TRUSCREEN INTERIM RESULTS TO 30 SEPTEMBER 2018

Company Announcement
14 December 2018

TRUSCREEN SIGNIFICANT SALES INCREASE, REDUCED LOSS IN HALF YEAR

Cervical cancer technology company, TruScreen Limited (NZAX:TRU), announced its preliminary
unaudited financial results for the six months to 30 September 2018.
The Company reported a 519% increase in sales compared to the corresponding period last year and
a significantly reduced loss from the corresponding period in the prior year and the previous six
months. TruScreen is benefitting from increasing demand in China, new distribution agreements
leading to an expanded global presence and growing adoption by public and private healthcare
providers.
Total revenue was $2.2m, comprising sales of $1.4m and other income of $0.8m, being grants for
research & development $0.5m and an unrealised foreign exchange gain of $0.3m.
Net operating cashflow outflow was $0.8m, a significant improvement over prior periods attributable
to receipts from sales and research & development grants.
TruScreen reports a net loss of $1.15m for the six months, a significant improvement on the
corresponding period in 2018 (1H18:$1.8m) and the previous six month period (2H18: $2.4m).
Unrealised foreign exchange gain was $0.3m compared with a foreign exchange loss of ($.09m) in the
corresponding period.
Gross margins improved to 42% (2H18:22%) following a focus on reducing manufacturing costs. A
review is currently underway to reduce overheads.
As at 30 September 2018, the Company had cash and cash equivalents of $1.48m. A well supported
Share Purchase Plan raised $1.56m in October 2018, increasing available cash to approximately $2.3m
as at 31 October 2018.
Half Year Commentary
TruScreen has continued to make significant commercial progress in the six months to 30 September
2018.
China remains the Company’s focus with a number of important initiatives commenced during the
half year. These have seen TruScreen selected for major screening programmes and for installation in
both public and private hospitals and clinics. Hospitals in the public sector are expected to use an
average of 150 Single Use Sensors (SUS) per month. This compares with some of TruScreen’s
customers who are now using over 1,000 SUS per month.
The company is also making good progress in other markets. Africa and India, in particular, have been
identified as offering major opportunities for TruScreen, with a large addressable market of women
of screening age and limited healthcare resources and infrastructure relative to population size.
In Africa TruScreen was selected by the National Aids Council of Zimbabwe for a pilot program to
screen HIV affected women, who are 6 times more likely to develop cervical cancer than other women.

In East and Southern Africa there are an estimated 10.8 million women (UNAIDS data, 2017) suffering
from HIV, all of whom have an increased need to be screened for cervical cancer.
The drafting of the interim report from the All India Institute of Medical Science has commenced, and
its release in the first quarter of 2019 is expected to provide sales opportunity of TruScreen to the
public sector in India.
The Company’s global presence continues to grow with a new distribution agreement signed for the
Middle East. TruScreen currently has distributors appointed in over 24 countries, which together have
a screening addressable market size exceeding 1 billion women.
TruScreen’s newly commissioned in-house manufacturing facility in Australia, is providing greater
control over the supply and cost of the key optical electrical front end of the TruScreen device. Gross
margin has improved as unit costs decreased. TruScreen is currently working to move additional key
manufacturing processes in-house.
Regulatory and clinical evaluation of TruScreen is an important part of the adoption process. Ongoing
results from the clinical trial at the Royal Hospital for Women in Sydney indicate that TruScreen is an
important addition to screening capabilities in developing countries. TruScreen also continues to
receive regulatory approval for import and sale in a growing number of countries.
Outlook
The company is making good progress to achieve a number of commercial goals for the 2019 financial
year. Market awareness of the benefits of TruScreen is growing and would lead to increasing adoption
and commercial sales around the world.
Sales growth is expected to continue in the 2H2019, and further improvement in margins as
manufacturing efficiencies are realised.
Highlights for HY19:
• Sales of devices and Single Use Sensors (SUS) tracking well ahead of prior year, with 519%
period on period growth in sales.
• Commissioned new optical electrical front-end manufacturing facility in Sydney.
• Strong demand continues from China and other markets.
• Commenced large scale evaluations in China with The Women’s and Children’s Division of the
Centre for Disease Control; selection as the primary screening tool for up to 50 planned
women’s health clinics; and selected for major programme in Xinjiang Province, which will see
TruScreen installed in 190 hospitals.
• Completed first stage of evaluation with the Chinese Obstetricians and Gynecologists
Association, with approval to progress to second stage of the project.
• Gained approval for pilot screening programme in Zimbabwe, with initial $450,000 sale to the
National Aids Council which is running the programme.
• Signed new distribution agreement for the Middle East.
• Supplied devices and SUS for the conduct of a pilot study for the use of TruScreen in regional
and remote locations by the Papua New Guinea government.
• Successful $3.55m capital raise completed in September/October 2018.

