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 28 November 2025

TruScreen Unaudited Interim Results for the Half Year Ended 30 September 2025

Highlights for TruScreen in 1H FY2026:

• First half year product sales at NZ$860k, FY2026 revenue guidance is affirmed at NZ$2.8m

• China continued to perform strongly, with public screening programs in Zimbabwe and Vietnam to commence 2H FY2026. Deferred revenue impact of NZ$200k

• Further progress in Indonesia and Uzbekistan with significant market opportunity

• New distributors appointed in India and South Africa

• Strategic alliance with Hangzhou Dalton Biosciences Ltd (DaltonBio) expanding HPV product range and market access

• Successful capital raise of NZ$4m, before costs, to see Company through to monthly cash flow positive

• Ms Christine Pears elected to the Board on retirement of Ms Juliet Hull

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 2025 (1H FY2026), together with the following Review of Operations. TruScreen reports according to the New Zealand financial year, which runs from 1 April to 31 March.

In FY2026 TruScreen made a strategic move into public screening programs which are expected to account for 20% of revenue in this financial year. In July 2025 Vietnam launched a five-year program to screen 260,000 women. Following receipt of regulatory approval in Uzbekistan a Memorandum of Understanding was signed, and medical experts were selected to conduct a 500 patient pilot project in Karakalpakstan province. This program is a pre-requisite to government consideration of the inclusion of TruScreen as a screening option for Uzbekistan’s 11 million women of screening age. Zimbabwe’s screening program, following the completion of the product re-validation will recommence in 2H FY2026 with 20,000 women expected to be screened in this financial year.

Sales revenue of products decreased by 17% over the prior period year on year to NZ$0.86 million as programs with revenue of NZ$200k were deferred from 1H to 2H. As a consequence, the Company reported an increased operating loss of NZ$1.36 million (1H FY2025: NZ$1.13 million), which includes costs associated with the June 2025 capital raise.

China continues to perform strongly and will be enhanced as we develop the relationship with DaltonBio.

Net operating cash outflow increased to NZ$1.7 million (1H FY2025: NZ$0.9 million), with lower receipts from customers and higher prepayment to our SUS contract manufacturer from higher forward demand production. There was also a timing delay in the receipt of the Australian research and development tax offset refund of NZ$460,000 expected in 2H FY2026.

As at 30 September 2025, the Company had cash and cash equivalents of NZ$2.2 million.