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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 62.50 | 60.00 | 65.00 | 62.50 | 62.50 | 62.50 | 168 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Electronic Computers | 1.03M | -2.92M | -0.2188 | -2.86 | 8.33M |
TIDMFDBK
RNS Number : 2743D
Feedback PLC
18 February 2020
Feedback plc
Interim Results for the six months to 30 November 2019
Forging a leading position in the mobile medical communications market
London, UK, 18 February 2020 - Feedback plc (AIM: FDBK, "Feedback" or the "Company"), the specialist medical imaging technology company, announces its unaudited results for the six months to 30 November 2019.
Operational highlights (including post period-end)
-- Completion of Strategic Review drives focus on Cadran portfolio -- Development and launch of new flagship product, Bleepa(TM) -- Revolutionary new app enables clinicians to review medical grade images on devices
- Allows clinician-to-clinician communications to enable better and faster treatment for patients
- Launched at NHS Expo in September 2019 to strong interest from clinicians and healthcare professionals
- First pilot study underway with Pennine Acute Hospitals NHS Trust with positive early indications that average time to inpatient referral has more than halved due to Bleepa(TM)
- Secure and GDPR compliant for patient data -- TexRAD continues to be sold within the research setting through third party distributors
-- Post-period: Cadran licence agreement with Imaging Engineering to support installation and refitting of modernised fluoroscopy equipment across US
-- Strengthened Board - Prof. Rory Shaw became Chairman when Alastair Riddell stepped down
- Post-period: Appointment of Adam Denning, Former Assistant Technical Advisor to Bill Gates, as Non-Executive Director
Financial summary
-- Recognised revenue for the six-month period up 14% to GBP269k (H1 2018: GBP236k)
-- Loss after tax for the six-month period of GBP603k (H1 2018: loss GBP369k) due to recruitment to service new opportunities and launch the Company's flagship product, Bleepa(TM)
-- Increased investment in software development to GBP301k (H1 2018: GBP106k)
-- Loss before interest, tax and amortisation for the six-month period of GBP684k (H1 2018: loss GBP400k)
-- Cash at 30 November 2019 was GBP1.53m (30 November 2018: GBP1.37m) following the equity fundraise in August 2019, raising GBP2m before expenses
Dr Tom Oakley , C EO of Feedback, commented:
"We have deliberately changed the Company's strategy to focus on the Cadran portfolio and transition into the emerging mobile medical market; this strategy is already bearing fruit.
"During the past six months, we completed the development of our new flagship product, Bleepa(TM). Following its launch in September at the NHS Expo, we have received significant interest and entered our first Pilot study within an NHS setting, from which early indications show great promise. We believe that Bleepa(TM) has the potential to revolutionise the way clinicians are able to communicate with each other and advance treatment of their patients, quickly.
"Further evidence of the new strategy gaining traction is our first commercial contract of the Cadran platform outside of the NHS. With growing momentum and the strengthening of our Board with the appointment of Adam Denning, 2020 is looking to be a promising year for Feedback."
Enquiries:
Feedback plc +44 (0)1954 718072 Rory Shaw, Chairman IR@fbk.com Tom Oakley, CEO 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 Broker) Patrick Claridge / John Howes +44 20 3815 8880 Instinctif Partners +44 (0)20 7457 2020 Melanie Toyne-Sewell / Phillip Marriage feedbackplc@instinctif.com
About Feedback plc - www.fbk.com
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 has launched Bleepa(TM) , a new secure, encrypted medical communication app for clinicians accessible through smartphones, tablets and desktops that facilitates rapid clinical messaging and review of medical grade imaging for all members of a clinical team, directly from a hospital Picture Archiving and Communications System (PACS). For more information on Bleepa(TM) , see www.bleepa.com .
Chairman and Chief Executive's Statement
The first six months of the financial year has seen great change within Feedback. Following the appointment of Dr Tom Oakley as CEO in February 2019, the Company took the opportunity to complete a strategic review to assess its assets and determine the best of use of Company funds to create value for shareholders.
