Feedback PLC (AIM:FDBK) expects a boost in revenue for the 12 months ending 31 May 2023 and said it continues to be excited by growth opportunities looking ahead.
The clinical technology company's revenue for the period is expected to reach approximately £1.0mln, a significant increase of around 70% compared to £0.6mln in 2022.
The growth was primarily driven by the increased adoption of Feedback's Bleepa-CareLocker solutions in the UK, which accounted for approximately 74% of total revenues, it added.
However, the company noted a decrease in cash and cash equivalents, which are expected to be reported as approximately £7.3mln as of 31 May 2023, compared to £10.3mln in the previous year.
During the period, Feedback successfully extended its contract with Queen Victoria Hospital for its Bleepa-CareLocker Community Diagnostics Centre solution. The company also continued to explore opportunities in India, with the deployment of CareLocker at Sampurna Sodani Diagnostic Clinic serving as a strong case study for other centers in the region.
Furthermore, Feedback completed the establishment of its Indian subsidiary, Feedback Medical India Private Limited, and initiated the local medical device registration process for Bleepa.
In addition to these operational achievements, Feedback successfully recertified for several accreditations, including ISO13485, ISO27001, Cyber Essentials Plus and DCB0129. These certifications enhance the company's product development capabilities and strengthen its position in the NHS and international markets.
Looking ahead, Feedback said it sees exciting growth opportunities for its Bleepa-CareLocker solutions. With over 160 Community Diagnostics Centre sites to be implemented nationally and increasing traction in India, the company believes there is significant potential for further expansion.
Management highlighted the urgent need for solutions like Bleepa-CareLocker in the face of NHS backlogs and staffing shortages. Initial data from the solution's symptom-based CDC pathway has shown promising results, with a 70% reduction in patient wait times compared to NHS targets, without requiring additional clinical staff.
The company said it remains engaged in dialogue with stakeholders, potential partners and customers to pursue opportunities within the NHS, particularly in the CDC and integrated care system settings.
With its solutions addressing critical healthcare challenges, Feedback concluded that its management is enthusiastic about the company's growth prospects.