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(Sharecast News) - Clinical technology company Feedback released a positive trading update for the 12 months ended 31 May on Monday.
The AIM-traded firm said its revenue during the period was expected to reach £1m, representing a significant increase of around 70% compared to the prior year's £0.6m.
It put the growth down to the increased traction of Feedback's 'Bleepa-CareLocker' solutions in the UK, which accounted for about 74% of total revenues.
The strong performance of the Bleepa-CareLocker solutions helped offset the decline in revenue from legacy products.
Despite the positive revenue growth, however, the company's cash and cash equivalents were expected to be reported as £7.3m as at 31 May, down from £10.3m in the prior year.
Operationally, Feedback successfully extended its contract with Queen Victoria Hospital (QVH) for its Bleepa-CareLocker Community Diagnostics Centre (CDC) solution.
The company also focussed on exploring opportunities in the wider CDC spectrum, including regional CDC opportunities with integrated care systems (ICSs).
Feedback said it remained engaged in discussions with potential partners, and was well-positioned to convert its pipeline.
In addition to its UK operations, Feedback said it continued to develop opportunities in India.
The ongoing deployment of the CareLocker solution at Sampurna Sodani Diagnostic Clinic had proven to be a strong case study and reference point for other centres in the region, as well as larger cities like Mumbai.
It said the establishment of Feedback's India subsidiary, Feedback Medical India, had been successfully completed, and the process of local medical device registration for Bleepa was currently underway.
The registration was expected to create further opportunities for Bleepa in clinical settings.
During the reporting period, Feedback achieved recertification for several accreditations critical to its product development.
That included ISO13485, which ensures the quality of the product manufacturing process, ISO27001, which relates to data governance and management, Cyber Essentials Plus, which guarantees data security and resilience, and DCB0129, which focuses on clinical risk management.
Moreover, the successful recertification enabled the completion of the technical file for the latest version of Bleepa v1.5, and the affixing of a UKCA mark to the product release.
"Bleepa-CareLocker continues to present exciting opportunities as the company's target market expands," the Feedback board said in its statement.
"The combination of over 160 CDC sites to be implemented nationally, renewed government commitment to NHS spending on the CDC programme, and increasing traction in India, continue to underpin significant growth potential for the company.
"We remain in continued dialogue with relevant stakeholders, potential partners and potential customers in relation to NHS opportunities, particularly within CDC and ICS settings."
Feedback said that at a time when NHS backlogs were at an all-time high and the NHS was facing some of its worst staffing shortages, its management believed the Bleepa-CareLocker solution had never been more needed.
"Initial data from the Bleepa-CareLocker symptom-based CDC pathway is showing encouraging results to date, with an approximate 70% saving in patient wait times compared to the NHS 18-week referral to treatment (RTT) target, without the need for additional clinical staff.
"The case for the company's solutions has also been supported by recent NHSE guidance stating that CDCs should be used to facilitate symptom-based care pathways in order to maximise their impact on patient wait times.
"With the company's solutions reducing waiting times and increasing efficiency the board continues to be excited by the growth opportunity."
At 0813 BST, shares in Feedback were up 0.87% at 116p.
Reporting by Josh White for Sharecast.com.