The outcome of the strategic review has prioritised the Cadran portfolio where the Company sees the greatest opportunity for growth. Cadran is Feedback's established Picture Archiving and Communications System (PACS) which facilitates the review of medical imaging studies by clinicians. It is a progressive and rigorously tested Class 1 medical device with a longstanding legacy of service at NHS institutions.
Prior to the introduction of Bleepa(TM), it was only possible to view medical grade images on desktop computers and discuss them by telephone. According to BMJ Innovations, 97% of hospital doctors routinely use WhatsApp to communicate about patients(1) (.) This increasing trend for clinicians to use personal devices to discuss patient care and make clinical decisions is more convenient and efficient than traditional methods of clinical communication. This has raised concerns that images shared over these modalities are not of sufficient quality to make clinical decisions and sharing data in this way breaches data protection legislation, leaving hospitals and individual staff open to the risk of litigation.
Feedback has added a dedicated, encrypted messaging function to its existing Cadran technology to create Bleepa(TM), the leading mobile communication application on the market capable of sharing clinical grade medical imaging directly from a hospital PACS to mobile devices.
Bleepa(TM)
In July 2019, Feedback announced the launch of its new flagship product, Bleepa(TM), a revolutionary clinical messaging app, as the Company's first step to establish a leading role in the mobile medical communication market.
Bleepa(TM) is an innovative new app which allows medical staff to securely view and discuss high quality medical grade images on mobile devices directly from the hospital's PACS. Bleepa(TM) can display any type of image including X-rays, CTs, MRIs and ultrasound studies allowing users to easily scroll through image slices and annotate areas of interest. Questions can be asked alongside annotations and submitted into the chat where they can be securely reviewed by colleagues at the swipe of a finger, with instant access to the original image.
The Directors believe Bleepa(TM) has the potential to be the leading medical communication tool on the market and are confident it will become a CE marked medical device.
In September 2019, Feedback unveiled Bleepa(TM) for the first time to over 6,000 conference delegates at NHS Expo in Manchester, where it received strong interest from clinicians and professionals across both public and private hospitals, within the UK and internationally.
In November 2019, Feedback initiated its first pilot study for Bleepa (TM) with Pennine Acute Hospitals NHS Trust in Manchester. The study, which is now underway, is being carried out initially by Dr Georges Ng Man Kwong's team who receive respiratory requests for specialist review of inpatients from other clinical teams. The study, which went live during December will last for approximately three months and will assess how Bleepa (TM) supports the workflow of cross team referrals. It is anticipated that a number of additional clinicians from various specialities will be involved in the study and key endpoints will examine the system benefits of Bleepa (TM) deployment. The quality of data, user experience and impact on patient care are the focus of the study with pre and post benchmarks executed and scheduled.
Early indications from a small cohort in this study show great promise. Initial findings demonstrate Bleepa(TM) has more than halved the average referral time and enabled 60% of cases to be dealt with entirely through Bleepa(TM) without the need for the clinical team to take any action other than to discuss each case through Bleepa(TM). If this trend continues, this study will clearly demonstrate Bleepa(TM) capabilities to enable faster clinical decision making between team members wherever they are, accelerate and improve patient care, whilst reducing the burden on already overladen clinical staff.
TexRAD(R)
As announced at the AGM in November 2019, the strategic review of the TexRAD medical image analysis technology reached the conclusion that although TexRAD remains a leading tool in the field of Radiomics further clinical data is required to support a US FDA submission and move TexRAD into frontline clinical delivery where the true opportunity for the technology lies. This additional data is provided by independent studies at academic institutions and therefore the timing of data supplied is outside the Company's control. Further investment in the product has been put on hold until a supporting evidence base materialises.
