Connecting the clinical world
Annual Report and Accounts
For the year ended 31 May 2021
Contents
Page | ||
Highlights | 3 | |
About us | 4 - 5 | |
Chairman's Statement | 6 | |
Chief Executive Officer's Statement | 7 | - 15 |
The Board | 16 | - 17 |
Strategic Report | 18 | - 20 |
Directors' Report | 21 | - 24 |
Corporate Governance Statement | 25 | - 29 |
Independent Auditor's Report | 30 | - 34 |
Statement of Comprehensive Income | 35 | |
Consolidated Statement of Changes in Equity | 36 | |
Consolidated Balance Sheet | 37 | |
Company Balance Sheet | 38 | |
Consolidated Cash Flow Statement | 39 | |
Company Cash Flow Statement | 40 | |
Notes to the Financial Statements | 41 | - 59 |
Company Information | 60 |
Feedback PLC
Annual report and accounts for the year ended 31 May 2021
2
Highlights
Our Vision
To enable clinicians to make better decisions, faster, from anywhere
Operational highlights
- First direct commercial contract for Bleepa with the Royal Berkshire NHS Foundation
-
Significant progression in developing Bleepa's offering, scalability and security:
o Appointment to the NHSx Clinical Communications Procurement Framework post CE mark, confirming use of Bleepa as a Class 1 Medical Device
o Addition of new key features including photocapture and document capture
o Receipt of further accreditation and certification - highlighting quality of Bleepa o NHS Data Security and Protection Toolkit compliant
o Cyber Essentials and Cyber Essentials Plus accreditations used by the NHS - Strengthening of the Board through appointment of Philipp Prince as non-executive director
- Recruitment of marketing specialists both in the UK and India to expediate commercial strategy
Financial highlights
- Revenue was £0.29 million (2020: £0.45 million), reflecting the planned move away from legacy products
- Operating loss increased to £2.06 million (2020: £1.42 million), reflecting headcount expansion to accelerate growth, and due to the planned decrease in legacy product revenues
- Shareholder's equity (net assets) increased to £5.27 million as at 31 May 2021 (2020: £1.77 million)
- Strong cash balance of £2.22 million as at 31 May 2021 (31 May 2020: £0.73m)
- Successfully raised £5.27 million (before expenses) in July 2020
Post period highlights
- Launch of CareLocker, a revolutionary patient-centric cloud architecture to underly the Bleepa platform
- First non-NHS commercial contract, with CVS Group, one of the UK's leading providers of integrated veterinary services highlighting Bleepa's commercial scope outside of NHS
- Expansion of potential revenue streams through broadening market access and commercial discussions with third parties:
o MOU with Qure.ai to pilot Bleepa for use in tuberculosis screening in India
o MOU with Quest to expand its existing teleradiology service by enabling direct case discussion between requesting clinicians and reporting radiologists
o MOU with Sussex Integrated Care System (Sussex ICS) to conduct a pilot study with Queen Victoria Hospital NHS Foundation Trust as one of the UK's Community Diagnostic Centre ("CDC") exemplar sites
o Appointed to national NHS AI procurement framework - UKCA mark, the post-Brexit UK regulatory certification
- Bleepa believed to be the only CE and UKCA marked clinical imaging and communication platform on the NHSx Clinical Communications Procurement Framework, the NHS CDC initiative and NHS AI procurement framework
- Addition of ISO27001 and UK Medical Device Certification (UKCA) to its regulatory portfolio, maintaining a competitive barrier against competitors
- Launch of Bleepa on Apple Store and Google Play
- Announced the launch of an accelerated book build today for a placing to raise a minimum of £10 million (before expenses)
Feedback PLC
Annual report and accounts for the year ended 31 May 2021
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Highlights (continued)
Supporting clinicians to make the best decisions possible as quickly as
possible from any location
Solutions that enhance access to high-quality patient data that connect
clinicians to colleagues and leverage the best available technology
World-leading solutions to revolutionise how clinical care is practiced where
it is practiced
Our focus
Our mission is to enable clinicians to make better decisions faster, from any location. We do this in three ways; 1) we connect clinicians around individual patient episodes to facilitate case discussion and senior advice and guidance earlier in the patient pathway, 2) we extract data relating to the patient from siloed hospital systems and centralise it around a patient so that the data is available at the time of decision making, all in one place, and 3) we work with some of the latest technologies, such as artificial intelligence (AI), which support clinical decision making from the data that is presented.
What sets us apart
Feedback is both a technology and a medical device company, meaning that we straddle the worlds of agile product development and quality manufacturing processes. We believe this gives our products a unique position in the market.
Unlike generic applications our technology is patient-centric, targeting a broad range of clinical settings including the NHS, private hospitals, remote clinical screening services, veterinary services and the military. It is designed to facilitate a specific patient's clinical pathway, around which clinical teams are built for communication and into which information is centralised. This ensures our products are compliant with information governance and clinical safety standards by design, whilst also mirroring how clinical care is delivered - to individual patients. Our patient- centric architecture also enables us to link seamlessly to other clinical systems and to integrate our user-generated content into an individual patient's medico legal record.
Leveraging a 20-year heritage of medical imaging delivery our products incorporate a diagnostic medical image display that conforms with the required standards stipulated for clinical use, as certified by both CE and UKCA mark. Under the prevailing legislation it is a legal requirement that products used to display digital patient images (such as photos, X-rays, CT scans and MRIs) for a diagnostic purpose are appropriately certified as medical devices. At the time of writing Bleepa remains the only commercial clinical communication platform to be appropriately certified as a medical device capable of displaying digital patient images.
Feedback PLC
Annual report and accounts for the year ended 31 May 2021
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Highlights (continued)
Our products
As a clinical tool Bleepa integrates with multiple hospital systems and centralises relevant clinical data around specific patient episodes, presenting it together to clinical teams to accelerate decision-making capabilities through the platform. This data includes lab results, structured reports, ECGs and, most importantly, medical images that are uniquely displayed through Bleepa's regulated DICOM (Digital Imaging and Communications in Medicine) viewer. The platform allows clinicians to review patient imaging with access to Picture Archive Communication Systems (PACS) and discuss cases collaboratively with colleagues on the go. Having centralised data around a patient, CareLocker provides a patient-centric way of storing that data as a de-centralised record of that care episode that can then be made available to any care setting through open APIs such as FHIR. From the integration of Bleepa and CareLocker into clinical settings, the possibility of expanding the platform's reach to more remote settings provided the Company with a key opportunity for growth. This led to the development of Bleepa Box, a specialist tool to enable image transfer from rural settings to the Bleepa platform via a mobile data network which allows the clinician to review the images directly on the Bleepa Box and make onward referrals or start a conversation with a specialist for input on the case whilst still on location. As such, application of the Company's technology now extends beyond healthcare into other addressable sectors such as veterinary, diagnostic screening and military settings, amongst others.
Our markets
Our technologies are currently in use in UK NHS trusts and the veterinary sector. The Company is also actively pursuing opportunities in India and other international markets along with the UK private sector and through the NHS's CDC initiative.
Our partners
Feedback PLC
Annual report and accounts for the year ended 31 May 2021
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Feedback plc published this content on 02 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 November 2021 08:18:11 UTC.