Shares of Feedback, the medical-imaging technology company, experienced an 11% decline on Tuesday following the release of their fiscal 2023 financial results. Despite revenue nearly doubling, the company reported a widened pretax loss. This loss can be attributed to increased costs associated with the company's expansion and technology improvements.
For the year ended on May 31, Feedback posted a pretax loss of £3.4 million ($4.3 million), compared to a loss of £2.5 million in the same period last year. This increase in losses can be attributed to operating expenses of £4.4 million and £3.0 million for the respective periods.
Revenue for the same period saw a significant rise to £1.0 million from £588,576. Notably, Feedback's Bleepa-CareLocker community diagnostics center solution contributed 74% of this revenue.
Chief Executive Tom Oakley expressed optimism about the future, stating that the opportunities presented by Bleepa and CareLocker domestically and overseas offer great potential. The company is currently engaged in ongoing discussions with interested parties to secure new contracts, which they believe will further enhance recurring revenue visibility.
As a result of the financial news, shares in Feedback were down 10.0 pence at 77.50 pence as of 10:06 GMT.