Connectivity that liberates healthcare
Investor presentation
Results for the 6 months ending 30th November 2025
Bleepa is a product by Feedback Medical | Feedback plc is a company registered in England and Wales Reg No: 00598696 | Reg Office: 201 Temple Chambers 3-7 Temple Avenue, London, EC4Y 0DT
FEEDBACK PLC INVESTOR PRESENTATION INTERIM RESULTS 2026
Financial highlights
(all figures in £million)
£0.59
£0.41
£0.45
£0.31
Revenue & SalesH1 2026 H1 2025
Revenue Sales£7.26
£3.82
H1 2026 H1 2025
EBITDA lossH1 2026 H1 2025
Cashflow pre financingH1 2026 H1 2025
Revenue: £0.41m (2025: £0.45m), down 8%. H1 25 included non-recurring revenue from CDC pilot contracts. Bleepa® contributed 89% (2025: 90%)(£1.61)
(£1.43)
EBITDA loss: £1.61m (2025: £1.43m), a 12% increase. This was primarily driven by staff costs as we recruited staff to support QVH roll out and established an External Affairs team.
(£2.13)
(£1.73)
£7.26m). With proactive cash flow management we have sufficient cash runway to mid 2027.
Cash outflow pre-financing increased to £2.13m (2025: £1.73m) due to the higher EBITDA loss, lower customer receipts due to large client six monthly renewal cycle and a smaller R&D tax credit refund in the period.3
Note (1): "Sales" is non-IFRS metric representing the total customer contract value invoiced in a period. The figure does not take account of accrued or deferred income adjustments that are required to comply with accounting standards for revenue recognition across the life of a customer contract (typically 12 months).
FEEDBACK PLC INVESTOR PRESENTATION INTERIM RESULTS 2026
Operational highlights
A national business case for Bleepa was submitted as part of the Spending Review in the Spring - outcome pending
1
Integrations into eRS, PDS and GP Connect were completed (Implemented post period) - positions Feedback for national scale
2
NSS pathway went live on Bleepa in Sussex ICS, second at scale pathway - proving Bleepa can also run cancer pathways
3
Strategic partnerships established ahead of at scale rollout including consulting firms for implementation, cloud providers and technology partners with supporting propositions - positioned for national scale
4
Bleepa was selected to run the UK's two national simulations of the new Neighbourhood Health Service - proving Bleepa can also underpin new care models
5
4
FEEDBACK PLC INVESTOR PRESENTATION INTERIM RESULTS 2026
Driving productivity: asynchronous working
Win - win for all parties: for ICBs, NHS Trusts and patients
Pathways delivered on average 63% faster than the 18-week national elective target
Traditional outpatient appointments reduced by 90%
5 • Newly proposed tariff model results in >30% increase in patient volumes for same ICB spend
FEEDBACK PLC INVESTOR PRESENTATION INTERIM RESULTS 2026
Outlook
Potential central opportunity following discussion with National Execs and Spending Review submission, outcome due in the spring
- Opportunity for national contract
1
New money coming online from April with a focus on digital and productivity transformation - £10Bn for tech between 2026-2029
- Should drive ICB sales
2
NHS restructure due to complete by end of March; 42 ICBs consolidating to 26 - fewer customers to pursue and stable personnel
- Should drive ICB sales
3
Partnerships progressing and will be announced in the event of a national or at scale ICB contract
- Positioned for at scale delivery
4
Bleepa has a proven value proposition in Neighbourhood Health Service
- Positioned to capture market share as NHS monies come online late 26/27
5
6
FEEDBACK PLC INVESTOR PRESENTATION INTERIM RESULTS 2026
NHS emerging from consolidation with commitment to tech
July 2024 -General election
New Government with new priorities
March 2025 -Restructuring
Announcement that NHSE is to be abolished and merged with DHSC
NHSE
announced that integrated care boards (ICBs) to reduce their costs by 50% -Consolidation
June 2025 -Spending Review
Long-term spending commitments to enable the NHS to fulfil commitments in 10 Year Plan and return to constitutional standards
Sept 2025
Feb 2026DHSC/NHSE
Joint Executive Team announced
First ICB cluster and merging plans announced
April 2027
NHSE/DHSC
Merger expected completion date
Pending Parliament passing the required legislation
Sept 2024 -'The NHS is broken'
Release of the high-critical Darzi report
April 2025 -New CEO
Sir Jim Mackey appointed 'Transitional CEO' of NHS
England
July 2025 - 10
Year Plan
Identified the 'three-shifts' for future of the NHS
Emphasis on technology and digital solutions, and neighbourhood health
April 2026 -Frontline productivity programme
First announcements of projects approved in the Spending Review
Diagnosing the problems Laying the foundations Implementing change
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