Feedback boosts revenues but losses deepen as it ramps R & D
Feedback plc, a specialist medical imaging technology company based in Cambridge, increased revenues but posted bigger losses in the six months to November 30 as it invested in future growth.
Recognised revenue was up 14 per cent to £269k but the loss after tax rose to £603k from the first-half £369k due to recruitment to service new opportunities and launch the company’s flagship product, Bleepa. Feedback virtually tripled investment in software development to £301k.
CEO Dr Tom Oakley said: “We have deliberately changed the company’s strategy to focus on the Cadran portfolio and transition into the emerging mobile medical market; this strategy is already bearing fruit.
“During the past six months, we completed the development of our new flagship product, Bleepa™. Following its launch in September at the NHS Expo, we have received significant interest and entered our first pilot study within an NHS setting, from which early indications show great promise.
“We believe that Bleepa™ has the potential to revolutionise the way clinicians are able to communicate with each other and advance treatment of their patients, quickly.
“Further evidence of the new strategy gaining traction is our first commercial contract of the Cadran platform outside of the NHS. With growing momentum and the strengthening of our board with the appointment of Adam Denning, 2020 is looking to be a promising year for Feedback.”