Post Period End
• Included in Indonesia Ministry of Health purchase e-catalogue, providing opportunity to
government hospital sales
• Appointment of Tony Ho as the new Chairman and Guy Robertson as the new Chief Financial
Officer for TruScreen
• Began transition to NZX Main Board, with the Company to be relisted on NZX on 17 December
2018.
ENDS
For more information, visit our website at www.truscreen.com or contact:
Martin DillionTruScreen Chief Executive Officer
Email: martindillon@truscreen.com
Guy RobertsonTruScreen Chief Financial Officer
Email: guyrobertson@truscreen.com

Media Liaison
Jackie Ellis
Email: jackie@ellisandco.co.nz
Phone: +64 27 246 2505
About TruScreen:
Watch the video on 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.

---

1
TRUSCREEN LIMITED

NZX APPENDIX 1 RELEASE

This document covers TruScreen Limited’s unaudited financial results for the 6 months ended 30 September
2018, released to NZX on 14 December 2018. These results are unaudited.

(TRU): TruScreen Limited
Results for announcement to the market

Reporting Period 6 months to 30 September 2018
Previous Reporting Period 6 months to 30 September 2017

Amount ($NZ’000s) Percentage change
Revenue from ordinary
activities
2,218 Increase 388%
Profit (loss) from ordinary
activities after tax attributable
to security holder
(1,122) Loss decreased 64%
Net profit (loss) attributable to
security holders
(1,122) Loss decreased 64%

Interim/ Final Dividend Amount per security
$NZ
Imputed amount per security
Nil Nil n/a

Record Date Not Applicable
Dividend Payment Date Not Applicable

Comment: As per attached report


Commentary on results
For commentary on the results please refer to the commentary on the related NZX release.
Financial Information
The Appendix 1 Release should be read in conjunction with the Interim Unaudited Financial Statements for
the six-month period ended 30 September 2018 which have been released together with this NZAX
Appendix 1 Release.

2
TRUSCREEN LIMITED

PRELIMINARY HALF-YEAR ANNOUNCEMENT
For the Six-Month Period Ended 30 September 2018


The information below is required by Appendix 1 of the NZAX Listing Rules:
2.1 Details of the reporting period and the previous reporting period
The reporting period is for the six-month period ended 30 September 2018 (“current period”) with the
comparative period being for the period from 1 April 2017 to 30 September 2017. (“previous period”).
2.2 Information prescribed by NZX
Refer to “Results for Announcement to the Market”.
2.3 The following information:
(a) A statement of financial performance
Refer to the Interim Unaudited Financial Statements for the six-month period ended 30 September 2018.
(b) A statement of financial position
Refer to the Interim Unaudited Financial Statements for the six-month period ended 30 September 2018.
(c) A statement of cash flows
Refer to the Interim Unaudited Financial Statements for the six-month period ended 30 September 2018.
(d) Details of dividends or distributions
No dividends to shareholders have been declared for this six-month period.
(e) Details of any dividend or distribution reinvestment plans in operation and the last date for the
receipt of an election notice for participation in any dividend or distribution reinvestment plan
The Company has no dividend reinvestment plan.
(f) Net tangible assets per security
NZ CENTS PER SHARE CURRENT PERIOD PREVIOUS PERIOD
Net tangible assets per share 1.42 2.03

(g) Details of entities over which control has been gained or lost during the period
Nil.

