Reporting results for the financial year to the end of May 2020, the medical imaging specialist said the period was characterised by a move away from older products, such as the TexRAD product, and towards the emerging mobile medical market which has significant potential for growth.
The company’s focus is now on Bleepa, an application for clinical staff to securely send and view medical images in real-time on their phones and mobile devices.
The shift away from TexRAD did mean full-year revenue slipped to GBP450,000 from GBP563,000 the year before, however, while the group’s loss before tax widened to GBP1.41mln from GBP1.13mln the previous year.
The onset of the coronavirus (COVID-19) saw Bleepa deployed at scale across Pennine Acute Hospitals Trust in order to support care delivery and COVID-19 in-patient referral pathways.
“What had started as a product pilot and clinical evaluation was rapidly converted into a front-line deployment and catapulted Bleepa into the attention of the NHS mainstream, culminating ultimately in the appointment of Bleepa onto the NHSx Clinical Communications Framework in July 2020,” Feedback chairman, Rory Shaw said in the results statement.
Bleepa is the only product on the framework that is certified to display medical images at a quality sufficient for clinical review and is, therefore, the only product to hold a CE mark for this purpose, Shaw noted.
Bleepa is currently installed in two NHS Trusts and the inclusion of the technology to the NHSx Clinical Communications Framework opens the door to many similar opportunities in the National Health Service (NHS).
Beyond the NHS market, the company is pursuing opportunities for the CE marked version of Bleepa in adjacent market segments, such as the UK private healthcare sector, veterinary services and international healthcare setting. Feedback is currently evaluating the relevant regulatory aspects of international expansion and is considering partnership opportunities to help scale the product more cost-effectively to a wider market audience.
Bleepa is not the sort of product that can be marketed directly to users; it needs to be integrated into hospital systems, which means that securing the adoption of the technology can be a lengthy process requiring the approval of several stakeholders. Before its fast-growth plan can come to fruition, the company first needs to grow the product footprint and get as many clinicians as possible using the platform; its recent fundraising activity leaves the medtech firm well-placed to deliver on this potential.
“We have been fortunate to have the support of our shareholders through two fund-raising, one during the financial year and one in post-period, which will help us to drive Bleepa forward. Our aim for the new year is to scale the product, at pace, in order to acquire as large a user-base as possible. Longer term, our vision is that Bleepa will become the platform that all front-line clinicians use to access information about their patients and confer with their peers to reach collective, informed treatment decisions,” said Tom Oakley, the chief executive officer of Feedback.
Shares in Feedback were up 2.4% at 1.05p in the first half-hour of trading.