We have announced our audited results for the 12 months to 31 May 2023.

Operational highlights

• Continued to focus on growth of high margin opportunities
• Sussex Integrated Care System (“ICS”) Community Diagnostic Centre (“CDC”) pilot contract extension – providing increased revenue visibility
• Demonstrated an approximate 69% reduction in patient wait times compared to national targets
• Named as a supplier on G-Cloud 13, the UK Government’s digital marketplace
• Bleepa 1.5 upgrade completed
• NHS Trust customers NCA and RBH both renewed Bleepa subscriptions for a further 3-year term
• Continued progress in India and establishment of Indian subsidiary
• Completion of 200:1 share consolidation

Financial highlights

• 74% increase in revenue to £1.02m (FY22: £0.59m), of which Bleepa-CareLocker contributed 74%
• 89% increase in sales⁽¹⁾ to £1.27m (FY22: £0.67m)
• Operating loss increased to £3.42 (FY22: £2.51m), reflecting expansion and improvements to the technology
• Cash as at 31 May 2023 was £7.32m (31 May 2022: £10.31m)

Post-period highlights

• Numerous discussions underway both with local, regional and national NHS organisations, and strategic partners
• Successfully granted an import license for Bleepa as a registered medical device in India
• Appointment of India in-country Managing Director to drive the opportunity for Bleepa

“We are delighted with the continued progress made during the period – with the shift from legacy products. The opportunity afforded by Bleepa and CareLocker both domestically and overseas provides us with tremendous optimism as we focus on generating new contracts from our ongoing dialogues with interested parties, which we believe will further enhance levels of recurring revenue visibility.

“The additional paid for Sussex CDC extension (announced in April) further validates our strategy and we remain hopeful that we will be successful in the procurement process. With CDCs continuing to explore avenues to reduce waiting times we believe that our performance to date provides compelling testament to our capabilities – with early results from our current CDC programme highlighting an approximate 69% reduction in diagnostics wait times versus the national target.

“Furthermore, we are extremely excited by global opportunities – with inroads in India highlighting the scalability of our solutions. Importantly, 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.”

Dr Tom Oakley, Chief Executive Officer, Feedback Medical

You can read our results for the 12 months to 31 May 2023 here