Feedback (LSE:FDBK) — Full Year Results

0:01 Good afternoon, ladies and gentlemen, and welcome to the FEEDBACK PLC full year results investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time via the q and a tab that's just situated on the right hand corner of your screen. Please just simply type in your questions at any time and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, all questions submitted today will be reviewed with with responses published on the investor meet company platform where it is appropriate

0:32 to do so. Before we begin, I would like to submit the following poll. And if you could give that your kind attention, I'm sure the company would be most grateful. I'd now like to hand you over to CEO, Tom Oakley. Good afternoon, sir. Thanks very much. Firstly, thank you to everyone who's in the audience. We very much appreciate the opportunity to talk to you today about the company and also about our our most recent results. I'm Tom Oakley. I'm the chief executive. My background is as a clinical radiologist, and I'm also an entrepreneur fellow for NHS England. But I am also in my main day today as chief executive officer of FEEDBACK PLC. And, Anesh, if you just want to introduce yourself quickly. Sure. Good afternoon, everyone. Anesh Patel, CFO of FEEDBACK PLC. I'll be presenting the 2,022 results alongside Tom today, and I'm very much looking forward to engaging with you.

1:24 Brilliant.

1:26 So we'll just go through the slides. And then as as stated at the beginning, any questions, please feel free to submit them, and we'll we'll pick them up at the the end of the presentation. So to give, a a very broad overview of FEEDBACK PLC, who we are, what we do as a company, our purpose and our mission is very much to enable clinicians to make better decisions for patients

1:54 faster. And we do that predominantly two ways, by presenting clinical data to clinicians so that they can make those informed decisions based off patient data, but also by connecting clinicians to each other so that they can collaborate around cases and reach collaborative, more results focused decisions much faster about the patient. All clinicians need access to two things ultimately, the data relating to the patient and colleagues, and we we provide that. The company is in a leading position within The UK, but also more broadly in in other health care settings and increasingly on an international footing. We have two core products, Bleepr and CareLocker, which we will outline a bit further in presentation.

2:45 Bleepr is our frontline clinical collaborative tool, and CareLocker is our architecture, our way of centrally storing clinical data around individual patients. Our market position is is quite unique. We are the only communication platform that incorporates a fully regulated image viewer. It's a requirement in a clinical setting if you are looking at digital images of a patient for a diagnostic purpose that you actually use a regulated image viewer. And therefore, our position as the only one that has one is is is truly unique. We also address a large and increasingly growing market with over 10,000,000,000 total addressable market estimates. And we have been building on our commercial journey ever since I took over as chief executive three years ago, And I'm delighted to report this in the the last year, we have seen an increase in revenue of a 105% over the prior period, and this is being driven largely by a huge increase in sales of 280% over the prior period.

3:51 The company also has a very strong cash position. We closed the trading period with 10,300,000 in cash, and that was largely due to the sizable funding round that we closed in November of last year of 11,200,000.

4:09 And to pull out some of the the key operational highlights from our our recent announcement, in the year just gone, we secured our first two bleeper contract wins. We have an aggregate value of 200,000. That is annual recurring revenue that we expect to repeat with each trading year. We also successfully closed our first NHS contract our first non NHS contract with CVS. CVS are a veterinary group, for those that are not familiar with them, and they have a large equine practice which we service. And so our contract is actually to deliver our services to 20 of their veterinary hospitals. We have expanded the product suite, both creating a patient facing facing version of CareLocker, which we'll we'll talk about later, and then also the bleep a box product for for CVS, which is also the year we achieved our first international deployment of bleep a where we deploy bleep a in Arissa in India to do remote TB screening. And we did this in partnership with Amazon Web Services who provided some some funding to accelerate that opportunity and also Cure dot ai who are a specialized AI platform that have an algorithm that will help to diagnose TB off a chest X-ray.

5:35 And, importantly, for the for the post period and also the the previous trading year, we also established a community diagnostic center pilot, which is a new initiative coming out of the Department of Health to try to reduce the elective care backlog. And we'll give a a fuller picture of that, later on in the presentation.

5:54 And the last point to really, draw out in the year in question, we also transitioned for the first time to a cloud based deployment for our technology, having previously always run our technology on on premise using local servers at our customer sites. So it has been a monumental year of transition and change where we have achieved an awful lot, And it has set the tone for everything we're doing currently, which is getting progressively more and more exciting.

6:27 So on this side, we've got the financial highlights for 2022. So the company reported its highest ever revenue since becoming a medical imaging company in 2014, which is clearly a statement that we hope to make year on year as we continue scaling. Revenue increased a 105% to £670,000, and this was driven by a full year of deeper commercialization in 2022 as well as increased license fees from imaging engineering for X-ray image capture technology, which is what we have licensed out to to the company in The United States. Our legacy product revenues from CADRAM Pax and from TEXRAD, as announced in previous years, is expected to decline going forward as planned, but these will be more than offset by the increasing revenues from and Care Locker, which enjoy much higher average contract values versus the legacy products.

