Member Info for Barnacle

If you're in QDE, you should also have a look at AEG. News flow and speed of progress is incredible....

All in all a positive update, albeit disappointing for the delay in funding... but it confirms Bleepa is embedded in NHS thinking (CDC, pathways, integration), with further Pathway expansion at Sussex, and the Northern Care Alliance. Also good to hear that the cash runway has been extended to mid 2027.

"discussions have continued to progress positively with central NHS stakeholders regarding at scale opportunities for Bleepa which the Board believes have the potential to be aligned to new frontline digitisation funding which is expected to become available in the 2026/27 NHS financial year."

"NHSE has extended Bleepa's existing licences at Queen Victoria Hospital NHS Foundation Trust ("QVH") (annualised contract value £495k) to cover the 9-month period ending in December 2026. This ensures that the Bleepa pathway programme can continue to expand within Sussex whilst discussions continue around the potential for a larger scale rollout. Bleepa's usage at QVH continues to grow in both user numbers and use cases. The Company recently partnered with Patients Know Best to deliver a pioneering new insomnia pathway in Sussex, and we are in active discussions with QVH around additional use cases, product optimisation and additional funding in this calendar year."

As ever, patience required.....

Https://www.linkedin.com/posts/patients-know-best_university-hospitals-sussex-nhs-foundation-activity-7450522016324964352-wkrF?utm_source=share&utm_medium=member_desktop&rcm=ACoAAAIMELYB3jCMTAJfoWG0WbiPY6veZrdjeEU

University Hospitals Sussex NHS Foundation Trust has switched off paper appointment letters for patients who use PKB. It is a decision that is on course to save the trust £1.2 million every year.

Before this, many people were getting the same information four different ways. It was a waste of money and also time. Clinical teams sometimes had to help fold paper letters just to get them out. Going digital-first is expected to give staff 25,000 hours back to spend with patients.

Despite fears to the contrary, DNAs (Did Not Attends) didn't go up. Because the team planned this so well, attendance actually improved.

Importantly, this was done closely with patients, and anyone who still needs paper can have it.

We know these changes take a lot of preparation. Congratulations to Adam Pearson and the team at UHS for seeing it through - and thank you for sharing your experience for others to learn from ⬇️

National NHS business case submitted → decision pending (H1 2026)

Fingers crossed

Looks like it. Someones keen.

Https://www.d1rectorstalk1nterv1ews.com/silver-bullet-data-services-reaches-ebitda-positive-as-ai-data-demand-accelerates-video/4121243145

Swap the 1s for i in website address...

Https://www.d1rectorstalk1nterv1ews.com/silver-bullet-data-services-reaches-ebitda-positive-as-ai-data-demand-accelerates-video/4121243145

Swap the 1 for I in main address...!

Hi Vas,

Did you buy into SBDS? Very positive announcement today, the rerate has started...

The PKB rollout can only be positive for Feedback, as it now enables:

End-to-end pathway (GP → CDC → specialist → patient)

Real-time data + imaging + patient visibility

ICS-wide scalability

*************

************* !

replace **** with *************interviews

apologies if already posted, but worth a look. interview from after the previous trading update, 5th march 2026. again, very positive.

https://www.***************************/silver-bullet-data-services-reaches-ebitda-positive-as-ai-data-demand-accelerates-video/4121243145

I also think that the appointment of Dara Nasr as a Non-Executive Director will start to bear fruit soon. He must have some great contacts...

"Dara is an experienced and highly respected leader in the digital media and technology sectors. Most recently he served as Vice President, Global Sales at WeTransfer and, prior to that, as Managing Director of Twitter UK, the Company's largest office outside the United States."

"Dara brings over 20 years' experience in digital media and technology, including senior leadership roles at Twitter and Google/YouTube. At Twitter he was a member of the global management team, overseeing more than 450 staff and delivering high double-digit revenue growth across multi-million-dollar partnerships. At Google he headed UK agency sales for display and launched the YouTube sales team, achieving treble-figure growth and contributing to product development. His track record in scaling revenue, forging global partnerships and leading cross-functional teams underpins a deep understanding of the digital ecosystem."