Included in Feedback overheads for the six-month period ended 30 November 2019 were costs totalling GBP53k (2018: GBPnil) relating to TexRAD product enhancements and in developing the Indian market. However, TexRAD invoiced sales for the period totalled GBP128k (2018: GBP209k) and so these development costs together with direct selling and customer support costs meant that TexRAD was a loss-making division for the period. In response to this position, the Board took the decision to continue selling TexRAD to academic customers solely through third party distributors on a commission only basis and to reduce the internal cost base associated with TexRAD sales. This led to the redundancy of the Global Business Development Director role and the exit of Dr Balaji Ganeshan from the company. Dr Ganeshan ceased to be a director of Feedback Medical Limited on 18 February 2020.
The Company will continue to sell TexRAD within the research community through third party distributors and assess any future opportunities that may arise for the TexRAD platform.
Building commercial partnerships
The Company's focus on the Cadran platform extends beyond its flagship product, Bleepa(TM), with the potential to utilise the software capabilities of the Cadran system to enable potential partners to upgrade and manage their existing imaging systems.
Post-period, in January 2020, Feedback announced a commercial partnership with Imaging Engineering LLC, a US-based specialist technology provider, to support the installation and refitting of modernised fluoroscopy equipment across the US. Fluoroscopy is a form of dynamic X-ray capture which enables real time, moving patient imaging and is commonly used for a number of imaging investigations within gastroenterology, orthopaedics and interventional radiology.
Utilising the Cadran platform, Feedback will provide the core software to manage the entire system for the "Insight Essentials" product, from image capture through data management to DICOM (Digital Imaging and Communications in Medicine) networking. Feedback's software will enable a wide-ranging Imaging Engineering initiative to update fluoroscopy equipment across the United States, with an initial focus on 200 provider sites. Under the terms of the agreement, Feedback Medical, Feedback's plc's wholly owned subsidiary, will receive a licence fee for each installation performed by Imaging Engineering and has no commitment beyond providing and maintaining the software under this licence.
The Company believes there are similar opportunities to help companies modernise their existing equipment that require minimal labour resource from Feedback. These opportunities have the potential to bring additional revenue streams without distraction from the core focus of the business.
Strengthening the Board
The appointment of Tom Oakley as CEO earlier in the year has set Feedback on a new and exciting course at the forefront of the digital revolution in medical communication.
Following the news of Alastair Riddell's wish to retire in August 2019, Rory Sha w became Chairman in November 2019, following his role as Medical Director of Feedback Medical Limited. During his tenure, Alastair guided Feedback to realise the potential of its proprietary technology and has left the Company with a bright and promising future.
Post-period, in February 2020, Adam Denning joined the Company as non-executive director. As former assistant technical adviser to Bill Gates with 25 years of experience at Microsoft, he brings extensive software delivery skills to Feedback.
Financial review
In the six months to 30 November 2019, recognised revenue in the period increased 14% to GBP269k (H1 2018: GBP236k). Loss after tax increased to GBP603k (H1 2018: loss GBP369k) due to higher cost base following the recruitment programme to service new opportunities and the launch of the Company's flagship product, Bleepa(TM). Loss before interest, tax and amortisation was GBP684k (H1 2018: loss GBP400k). During the period, Feedback invested GBP301k with Future Processing on software development of Bleepa(TM) (H1 2018: GBP106k). 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 rigorous cost control, with existing overheads kept well monitored. Cash at 30 November 2019 was GBP1.5 3m (30 November 2018: GBP1.37m) following the equity fundraise in August 2019, raising GBP2m before expenses.
Current trading and outlook
The repositioning of Cadran marks a shift away from a traditional software sales model towards a SaaS (software as a service) model which is anticipated to generate higher recurring revenues for the Company and position it to capture the emerging mobile medical communications market.
We believe the new strategy and subsequent development of Bleepa(TM) has transformed the Company. With our first pilot study underway, momentum for Bleepa continues to build. In the coming months we will receive the results of the pilot study and anticipate others to follow, which we aim to convert into meaningful contracts. Cadran also offers the opportunity to develop software management partnerships that will provide a supporting revenue stream to enable further development of the platform. Our new focus will enable the Company to drive forward and secure a position as a leader in mobile medical communications.
