Interim results: Investment driving significant international growth opportunities


Bleepa Feedback Medical Feedback PLC

We have announced our unaudited interim results for the six months to 30 November 2021.

Operational highlights

  • Expansion of routes to market with launches of CareLocker and Bleepa Box
    • Estimated total addressable market for product suite in excess of £10 billion globally
  • Increased commercialisation both within the NHS and through non-NHS channels
    • Significant increase in revenues – reflecting initial Bleepa sales and highlighting strength of the Company’s refocused business model
  • Endorsement of technology through international MOUs and pilot schemes
    • Further enhancing growth opportunities and underpinning increased reach with new partners including, Quest and Sussex Integrated Care System (Sussex ICS)
  • Appointment of Anesh Patel as Chief Financial Officer and Company Secretary

Financial highlights

  • Revenue increased 9% to £179k (H1 2021: £165k), driven by the initial commercialisation of Bleepa
  • Operating loss increased to £1,238k (H1 2021: £918k), reflecting increased investment in product development, commencement of software development amortisation and increased headcount
    • EBITDA loss increased to £1,033k (H1 2021: £916k)
  • Oversubscribed placing and open offer raising £11.2m in November 2021 – providing funding to support accelerated revenue growth
    Cash as at 30 November 2021 was £11.4m (30 November 2020: £3.8m)

Post period highlights

  • Strong progress towards use of Bleepa and CareLocker in tuberculosis screening opportunity in India:
    • Partnership with Amazon Web Services to support cloud-based TB screening programme for rural communities in India
      Bleepa solution recently deployed at a pilot hospital site in Orissa, India, ahead of schedule, overtaking our plans to undertake a pilot in Rajasthan (which continue in parallel)
    • Aiming for the first TB screening patient to use the service imminently, proving the application in the real world, with a view to establishing further partnership and contractual discussions
  • Expanded the rollout of Bleepa at Pennine Acute Hospitals NHS Trust (now part of the Northern Care Alliance) to include two hospitals and c.900 clinicians (versus 359 at H1 2020)
  • Completed the technical minimum viable product deployment of Bleepa and CareLocker with Sussex ICS for our patient specific community diagnostic centre pathway
    • Near-term target for the first patients going through the pathway, proving the infrastructure solution in the real world and enabling the first GP led asynchronous multi-disciplinary team  pathway in the history of the NHS
  • Onboarded 400+ CVS users onto Bleepa, across 20 equine veterinary practices with the Company supplying 40 Bleepa Boxes for remote image acquisition – importantly this highlights the value of Bleepa and Bleepa Boxes outside of the hospital setting
  • Full year outlook expected to be ahead of market expectations

“Our mission is to enable clinicians to make faster, more informed decisions for patients at any location, in a regulated/approved environment. In 2021 we achieved sales of our clinical communication platform Bleepa in both the NHS and veterinary sectors, confirming the value proposition of our technology. Building on this success we have further evolved our product offering to help us deliver this mission while maintaining our sales focus into individual NHS trusts and expanding our focus to capture benefits of asynchronous communication to regional care delivery.

“Following our oversubscribed equity raise in late November we now have a robust balance sheet that will allow us to take on these key opportunities in the NHS and in India simultaneously. Both opportunities are substantial and are generating a number of partnership opportunities, as proven by the post period partnership with AWS and developments in Orissa and Sussex ICS. We look forward to a busy H2 as we deliver initial pilots for both opportunities and build towards commercial contracts in these large addressable markets. We remain extremely excited about our prospects with trading for the full year expected to be ahead of market expectations.”

Dr Tom Oakley, CEO of Feedback PLC

You can read the full interim report here