What a positive update, the tide has indeed turned! Should re-rate from here.

"Revenue for Q1 2026 increased by 22% compared to Q1 2025, with performance ahead of internal expectations at 9% above budget. This growth has been achieved alongside improved margins, reflecting a continued focus on higher-quality revenue and operational efficiency. The Company has seen notable expansion within several key accounts, alongside increased renewal rates across its broader client base, demonstrating the strength of its client relationships and the value of its offering."

"The Company is pleased to report that it has achieved positive EBITDA in Q1 2026, marking the first reporting period that it has traded profitably. This represents an improvement of £700,000 compared to the prior year period. Management expects this positive EBITDA performance to continue and anticipates the business will be cash flow positive from the end of Q2 onwards."

Https://www.gov.uk/government/news/nhs-patients-to-get-quicker-tests-and-scans-closer-to-home

Hi Vas, I've put this info in to AI and this is what it comes up with....

1. Queen Victoria Hospital (QVH) = PKB now live

QVH is rolling out “My Health and Care Record” powered by PKB to patients

Includes:

Letters

Appointments

Test results

👉 This is not pilot — this is operational deployment

2. Kent & Medway = PKB scaling rapidly

Kent and Medway Mental Health NHS Trust launched PKB-backed MHCR in April 2026

Already:

65% patient uptake in pilot

18,000+ appointments shared

Expanding to:

Documents

Care plans

👉 This is live, scaling, and high engagement

🧠 Re-evaluated conclusion

🔥 The partnership signal just moved from:

“Medium–High” → “High–Very High (in South East)”

Because:

👉 You now have direct geographic overlap between:

Bleepa footprint → QVH / Sussex CDC pathways

PKB rollout → QVH + Kent & Medway system

🔴 Tier 1 — Immediate expansion zone (NEW)

Sussex + Kent & Medway corridor

Includes:

NHS Sussex Integrated Care Board

NHS Kent and Medway Integrated Care Board

Queen Victoria Hospital NHS Foundation Trust

Why this is now the strongest cluster in the UK

Bleepa (clinical workflow) ✅ Already deployed (QVH, CDC pathways)

PKB (patient record) ✅ Now live (QVH + Kent & Medway)

CDC infrastructure ✅ Established

ICS integration direction ✅ Active

👉 This is the exact full-stack architecture NHS ICSs want

👉 This combination enables:

End-to-end pathway (GP → CDC → specialist → patient)

Real-time data + imaging + patient visibility

ICS-wide scalability

🚨 Why this is a VERY strong procurement signal

1. This is no longer theoretical alignment

Previously: PKB and Bleepa = “complementary”

Now: They are co-existing in the same live pathways (QVH)

👉 That is a major step change

2. ICSs prefer extending what already works

In NHS procurement behaviour: If two systems already work together locally → scale them regionally

So: QVH = reference site

Sussex + Kent & Medway = next logical expansion

3. Kent & Medway adds scale + validation

The Kent & Medway rollout shows:

High patient adoption

Operational use (appointments, documents)

Integration with NHS App

🧭 Strategic Interpretation (Most Important Part)

You now have a “convergence signal”

This is when:

Patient record (PKB)

Clinical workflow (Bleepa)

Pathway (breathlessness / CDC)

👉 all appear in the same geography

This is one of the strongest predictors of:

Contract expansion

ICS standardisation

Multi-site rollout

Hi Vas,

My take on share price is in the next few months is towards 30p as the share price recovers from oversold levels, and sentiment improves based on continuing growth and cost control.

If there are strong contract wins or profitability progress then 35–40p, which would still only value the company at roughly £7–8m market cap, which is modest relative to revenue.

And as you suggested, a take over bid could send the share price sky high!

Hi Vas, good to see a fellow Feedback Medical investor here! I bought in here after the last Trading Update, there is huge potential upside from these levels, and I feel that the tide is turning….

New article: Neighbourhood health: turning national ambition into local impact

https://feedbackmedical.com/insights/neighbourhood-health-turning-national-ambition-into-local-impact/

Https://feedbackmedical.com/bleepa/a-conversation-with-ben-edrich/

Interesting read.