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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Feedback Plc | LSE:FDBK | London | Ordinary Share | GB00BJN59X09 | ORD 50P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -2.50 | -2.44% | 100.00 | 95.00 | 105.00 | 102.50 | 100.00 | 102.50 | 7,413 | 08:38:57 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Electronic Computers | 1.03M | -2.92M | -0.2188 | -4.57 | 13.33M |
From Apr 2019 to Apr 2024
TIDMFDBK
RNS Number : 9375N
Feedback PLC
24 January 2019
Feedback plc
Half year results: Invoiced sales up 22%
Cambridge, UK, 24 January 2019 - Feedback plc (AIM: FDBK, "Feedback" or the "Company"), the specialist medical imaging technology company, announces its unaudited half year results for the six months to 30 November 2018.
Operational highlights (including post period-end)
-- Feedback Medical sales momentum continues to grow with new TexRAD(R) sales into Czech Republic, Belgium, France, Italy, Portugal, India, US and South Korea during the first six months of FY 2019
-- New hires of a data scientist and product specialist for Cadran
-- Feedback Medical signed agreement in January 2019 with software development partner Future Processing to enhance Feedback Medical's software development capability and to distribute relevant Future Processing imaging analysis products which:
- reinforces Feedback's software platform with improved clinical integration functionality; and
- provides access to specialist medical imaging software developers and AI specialists
Financial summary
-- Invoiced sales for the first six months up 22% to GBP271k (H1 2018: GBP222k) due to the new sales progress
-- Recognised revenue for the six-month period up 4% to GBP236k (H1 2018: GBP228k)
-- Loss after tax for the six-month period of GBP369k (H1 2018: loss GBP348k) due to higher cost base
following the recruitment programme in 2018 -- Increased investment in software development to GBP106k (H1 2018: GBP41k)
-- Loss before interest, tax and amortisation for the six-month period of GBP400k (H1 2018: loss GBP337k)
-- Cash at 30 November 2018 was GBP1.367m (30 November 2017: GBP267k) following the equity fundraise in November 2018, raising GBP1.375m before expenses
Dr Alastair Riddell, Executive Chairman of Feedback, commented:
"We have seen positive progress across the business during this six-month period, building European sales as well as global sales in the US, South Korea and India. We have recruited to provide additional resource in data science and to support Cadran and this month, we have strengthened our partnership with Future Processing. This will bring increased software development capabilities and improved functionality to our technology as well as access to specialist medical imaging and AI expertise.
"Our fundraise in November 2018 positions us well to build on the operational progress already achieved and to continue to focus on our longer term goals of maximising the clinical opportunities for TexRAD(R) and new business opportunities for Cadran."
-S -
Enquiries:
Hot Features
Premium
Feedback plc +44 (0)1954 718072
Alastair Riddell, Executive Chairman IR@fbk.com
Lindsay Melvin, CFO
Allenby Capital Limited (Nominated Adviser)
David Worlidge / Asha Chotai +44 (0)20 3328 5656
Peterhouse Corporate Finance Ltd (Joint Broker)
Lucy Williams / Duncan Vasey +44 (0)20 7469 0936
Stanford Capital Partners Limited (Joint +44 20 3815 8880
Broker)
Patrick Claridge / John Howes
+44 (0)20 7457 2020
Instinctif Partners feedbackplc@instinctif.com
Rozi Morris/ Deborah Bell/ Phillip Marriage
About Feedback plc
Feedback plc (AIM: FDBK) is a specialist medical imaging technology company providing innovative software and systems, through its fully-owned trading subsidiary, Feedback Medical Limited. Its products advance the work of radiologists, clinicians and medical researchers by improving workflows and giving unique insights into diseases, particularly cancer. Feedback Medical works with customers globally from headquarters in the internationally renowned scientific hub of Cambridge, UK. Its proprietary technologies are TexRAD(R) , the quantitative texture analysis tool and Cadran, a picture archiving communication system (PACS). For more information, see www.fbk.com
Overview
The first half of FY 2019 has seen a continuation of the momentum built up in the previous year, with invoiced sales for the first six months up 22% to GBP271k (H1 2018: GBP222k). The new operational structure continues to provide benefits, with increased information sharing and cross-business sales activity. New recruits post period-end are already contributing to sales growth and marketing activities and the Company is continuing its recruitment drive to increase its in-house R&D and product management capability.
