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Feedback sees "continued positive progress"

"Our fund-raiser in November 2018 positions us well to build on the operational progress already achieved and to continue to focus on our longer-term goals of maximising the clinical opportunities for TexRAD® and new business opportunities for Cadran," said Dr Alastair Riddell, the executive chairman of Feedback.
Scan of lungs
Two independent pilot studies of TexRAD Lung, TexRAD's particular application in lung cancer, have been undertaken

Specialist medical imaging technology company Feedback PLC (LON:FDBK) saw a sharp increase in invoiced sales in the first half of its fiscal year.

Invoiced sales for the six months to 30 November rose 22% from a year earlier to £271,000 (2017: £222,000).

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

Recognised revenue for the period rose 4% to £236,000 from £229,000 the year before. The difference between sales and revenue is due to the contract structures, which typically comprise installation costs, a contract for a year or more, followed by a 20% annual maintenance fee thereafter.

Primarily as a result of the higher cost base following the recruitment programme in 2018 and increased investment in software development, the loss before tax widened to £407,000 from £352,000 in the first half of the year before.

Investment in software development during the period was ramped up to £106,000 from £41,000 the year before.

The company ended the period with £1.37mln cash, up from £267,000 at the end of November 2017, following the company’s fundraising in October.

 

Feedback said international interest in its TexRAD quantitative analysis platform had continued throughout the first half of the fiscal year.

READ: Feedback surges on potential collaboration with Alliance Medical

Commercial and technical discussions continue with Alliance Medical. Feedback is also in active discussions with other medical imaging software companies and service providers to partner with and integrate TexRAD Lung within their platforms and potentially sell within the UK and beyond.

As for Cadran, Feedback’s picture archiving and communication system, the company is focusing on its image archiving, retrieval, storage and anonymisation capabilities with several eminent clinical centres.

"We have seen positive progress across the business during this six-month period, building European sales as well as global sales in the US, South Korea and India,” said Dr Alastair Riddell, the executive chairman of Feedback.

“We have recruited to provide an additional resource in data science and to support Cadran and this month, we have strengthened our partnership with Future Processing. This will bring increased software development capabilities and improved functionality to our technology as well as access to specialist medical imaging and AI expertise,” he added.

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