TruScreen Group Limited Analysis

Overview

TruScreen's development began in the late 1980s under the guidance of leading medical academics from Sydney University.

TruScreen offers the latest technology in cervical screening, providing real-time, accurate detection of pre-cancerous and cancerous cervical cells to help improve the health and wellbeing of women around the world.

Professor Coppleson, an international leader in colposcopy and cervical cancer, sought to establish objective technology that could improve on the conventional Pap test, which has limitations in population based screening due to its subjective nature and its need of laboratory facilities and qualified personnel. Dr. Reid believed that it should be possible to distinguish between normal and abnormal tissue by measuring changes in physical properties, such as electrical potential.

After almost 15 years of intensive R&D, the TruScreen 'Opto Electrical' Technology for the detection of cancerous cells is now being made commercially available to global markets. As the TruScreen technology is at the forefront of the development of objective opto-electric tissue differentiation it enjoys significant patent protection which is of great interest throughout the globe.

Following the restructuring of the business, TruScreen Pty Ltd, a subsidiary company of TruScreen Group Ltd (NZ), was formed in October 2013 to hold all TruScreen assets, including IP, and to act as the operations heart of the TruScreen business. The board and executive team combine experience and commercial ideas and strategies which we believe are both essential to and sufficient for the success of TruScreen globally.

TruScreen is a compliance listing there will be no new shares issued upon listing.

TruScreen is expected to commence trading on the NZX Alternative Board on 12 November 2014.

Performance

The following information was extracted from TruScreen Group Limited's Half Year Results, released on 29 November 2024:

Highlights for TruScreen in FY25 to date:

• First half year product sales up 5% on same period over prior year
• China continues to perform strongly
• Market entry to Indonesia underway with completion of registration
• Major validation screening program for Tashkent, Uzbekistan subject to completion of product registration
• Increasing publications of trial results by global professional journals
• Post 30 September 2024, announcement of MOU to launch 5-year cervical cancer screening program in Ho Chi Minh City (See NZX/ASX announcement 25 November 2024)

Cervical cancer screening technology company, TruScreen Group Limited (NZX/ASX: TRU) (‘TruScreen’ or ‘the Company), is pleased to provide its unaudited interim financial results for the six months to 30 September 2024 (1H FY25), along with the following Review of Operations. TruScreen reports according to the New Zealand financial year, which runs from 1 April to 31 March.

After 3 years of COVID19 interruptions from 2020 to 2022, the Company resumed its commercialisation of its TruScreen AI-enabled, non-invasive cervical cancer screening technology. The low- and middle-income markets that the Company are in, have also resumed their public health programs with a focus on women’s health. World Health Organisation (WHO) is pushing ahead with its global strategy (approved by its member nations) of eliminating cervical cancer by the end of the century and achieving milestone targets of 70% coverage of screening and 90% treatment of precancerous lesions by the end of 2030. This is TruScreen’s target market.

Sales revenue of products increased by 5% over the prior period year on year to $1.03 million. The Company reported a reduced operating loss of $1.13 million (1H FY24: $1.35 million).

Ongoing strong results from China offset timing delays of orders in other markets from product registrations.

Net operating cash outflow was reduced to $0.9 million (1H FY24: $1.4 million).

As at 30 September 2024, the Company had cash and cash equivalents of $1.7 million.