Feedback PLC (LON:FDBK) has reported a 100% increase in its sales for the first quarter of the financial year, driven by a strong upswing in its international business.
In a trading update, the medical imaging specialist said first-quarter sales had risen to £236,000 from £117,000 a year ago, with international sales increasing over 200% in the same period.
WATCH: Feedback PLC hails TexRAD order from Samsung Medical Centre in Seoul
The company also updated on its sales for the last financial year, which rose 51% to £771,000 with recognised revenue in the year coming in at £458,000 compared to £466,000 previously.
The sales increase was boosted by investments in training and recruitment of additional staff, which had increased the company’s operating loss to £750,000 from £300,000 the year before.
In its outlook, Feedback said it was seeing “considerable sales growth potential” in the near to mid-term, particularly in the Asian market.
Last month, the firm received an order for its TexRAD image texture analysis technology from its South Korean distributor for the Samsung Medical Centre in Seoul, one of the country’s leading hospital groups.
The company also said it had initiated plans to obtain regulatory and marketing approval of TexRAD with the US Food and Drug Administration (FDA) as both a medical device and for use in clinical trials.
Feedback added that it was considering additional funding for its mid-term working capital requirements and planned to raise the funds through “public or private financings and/or partnering opportunities”.
Dr Alastair Riddell, executive chairman of Feedback, said: “As a result of the investment in our employees, we are seeing improved sales momentum throughout the business, demonstrated by the number and size of orders coming through and in the high calibre international distributors we are now working with."