Dr T Oakley, CEO
Prof R Shaw, Chairman
(1) O'Sullivan DM, O'Sullivan E, O'Connor M, et al WhatsApp Doc? BMJ Innovations 2017;3:238-239.
UNAUDITED INTERIM STATEMENT OF COMPREHENSIVE INCOME
Notes unaudited unaudited audited Six months Six months Year to to to 31 May 30 November 30 November 2019 2019 2018 GBP'000 GBP'000 GBP'000 Revenue 269 236 563 Cost of sales (4) (1) (5) ------------- ------------- --------- Gross profit 265 235 558 Other operating expenses (956) (642) (1,690) Operating loss (691) (407) (1,132) Net finance income - - 1 ------------- ------------- --------- Loss on ordinary activities before taxation (691) (407) (1,131) Tax credit 88 38 159 ------------- ------------- --------- Loss on ordinary activities after tax attributable to the equity shareholders of the Company (603) (369) (972) ------------- ------------- --------- Total comprehensive loss for the period (603) (369) (972) ------------- ------------- --------- LOSS PER SHARE (pence) Basic and diluted 2 (0.13) (0.13) (0.29) ------------- ------------- ---------
UNAUDITED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Capital Retained Translation Share Total Capital Premium Reserve Earnings Reserve Option Reserve GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 At 1 June 2018 704 2,714 300 (3,143) (210) - 365 New Shares issued 229 1,146 - - - - 1,375 Costs associated with the raising of funds - (83) - - - - (83) Total comprehensive expense for the period - - - (369) - - (369) --------- --------- --------- ---------- ------------ --------- -------- At 30 November 2018 933 3,777 300 (3,512) (210) - 1288 Share option expense reserve - - - (261) - 261 - Total comprehensive expense for the period - - - (342) - - (342) --------- --------- --------- ---------- ------------ --------- -------- At 31 May 2019 933 3,777 300 (4,115) (210) 261 946 New Shares issued 417 1583 - - - 2,000 Costs associated with the raising of funds - (139) - - - (139) Total comprehensive expense for the period - - - (603) - (603) --------- --------- --------- ---------- ------------ --------- -------- At 30 November
2019 1,350 5,221 300 (4,718) (210) 261 2,204 --------- --------- --------- ---------- ------------ --------- --------
UNAUDITED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION
unaudited unaudited audited 30 November 30 November 31 May 2019 2018 2019 GBP'000 GBP'000 GBP'000 Notes ASSETS Non-current assets Property, plant and equipment 11 6 6 Intangible assets 3 753 276 450 ---------------------- 764 282 456 ---------------------- ------------- --------- Current assets Trade receivables 144 190 203 Other receivables 18 13 41 Corporation tax receivable 247 129 249 Cash and cash equivalents 1,526 1,367 541 ---------------------- ------------- --------- 1,935 1,699 1,034 Total assets 2,699 1,981 1,490 ---------------------- ------------- --------- EQUITY Capital and reserves attributable to the Company's equity shareholders Called up share capital 1,350 933 933 Share premium account 5,221 3,777 3,777 Capital reserve 300 300 300 Translation reserve (210) (210) (210) Share option expense reserve 261 - 261 Retained earnings (4,718) (3,512) (4,115) ---------------------- ------------- --------- T otal equity 2,204 1,288 946 ---------------------- ------------- --------- Current liabilities Trade payables 143 106 31 Other payables 346 390 467 ---------------------- 489 496 498 Non-current liabilities Other payables 6 197 46 ---------------------- ------------- --------- Total liabilities 495 693 544 ---------------------- TOTAL EQUITY AND LIABILITIES 2,699 1,981 1,490 ---------------------- ------------- ---------
UNAUDITED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
