Feedback says interim revenue down, announces new pilot deal

(Alliance News) - Feedback PLC on Wednesday announced a new partnership with Medical Imaging Partnership, and a widened loss for its latest half year.

The London-based specialist clinical communication company said its pretax loss for the six months to November 30 was GBP2.1 million, compared with a GBP1.6 million loss the year before.

Revenue decreased by 24% to GBP437,000 from GBP576,000. Feedback said the decreased revenue was mainly due to the timing of revenue recognition of a pilot contract signed in September 2022.

Operating expenses increased 17% to GBP2.5 million from GBP2.2 million, primarily due to increased staff costs.

Feedback said that going forward, despite the "extremely challenging" current trading conditions in the UK healthcare sector, there are growing opportunities for its products in the UK and abroad.

The company believes its Bleepa clinical collaboration platform is now "well positioned, supported by strong evidence and...truly on the national radar".

"We are delighted with the increased traction for our core products as customer recognition, new contracts, and positive impact data all point towards the same conclusion; that Bleepa is both ideally suited and uniquely positioned to connect medical professionals safely and securely," commented Feedback Chief Executive Officer Tom Oakley.

"As the UK, in particular, combats continuing winter pressures and a growing backlog of patients, there is an increasing focus on digital infrastructure and digitally enabled tools...There is also a prevailing direction of travel, both in the UK and internationally, that should see stricter data governance regulations imposed on the industry, which, the board believes, will directly benefit Feedback, underpin demand for its products, and further differentiate it from competitors.

Also on Wednesday, Feedback announced its partnership pilot agreement with radiology specialist Medical Imaging Partnership.

Feedback said that MIP has agreed to pilot Bleepa-CareLocker to service its customers in the UK private healthcare sector. The pilot will formally start on a paid basis after an initial evaluation and planning period, starting with a prostate screening service before further cardiac and women's health services are onboarded later this year.

Feedback shares closed flat at 62.00 pence in London on Wednesday. The stock has fallen by 66% over the past 12 months.

By Emma Curzon, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

Feedback