Business
Year End Trading Update
Year End Trading Update.
About this update from Feedback Plc
[{"type":"text","content":"\n\nFeedback plc\n \nYear End Trading Update\n \nFeedback plc (AIM: FDBK, \"Feedback\" or the \"Company\"), the specialist clinical technology company, is pleased to provide a positive trading update for the 12 months to 31 May 2023 (the \"Period\").\n \nFinancial Highlights\n \nTrading during the Period was in line with the Board's and market expectations, with revenue for the Period expected to be c.£1.0m (2022: £0.6m), up approximately 70%. Increased traction for the Company's Bleepa-CareLocker solutions in the UK drove the majority of revenue growth during the period, offsetting the phasing down of legacy products. Bleepa-CareLocker now contributes approximately 74% of total revenues.\n \nCash and cash equivalents as at 31 May 2023 is expected to be reported as c.£7.3m (31 May 2022: £10.3m).\n \nOperational Highlights\n \nThe Company successfully extended its contract with Queen Victoria Hospital (\"QVH\") for its Bleepa-CareLocker Community Diagnostics Centre (\"CDC\") solution and continued to focus on opportunities across the wider CDC spectrum, including regional CDC opportunities with integrated care systems (ICSs). Feedback remains in dialogue with several potential partners and continues to be well placed to convert its pipeline.\n \nThe Company also continued to develop opportunities in India. The CareLocker deployment at Sampurna Sodani Diagnostic Clinic is continuing to be a strong case study and reference point for other centres, both in the region as well as in larger cities including Mumbai. In addition, the establishment of the Company's Indian subsidiary, Feedback Medical India Private Limited, is now complete, with local medical device registration for Bleepa now underway, which management believes will facilitate further opportunities for Bleepa in clinical settings.\n \nDuring the Period the Company successfully recertified for a number of its accreditations including: ISO13485, the standard for quality of the product manufacturing process (a pre-requisite to medical device certification); ISO27001, relating to data governance and management; Cyber Essentials Plus, data security and resilience; and DCB0129, clinical risk management.\n \nThese standards are an essential component of the Company's product development and strengthen its ability to sell to the N...