Loss before tax narrowed to £251,219 from £1.2mln the year before, when losses were inflated by a £689,142 write-down on the value of intangible assets.
Revenue grew to £431,454 from £381,90 the previous year.
Cash generation during the year was better than anticipated, reflecting payments received from customers in respect of purchase orders before revenue was recognised.
The company said its Cambridge Computed Imaging business performed steadily during the year as it built up its customer base.
Revenue recognised from sales of the TexRAD tumour imaging research version was higher than the previous year, but, as expected, there was a reduction in new purchase orders, although there remained a good deal of interest from research institutions, the company said.
“In order to support our research customers we have been looking at ways to assist them in analysing and interpreting the results of their studies. We are working on one such project and this could prove to be a useful additional source of revenue in the future,” revealed Alastair Riddell, chairman of Feedback.
Meanwhile, the company has made good progress on its collaboration with Alliance Medical Group, which is seeking to integrate Feedback’s TexRAD texture analysis software into its PET-CT lung cancer imaging service. The company said a prototype version has been demonstrated to potential users. The next steps will include applying for a CE mark for a medical device that provides analysis of lung PET/CT images with added prognostication through TexRAD.
An abstract has been accepted by the Radiological Society of North America (RSNA) for presentation at its annual conference in November 2016 that will highlight the results from the technical and clinical evaluation. Further abstracts publishing the research findings of Feedback’s customers using TexRAD have also been accepted for presentation at RSNA.
After the end of the reporting period the company received a high level of purchase orders for TexRAD research versions that should lead to a substantial increase in revenue in the second half of the current financial year.
“We believe there will be opportunities to make further sales of TexRAD research versions in China by partnering with a company with a strong local presence. We are also considering other business relationships, which could increase sales of TexRAD research versions in other territories. In addition to the TexRAD sales, Feedback now has the opportunity 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. We will look at investing in product development, regulatory and marketing resource to support our very positive growth prospects,” Dr Riddell said.
In a separate announcement Feedback said that non-executive deputy chairman Tom Charlton would be standing for re-election to the board at the company’s annual general meeting on 23 November, rescinding his earlier decision to stand down to spend more time on his other investment activities.
'Feedback is now at an important stage of its development and the company needs Tom's knowledge and expertise as we look to strengthen the internal management structure and make the most of Feedback's opportunities,” Riddell said.
Shares in Feedback shot up to 2.14p from 1.875p overnight on the news, before ebbing to 2p, up 6.7% on the day. Shares in the company are up 19.6% year-to-date.