7:23 In terms of sales, so sales represents the total contract value invoiced in a period and ignores the accounting deferred income adjustments for revenue recognition, and it's another KPI that we track internally. So sales increased 280% to nil £670,000 in 2022, of which, BLEEPR contributed 260,000, and imaging engineering license fees, £140,000, the balance being legacy products. In terms of adjusted EBITDA loss, this excludes D and A, of course, and also share based payments. This remained relatively flat in 2022 at 1,890,000 of loss. The higher revenues that we spoke about earlier were offset by a lower gross margin in the year and higher OpEx, particularly staff costs as the company expanded its headcount as planned.

8:14 And, of course, we saw cost inflation in in in in in line with other companies in recent times of the during the the second half of this financial year. As Tom mentioned, we closed the year, so 05/31/2022, with a very healthy cash balance of £10,300,000. If you exclude the financing round in November 2021, this represents a prefinancing cash outflow of £2,410,000 in 2022, which is an improvement on the prior year of £3,470,000 prefinancing cash outflow. Reason being the higher sales, so the higher customer cash receipts, the benefit of two r and d tax credits in the period, and we also took steps in h one two thousand and twenty two to reduce the software development CapEx in order to extend the runway prior to the fundraise in in November.

9:06 So, yes, a a decent set of results and a very healthy cash balance as of the year end. Brilliant. So to put out a couple of key items that we would like to to highlight, in the post period. So the first, and foremost is our contract award for delivering a pilot of our CDC solution with Sussex. This is the largest contract that we have ever received as a as a company and as a testament to the evolution of our product suite. And as Anesh just outlined, the increase in average contract value that we are seeing as we mature our product offerings. We'll spend a bit of time later in the presentation really picking this out, but this is The UK's first end to end symptom based care pathway and is how the community diagnostic center initiative is intended to work in order to help reduce the elective care backlog.

10:07 And our software, our digital infrastructure is a core component of making that happen. We've also been named as a supplier on g Cloud 13. This is a national procurement framework that allows individual sites and regions to procure our CDC solution, helping to further reduce any barriers to entry by facilitating that procurement. We have also released a care locker app to give a patient direct access to their clinical data. This essentially is a skimmed down version of that has various clinical and chat features disabled to allow the the patient to have good quality access to variant imaging and results, but without any of the features that they they don't require. And it was something we were able to deliver very quickly and very cost effectively as a result of that. And, again, we'll we'll come to the opportunities for CareLocker directly later in the presentation.

11:06 The linked announcement to that is that we have our first deployment for CareLocker within India with a company site called Samperna Diagnostics in indoor, which could be the first standalone commercial opportunity for CareLocker as a technology.

11:29 For those of you who are less familiar with the company, we'll just spend a a little bit of time running through our products. And for those of you who are familiar with the company, you may notice some refreshing developments within the products in the in the last year. So our company now exists for the sale of three core products, Blipper, CareLocker, and BlipperBox. Blipper is our clinician facing application. It's a platform that allows doctors to collaborate around individual patient cases, and it shows them a single common view of all of the clinical data relating to the patient. So within Bleepa, you can log in to a patient, and you can see all of that patient's medical imaging, all of their blood results, their histopathology, ECG, spirometry, and other clinical results data. And then you can very quickly and easily via secure encrypted instant messaging, communicate and collaborate with colleagues about those results.

12:27 CareLocker is both an architecture that underlies Bleepa, but now also a patient facing product in its own right. CareLocker essentially is a way of us taking very disparate clinical result data relating to a patient from any clinical setting. So typically today, you as a patient may have data in hospital a, hospital b, and at the GP practice. Well, we can pull all of the relevant data relating to you from those provider sites and create a central store of that data in your own care locker. That is then viewed in a clinical context by Bleepa, but we now have a direct patient facing app that gives a patient a view into their own care locker data repository.

13:15 And the third product is BlipperBox. BlipperBox is a product that we developed for our veterinary partners, CVS, and it allows us to push X-ray images or ultrasound images from very remote locations over a three g mobile network straight to the cloud. And once in the cloud, we can either send those images off to a specialist for analysis, or we can deploy AI tools such as with cure.ai and our partnership in India. These products in combination allow us to completely remove the geographic restrictions on health care. They mean that patients can attend any care setting for investigation and treatment, and it means that clinicians can input into their care from everywhere.

14:05 And if we come at this now with a a more holistic and global view, we are looking at health care systems internationally that are facing staff shortages and incredible backlogs post COVID nineteen. So they need technology that allows patients to move more flexibly between provider settings that have capacity, and they need platforms that allow you to bring clinical experts into cases in a much more dynamic and geographically unrestricted way.

