Annual results: exciting opportunities amid landscape shift

Date

04/11/2024

Category

Bleepa

Feedback Medical

Feedback plc

News

Posted by

Hana Stewart-Smith

We have announced our audited results for the 12 months to 31 May 2024.

Operational highlights

  • £350k NHS England (“NHSE”) central funding awards to continue community diagnostic centre (“CDC”) pathway development across Buckinghamshire, Oxfordshire and Berkshire ICS (“BOB ICS”) and Oldham CDC
  • Medical Imaging Partnership (“MIP”) pilot agreement to deliver multiple clinical pathways to UK private healthcare sector
  • New tuberculosis (“TB”) partnership in India to deliver community-based TB screening projects
  • Received Gold Award – Digital Solution for Rural Healthcare at the Integrated Health and Wellbeing Council of India’s Digital Health Awards 2024
  • Second paid contract extension with Queen Victoria Hospital Foundation Trust (“QVH”) / Sussex Integrated Care System (“Sussex ICS”)
  • All existing NHS customers renewed at a higher price
  • All-Party Parliamentary Group (“APPG”) for Diagnostics report on future of CDCs used Bleepa® case study to highlight the need for the integration of patient data and digital tools within CDCs, with the recommendation of commitment to further digital investment


Financial highlights

  • 15% increase in revenue to £1.18m (2023: £1.02m); Bleepa® contributed 87%
  • Sales[1] were £0.95m (2023: £1.27m); Bleepa® contributed 85%
  • EBITDA loss increased to £2.73m (2023: £2.61m)
  • Cash as at 31 May 2024 was £3.88m (31 May 2023: £7.32m)


Post period highlights

  • Eligibility for Elective Recovery Fund (“ERF”) funding mechanism
  • ERF to reimburse expenditure by ICBs and hospitals on Bleepa
  • Step change in commercial prospects
  • Focus with implementation partner on converting near-term customer contracts
  • Indicative ICB contract could generate revenues of over £2m per ICB per annum
  • Collaboration with provider of primary care solutions focused on creation of Neighbourhood Diagnostics Solution
  • To provide a route to rapidly scale the Bleepa solution and pathway approach
  • Aligned with government vision of a digital-first, community centric healthcare system
  • Potential for over 190m annual tests to be redirected to pharmacies using this platform
  • Collaboration with Vertex In Healthcare (“Vertex”) to broaden product functionality and strengthen global reach
  • Awarded contract by Queen Victoria Hospital NHS Foundation Trust (“QVH”) as successful bidder to provide digital infrastructure
  • Secured further funding to extend the delivery of its CDC pathway pilot at the Northern Care Alliance NHS Foundation Trust (“NCA”) site in Oldham

The shifted political landscape brings exciting opportunities for healthcare reform and signals an increasing need for solutions such as ours to enable the required structural changes. With Labour emphasising the need to undergo the “biggest reimagining of the NHS,” whilst embracing an “analogue to digital” approach that moves diagnostics from primary care settings to the community, Bleepa is perfectly positioned to underpin many of the operational requirements having proved this can be delivered by our technology and the diagnostic pathway approach that we have pioneered at QVH. Furthermore, creating a “Neighbourhood Health Service” requires a new infrastructure to connect the community providers around the patient which is exactly the infrastructure proposed through our recently announced collaboration with a leading UK primary care record provider and which was called for in a recent Tony Blair Institute paper ‘Preparing the NHS for the AI Era: A Digital Health Record for every Citizen‘.

“There are also signs of a shift in the NHS’s financial landscape. Lord Ara Darzi’s review revealed that NHS technology lags about 15 years behind other healthcare systems, with a £37bn capital investment shortfall that must be addressed to support the NHS recovery plan. This indicates a push for renewed technology investment, and the new administration acknowledges the vital role of digital enablement in recovery. Proven technologies like Bleepa, with a strong track record, are well-positioned to seize growth opportunities as financial constraints ease. With our channel partner and ERF funding, we believe we can scale quickly to meet emerging national demands.

“With a growing evidence base, a viable funding mechanism and a channel partner who can help the company deliver national scale at pace, plus growing visibility of international opportunity, we believe there has never been a better time to invest in the company. We look forward to delivering value to our shareholders and transformation for our customers in the upcoming financial year.”

Dr Tom Oakley, CEO of Feedback

 You can read our full results for the 12 months ended May 2024 here.