affected by the wider redirection of digital
funding.
During the Period the sales team was expanded, both to improve
conversion of current opportunities and to generate new leads
focusing on the NHS organisations where there is the greatest
demand and opportunity , and the benefits can already be seen. The
Company has also entered into a series of early stage conversations
with potential strategic partners seeking to supply the CDC
programme and NHS Trusts, presenting a potentially attractive route
to market, and a means of bolstering the technical capabilities of
Bleepa-CareLocker to address the needs of a wider stakeholder
group.
Future sales of Bleepa-CareLocker are now greatly supported by
the availability of good quality evidence, which now provides a
very compelling value proposition to both clinicians and to NHS
finance teams. In an NHS environment where there are growing
waitlists, staff shortages and increasing funding pressures, a
solution that slashes wait times, without requiring additional
clinical staff and is cash releasing to the system, presents a very
attractive solution. As such, the Board believes that the Company
is optimally positioned and stands to do well in the coming year as
NHS organisations seek solutions with proven evidence of impact
against these key areas. Given rising interest in Bleepa across the
NHS, the Board is optimistic about an increase in sales in 2024 and
currently anticipates revenues for the full year to be in line with
market expectations.
-Ends-
Enquiries:
Feedback plc +44 (0) 20 3997 7634
Tom Oakley, CEO IR@fbk.com
Anesh Patel, CFO
Panmure Gordon (UK) Limited
(NOMAD and Broker)
Emma Earl/Freddy Crossley (Corporate
Finance)
Rupert Dearden (Corporate Broking) +44 (0)20 7886 2500
Walbrook PR Ltd; Tel: 020 7933 8780 or 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.
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.
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END
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December 19, 2023 02:01 ET (07:01 GMT)
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