14:37 To give a little bit more flavor to Blipper for for those who are not aware of it, Blipper is an application that allows you to do your entire day to day job as a clinician from the comfort of your mobile phone. It's a progressive web application, which means that it works on any Internet connected device. So you can use this across desktop computers, laptops, tablets. And for mobile phones, we have native applications for both Apple and Android. Bleeper is what we call a a zero footprint application. That means that no data gets stored locally on the device that you are using. So in the event that the clinician were to lose their phone, there isn't any patient data on that device that could be hacked or accessed.

15:24 And it means that even when we have our photo capture module where we allow you to take a photo of a patient or scan documents, none of that data sits on on the phone at any time. It goes straight through into the application. And that's just part of our cyber essentials accreditation. And it's worth spending a bit of time just describing our accreditations. Unique selling points is our ability to provide clinical data within this highly regulated environment. And as I mentioned earlier, it's a legal requirement that if you are a clinician using a product to review a digital image for any sort of diagnostic purpose, you must be doing that within an appropriately regulated image viewer.

16:12 And Bleecker is the only application that incorporates a regulated image viewer as part of that collaborative chat environment. We hold a UKCA mark as our regular as our regulatory certificate. That is a post Brexit quality mark similar to the c and and kite mark that that existed before within the European Union. We are compliant with DCB zero one two nine. This is a clinical risk and safety standard, which means that we have anticipated and mitigated insofar as possible any clinical risk within our product. And that would be things such as a patient being misidentified or the wrong data being displayed. So we have actively taken and quality assured that that doesn't happen. Linked to that, we have ISO thirteen four eight five. This is a quality management standard where we are independently audited to show that we are manufacturing the quality the the the product according to best quality standards.

17:09 We have ISO 27,001, which shows that from an information governance perspective, we are secure, encrypted, and a safe place to store and process clinical data. And last but not least, Cyber Essentials Plus. This is an accreditation where the system is actively hacked intermittently to ensure that it is secure and robust. And all of these in combination mean that we have all the credentials necessary to sit on the g cloud procurement framework for her majesty well, his majesty's government. And that procurement framework is what will allow us ultimately to sell to VNHS with the minimum amount of friction. So to to look at our current customer deployments and some of our key growth areas, both in the near and the midterm, We'll start with Blipper.

18:03 So our initial sale of Blipper was to individual NHS trusts. Our first customer was the Northern Care Alliance where we put the product in just before the COVID nineteen pandemic. We very quickly ended up evolving the product from what was an an imaging based communication platform to a complete workforce tool that would allow you to manage your day to day work all in one place, which is what Bleepr has now become. Bleepa is now being used by about 900 clinicians across three hospital sites within Northern Care Alliance and across multiple specialties. We have also, in the period, secured a contract with the Royal Berkshire Hospitals Trust who actually renewed the contract, within the period. That was for a £102,000 a year.

18:51 We have a growing number of clinicians using the product at the Royal Berkshire Hospital. We're now up to just over 330 clinicians across three specialties, and growing as we roll this department to department. A a key figure to draw your attention to, in an independent benefits analysis run by the Northern Care Alliance, was found to be saving them on average thirty six point three weeks of clinical time a year, which is the equivalent of having another doctor in your team. And, obviously, at a time where we are seeing such huge workforce pressures, this is a a a key saving. We also found that we are reducing the average time it takes to handle a referral from two point one days to naught point four days, which means that we're actively moving patients through hospital faster, which is another key outcome in in the current climate.

19:45 So where Blipper is going and and where Blipper is going in combination with CareLocker is to actually be able to provide a connected collaborative service across provider sites. So not just in a inpatient hospital setting, but in a way that we connect to different providers. And we have actually been facilitating The UK's very first end to end connected pathway that is based around single symptoms. And what this pathway is essentially delivering, it's it's called the breathlessness pathway. If you are a patient that's breathless, you can go to see your GP. You'll then be referred into our system. You'll have a battery of diagnostic tests undertaken in your local community diagnostic center, and those tests are likely to involve an X-ray, an ECG, spirometry, and some blood results.

20:38 And then those diagnostic results will be displayed via bleeper and stored on CareLocker and displayed to a team of expert clinicians at Queen Victoria Hospital. So at the end of a preferences pathway, we have a respiratory consultant, a cardiologist, a near nose and throat consultant that will essentially evaluate the diagnostic results and give targeted specialist advice and guidance back to the GP. What that means from a patient perspective is that you're referred once and you get a definitive answer backed up by a series of diagnostic investigations. And it means that you move through the care pathway much faster. Today, if you were to be referred, you would have to see your GP. You'd then wait for an outpatient appointment with a specialist who would then arrange for some diagnostic tests and then would see you again and refer you back to the GP. And, of course, it may not be the right specialty for your complaint. Breathlessness could be a respiratory condition or it could be a cardiology condition.

