New CEO plots growth roadmap for Feedback plc
Quoted UK company Feedback plc has announced unaudited revenue of £563k for the year ended May 31 – an increase of 23 per cent on the previous financial year’s £458k.
The uplift for the business, which is based just outside Cambridge, follows new hires and investment in product sales. AIM-listed Feedback specialises in medical imaging technology.
New CEO Dr Tom Oakley, who took over in April, has swiftly completed a strategic review of the business and believes he has identified a clear route to further growth.
In the review, the board assessed both its Cadran and the TexRAD portfolios. The Cadran portfolio has been initially prioritised.
Dr Oakley said: “An exciting opportunity has arisen from the first phase of our strategic review. We believe that Cadran’s innovative features, such as the ability to view clinical grade medical images flexibly on mobile and personal devices, allow it to be repositioned to meet the needs of an emerging medical communications market, particularly in medical imaging.
“There is huge potential to improve the efficiencies and lives of our doctors and patients alike, through more flexible, secure and accurate tools utilising the highest standards in global mobile communications.
“We are now working swiftly to develop this new offering and make it available for the many clinicians eager to use it, both within the NHS and internationally.”
Cadran is Feedback’s established Picture Archiving and Communications System (PACS) which facilitates the review of medical imaging studies by clinicians.
It is a progressive and rigorously tested Class 1 medical device with a longstanding legacy of service at NHS institutions, such as the Royal Papworth Hospital. However, it is currently positioned in a competitive market that shows little opportunity for future growth.
According to BMJ Innovations, 97 per cent of hospital doctors routinely use WhatsApp to communicate about patients. There is an increasing trend for clinicians to use personal devices to discuss patient care and make clinical decisions, as it is more convenient and efficient than traditional methods of clinical communication.
Medical images are often shared as part of these chats as photos of computer screens, and do not meet diagnostic clinical standards. This raises a number of concerns with regard to safety of patient data, breaches of GDPR and the ability to make safe clinical decisions without using clinical grade medical images.
By incorporating a dedicated, encrypted messaging function to Feedback’s existing Cadran technology, the directors believe it can become the only medical communication device on the market capable of sharing clinical grade medical imaging directly from a hospital PACS to mobile devices, ensuring the safe handling of patient data and facilitating a secure means of communication for clinicians across the UK.
The directors believe this new product will also be the only communication tool to be a CE marked medical device.
The repositioning of Cadran marks a shift away from a traditional software sales model towards a SaaS (software as a service) model which is anticipated to generate considerably higher recurring revenues for the company and lead to a new phase of growth.
With over 15 million doctors globally, Cadran is uniquely positioned to set new standards in this emerging, sizeable, medical communications market.
Having undertaken a period of market research alongside NHS clinicians, the company is investing in the product enhancement of Cadran and launch of the new product is anticipated towards the end of this calendar year.
This rapid turnaround is possible because the core technical features of the product are already established within Cadran and our outsourced development partner, Future Processing, is designing the additional features required.
While driving the development of this exciting opportunity for Cadran, the board will continue its review of the TexRAD product portfolio.