Financial summary
In the six months to 30 November 2018, Feedback invoiced sales of GBP271k, up 22% on the first half of the 2018 financial year (H1 2018: GBP222k) due to increased international traction and improved operational structure. Recognised revenue in the period increased 4% to GBP236k (H1 2018: GBP228k). The difference between sales and revenue is due to the contract structures which typically comprise installation costs, a contract for a year or more, followed by a 20% annual maintenance fee thereafter.
The Company's recruitment drive, investment in developing further software products and functionality, and investment in its agreement with Future Processing have resulted in a loss after tax for the six-month period of GBP369k (H1 2018: loss GBP348k). Loss before interest, tax and amortisation was GBP400k (H1 2018: loss GBP337k). During the period, Feedback invested GBP106k with Future Processing on future product developments (H1 2018: GBP41K). This intangible asset will be amortised against future income streams stemming from this investment. The tax credit reflects the research and development tax credit available to Feedback Medical.
Feedback continues to focus on cost control, with existing overheads kept well monitored. Cash at 30 November 2018 was GBP1.367m (30 November 2017: GBP267k) following the equity fundraise in November 2018, raising GBP1.375m before expenses.
Operational review
Feedback Medical
Feedback Medical is undertaking a recruitment drive to increase its in-house R&D and product management capability. It expects to appoint a research manager to assist with the expansion of Cadran and TexRAD(R) products into academic and commercial R&D support, as well as a small data science team to assist with data analysis and new algorithm development. A product specialist has already been recruited to identify opportunities and specifications for Cadran sales. This expansion will build on the Company's deep image processing expertise and experience to become a leader in quantitative imaging.
In November 2018, Feedback Medical announced that it had retained its ISO 13485:2016 certification for the fourth consecutive year. ISO 13485:2016 is the internationally recognised 'Medical Devices Quality Management' standard specifying that organisations demonstrate their ability to provide medical devices and related services that consistently meet customer and regulatory requirements.
The Company's continued compliance with this standard illustrates the importance that it places on the quality of its products and customer support. The certification was awarded following a surveillance audit by independent compliance specialists SGS UK Ltd.
TexRAD(R)
International interest in Feedback's TexRAD(R) quantitative texture analysis platform has continued throughout the first half of the financial year. In August 2018, the Company received its first order through its distributorship agreement with GE Healthcare, for a hospital in India. In addition, during this month, an order was received from University of Iowa Hospitals and Clinics in Iowa, US. This was then followed by the Samsung Medical Centre order for TexRAD(R) , received in September 2018, through distributor Korea Computer ISG. Feedback Medical has also seen significant European customer expansion for TexRAD(R) during the period, signing university hospitals in Belgium, France, Italy, Portugal and Czech Republic.
Two independent pilot studies of TexRAD(R) Lung, TexRAD(R) 's particular application in lung cancer, have been undertaken at University College London Hospitals NHS Trust and Leeds Teaching Hospital NHS Trust. During these studies, images and medical histories of more than 100 patients have been reviewed at each site to evaluate TexRAD(R) Lung in Positron Emission Tomography (PET) and Computerised Tomography (CT) scans for lung cancer. The preliminary analyses of these studies demonstrate a positive prognostic value for TexRAD(R) Lung and its texture parameter. These have led to further refinements of the product.
Commercial and technical discussions continue with Alliance Medical. Feedback is also in active discussions with other medical imaging software companies and service providers to partner with and integrate TexRAD(R) Lung within their platforms and potentially sell within the UK and beyond.
Cadran
Feedback Medical is exploring further opportunities for Cadran, its Picture Archiving and Communication System (PACS), focusing on its image archiving, retrieval, storage and anonymisation capabilities with several eminent clinical centres. Initially, those centres with research archives and radiation-oncology focused image-banks will be targeted. The growing interest in and development of radiomics, machine-learning and AI solutions has led to a need for better archiving, collation and curation of large data sets and their links to other electronic medical health records.
R&D progress
Feedback works closely with its customers to provide the functionality that its users need. As a result, in January 2019, it invested in its collaboration with software development partner, Future Processing, to reinforce its software platform with new and improved clinical integration, based on customer feedback. The collaboration also provides continued access to a dynamic and flexible team of specialist medical imaging software developers and AI specialists.