21:36 And so you're not you're never entirely sure that you've gone to the right person to start with. So this pathway allows a community diagnostic center to gather information, clinical results data for you, and to get those results under the nose of the right clinical stakeholders much faster. You they get notified when the results are available so that they take action on those results and they get treatment decisions back to the GP sooner. And that's how we accelerate care pathways. The other thing that we can do with our communication platform is bring in outsourced service providers. So given that there is a shortage of radiologists in The UK, what a number of sites are going to have to do is turn to outsourced radiology reporting.

22:22 Typically, that just involves a report being generated and handed back to the clinical team. If you have any further follow-up questions based on that imaging, it's very difficult to get hold of a radiologist that has reported your study. With BLEEPR, the radiologist that reports your investigation is actually part of the clinical case discussion. And as a result, you can easily ask them a message via instant messaging, and they will be able to respond to you directly. So it makes an outsourced service provider feel like an extension of your core clinical team. The key thing from our perspective, from the from the company's perspective, is that this contract is actually of a significantly higher value than the contracts we are awarded with individual NHS trusts.

23:07 The contract was 450,000 for a year of delivery, and that was a slightly discounted price owing to the fact that we were piloting the solution with Queen Victoria Hospital. We are expecting to see those contract values increase as we take on more patients and grow the footprint of the solution. And you can see that the average contract value has grown dramatically from where we started three years ago, where the average contract value was more in the order of £12,000 per contract for the software. So now we are really ratcheting up the the value proposition. And to give a broader national context as to where this opportunity sits, The Community Diagnostic Center Initiative is a key government priority.

23:58 It is their view that this is how they will address the elective care backlog by increasing diagnostic capacity. It's a £10,000,000,000 program of work, and it is politically very important to the current cabinet. And, of course, they only have a two year window to deliver results in this space. And so we are expecting a huge amount of political pressure for them to deliver in the community diagnostic center space. There are due to be a 150 new CDCs set up across The UK. These will likely be deployed in waves. We're expecting 40 or so in the first wave of the CDC program.

24:38 And given the unique position of our infrastructure, we know that if they want to deliver end to end care pathways, they're going to need our solution at every one of these sites. And this creates quite a a sizable total addressable market of £93,000,000 annually for us. And the Sussex contracts and the conversion of that is is a key moment for us now being able to go out on a national roadshow to really highlight the capabilities of our product suite, but also to do so in partnership with Sussex. This is the first end to end pathway to use a community diagnostic center in the NHS, and Sussex want to evangelize and talk about that, to various NHS stakeholders. And so we'll be doing that in partnership with them.

25:26 To move now from the NHS to India, which is our our our second area of focus, we'll start by talking about TB screening because this is where we, initiated in India. We developed the bleep a box that I described earlier, in order to push imaging from very remote locations to the cloud. And we partnered with Amazon Web Services and Cure dot ai to see if we could bring that technology to the human space, around TB screening. And in combination, what our technology allows is for, an AI diagnosis of TB to be given within seconds of an X-ray being acquired from almost any location so long as it has three g connectivity. So if you are a a patient in Orissa, our our TB pilot site, you can go and have an X-ray that will automatically be sent up to the cloud where it's processed by cure.ai.

26:21 The diagnostic report is brought back in, and then the imaging study is made available to other clinical settings who can then advise on management for the patient. We're currently processing about 30 cases per week, and we have done in excess of 500 cases so far. And where we are now looking to take this opportunity is to partner with telco providers to then get this as a technology stack offering into the hands of NGOs and government departments within India who are currently delivering screening programs and other remote care programs. But to show you and and to just bring a bit of life to this, I wanted to show you the source of community that we are bringing this solution into. And we we have a very short video, which we'll show you now.

28:34 So I I hope that adds a

28:37 bit of light to what we're actually delivering in the sort of environments that we're able to deliver this technology to. And I'm sure you can all appreciate the the impact that this sort of technology will will have. TB is a key priority for the Indian government. It affects a vast number of the population and is something that they are trying to eradicate within a five year program. And this means that they need a robust screening program for all of their citizens, the vast majority of whom still live in very remote locations. And therefore, this technology offering will be absolutely essential to them delivering on their their screening targets. We have, in the post period, also achieved a deployment in a different setting within India around individual imaging centers.

29:27 This is a value opportunity for CareLocker as a patient facing interface. So today, if you want to get an imaging study done in India, you have to you have to be referred to an imaging center. You go there in person. You have your X-ray, CT, or MRI, And then you have to reattend a couple of hours later to pick up a film printed copy, which is your version of that, diagnostic investigation. And then you take that film copy and a printed report back to your referring clinician, and show them.

