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Feedback loss widens on Bleepa development costs
24th Oct 2019 13:07
(Sharecast News) - Feedback on Thursday reported a wider annual loss as higher costs from product development overshadowed an increase in revenue.
The medical imaging technology company booked a loss before tax of £1.1m for the year ended 31 May, compared with £0.8m od red ink during the previous year, while operating expenses jumped by 51% to £1.7m.
Feedback saw its expenses climb as it focused efforts on the development and commercial launch of Bleepa, a secure platform for instant sharing via mobile devices by medical staff of clinical grade images and medical information that meets GDPR requirements.
The company said it was optimistic that the product, which was launched in September, would transform its potential for accelerated growth, with a number of overseas opportunities already being explored.
Meanwhile, the AIM traded company's revenue jumped by 23% to £0.6m and was driven by existing product lines.
Chief executive Tom Oakley said: "This has been a transformational year for Feedback and we believe that we have the technology and strategy to make a meaningful change in the medical imaging and communications market. Following successful fundraises, we are well positioned to continue to build our team and capabilities to support the roll-out of Bleepa, both in the UK and further afield."
Feedback shares were down by 4.55% at 1.22p at 1512 BST.
The medical imaging technology company booked a loss before tax of £1.1m for the year ended 31 May, compared with £0.8m od red ink during the previous year, while operating expenses jumped by 51% to £1.7m.
Feedback saw its expenses climb as it focused efforts on the development and commercial launch of Bleepa, a secure platform for instant sharing via mobile devices by medical staff of clinical grade images and medical information that meets GDPR requirements.
The company said it was optimistic that the product, which was launched in September, would transform its potential for accelerated growth, with a number of overseas opportunities already being explored.
Meanwhile, the AIM traded company's revenue jumped by 23% to £0.6m and was driven by existing product lines.
Chief executive Tom Oakley said: "This has been a transformational year for Feedback and we believe that we have the technology and strategy to make a meaningful change in the medical imaging and communications market. Following successful fundraises, we are well positioned to continue to build our team and capabilities to support the roll-out of Bleepa, both in the UK and further afield."
Feedback shares were down by 4.55% at 1.22p at 1512 BST.