unaudited unaudited audited Six months Six months Year to 30 November to 30 November to 31 May 2019 2018 2019 GBP'000 GBP'000 GBP'000 Cash flows from operating activities Loss before tax (691) (407) (1,131) ---------------- ---------------- ----------- Adjustments for: Depreciation and amortisation 7 7 107 Net finance income - - (1) Share-based payment expense - - 261 Decrease/(Increase) in trade receivables 58 (102) (115) Decrease in other receivables 13 32 2 Increase in trade payables 111 49 9 Decrease in other payables (143) (46) (153) Corporation tax received 91 38 38 ---------------- ---------------- ----------- 137 (22) 148 ---------------- ---------------- ----------- Net cash used in operating activities (554) (429) (983) Cash flows from investing activities Purchase of tangible fixed assets (12) - (3) Purchase of intangible assets (310) (128) (398) Net finance income received - - 1 Net cash used in investing activities (322) (128) (400) ---------------- ---------------- ----------- Cash flows from financing activities Net proceeds of share issue 1,861 1,292 1,292 ---------------- ---------------- ----------- Net cash generated from financing activities 1,861 1,292 1,292 ---------------- ---------------- ----------- Net increase/(decrease) in cash and cash equivalents 985 735 (91) Cash and cash equivalents at beginning of period 541 632 632 Cash and cash equivalents at end of period 1,526 1,367 541 ---------------- ---------------- -----------
NOTES TO THE UNAUDITED INTERIM REPORT
1. BASIS OF PREPARATION
The accounting policies are unchanged from the financial statements for the year ended 31 May 2019.
The information set out in this interim report for the six months ended 30 November 2019 does not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. The accounts for the year ended 31 May 2019 have been filed with the Registrar of Companies.
This interim report was approved by the directors on 17 February 2020.
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 Six months to Six months to Year to 30 November 30 November 31 May 2019 2018 2019 GBP'000 GBP'000 GBP'000 Net loss attributable to ordinary equity holders (603) (369) (973) --------------- --------------- -------------- Six months to Six months to Year to 30 November 30 November 31 May 2019 2018 2019 Weighted average number of ordinary shares for basic earnings per share 449,131,065 281,616,584 333,151,019 Effect of dilution: Share Options - - - Warrants - - - --------------- --------------- -------------- Weighted average number of ordinary shares adjusted for the effect of dilution 449,131,065 281,616,584 333,151,019 --------------- --------------- -------------- Loss per share (pence) Basic (0.13) (0.13) (0.29) Diluted (0.13) (0.13) (0.29) --------------- 3. INTANGIBLE ASSETS Software Customer Patents Goodwill Total relationships GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Cost At 31 May 2018 652 100 142 272 1,166 Additions 106 - 22 - 128 --------------- --------------- -------- --------- -------- At 30 November 2018 758 100 164 272 1,294
Additions/(Disposals) 280 - (10) 270 --------------- --------------- -------- --------- -------- At 31 May 2019 1,038 100 154 272 1,564 Additions 301 - 9 - 310 --------------- --------------- -------- --------- -------- At 30 November 2019 1,339 100 163 272 1,874 --------------- --------------- -------- --------- -------- Amortisation At 31 May 2018 563 100 77 272 1,012 Charge for the period - - 6 - 6 --------------- --------------- -------- --------- -------- As at 30 November 2018 563 100 83 272 1,018 Charge for the period 82 - 14 - 96 --------------- --------------- -------- --------- -------- At 31 May 2019 645 100 97 272 1,114 Charge for the period - - 7 - 7 --------------- --------------- -------- --------- -------- At 30 November 2019 645 100 104 272 1,121 --------------- --------------- -------- --------- -------- Net book Value At 30 November 2019 694 - 59 - 753 --------------- --------------- -------- --------- -------- At 31 May 2019 393 - 57 - 450 --------------- --------------- -------- --------- -------- At 30 November 2018 195 - 81 - 276 --------------- --------------- -------- --------- -------- 4. AVAILABILITY OF THE INTERIM REPORT
Copies of the report will be available from the Company's registered office at Health Foundry, Canterbury House, 1 Royal Street, London SE1 7LL 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.
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February 18, 2020 02:00 ET (07:00 GMT)
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