30:02 Producing a film printed copy is actually very expensive. And for a typical X-ray study in India in the order of about 200 rupees, about 40 of those are spent actually generating the film. Now also associated with that are a whole load of quite nasty and environmentally unfriendly chemicals. So it is both costly and actually quite dangerous to produce this this film for the individuals involved. CareLocker provides a fantastic alternative to this. A patient can now go to an imaging center. They can walk out with the care locker app, and they will automatically receive a digital copy of their imaging and the report, and it will be sent straight to their phone so that the patient doesn't need to attend twice.

30:53 They don't need to go back to collect anything. They can walk straight out. From the perspective of the imaging center, we can deliver care locker at a price point that is much cheaper than the production of the film print. And that means they can actually save money on every patient coming through their door whilst at the same time getting rid of that film production and all of the associated chemicals. We actually came across the opportunity with Samperna Diagnostics from a conference that we attended at the end of the year following our TB deployment with Arista. And it was actually talking about that TB deployment where we started to describe how we can deliver digital imaging at an individual patient level. And that was when the imaging center at said, well, if you can provide that to to patients, that could be really quite interesting.

31:45 We created the care locker patient app, essentially, as I described earlier, by removing some of the feature set associated with bleeper to provide just the image viewer and the report section of Blipper, and then we rebranded it as CareLocker. So essentially giving the patient a view into their own digital store.

32:08 The deployment at Samperna has been live only for a a number of weeks. We actually went out and installed it about two weeks ago. So we only have the first patients coming through, and we're using this pilot as an opportunity to really model our pricing to work out how best to position this with patients before we then look to propagate it with other imaging centers in indoor and then more widely at other city locations across India. We estimate that due to the patient volumes associated with these imaging centers, that there is a total addressable market for us of at least a 185,000,000 per year. This is based on on the huge number of imaging centers within individual cities. There are, on average, about 30 to 40 imaging centers in a typical Indian city, and so the opportunity is is vast.

33:02 The positioning of CareLocker is an application that saves these imaging centers money also means that the imaging centers themselves become the sales and distribution vehicle to their own client base, which obviously is a very efficient route for market for us.

33:18 Just to take a step back and to to highlight another one of the opportunities that we have achieved in period is our contract with the equine division of CVS. This is actually where the bleep a box that we're using in a TB screening solution originated. And this is because 80% of images in the equine world are actually acquired in stables and fields, not in hospitals, and there is no Wi Fi access. So if you want to have a digital image of a of a horse that can be shared with experts for immediate advice and guidance, you actually need the blooper box solution. So the BlipperBox solution connects to an X-ray machine. It pushes the image over a three g network, straight to our our CareLocker cloud. And as soon as the image is in CareLocker, it's available via Blipper both to the clinician who's at the animal side and any one of the CVS experts who's on hand to give advice and guidance to the vet in the field.

34:17 We are currently evaluating how we can expand our service offering further with CVS to incorporate more of their imaging needs and how we might potentially even service the remaining 20% of their imaging that's taken at the actual hospital setting.

34:36 And the the last commercial opportunity to really talk about in this presentation is imaging engineering. Imaging engineering are using one of our legacy products under license. So one of our original products, CADRAN, was, essentially a PAC system that allows the capture of digital images. We have repurposed this technology under license to imaging engineering to allow them to retrofit and upgrade fluoroscopy suites. Fluoroscopy, for those who are not familiar with it, is a type of cinematic X-ray where you require multiple X-ray images in very short succession to create a live view of a patient.

35:23 And you typically use it to assess swallowing of various contrast media for risk of stroke and aspiration. Across America, there are about approximately 2,000 sites that have fluoroscopy units that are reaching the end of their current lifespan. And in that situation, those suites of products either have to be completely replaced, or they can be upgraded to the new digital versions. And this is where the CADRM technology is being used under license because we are able to convert those machines into the more modern digital format machines. This has already resulted in a revenue opportunity of 140,000 in the period, and we are expecting ongoing licensing revenues as imaging engineering go out across The United States to those 2,000 sites and renovate them to the more digital system.

36:23 And just a a concluding slide before we move to questions really around the the the outlook for the company. We we are seeing an increase in our opportunities both domestically and internationally, leveraging our existing products and very adjacent opportunities using those existing products as in Samperna Diagnostics in India, leveraging what we were delivering in the TB setting to then convert to a customer facing opportunity, a patient facing opportunity with them. We are also cognizant that we are a relatively small company still, although we are are punching significantly above our our weight. If we are to scale quickly to meet the opportunities in front of us both in the NHS and in India, we may need to partner strategically.

37:17 And we are in a number of discussions with OEM and other distribution partners around how we could scale and go to market together in a number of those opportunities. Our strong focus now in the domestic market is very much on the community diagnostic space. We are continuing to sell as a stand alone product to individual trusts, but we expect that with a political focus and funding attention that the CDCs are receiving, that they will be the near term opportunity for us. And given the success of our deployment in Sussex, we're now in a position where we're going to go out across The UK, really canvassing, all regions, with our solution. And in India, the TB screening opportunity as described is extremely sizable. There is a midterm need for the government to deliver screening to all of their communities, including the rural ones.

