Financial Reports

Interim Results 2016

This announcement contains inside information as stipulated under the Market Abuse Regulation (EU) No 596/2014 (MAR).
20 February 2017

Feedback plc
(“Feedback”, the “Company” or the “Group”)

Interim Report for the six months ended 30 November 2016

Chairman’s Statement

We are pleased to present the interim results for the six months ended 30 November 2016. Revenue for the six months period was £203,000 (2015: £225,000) and the loss after tax was £126,000 (2015: Loss £143,000). The loss before interest, tax and amortisation was £115,000 (2015: Loss £132,000). The cash balance at 30 November 2016 was £63,000 (30 November 2015: £164,000).

As previously announced, we received a significant number of purchase orders for TexRAD research versions during the period, the majority of which were installed shortly before the period end. Accordingly, these sales only made a modest contribution to revenue in the period. We are continuing to install the remaining orders and have received additional new orders from customers in Singapore and Korea. We therefore expect there to be a substantial increase in TexRAD-related revenue in the second half of the current financial year and growth in our revenue for the year as a whole. Cambridge Computed Imaging (“CCI”) again performed steadily during the period.

In November 2015 the Company announced that it had signed a Memorandum of Understanding with Alliance Medical Group (“Alliance”) with the intention of integrating Feedback’s TexRAD texture analysis software into Alliance’s PET-CT lung cancer imaging service. The Company has made good progress on a technical solution that would allow the integration of TexRAD into Alliance’s network of PET/CT scanners in UK hospitals and a prototype version has been demonstrated to potential users. An abstract was accepted by the Radiological Society of North America (RSNA) for presentation at its annual conference in November 2016 which highlighted the results from the technical and clinical evaluation. The next steps include applying for a CE mark for a medical device which provides analysis of lung PET/CT images with added prognostication through TexRAD. We hope to gain the CE mark before the end of the current financial year. Thereafter the plan is to expand our customer base significantly by developing relationships with imaging hardware companies as well as Alliance to ensure wide market access. This will be linked to a changed business model from a one-off access fee to one of pay-per-use.

During the period Feedback announced a large-scale collaboration with Future Processing Sp. z o.o. (“Future Processing”), a software development service provider based in Gliwice, Poland to develop medical imaging software. Feedback’s assistance has resulted in another successful EU grant application made by Future Processing. The directors of Feedback consider that by CCI working jointly with the Future Processing healthcare team, CCI’s product portfolio can be updated and improved and new products developed more rapidly including further applications for TexRAD. The intention is for the Company to agree formal licences for new software products to be brought to market in 2017/18 under a shared revenue arrangement. Under this collaboration with Future Processing, the Company is currently making substantial savings in software development costs although there could be some strategic advantage in re-establishing some UK-based software development capability.

We are encouraged by the continued strong interest shown in TexRAD and the number of research papers being published which highlight its numerous potential applications, particularly in areas such as liver, prostate and adrenal cancers. We are seeing new opportunities in Asia to make further sales of TexRAD research versions by partnering with companies with a strong local presence. In addition to the TexRAD sales, Feedback is well placed to grow its revenues through the collaboration with Future Processing and the development of a CE marked product for analysis of lung PET/CT images. After several years of relying on very limited resources we have plans to invest in product development, regulatory and marketing resource to step up our activity and take full advantage of our very positive growth prospects. We are excited by the developments in our marketplace in machine learning and artificial intelligence applied to medical images. We have extensive experience in machine learning and the prospects of combining TexRAD with other companies’ proprietary technologies could lead to exciting opportunities.

Dr AJ Riddell
Chairman

Please click here to download the report in full : 
Interim Results 2016

Interim Results 2015

FEEDBACK PLC

Feedback plc
(“Feedback”, the “Company” or the “Group”)

Interim Results for the six months ended 30 November 2015

Chairman’s Statement

We are pleased to present the interim results for the six months ended 30 November 2015. Revenue for the six month period was £225,000 (2014: £229,000) and the loss after tax was £143,000. (2014: loss of £219,000). The loss before interest, tax and amortisation was £132,000 (2014: Loss £138,000). The cash balance as at 30 November 2015 was £164,000, (2014: £268,000).

The interim results show a small reduction in the loss for the period on similar levels of turnover to 2014. Cambridge Computed Imaging Limited (‘CCI’) again performed steadily as it continued to serve its established customer base. Revenue recognised from TexRAD research version sales in the six months was higher than in the comparable period in 2014, reflecting the contract wins that took place shortly before the end of the previous financial year. Revenue for the second half of the current financial year from TexRAD is also expected to be higher than in the comparable period. In line with management’s expectations, we have sold fewer research versions of TexRAD in recent months although there remains a good deal of customer interest from research institutions who are currently seeking grant funding. The Company has recently signed collaborative agreements with companies in Japan and South Korea to explore further selling opportunities in these markets for TexRAD research versions. The Company has also been looking to provide more support to research customers to assist them in analysing and interpreting the results of their studies. We have recently started work on one such project and this could prove to be a useful additional source of revenue in the future. Dr Balaji Ganeshan has been continuing his work supporting research into new potential applications of TexRAD. This has led to the publication of twelve peer-reviewed papers over the last year as well as a number of presentations at scientific conferences, including the Society of Cardiac MR Annual Scientific Sessions in Los Angeles last month.

