Feedback loss widens as company woos customers

Specialist medical imaging technology company Feedback announced its unaudited results for the six months ended 30 November on Monday, with revenue rising to £0.22m from £0.2m a year earlier.

The AIM-traded firm’s loss after tax widened to £0.35m from £0.13m, while its loss before interest, tax and amortisation for the six month period was £0.34m, compared to £0.12m.

Cash as at 30 November stood at £0.27m.

On the operational front, the company’s board highlighted the signing of exclusive ‘TexRAD’ distributor agreements in China and Korea, along with the CE-marked release of ‘TexRAD Lung’.

Three pilot TexRAD Lung installations were secured with existing research customers, with the board also reporting “significant” TexRAD research interest including 19 presentations at the RSNA annual conference.

Certification was received by CCI for ISO 13485:2016 quality management standard compliance.

“We continue to see strong demand for our technology across the global territories which has contributed to double-digit revenue growth during the period,” said chief executive David Crabb.

“As a small team, we experienced some operational delays over the past 12 months which slowed our commercial progress, however the first CE marked release of the TexRAD technology in November was a major achievement for the Company and will underpin the next stage of growth.”

Crabb said the company’s mission is to create evidence-based imaging software, arming clinicians with innovative tools to improve patient outcomes.

“Having joined the company earlier this month, I will be refining the commercial strategy and growth ambitions to ensure that Feedback is well-positioned to deliver.

“In the near-term, with a CE marked product, distribution partners in key territories and ongoing discussions with global players, we are focused on developing our clinical evidence base and accelerating our market penetration in the rapidly growing medical imaging field.”