38:14 And in that context, our technology stack has a huge value proposition. And we are expecting relatively near term revenue opportunity with CareLocker and the imaging centers, whereby we are saving the imaging centers money for every patient coming through, and they are promoting the application to their own customers. I think we have now a very proven and established value proposition for our technology, and the opportunity now lies in front of us to really scale that both domestically and internationally. So we'll pause there and move to questions. Tom, Anish, if I may just jump back in there, and thank you very much indeed for your presentation this afternoon. If I may, I will just bring back up your cameras.

39:04 Ladies and gentlemen, please do continue to submit your questions just by using the q and a tab that's situated on the right hand corner of your screen. But just while the team take a few moments to review those questions that were submitted already, I would like to remind you that a recording of this presentation along with a copy of the slides and the published q and a can be accessed via your investor dashboard. Tom, we did receive a number of pre submitted questions ahead of today's event as well as as you can see in the q and a tab, a number of questions that have been submitted throughout today's presentation itself. So firstly, thank you to all of those on the call for taking the time to submit their questions. And, Tom, Anish, if I could just hand back to you to run through the q and a tab to respond to those questions where it's appropriate to do so, and then I'll pick up from you at the end. Thank you. Yeah. No. Thanks very much. So we've got twenty minutes. So we'll we'll we'll try and get through as many as we can, and those that we can't, we'll we'll try to revert back via the platform.

40:00 So the first question, FEEDBACK was formed by two acquisitions of and CADRAN. Both proprietary products are no longer offered by the company. What has happened to these products, and are they intended to be sold off as IP? Yes. So this is this is true. So when the company originally formed, there were two legacy products that we had at the time. CADRAN, we mentioned partly in the presentation. So CADRAN was a PACS solution. This is best way of describing PACS is it's a digital library for storing radiology imaging, and it's how hospitals store and archive all of their medical imaging. And it's how radiologists like myself would have gone in, pulled out the study, then reported it. And TextRAND was a a quantitative analysis tool for medical imaging that was really used in the research setting.

40:51 And its commercial model was not one of recurring revenue. It was something that was sold into academic institutions with a with an enduring license. So when I joined the company in 2019, we actually pivoted away from these technologies. They were fantastic tools, but actually the market opportunity for each was was very limited and and in fact shrinking. We repurpose a lot of those technologies to create Blipper, particularly CADRAN and the image viewer associated with CADRAN. The CADRAN image viewer is essentially the image viewer that sits within Blipper. And developing both of those tools are what gave the company our regulatory expertise both around CE and UKCA marking, but also the ISO certificates that, that we mentioned earlier.

41:43 Currently, there is no plan to sell off VIP. We're constantly evaluating whether there are future opportunities for VIP, in relation to to Texrad, but that really involves moving it out of an academic environment into a clinical environment. And that requires a different level of evidence than we had previously been able to acquire. And right now, our focus is is solely on the sale of Bleepa and CareLocker. But I I wouldn't say that the these products are no longer used. They have been merged into our our current platform offering, particularly CADRAN. Right. Next question. It was stated in the interim presentation that FEEDBACK was in discussions with nine community diagnostic centers. How are these discussions progressing, and does each potential CDC contract require a bleeper care locker pilot prior to implementation?

42:42 Yeah. Okay. It's a really good question. So the community diagnostic space, has been in discussion for over a year now, and it has moved slightly more slowly than we had anticipated largely because of the formation of integrated care systems, the the ICS boards. So ICS boards are now going to be in charge of procuring solutions at a regional level. They came into force in July and have now got the power to spend their own funding resource on procuring those solutions. That caused a delay in decision making. We've also had free secretary of states for health in the six month period, which has also led to a slight delay in decision making for large value contracts.

43:31 However, the the political pressures have now eased for the time being. We have and the current secretary of state has reaffirmed their intention to direct funding into the community diagnostic solution. And, of course, they have a two year window before the next general election to show impact. So we are expecting full commitment to the CDC program and for things to really move now. In terms of the number of CDC sites that are going live, we're expecting a 150 sites to be rolled out in in waves. We think the first wave will have about 40 or so in them. Those 40 won't go live all at once. There'll be a a slight up to 40, and we're expecting three or four to go out in the next sort of four to five months followed more rapidly by by the remaining 30 or so.