In November 2015 the Company announced that it had signed a Memorandum of Understanding with Alliance Medical Group (“Alliance”) with the intention of integrating Feedback’s TexRAD texture analysis software into Alliance’s PET-CT lung cancer imaging service. The technical discussions have made good progress. A pilot implementation is currently underway and a retrospective study on a sample of studies with known clinical outcomes has shown promising preliminary results. The next stage will be to integrate with Alliance’s internal systems and evaluate our solution with multiple sites across the Alliance network. It is also anticipated that an abstract will be submitted to the Radiological Society of North America (RSNA) for intended publication at its annual conference in November 2016 which will highlight the results from the technical and clinical evaluation. Our development work with Alliance is considered to offer great potential as regards the future commercialisation of TexRAD software. Alliance and Feedback plan to undertake a multi-centre imaging research study to assess the use of TexRAD in lung cancer, with the eventual aim of gaining inclusion of texture analysis in the National Institute for Health and Care Excellence (“NICE”) Lung Cancer pathway.

In 2015 the Company formed two joint venture companies, Stone Checker Software Ltd and Prostate Checker Ltd. These companies are at the stage of testing prototype versions of software containing TexRAD plug-ins, firstly on sample data sets and then on larger data sets. Both companies offer the prospect of developing innovative solutions where routine medical images can provide useful additional information for clinicians.

The Board believes the future for Feedback is hugely promising and we look forward to working closely with Alliance and developing our other collaborative ventures. We expect revenue in the second half of the current financial year to be broadly similar to the first half result. Operating expenses have been significantly reduced so when compared to the last financial year, the results for the current financial year are expected to show higher revenue and a reduced operating loss.

Tom Charlton
Chairman

Enquiries:

Feedback plc
Tom Charlton
Trevor Brown
Mike Hayball
Balaji Ganeshan

Tel: 01954 718072

Sanlam Securities UK Limited (Nominated advisor)
Simon Clements / James Thomas

Tel: 020 7628 2200

Please click here to download the report in full : Feedback plc Half Yearly Report Feb 2016

Interim Results 2014

FEEDBACK PLC

Feedback plc (“Feedback”, the “Company” or the “Group”)

Interim Report for the six months ended 30 November 2014

Chairman’s Statement

We are pleased to present the results for the six months ended 30 November 2014. This is the first set of results that includes the trading of the two medical imaging companies, Cambridge Computed Imaging Limited (‘CCI’) and TexRAD Limited, (TexRAD) acquired in May 2014.

Revenue for the six month period was £229,000 (2013: non trading) and the loss after tax was £219,000. (2013: loss of £471,000). The loss before interest, tax and amortisation was £138,000 (2013: Loss £471,000). The cash balance at 30 November 2014 was £268,000, (2013: £696,000) which was after the payment of certain overdue creditors totalling £189,000 owed by CCI.

During this period, significant progress has been made with CCI achieving ISO 13485, the International Standard relating to quality management systems for organisations involved in the manufacture of medical devices.

TexRAD has been granted a European patent. The Group continues to make progress towards the launch later this year of a commercial version of its TexRAD software for the pharmaceutical trials market which is expected to be achieved following 21 CFR 11 self certification in the second quarter of 2015. We will continue to work with our distributor to gain momentum in this market.

The FDA approval application for the Group’s software systems has been a more difficult process than anticipated due to the new procedures. We anticipate that the application will be made during the second quarter of 2015.

The Group has invested in people over the period. Two new staff were appointed during the six months under review, with a further two joining before the year end to prepare the business for commercial sales of the products.

We continue to look to develop the Group’s presence in the medical imaging sector through acquisitions and collaborations with research institutions. We can offer software systems and regulatory assistance for new medical imaging techniques which will assist the process of bringing them to market.

2015 is expected to be a year of transition for the Company as it moves from development to commercialisation with its TexRAD product.

Simon Barrell
Chairman

Please click here to see the full interim report

Enquiries:
Feedback plc
Simon Barrell
Tom Charlton
Trevor Brown
Tel: 01954 718072

Sanlam Securities UK Limited (Nominated adviser)
Simon Clements/Virginia Bull
Tel: 020 7628 2200

Annual Report 2014

Feedback plc
(‘Feedback’ or “the Company’)

Availability of Report & Accounts and Notice of AGM

Further to the final results announcement made on 28 October 2014, Feedback announces that the annual report and accounts of the Company for the year ended 31 May 2014 have been posted to shareholders and is available to download from the Company’s website.

In addition, the Company announces that its annual general meeting, notice of which accompanies the annual report and accounts, will be held on 20 November 2014.

For further information contact:
Feedback plc
Tel: 01954 718072
Simon Barrell

Sanlam Securities UK
Simon Clements / Virginia Bull
Tel: 020 7628 2200

Please click here to download the Annual Report for the year ending 31st May 2014.

Interim Results 2013

Feedback plc
(“Feedback”, the “Company” or the “Group”)

Interim Report for the six months ended 30 November 2013

Chairman’s Statement
The Company became an Investing Company (as defined by the AIM Rules for Companies) on 1 June 2013 focussed on investing in the technology sector. The Company’s detailed Investing Policy is available on the Company’s website (feedbackplc:8888). The Directors are endeavouring to implement the Company’s investment policy by identifying a suitable acquisition that will be effected by means of a reverse takeover. Read more