As part of the agreement, Feedback will also distribute relevant medical image analysis products developed by the Future Processing team.
Current trading and outlook
The first half of the financial year has brought continued positive progress at Feedback. Feedback Medical built on its customer base with new sales in Europe as well as further sales in the US, South Korea and India. Post period-end, the partnership with Future Processing was strengthened, increasing software development capacity and capabilities. The successful fundraise in November 2018 has enabled the recruitment of a new data scientist and a product specialist for Cadran, with further hires to come. A professional clinical evaluation of the 100 academic publications on Feedback's products is currently underway to assist with regulatory filings and strategic positioning of our products going forward. With positive milestones being achieved post period-end, the board looks forward to further positive developments in the second half of the financial year.
Dr A J Riddell
Executive Chairman
UNAUDITED INTERIM STATEMENT OF COMPREHENSIVE INCOME
Notes unaudited unaudited audited
six months six months Year
to 30 November to 30 November to 31
2018 2017 May
GBP'000 GBP'000 2018
GBP'000
Revenue 236 229 458
Cost of sales (1) (6) (16)
---------------- ---------------- ---------
Gross profit 235 223 442
Other operating expenses (642) (575) (1,190)
Operating loss (407) (352) (748)
Net finance income - - -
---------------- ---------------- ---------
Loss on ordinary activities
before taxation (407) (352) (748)
Tax credit 38 4 117
---------------- ---------------- ---------
Loss on ordinary activities
after tax attributable
to the equity shareholders
of the Company (369) (348) (631)
---------------- ---------------- ---------
Total comprehensive expense
for the year (369) (348) (631)
================ ================ =========
LOSS PER SHARE (pence)
Basic and diluted 2 (0.13) (0.14) (0.25)
================ ================ =========
UNAUDITED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Capital Retained Translation Total
Capital Premium Reserve Earnings Reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 June 2017
615 2,376 300 (2,511) (210) 570
Total comprehensive
income
for the period - - - (348) - (348)
--------- --------- --------- ---------- --------------- --------
Balance at 30 November
2017 615 2,376 300 (2,859) (210) 222
New shares issued 89 355 - - - 444
Costs associated
with the
raising of funds - (17) - - - (17)
Total comprehensive
expense for the period - - - (284) - (284)
--------- --------- --------- ---------- --------------- --------
At 31 May 2018 704 2,714 300 (3,143) (210) 365
New Shares issued 229 1146 - - - 1,375
Costs associated
with the
raising of funds - (83) - - - (83)
Total comprehensive
expense for the year - - - (369) - (369)
--------- --------- --------- ---------- --------------- --------
At 30 November 2018 933 3,777 300 (3,512) (210) 1,288
========= ========= ========= ========== =============== ========
UNAUDITED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION
unaudited unaudited audited
30 November 30 November 31 May
2018 2017 2018
GBP'000 GBP'000 GBP'000
Notes
ASSETS
Non-current assets
Property, plant and equipment 6 7 7
Intangible assets 3 276 111 154
-------------
282 118 161
------------- ------------- ---------
Current assets
Trade receivables 190 83 88
Other receivables 142 59 174
Cash and cash equivalents 1,367 267 632
------------- ------------- ---------
1,699 409 894
Total assets 1,981 527 1,055
============= ============= =========
EQUITY
Capital and reserves
attributable to the Company's
equity shareholders
Called up share capital 933 615 704
Share premium account 3,777 2,376 2,714
Capital reserve 300 300 300
Translation reserve (210) (210) (210)
Retained earnings (3,512) (2,859) (3,142)
------------- ------------- ---------
TOTAL EQUITY 1,288 222 365
------------- ------------- ---------
LIABILITIES
Deferred tax liabilities - - -
------------- ------------- ---------
- - -
------------- ------------- ---------
Current liabilities
Trade payables 106 78 57
Other payables 390 227 444
-------------
496 305 501
Liabilities due after
more than one year
Other payables 197 - 189
------------- ------------- ---------
Total liabilities 693 305 690
-------------
TOTAL EQUITY AND LIABILITIES 1,981 527 1,055
============= ============= =========
UNAUDITED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
unaudited unaudited audited
Six months Six months Year
to 30 November to 30 November to 31 May
2018 2017 2018
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Loss before tax (407) (348) (748)