44:27 Will each one require a pilot prior to implementation? No. We we believe that the Sussex pilot that we have deployed and delivered to date is sufficient to show you the benefits of the product. And the g cloud 13 pricing that we have outlined earlier is actually a public facing procurement vehicle which establishes our pricing and should allow organizations to procure directly from that framework at that that agreed and submitted pricing. So we aren't anticipating having to pilot this. We expect to be able to move far more rapidly into the contract phase. But, again, we we will update the market as we as we see more action on that. We have had significant interest in our technology solution following the announcement of a Sussex contract, and we will eventually be releasing, the the clinical data associated with that study, and showing the the impact on that on wait times and the elective care backlog, at which point we we expect even more interest to be paid to that.

45:35 And as we outlined in the presentation, we are now going on a a sort of national roadshow in partnership with Sussex to really highlight the significance of what has been achieved here. Anesh, do do come in if you have any other comments on that. No. Nothing. Nothing. That's fine. Perhaps I'll just take a couple of the the finance specific questions. So Sure. From from Jake here. As potentially you expand overseas, what controls have you got to minimize UK and overseas tax risk and plans to optimize the tax position? So broadly speaking, with India, our strategy will be to incorporate a subsidiary in due course. The location of the subsidiary is being assessed, and we've got input from local accounting and legal firms. And we'll take advice from those, and we'll we'll we'll we'll we'll try to exploit the special economic zones in India and to the extent possible to as as as as a tax tactic.

46:34 There's also a deferred a a double tax treaty between The UK and India already in place, which is helpful, and we'll make sure that any structure takes advantage of those provisions. And, of course, we've got significant tax losses in The UK that we will utilize before we start paying tax here in in in country. Also, just one more thing. We've engaged UK IBC, the UK India Business Council, which is, as I'm sure lot of people will know, is a not for profit trade organization in The UK facilitating companies like like FEEDBACK looking to trade in India and set up structures there. So we're we're taking advice is is the is the summary answer of that question.

47:20 Question from Jonathan. That the QVH pilot extension runs from thirty first March two thousand and twenty two, does the FY '22 revenue figure include two months of that contract? The answer is no. The contract with QVH or Sussex was signed in early September on the September 5. As of the May 31, year end, we were still in contract negotiations. There was no certainty as to contract length and contract value, so there's no scope to accrue for revenue at that point. Therefore, the full £450,000 contract value will be recognized as revenue in the current financial year. Yeah. Probably, think, Tom, I think the I can take one of the other ones. Okay. So okay. So next quest so QVH in Sussex is one of The UK's exempted CDC sites and the first to deliver end to end symptom based pathways through a CDC program using a blooper care locker digital infrastructure.

48:28 If this blueprint proves successful, would blooper be rolled out across all CDCs? I I I hopefully, we've already answered this question, but there won't be a national mandate to adopt any technology. We'll still have to promote this region by region. But, that said, we're expecting there to be a very strong positioning of this, into individual regions, from the broader NHS, and that largely is because they will not achieve a reduction in the elective care backlog just by having a CDC alone. Just having diagnostic results and increased diagnostic capacity in a region just means that you've created a bottleneck of reporting that has to be delivered Unless those results are actually plugged in, actually into a patient episode, put under the nose of clinicians that need to do something with it, and those clinicians are notified that they need to do something with it, those results will just sit in someone's inbox for days or weeks, and the patient will just be waiting.

49:35 So our solution is very much around getting that diagnostic information under the nose of the clinicians, notifying them, and getting them to actually take some decisions off it. And that's how you drive your elective care backlog using the CDC program. And it's as we said right at the beginning, the the very purpose of this company is all about helping clinicians to make better decisions faster, and you do that by getting that data under their noses and notifying them that it's there. So yeah. So in answer to the question, it's not going to be mandated. It's not the way the NHS adopts technology. But with the g cloud 13 framework, there is a procurement vehicle for taking on the solution at a at a regional and local level, and we suspect a very strong endorsement from the broader NHS based off the clinical data that we'll be generating in Sussex.

50:33 Next question. Are there any bleeper bleeper box pilot schemes running within the military sector? So what can we say publicly? Not currently. However, the military is a space that we are very strongly considering, and, clearly, our value proposition into the military space would be extremely strong, particularly around remote image access and the ability to collaborate across geography. We understand that the military will be releasing a procurement framework later in the year to look at remote health care infrastructure. And we very much intend to be part of that when we've seen the details of it.

51:21 So nothing currently, but it is something we have scoped, and we understand that there will be a public procurement exercise linked to that later in the year, although we don't know the exact timing. I think that's about as all I can say on it at the minute. Question from Nigel m. Could you please contrast what is included in revenue and sales? So, essentially, sales ignores the timing of when customer contracts signed, whereas revenue takes that into account. So for instance, with the circa £100,000 contract we signed with RBH in in April, the revenue figure would just include two months or two twelfths of that contract value, whereas the sales figure, which ignores those accounting adjustments, takes a full £100,000 into that metric. So going forward, as the company matures, we will replace sales with annual recurring revenue because that's essentially what it's trying to allude to. Obviously, we need more data. We need more contracts being signed to to give a a meaningful and accurate ARR figure, but that's really what the what the difference is.

