Feedback PLC (AIM:FDBK) hailed a “pivotal” year as it posted results showing annual revenue above £1 million for the first time, following the shift from legacy products to focus fully on the Bleepa and CareLocker patient data technology that help reduce health service waiting times.
In the year to 31 May, the clinical infrastructure specialist reported a 74% increase in revenue to £1.02 million from £0.59 million the year before, of which Bleepa-CareLocker contributed almost three-quarters.
Sales, representing the total customer contract value invoiced in a period, rose 89% to £1.27 million from £0.67 million.
Investment in expansion and improvements to the technology, including the Bleepa 1.5 upgrade, meant pre-tax losses rose to £3.37 million from £2.51 million.
Cash of £7.32 million stood in the bank at the end of the financial year, down from £10.31 million.
The company’s first two Bleepa customers, the Northern Care Alliance (NCA) and Royal Berkshire Hospital NHS Foundation Trust (RBH), both renewed their Bleepa subscriptions during the year, with annual inflationary price uplifts over a three-year term.
Growth was also said to be driven by emerging opportunities, such as the NHS Community Diagnostic Centre (CDC) initiative, where Feedback was awarded a paid-for pilot extension contract with Queen Victoria Hospital in Sussex, where early results showed a 69% reduction in patient waiting times versus the national target.
The company said these renewals and the pipeline of CDC and international opportunities show the strategy to move away from legacy products with non-recurring revenue and towards Bleepa and SaaS is "bearing fruit".
As well as the NHS, chief executive Tom Oakley said the board sees “significant opportunity” in India, where two successful trade missions in prior periods and a TB-related pilot have led to Feedback setting up an Indian subsidiary in the fourth quarter of the year.
Post-year-end an import license was received for Bleepa as a registered medical device, and an India in-country managing director was appointed.
Looking forward more broadly to the coming year, Oakley said, "we believe that increased regulatory demands both in the UK and India will further underpin demand. There is increasing focus on technologies to secure the transfer and display of images and videos, and we believe that the landscape is very much moving in our favour – with digital infrastructure and digitally enabled tools seen as key solutions to significant administrative burdens.
“This is especially prevalent when considering winter pressures and the growing requirement to reduce care backlogs - and we believe that given our pipeline and capabilities that we will be at the forefront of change in the coming year."