---------------- ---------------- -----------
Adjustments for:
Depreciation and amortisation 7 26 57
Impairment of investment - (5) -
Increase in trade receivables (102) (33) (38)
Decrease in other receivables 32 3 1
Increase/(Decrease) in trade
payables 49 9 (12)
(Decrease)/Increase in other
payables (46) (23) 382
Corporation tax received 38 - -
---------------- ---------------- -----------
(22) (23) 390
---------------- ---------------- -----------
Net cash used in operating activities (429) (371) (358)
Cash flows from investing activities
Purchase of tangible fixed assets - (4) (6)
Purchase of intangible assets (128) (55) (127)
Net cash used in investing activities (128) (59) (133)
---------------- ---------------- -----------
Cash flows from financing activities
Net proceeds of share issue 1,292 - 427
---------------- ---------------- -----------
Net cash generated from financing
activities 1,292 - 427
---------------- ---------------- -----------
Net increase/(decrease) in cash
and cash equivalents 735 (430) (64)
Cash and cash equivalents at
beginning of period 632 697 696
Cash and cash equivalents at
end of period 1,367 267 632
================ ================ ===========
NOTES TO THE UNAUDITED INTERIM REPORT
1. BASIS OF PREPARATION
The consolidation interim financial statements have been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards as endorsed by the European Union ("IFRS") and expected to be effective at the year end of 31 May 2019. The accounting policies are unchanged from the financial statements for the year ended 31 May 2018.
The information set out in this interim report for the six months ended 30 November 2018 does not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. The accounts for the year ended 31 May 2018 have been filed with the Registrar of Companies.
This interim report was approved by the directors on 24 January 2019.
2. LOSS PER SHARE
Basic earnings per share are calculated by reference to the loss on ordinary activities after and on the weighted average number of shares in issue.
unaudited unaudited audited
As at 30 November As at 30 November As at 31
2018 2017 May
GBP'000 GBP'000 2018
GBP'000
Net loss attributable
to ordinary equity
holders (369) (348) (631)
=================== =================== ==============
As at 30 November As at 31 November As at 31
2018 2017 May
2018
Weighted average number
of ordinary shares
for basic earnings
per share 281,616,584 246,066,584 252,403,981
Effect of dilution:
Share Options - - -
Warrants - - -
------------------- ------------------- --------------
Weighted average number
of ordinary shares
adjusted for the effect
of dilution 281,616,584 246,066,584 252,403,981
=================== =================== ==============
Loss per share (pence)
Basic (0.13) (0.14) (0.25)
Diluted (0.13) (0.14) (0.25)
===================
3. INTANGIBLE ASSETS
Software Customer Patents Goodwill Total
relationships
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 31 May 2017 563 100 104 272 1039
Additions 41 - 13 - 54
--------- --------------- -------- --------- --------
At 30 November
2017 604 100 117 272 1093
Additions 48 - 25 73
--------- --------------- -------- --------- --------
At 31 May 2018 652 100 142 272 1,166
Additions 106 - 22 - 128
--------- --------------- -------- --------- --------
At 30 November
2018 758 100 164 272 1,294
--------- --------------- -------- --------- --------
Amortisation
At 31 May 2017 563 75 49 272 959
Charge for the
period - 11 12 - 23
--------- --------------- -------- --------- --------
As at 30 November
2017 563 86 61 272 982
Charge for the
period - 14 16 - 30
--------- --------------- -------- --------- --------
At 31 May 2018 563 100 77 272 1,012
Charge for the
period - - 6 - 6
--------- --------------- -------- --------- --------
At 30 November
2018 563 100 83 272 1,018
--------- --------------- -------- --------- --------
Net book Value
At 30 November
2018 195 - 81 - 276
========= =============== ======== ========= ========
At 31 May 2018 89 - 65 - 154
========= =============== ======== ========= ========
At 30 November
2017 - 14 56 - 111
========= =============== ======== ========= ========
4. AVAILABILITY OF THE INTERIM REPORT
Copies of the report will be available from the Company's registered office at Grange Park, Broadway, Bourn, Cambridgeshire CB23 2TA and also from the Company's website www.fbk.com.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR EAPFDAFNNEFF
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January 24, 2019 02:00 ET (07:00 GMT)
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