Guy Robertson
c/- HLB Mann Judd Limited, Level 6, Equitable House, 57 Symonds Street, Grafton, Auckland

TruScreen Group Limited Analysis


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.


The following information was extracted from TruScreen Group Limited's Full Year Results, released 30 May 2024:


  • SUS unit sales up 25% on prior year and device sales to distributors in line with prior year
  • Major breakthrough in China with two peak organisations including TruScreen in their cervical cancer screening guidelines - China Obstetrics and Gynecology Association (COGA) Blue Paper and endorsement from the Chinese Society for Colposcopy and Cervical Pathology (CSCCP)
  • Commercial operations commenced in Saudi Arabia and further progress in Zimbabwe
  • In Vietnam TruScreen achieved inclusion on the Vietnamese Ministry Of Health (MOH) approved Technical List
  • In Mexico the national regulator, Cofepris approved TruScreen access to the public health sector
  • Developing new market opportunities in Uzbekistan, Indonesia, and Africa
  • Successful capital raise and appointment of new Chief Executive Officer
  • Improved Operations metrics.
  • Sales up by 27%, led by SUS consumable sales increase of 25%.
  • Operating loss reduced by 15%
  • Cash outflow reduced by 9%

Financial Results for the year ended 31 March 2024

Truscreen generated product sales 27% higher than the prior year at $2.1m (2023: $1.7m).

The sales result was underpinned by a strong result from China which grew by 45% over the prior year following the recommendations from two key peak organisations - in the COGA Blue Paper and CSCCP Guideline. Zimbabwe revenue was 34% up on the prior year with further potential when the National Aids Council screening program is extended outside of the Masvingo province.

Good progress was made in Saudi Arabia, Vietnam and Mexico with stronger sales expected in FY2025.

Gross margin improved YOY from 27.6% to 32.7%. Other income was largely in line with the prior year at $0.5m (2023: $0.54m) attributable to the research and development tax offset.

Total overhead expenses remained unchanged YOY at $3.3m, which includes increased costs due to inflation and $0.2m incurred in preparation for transition from the current EC regulatory code – the MDD, to the new MDR code.

The Company incurred an operating loss for the year of $2.1m (2023: loss $2.4m), a 15% improvement on the prior year.

Net operating cash outflow for the year was lower at $2.0m (2023: $2.2m) reflecting improved revenue and margin.

As at 31 March 2024, Truscreen had cash and cash equivalents of $2.7m (2023: $2.2m).

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