Last checked at 5 Nov 2020 07:00
Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement, this information is now considered to be in the public domain.
Feedback plc
AGM Statement
London, 05 November 2020: Feedback plc (AIM: FDBK, "Feedback" or the "Company"), the specialist medical imaging technology company, is pleased to make the following statement ahead of the Annual General Meeting of the Company being held at 11:00 today:
Following a transformative year during which the Company further developed its core product, Bleepa - the revolutionary medical imaging communications app - the Company remains well placed to create strong revenue streams and further enhance the Bleepa proposition.
It has already been a busy start to the current year with the successful £5.05m fundraise, and with Bleepa becoming the only medical imaging product on the NHSx National Communications Framework with a CE mark as a Class 1 Medical Device. Furthermore, the recently announced partnership with Axial3D, enabling clinicians to view and manipulate 3D clinical medical images, reflects Bleepa's standing within the wider market. This relationship highlights how Bleepa can leverage a growing user base via partnerships and collaborations to bring more value to customers at the same time as diversifying revenue streams.
Importantly, with much of the groundwork now complete, the focus is to further grow Bleepa's market base and create a strong platform for revenue growth. To aid this, the Company has strengthened its marketing team and hired an integration specialist in order to help increase the speed of roll out.
With a view to scaling the product at pace, improving routes to market domestically and internationally, and reducing roll-out costs, the Company has also begun moving from on-premise to cloud-based installations. Importantly, this will also enable the Company to better match service demand with server capacity, improving service uptime.
Operationally, the Company continues to focus on scaling up and becoming a major player within the global medical imaging market. Its cash position remains strong at £4.4m on 30 September 2020 - with the Company fully funded to execute its growth strategy for the current financial year and beyond. The Board is confident in its ability to deliver on the planned growth, with increased routes to market expected to create strong future revenue streams.
Professor Rory Shaw, Non-Executive Chairman, added:
"This was an extremely busy year at Feedback as Bleepa established a market leading customer experience and has set its stall as a medical imaging communications app of choice. We remain extremely excited by the significant growth opportunity within existing and new markets as we further develop functionality and partnerships, and gain market share."
-Ends-
Enquiries:
Feedback plc Tom Oakley, CEO Lindsay Melvin, CFO | +44 (0)1954 718072 IR@fbk.com |
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Allenby Capital Limited (Nominated Adviser) David Worlidge / Asha Chotai | +44 (0)20 3328 5656 |
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Peterhouse Capital Limited (Joint Broker) Lucy Williams / Duncan Vasey | +44 (0)20 7469 0936 |
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Stanford Capital Partners Limited (Joint Broker) Patrick Claridge / John Howes | +44 20 3815 8880 |
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Walbrook PR Ltd | Tel: 020 7933 8780 or feedbackplc@walbrookpr.com |
Paul McManus/Nick Rome/Nicholas Johnson | 07980 541 893 or 07748 325 236 or 07884 664 686 |
Notes to Editors
Feedback plc (AIM: FDBK) is a medical imaging technology business. Its core product, Bleepa, is a revolutionary medical imaging communications app, providing an easy-to-use, high quality tool to enable remote and secure communications between front-line clinicians and teams. Importantly, it is the only CE marked medical imaging communications platform on the NHSx clinical communications tools framework. Bleepa has unparalleled functionality for everyday practice and can be accessed from any internet-connected device, enabling control of patient cases when on the go.
Its highly scalable Software as a Service ("SaaS")-based revenue model will provide increasing levels of visibility as the Company grows its customer base. With a growing distribution base and technology in place, the focus is on leveraging key relationships in order to drive sales both in the UK and internationally to all forms of care facilitators. As a fully certified medical device, Bleepa aims to disrupt the medical imaging communications market and, importantly, increase the accuracy and speed of diagnosis.