For personal use only
TruScreen Group Limited Annual Report
2022
- world without cervical cancer.
TRUSCREEN GROUP LIMITED ANNUAL REPORT 2022 • 1
Corporate Directory
For personal use only
DIRECTORS
Anthony Ho
Non-Executive, Independent Chairman
Christopher Horn
Non-Executive Independent Director
Juliet Hull
Executive Director, Interim Chief Executive Officer
Dr Dexter Cheung
Non-Executive Independent Director
MANAGEMENT
Dr Jerry Tan
General Manager Commercial
Edmond Capcelea
Chief Technology Officer
Guy Robertson
Chief Financial Officer
Hubert Chan
Marketing and Communications Manager
REGISTERED OFFICE
C/- HLB Mann Judd Limited,
Level 6, Equitable House
57 Symonds Street, Grafton,
Auckland, New Zealand
NZX Code : TRU
ASX Code : TRU
AUDITOR
RSM Hayes Audit
Level 1, 1 Broadway
Newmarket
Auckland 1023
New Zealand
SHARE REGISTRAR
Link Market Services
PO Box 91976, Auckland 1142,
New Zealand
Level 30,
PwC Tower 15 Customs Street West
New Zealand
Investor enquiries
+64 09 375 5998
Investor email
enquiries@linkmarketservices.co.nz
Website
www.linkmarketservices.co.nz
TRUSCREEN GROUP LIMITED ANNUAL REPORT 2022 • 2
Table of Contents
only | Chairman's Letter |
use | Operations Report |
Directors' Report | |
Financial Statements | |
personalFor | Auditor's Report |
Governance | |
Shareholder Information |
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8
16
23
56
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TRUSCREEN GROUP LIMITED ANNUAL REPORT 2022 • 3
Chairman's Letter
use only | |
personalFor | Dear fellow Shareholders, |
TruScreen Group Limited has recorded strong sales growth in a further difficult COVID year, has enhanced the product, ervice capability, and quality processes, and expanded its market reach into new countries.
TruScreen provides an AI opto-electrical technology- based real time, low cost and portable system for the detection of cancerous or pre-cancerous cells in cervical tissues. TruScreen's disruptive technology is non-invasive for women and provides objective and fast cervical cancer screening, thus providing an efficient alternative to conventional methods requiring specimen collections for laboratory analysis.
In November 2020 the World Health Organisation (WHO) set out a strategy approved by its member nations for eliminating cervical cancer by 2050. While mature countries strive to be the first nation to achieve this goal based on expensive infrastructure and delivery, TruScreen is focused on low-and- middle income countries, and other disadvantaged, minority, and indigenous populations.
TruScreen is continuing its drive to bring the TruScreen cervical cancer screening technology to new markets within its focus. After strengthening its marketing team with the appointment of Hubert Chan as Marketing and Communications Manager in January 2022 we are working on expanding our market presence in Eastern Europe, South America, and in Middle East North Africa (MENA). This activity is ably supported by an expanded International Experts Group, with medical experts from United States, United Kingdom, Hong Kong, Nigeria, and Mexico.
China, with the outstanding efforts of our major distributor Beijing Siweixiangtai Tech Ltd Co, was the major contributor to a 48% increase in Group revenue YOY, an increase in China revenue YOY of 39%, and an increase in device installations into 14 new hospitals in China. The China-based device manufacturing facility was commissioned during the year, and with domestic product registration, has enabled the opening of new sales channels and wider distribution in this market. The pull through consumption growth YOY of our SUS of 34% vindicated our strategy of getting TruScreen devices into the market and in use.
TRUSCREEN GROUP LIMITED ANNUAL REPORT 2022 • 4
Chairman's Letter
For personal use only
TruScreen completed verification and validation of a Firmware update during the year that is now progressively being released to TruScreen devices already in use in the market. The updated Firmware enhances the device's cyber security framework, allows TruScreen devices to interface with compatible hospitals' systems and incorporates a state-of-the-art optical calibration feature to reduce the need for the device to return to service centres for re-calibration. The Company has also completed a substantial body of work to meet the demanding new international Medical Device Reporting (MDR) requirements to be effective in 2024.
With increasing inflation and costs of doing business the Company has taken additional steps late in the financial year to review and reduce its cost base where appropriate. The Group continues to work with distributors to develop innovative solutions to get the TruScreen product to market despite challenges and continues to seek opportunities to expand its medical products range to provide our distributors with wider product access to their local markets.
Despite the progresses made during the year, the Company was not immune from the disruptions of our markets from the Ukraine conflict, and the lingering impacts of COVID, especially in China. To comply with NZ Accounting Standards and acknowledgment of the macro-environmental uncertainties, the directors resolved to provide for impairment of the Company's non-current assets of circa $4.6 million. This provision is non-cash in nature and is non-recurring. When the uncertainties subside, and at future balance dates, the Company will review the carrying value of its non-current assets appropriately.
In yet another challenging year, and on behalf of the board, I thank our team for their resilience and dedication during the year. I also look forward to the ongoing support of our stakeholders and commitment of my fellow directors and the TruScreen team as we continue to strive for
- A world without cervical cancer. "
Anthony Ho
Chairman
TRUSCREEN GROUP LIMITED ANNUAL REPORT 2022 • 5
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TruScreen Limited published this content on 30 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 June 2022 03:01:03 UTC.