52:41 Okay. I've got another question here that's not finance related if you want it, Nash. Yeah. Go. Go. Right. Do any other companies have equivalent products that are fully approved in relation to data security, etcetera? Okay. So so in in terms of the competitive landscape, there are companies that compete with what we do in certain verticals of what we do, but no one who has the full end to end package that is required to deliver that end to end solution. So if we take the chat component of what we do, there are competitors in the medical messaging space. So the likes of Pando, Hospify, Silo. None of them have a regulated image viewer, so they can't be used for displaying medical images as part of collaboration.

53:35 Even though you will sometimes see pictures on those platforms, they they shouldn't be used for that purpose. And, certainly, from an NHS procurement perspective, they can't be purchased for that use. Those platforms also typically allow you to collaborate around multiple patients so that conversation doesn't link back to the individual patient in question. And so that conversation can't form part of the patient's medical record. One of the big time savings with with is that because you're having a discussion around an individual patient, that discussion becomes the clinical note, and it goes straight back into your patient's electronic record. So you don't have to go and duplicate your entry into a different system. You just have the discussion, and and that's that's your record.

54:22 In terms of the data security, which the question specifically related to, there are lots of platforms that handle clinical data, and all of them have to meet baseline security standards. There isn't a platform that will lift all of the types of clinical data and associate it with an individual patient in a way that we do. So our competition from a data architecture side is that some regions are trying to deploy a regional PACS and a regional RIS, a regional LIMS, and a and a regional PADS system so that all of their sites are using the same systems. The problem with that is that you then, as a clinician, still have five systems to log in to every time you want to do something with a patient.

55:11 You don't get notified when clinical results come back, so you're not actioning them in a way that our platform drives you to. You also aren't able to view data for patients that move in and out of area, and patients don't necessarily stick within a certain geography. So even if you have a regional system, you aren't going to achieve the pathway based reduction on waiting times that you will by having a patient centric approach that our platform delivers, and you won't get notified. So there are there are companies that do little bits of what we do, but no company that joins it altogether and certainly no company that offers this on a patient centric basis, within a regulated, clinical wrapper. So so our our our our product is truly unique in that regard.

56:06 And that's probably one one last question if you found one, and then we'll probably have to close. Sure. Good question here from Liam. What what are the key risks to your plans? What keeps you awake at night other than the new baby? Well, what I think that's that's directed at me, that one, isn't it? But you Yeah. Well, that's what I was well, my new baby is six years old, but she still keeps me awake at night. I don't think to be to be quite frank, prior to the fundraise, it was, of course, the the cash and and and balance and making sure that the fundraise closed and we had sufficient liquidities to to meet our our our growth plans. Obviously, that that concern has now fallen away. Very comfortable with cash. I think from my perspective, it's just a case of really ensuring that as the company scales our internal processes, infrastructure, headcount scales appropriately and accordingly, we're able to retain our stuff as given the tech market and the way that it is at the moment.

57:02 It's it's it's it's it's pretty hot, but I wouldn't say anything keeps me awake at this moment in time. I think we're we're planning well. We're we're we're making good progress, and we are sufficiently capitalized. Tom, I don't know if you wanna come in on what might be Yeah. I I agree with you. It it's a very competitive labor market at the minute. That said, our team are are real evangelists for for and what we're doing. And it's for many of the team, they're very proud to work in this company where they are delivering benefit to patients and to the NHS and for wider health care community. So we're always walking that balance around staff retention, but I think, genuinely, we have an incredible team of highly committed individuals who who are delivering amazing work.

57:55 So I I I think, yes, that that does keep us awake, but I think, actually, we're we're not at any risk from that, really. Great. So I've we should probably conclude there just to thank you all very much for your time. We we will go through the rest of the questions that we've not got to. I I can see there's there's quite a lot there, and and we'll come back on the answers to those where where we're able to. But thank you all for taking your time out to, to come and learn more about the company. Tom, Anish, that's great. And thank you very much indeed for taking the time to address all those questions that came in from investors this afternoon. And, of course, as you just did kindly mention, we'll make all these questions available to you immediately after the presentation has ended for you to review and then add any additional responses where it's appropriate to do so. I was just going to ask you, Tom, for a few closing comments, but I think you just well delivered those. So if I may, what I would do now is I'll redirect those on the call to provide you with their feedback.

58:54 So could I please ask investors not to close this session as you'll now be automatically redirected for the opportunity to provide your feedback in order that the management team can better understand your views and expectations? It's gonna take a few moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team of FEEDBACK PLC, we would like to thank you for attending today's presentation. That now concludes today's session. So good afternoon to you all. Thank you. Thank you.