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Feedback sees double-digit percentage growth in revenues

Last updated: 05:55 26 Feb 2018 EST, First published: 02:55 26 Feb 2018 EST

TexRAD
Feedback intends to leverage its leading research, image processing and analysis expertise to position TexRAD technology for routine clinical use to drive future revenue growth

The new chief executive officer of Feedback plc (LON:FDBK), David Crabb, said he intends to refine the company’s commercial strategy and growth ambitions.

In the medical imaging technology company’s interim results statement, covering the six months to the end of November, Crabb said the company continues to see strong demand for its technology, which contributed to revenue growth over the last 12 months that was in double digits in percentage terms.

READ: Feedback appoints new chief executive officer to drive growth strategy

Revenue in the first half of the current financial year grew to £228,874 from £203,000 the year before, with the TexRAD software contributing roughly 55% of that.

Dr Alastair Riddell, Feedback's chairman, said the company has seen an increase in purchase orders for TexRAD from leading medical institutions in South Korea and it is also receiving significant interest in China, underpinned by the exclusive distributor agreements signed during the reporting period. 

Feedback expects to reap the benefits of these agreements in the full financial year.

The loss before interest, tax and amortisation widened to £337,300 from £115,000 in the first half of last year, largely as a result of an increase in head-count, continued product development and marketing activities.

As at the end of November 2017, the company had cash of £266,756, up from £63,000 a year earlier.

“As a small team, we experienced some operational delays over the past 12 months which slowed our commercial progress; however, the first CE marked release of the TexRAD technology in November was a major achievement for the company and will underpin the next stage of growth,” Crabb said.

READ: Feedback receives long-awaited CE mark for its TexRAD Lung software

"In the near-term, with a CE marked product, distribution partners in key territories and ongoing discussions with global players, we are focused on developing our clinical evidence base and accelerating our market penetration in the rapidly growing medical imaging field," Crabb said.

Feedback’s joint broker, Northland Capital Partners, said the 12.8% growth in revenues from the previous period demonstrates the increasing demand for the company’s technology.

“The CE-marked release of TexRAD in November 2017 was a significant milestone, allowing the sale of TexRAD Lung within the EU, a key market, which is expected to further drive revenues,” the broker said.

“The company is focusing on developing its clinical evidence base and accelerating market penetration. The appointment of David Crabb will underpin the execution of the company's growth strategy,” it added.   

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