FDBK

Feedback PLC

Health Care First-pass screen £4.27m

360/1000 Overall fit

AI beneficiary 35% 25

Operating leverage 25% 45

Valuation 25% 30

Downside protection 15% 55

First-pass take

Feedback is a healthcare workflow platform with zero AI exposure, declining revenue (down 25%), and significant impairments (£3.2m). Net cash provides 18-month runway, but 55% NHS customer concentration amid sector restructuring creates acute execution risk. No path to profitability evident.

Flags

loss-makingrevenue-declinecustomer-concentrationgoing-concern-riskimpairment-heavynhs-restructuringno-valuation-datamicro-cap