Feedback : Annual Report 2023 - Published on September 12 2023

that liberates healthcare

Annual Report and Accounts

For the year

ended 31 May 2023

Contents

	Page
Highlights		3
About us	4	- 21
Chairman's Statement	22	- 23
Chief Executive Officer's Statement	24	- 31
The Board	32	- 33
Strategic Report	34	- 43
Directors' Report	44	- 47
Corporate Governance Statement	48	- 57
Audit Committee Report	56	- 57
Remuneration Committee Report	58	- 60
Independent Auditor's Report	61	- 66
Statement of Comprehensive Income		67
Consolidated Statement of Changes in Equity		68
Company Statement of Changes in Equity		69
Consolidated Balance Sheet		70
Company Balance Sheet		71
Consolidated Cash Flow Statement		72
Company Cash Flow Statement		73
Notes to the Financial Statements	74	- 93
Company Information		94

Feedback PLC

Annual report and accounts for the year ended 31 May 2023

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Highlights

Operational highlights

• Continued to focus on growth of high margin opportunities
• Sussex Integrated Care System ("ICS") Community Diagnostic Centre ("CDC") pilot contract extension - providing increased revenue visibility
• Demonstrated an approximate 69% reduction in patient wait times compared to national targets
• Named as a supplier on G-Cloud 13, the UK Government's digital marketplace
• Bleepa 1.5 upgrade completed
• NHS Trust customers NCA and RBH both renewed Bleepa subscriptions for a further 3-year term
• Continued progress in India and establishment of Indian subsidiary
• Completion of 200:1 share consolidation

Financial highlights

• 74% increase in revenue to £1.02m (FY22: £0.59m), of which Bleepa-CareLocker contributed 74%
• 89% increase in sales(1) to £1.27m (FY22: £0.67m)
• Operating loss increased to £3.42 (FY22: £2.51m), reflecting expansion and improvements to the technology
• Cash as at 31 May 2023 was £7.32m (31 May 2022: £10.31m)

Post period highlights

• Numerous discussions underway both with local, regional and national NHS organisations, and strategic partners
• Successfully granted an import license for Bleepa as a registered medical device in India
• Appointment of India in-country Managing Director to drive the opportunity for Bleepa

Note (1): "Sales" is non-IFRS metric representing the total customer contract value invoiced in a period. The figure does not take account of accrued or deferred income adjustments that are required to comply with accounting standards for revenue recognition across the life of a customer contract (typically 12 months).

Feedback PLC

Annual report and accounts for the year ended 31 May 2023

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About us

Our Vision

Connectivity that liberates healthcare

What we do

Our mission is to be the preferred provider of innovative solutions that liberate healthcare customers from the confines of siloed clinical IT systems. These digital solutions will result in greater connectivity across healthcare organisations, faster decisions and more effective patient care.

Our focus

We enable clinicians to make better decisions faster, from any location. Without the right information at their fingertips, clinicians are constrained in their capacity to provide the best care for patients.

We design products that enhance clinician access to patient data and their colleagues. Our suite of products liberates the data and knowledge hidden in multiple, disjointed IT systems and delivers better workflow to enable clinicians to collaborate and provide better healthcare decisions faster for their patients.

We are healthcare experts, we create solutions that are right first time and solve real problems - fast. We achieve this through our core products, Bleepa and CareLocker, which together assimilate specialist clinical data and present it back to clinical users within a patient-specific collaboration environment, which they can securely access from anywhere- we give clinicians the ability to manage any patient from any location.

We believe our products are an essential element to facilitate the digital transformation of healthcare, a key priority for the NHS. Our technology allows the service to escape from the traditional limitations of geography and time, by removing the requirement for clinicians and patients to physically meet together or access different systems to obtain the necessary information.

We are able to do this because:

• We have provided medical software for over 20 years, during which time we have processed clinical data for several million patients, including specialist data such as DICOM radiology images, and we have been the trusted partner of multiple hospitals.
• We have the know-how and technical tools required to integrate with any clinical system in any care setting.
• We have the regulatory experience to manufacture software as a medical device, maintaining certification for all relevant ISO standards and having successfully held CE marks and, most recently, UKCA marks for our products.
• We are led by clinicians - both our CEO and Chairman are clinicians with over 60 years of experience between them.
• But most importantly, our products are always developed in collaboration with our NHS partner organisations and their clinicians - they are designed by the intended user.

"Bleepa works very well for us as a 24-hour service in our emergency department... Any reduction in the time taken to review patients and help to improve their journey through the hospital is crucial when every second counts."

Justine Loh, Consultant in Emergency Medicine and Paediatric Emergency Medicine, Digital Health Lead in ED, Royal Berkshire NHS Foundation Trust

Watch our videoto find out more about how Bleepa improves patient care.

Feedback PLC

Annual report and accounts for the year ended 31 May 2023

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About us (continued)

Our products and benefits

Key features

• Creates a common view of a patient's data, securely accessible from any location.
• Provides an asynchronous collaboration environment that allows clinicians to contribute to cases in and around other clinical work, at a time that is convenient for them.
• Bridges the gap between care settings enabling seamless clinical pathway delivery between primary care, secondary care and the community.
• The only communication and workflow tool to be certified as a medical device for clinical image display
• Dashboard view giving oversight of any patient on any Bleepa care pathway.

What this means for care

• Clinicians can review and discuss cases at any time, from any place; giving greater flexibility and boosting capacity to manage growing caseloads.
• Patients can be reviewed outside of traditional clinical and meeting structures, allowing decisions to be made more rapidly, accelerating their journey.
• Providers are able to run coordinated patient pathways between any care setting with fewer clinicians, whilst ensuring clinical oversight and appropriate use of diagnostic resources.
• Providers can see where all their patients are in a care pathway, at any time and across all care settings.

What this means for customers

• Estimated 74% reduction in referral time.
• Estimated potential reduction in length of hospital stay of 1.6 days, on average.
• Flexible working arrangements for staff, helping retention whilst simultaneously reducing the overall staffing requirement and enabling flexible onboarding of staff from remote/out of area locations.
• Auditable capture of all clinical discussions.
• Conformance with CQC requirement for a single contemporaneous record and GDPR/MDD regulatory requirements.
• Avoid ICO fines for WhatsApp data breaches.

Feedback PLC

Annual report and accounts for the year ended 31 May 2023

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