In the year to May 31, invoiced sales rose to £771,000 from £508,000 a year ago after the firm invested in training and recruiting staff and won a two-year contract renewal with Royal Papworth Hospital NHS Foundation Trust for its Cadran picture archiving communication system (PACS), which provides decision support for scan analysis.
The company also secured a software licence and distribution agreement for its TexRAD patented image texture analysis technology with General Electric Healthcare (GEHC), a subsidiary of US conglomerate General Electric (NYSE:GE), in the period. The first order through GE Healthcare was received in August.
In September Feedback received an order for TexRAD from Samsung Medical Centre under a distribution agreement made with ISG Korea in June 2017.
A month later it received a number of new significant orders for TexRAD from prestigious university hospitals across Europe, including in Belgium and Portugal.
Restructuring yields benefits for Feedback
The 2018 financial year saw Feedback undergo a restructuring to bring its TexRAD Ltd and Cambridge Computed Imaging (CCI) subsidiaries together under Feedback Medical brand. Restructuring and recruitment costs led to a wider operating loss of £750,000 for the year, compared to £300,000 last year.
Chief executive Alastair Riddell said: “The board has been strengthened and the restructuring of our operating subsidiaries into one integrated unit under the Feedback Medical brand is already bringing benefits, demonstrated by the significant improvement in sales performance.”
“During the year and post period end, we secured significant investment from new and existing shareholders, enabling us to invest further in the sales and marketing of both TexRAD and Cadran, including pursuing US FDA approval.”
Solid 2019 first-quarter sales
Feedback said increased sales momentum was seen particularly towards the end of the year and this has continued into the new financial year with significant traction from Asian markets.
In the first quarter, invoiced sales of TexRAD and Cadran products surged 100% to £236,000, compared to £117,000 the same period a year ago.
The group sees additional sales growth potential in the “mid to long-term” with its first clinical product approved the European Union and pilot launches underway.