Contract Update

RNS Number : 8874S

Feedback PLC

19 July 2022

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (as amended), which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018. Upon publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

Feedback plc

Contract Update

Feedback continues commercial strategy as it departs legacy PACS contract

Feedback plc (AIM: FDBK, "Feedback" or the "Company"), the specialist clinical communication company, announces that as part of its strategy to move the Company's operating model away from low margin legacy PACS (picture archiving and communication system) contracts, it is no longer providing PACS services for Royal Papworth Hospital NHS Foundation Trust ("Trust").

The Company has maintained the Cadran PACS service to support the Trust during a transitional phase whilst it identified a replacement provider and will continue to support the migration of underlying PACS data to the incoming provider, under contract until January 2023. The potential role of Bleepa at the site remains open as the Trust embeds with the new provider.

Having historically provided customers with solutions utilising TexRAD and Cadran, Feedback has evolved its proposition to focus on flagship product Bleepa, which targets a broader clinical audience and cross provider opportunities with increasingly visible revenue streams. Moving away from supplying PACS services will enable the Company to focus more resources at the growing opportunity for Bleepa, both domestically and internationally and has been a key strategic focus for the last two years.

Bleepa now contributes an increasing proportion of total revenues with growing commercialisation opportunities and routes to market matching the scalability of its product suite. This includes CareLocker and BleepaBox - which are providing increased exposure to the community diagnostic programme and tuberculosis screening programme in the UK and India respectively. Redirecting internal resource away from legacy products towards high margin growth opportunities is essential to delivering greater value for shareholders and underpins the Company's strategy to move into larger addressable market opportunities.

Further information on Feedback and its products can be found on the Company's website: https://fbkmed.com/feedback-plc/reports-and-presentations/

Enquiries:

Feedback plc Tom Oakley, CEO Anesh Patel, CFO	[phone] [e-mail]
Panmure Gordon (UK) Limited (NOMAD and Broker) Emma Earl/Freddy Crossley (Corporate Finance) Rupert Dearden (Corporate Broking)	[phone]
Walbrook PR Ltd	Tel: [phone] or [e-mail]
Paul McManus/Nick Rome	07980 541 893 or 07748 325 236

About Feedback

Feedback plc is a specialist clinical communications business, with a mission to improve the efficiency and quality of communications for frontline clinicians and hospitals with a key focus on building solutions that enhance access to high quality patient data.

Feedback has developed a toolkit of clinical communications apps. Its core, regulatory approved product is Bleepa, a revolutionary medical imaging app enabling remote and secure communications between frontline clinicians and teams. CareLocker is an evolutionary GDPR compliant patient-centric cloud architecture - its proprietary technology enables an easy route to creation and mobilisation of individual healthcare records. Bleepa Box is a specialist tool to enable image transfer from remote settings to the Bleepa platform over mobile networks.

The Company has a number of growth opportunities domestically and internationally across a range of markets including the NHS, the veterinary market and private healthcare providers and its highly scalable Software as a Service ("SaaS")-based revenue model is expected to provide increasing levels of visibility as the Company grows its customer base.

 

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