Feedback pleased with first-half progress

Specialist medical imaging technology company Feedback issued its unaudited half-year results for the six months ended 30 November on Thursday, reporting a 22% increase in invoiced sales year-on-year to £0.27m, due to new sales progress.

The AIM-traded firm said recognised revenue for the six-month period rose 4% to £0.24m, with its loss after tax for the six-month period widening to £0.37m from £0.35m, which the board put down to a higher cost base following its recruitment programme in 2018.

It saw increased investment in software development to £0.11m, from £0.04m, with its loss before interest, tax and amortisation for the half-year standing at £0.4m, from £0.34m.

Cash at 30 November stood at £1.367m, increasing from £0.267m, following Feedback’s equity fundraise in November, which raised £1.375m before expenses.

On the operational front, Feedback Medical sales momentum continued to grow, with the firm reporting new ‘TexRAD’ sales into Czech Republic, Belgium, France, Italy, Portugal, India, the US and South Korea, during the first six months of the 2019 financial year.

It made new hires of a data scientist and product specialist for Cadran, with Feedback Medical signing an agreement in January with software development partner Future Processing as well.

That agreement would enhance Feedback Medical's software development capability and to distribute relevant Future Processing imaging analysis products.

The board said that would reinforce Feedback's software platform with improved clinical integration functionality, and provide access to specialist medical imaging software developers and AI specialists.

“We have seen positive progress across the business during this six-month period, building European sales as well as global sales in the US, South Korea and India,” said Feedback executive chairman Dr Alastair Riddell.

“We have recruited to provide additional resource in data science and to support Cadran and this month, we have strengthened our partnership with Future Processing.”

Dr Riddell said that would bring increased software development capabilities and improved functionality to Feedback’s technology, as well as access to specialist medical imaging and AI expertise.

“Our fundraise in November positions us well to build on the operational progress already achieved and to continue to focus on our longer term goals of maximising the clinical opportunities for TexRAD and new business opportunities for Cadran.”