Proactive Investors - Run By Investors For Investors

Feedback delivers robust growth in invoiced sales in year of "transition and growth'

Feedback said the increased sales momentum seen towards the end of the year has continued into the new financial year
Feedback
Feedback said the business has been strengthened by its recent restructuring

Medical imaging technology company Feedback PLC (LON:FDBK) said the last year has been a “period of transition and major growth” for the business as it reported a 51% increase in invoiced sales.

In the year to May 31, invoiced sales rose to £771,000 from £508,000 a year ago after the firm invested in training and recruiting staff and won a two-year contract renewal with Royal Papworth Hospital NHS Foundation Trust for its Cadran picture archiving communication system (PACS), which provides decision support for scan analysis.

The company also secured a software licence and distribution agreement for its TexRAD patented image texture analysis technology with General Electric Healthcare (GEHC), a subsidiary of US conglomerate General Electric (NYSE:GE), in the period. The first order through GE Healthcare was received in August.

WATCH: Feedback Plc welcomes first institutional investor as sales momentum builds

In September Feedback received an order for TexRAD from Samsung Medical Centre under a distribution agreement made with ISG Korea in June 2017.

A month later it received a number of new significant orders for TexRAD from prestigious university hospitals across Europe, including in Belgium and Portugal.

Restructuring yields benefits for Feedback 

The 2018 financial year saw Feedback undergo a restructuring to bring its TexRAD Ltd and Cambridge Computed Imaging (CCI) subsidiaries together under Feedback Medical brand. Restructuring and recruitment costs led to a wider operating loss of £750,000 for the year, compared to £300,000 last year.

Chief executive Alastair Riddell said:  “The board has been strengthened and the restructuring of our operating subsidiaries into one integrated unit under the Feedback Medical brand is already bringing benefits, demonstrated by the significant improvement in sales performance.”

“During the year and post period end, we secured significant investment from new and existing shareholders, enabling us to invest further in the sales and marketing of both TexRAD and Cadran, including pursuing US FDA approval.”

Solid 2019 first-quarter sales 

Feedback said increased sales momentum was seen particularly towards the end of the year and this has continued into the new financial year with significant traction from Asian markets.

In the first quarter, invoiced sales of TexRAD and Cadran products surged 100% to £236,000, compared to £117,000 the same period a year ago.

READ: Feedback reports 100% jump in first-quarter sales as international business soars

The group sees additional sales growth potential in the “mid to long-term” with its first clinical product approved the European Union and pilot launches underway.

View full FDBK profile View Profile

Feedback PLC Timeline

Related Articles

MRI scan
February 22 2019
In February, the firm appointed Dr Tom Oakley, a qualified radiologist and former director of NHS services at telemedicine firm Synergix Health, as the new chief executive of its trading company Feedback Medical
Light fittings
August 23 2018
The group's traditional LED business is operating in a fiercely competitive environment. The group is pinning its hopes on becoming a software and services business
Electrolyser
March 19 2019
ITM Power’s first-half results in January showed the hydrogen energy solutions provider has significantly strengthened its capability to deliver larger industrial scale projects

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use