Hey balance if you wanna dwell in the past and miss out on the opportunity staring you in the face, well I guess that's your choice. Positive forecast results now being delivered........who cares what names are behind the company (read smart money) .....clearly they are starting to deliver as promised. Increased sales. Sydney supply and manafacture agreement now in place, capital raising complete, sub distributor signed for China........all augers well. IMHO
FLLYR: TRU: TRUSCREEN PRELIMINARY RESULTS FOR FY18 08:30a.m.
TRU
14/06/2018 08:30
FLLYR
PRICE SENSITIVE
REL: 0830 HRS TruScreen Limited
FLLYR: TRU: TRUSCREEN PRELIMINARY RESULTS FOR FY18
14 June 2018
NZX ANNOUNCEMENT
TruScreen Unaudited Preliminary Results for the Year Ended 31 March 2018
Cervical cancer technology company, TruScreen Limited (NZAX: TRU) has
released its preliminary results for the year ended 31 March 2018 and is
forecasting a significant uplift in sales for the new financial year, after a
strong performance in the first two months of the year to date.
The company, which is commercialising its real time cervical cancer screening
solution, is gaining increasing recognition and validation for the benefits
its technology offers, particularly in countries with limited laboratory
infrastructure.
Distribution agreements are in place covering a combined screening population
of approximately 1 billion women and TruScreen's focus remains firmly on the
larger of these markets - China, India and Mexico - and capitalising on the
work done over the past two years to gain acceptance of TruScreen in these
countries. China remains the primary focus for the company and an important
commercial opportunity.
Progress is being made to have TruScreen recommended for major screening
programmes and health systems in these countries.
This is being reflected in increasing sales, with strong growth in the second
half of the financial year, mainly as a result of gaining CFDA approval for
the TruScreen2 device in China in late December 2017. This positive
trajectory is expected to continue as commercialisation moves ahead in China
and other focus markets.
To support its growth, TruScreen has established a new optical manufacturing
facility in Sydney, which will provide up to four times more production
capacity for the TruScreen device. This facility is expected to be
commissioned within the coming months.
TruScreen chair, Mr Robert Hunter, said: "It is pleasing to be reaching the
point where we will begin reaping the returns from our years of investment
and R&D. We are now on the cusp of seeing our efforts translating into
commercial progress and recent sales indicate that we have reached a major
turning point for the company."
Financial Results for the year ended 31 March 2018
For the FY18 financial year, TruScreen reported a 37% increase in sales to
$0.8 million, primarily due to a strong second half following receipt of CFDA
approval in December 2017.
The company notes that while total sales revenue for the year was below
expectations after commercial performance was hampered in the first half due
to ongoing product improvements and validation, and delays in gaining CFDA
approval for the TruScreen device in China, it is pleasing to now be seeing a
positive sales trajectory.
Other income including a refundable tax offset, took total revenue to $1.9
million for the year, up 34% on FY17.
Total operating expenses increased as expected, as the company positions
itself for the forecast growth in demand, with an increased investment into
inventory, human resources and R&D related to technology improvements, as
well as establishment of the new manufacturing facility in Sydney.
Net operating cash outflow for the period was $(3.8) million. This is
expected to significantly improve as sales increase and TruScreen expects to
reach profitability by the end of FY19.
For the FY18 financial year, the company reported a Net Loss of $(4.5)
million, compared to $(3.5) million in the prior year.
As at 31 March 2018, TruScreen had cash and cash equivalents of $1.2 million
(FY17: $3.7m). As it has done previously, if required, TruScreen will seek
shareholder support for its growth strategy as it works towards
profitability.
**Please see TruScreen's FY18 & FY17 financial snapshot table included in the
attached Announcement**.
Outlook
TruScreen is making positive commercial progress and significant sales growth
is expected, mainly from China, as well as further sales to Mexico, India and
other smaller markets. The company expects to reach profitability during
FY19.
In the two months since year end, sales have continued to grow. Total sales
for the first two months of the FY19 year are approximately 50% of full year
sales for FY18. As the company achieves maximum manufacturing capacity for
its devices, further growth is expected.
The vast majority of these sales are to China, where devices are being
stockpiled in preparation to being rolled out in a major program in the next
few months.
Over time, as more devices enter the market, the company expects to see an
increasingly large proportion of revenue being generated from the sales of
the Single Use Sensors, providing a sustainable annuity income stream.
While China remains the primary opportunity, the company has identified a
number of other markets which offer significant potential and will continue
working with its distribution partners to encourage adoption of the TruScreen
cervical cancer screening solution.
FY18 Key Events:
o Completed $5.0m capital raising in May 2017.
o Signed major new sub-distributor in China to manage Government sales
channels.
o Involved in two major evaluation programmes in China.
o Commenced research collaboration with All India Institute of Medical
Science (AIIMS).
o Commenced evaluation with Ministry of Health in Mexico for inclusion in the
Mexican Government's purchasing catalogue of preferred medical devices for
public health. TruScreen is now awaiting the formal approval of the full
committee.
o Approved for reimbursement by major health insurer in Jordan, a global
first for TruScreen.
o Established distribution networks for several new territories.
o Initial results from clinical performance evaluation of TruScreen2 at the
Royal hospital for Women in Sydney indicate that TruScreen will
substantially boost screening capabilities in developing countries.
o Increased manufacturing capability with establishment of new optical
manufacturing facility in Sydney.
ENDS
For more information visit
www.truscreen.com or contact:
Martin Dillon
TruScreen Chief Executive Officer
Email:
martindillon@truscreen.com
Media Liaison
Jackie Ellis
Email:
jackie@ellisandco.co.nz
Phone: +64 27 246 2505
About TruScreen:
TruScreen's real time cervical cancer technology utilises a digital wand
which is placed on the surface of the cervix to measure electrical and
optical signals from the surrounding tissue.
A sophisticated proprietary algorithm framework distinguishes between normal
and abnormal (cancerous and precancerous) tissue to identify precancerous
change, or cervical intraepithelial neoplasia (CIN).
A Single Use Sensor (SUS) is used for each patient to protect against
cross-infection
End CA:00319310 For:TRU Type:FLLYR Time:2018-06-14 08:30:49
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