Annual Results: New strategic direction delivers growth in Bleepa sales


Bleepa Feedback Medical Feedback PLC

We have announced our unaudited full year results for the twelve months to 31 May 2022.

Financial Highlights 

  • 105% increase in revenue to £0.59m (2021: £0.29m) 
  • Highest ever reported revenue since becoming a medical imaging company in 2014
  • 280% increase in sales(1) to £0.67m (2021: £0.18m), with Bleepa contributing £0.26m (2021: £0.08m) 
  • Operating loss increased to £2.51m (2021: £2.06m), reflecting investment in the development and roll out of Bleepa
  • Oversubscribed placing and open offer raising £11.20m – to support accelerated revenue growth and product development 
  • Cash at 31 May 2022 was £10.31m (31 May 2021: £2.22m) 

Operational Highlights 

  • Two Bleepa contract wins with NHS trusts worth an aggregate value of £0.20m
  • First non-NHS contract win, with CVS Group
  • Expansion of product suite and routes to market with launches of CareLocker and BleepaBox 
  • First international Bleepa deployment at Orissa, India, for remote TB screening, in partnership with AWS and 
  • Selected to pilot the UK’s first end-to-end symptom-based CDC pathway, connecting primary and secondary care – Bleepa’s first example of cross-provider connectivity 
  • First cloud deployments of the technology, both for CVS and TB screening in India 

Post period highlights 

  • Awarded £0.45m contract for a 12-month pilot extension of the Sussex ICS CDC development programme 
  • Named as a supplier on G-Cloud 13, the UK Government’s digital marketplace 
  • Creation of the CareLocker app, giving patients direct access to their clinical data
  • First CareLocker deployment with an Indian imaging centre, Sampurna Diagnostics, Indore, making digital images available to their patients via the CareLocker app

We are delighted with the progress made during the period, which was significantly ahead of market expectations and the strongest performance, in terms of revenue, since entering the medical imaging market in 2014. The performance highlights the strength of our model – with revenues growing because of innovative product development, and importantly, proof within working environments that our technology expediates secure and regulated access to patient data, enabling faster decision making.” 

“2022 was a crucial year for the Company as we recognised the initial success of our new strategic direction and the growth in Bleepa sales, continuing the move away from lower margin legacy products. Looking forward, we are now well positioned to address a number of at scale market opportunities and are sufficiently funded to deliver against them. We look forward to building on the momentum generated during the period and delivering further growth in the year ahead.”

Dr Tom Oakley, CEO of Feedback. 

You can read the full year report here.