3
PRELIMINARY HALF-YEAR ANNOUNCEMENT
For the Six-Month Period Ended 30 September 2018

(h) Details of associates and joint ventures
Nil.
3.1 Basis of preparation
These financial statements have been prepared in accordance with New Zealand Generally Accepted
Accounting Practice (NZ GAAP). They comply with New Zealand equivalents to International Financial
Reporting Standards (NZ IFRS), and other applicable New Zealand Financial Reporting Standards, as
appropriate for profit-oriented entities. They also comply with International Financial Reporting Standards.
3.2 Accounting
Refer to Statement of Accounting Policies in the Interim Unaudited Financial Statements for the six-month
period ended 30 September 2018.
3.3 Changes in condensed accounting policies
The accounting policies used are consistent with those used to prepare the Consolidated Financial Statements
for the year ended 31 March 2018.
3.4 Audit Report
The Interim Unaudited Financial Statements for the six-month period ended 30 September 2018 have not been
audited.
3.5 Additional information
Not applicable.
The Interim Unaudited Financial Statements were approved by the Board of Directors on 14 December 2018.


Anthony Ho
Chairman

---

TRUSCREEN LIMITED

Interim Unaudited Financial Statements

For the Six Months Ended 30 September 2018

TRUSCREEN LIMITED





Table of contents


Page


Chief Executive Officer Report 1
Consolidated statement of profit or loss and other comprehensive income 3
Consolidated statement of financial position 4
Consolidated statement of changes in equity 5
Consolidated statement of cash flows 6
Notes to the interim unaudited financial statements 7

TRUSCREEN LIMITED
The accompanying notes form part of these interim financial statements.
1

CHIEF EXECUTIVE OFFICER REPORT
Cervical cancer technology company, TruScreen Limited (NZAX:TRU), is pleased to provide below the
unaudited financial results for the six months to 30 September 2018.
The Company reported a 519% increase in sales compared to the corresponding period last year and a
significantly reduced loss from the corresponding period in the prior year and the previous six months.
TruScreen is benefitting from increasing demand in China, new distribution agreements leading to an
expanded global presence and growing adoption by public and private healthcare providers.
Total revenue was $2.2m, comprising sales of $1.4m and other income of $0.8m, being grants for research
& development $0.5m and an unrealised foreign exchange gain of $0.3m.
Net operating cashflow outflow was $0.8m, a significant improvement over prior periods attributable to
receipts from sales and research & development grants.
TruScreen reports a net loss of $1.15m for the six months, a significant improvement on the corresponding
period in 2018 (1H18:$1.8m) and the previous six month period (2H18: $2.4m). Unrealised foreign
exchange gain was $0.3m compared with a foreign exchange loss of ($.09m) in the corresponding period.
Gross margins improved to 42% (2H18:22%) following a focus on reducing manufacturing costs. A review
is currently underway to reduce overheads.
As at 30 September 2018, the Company had cash and cash equivalents of $1.48m. A well supported Share
Purchase Plan raised $1.56m in October 2018, increasing available cash to approximately $2.3m as at 31
October 2018.
Half Year Commentary
TruScreen has continued to make significant commercial progress in the six months to 30 September 2018.
China remains the Company’s focus with a number of important initiatives commenced during the half
year. These have seen TruScreen selected for major screening programmes and for installation in both
public and private hospitals and clinics. Hospitals in the public sector are expected to use an average of 150
Single Use Sensors (SUS) per month. This compares with some of TruScreen’s customers who are now
using over 1,000 SUS per month.
The company is also making good progress in other markets. Africa and India, in particular, have been
identified as offering major opportunities for TruScreen, with a large addressable market of women of
screening age and limited healthcare resources and infrastructure relative to population size.
In Africa TruScreen was selected by the National Aids Council of Zimbabwe for a pilot program to screen
HIV affected women, who are 6 times more likely to develop cervical cancer than other women. In East
and Southern Africa there are an estimated 10.8 million women (UNAIDS data, 2017) suffering from HIV,
all of whom have an increased need to be screened for cervical cancer.
The drafting of the interim report from the All India Institute of Medical Science has commenced, and its
release in the first quarter of 2019 is expected to provide sales opportunity of TruScreen to the public sector
in India.
The Company’s global presence continues to grow with a new distribution agreement signed for the Middle
East. TruScreen currently has distributors appointed in over 24 countries, which together have a screening
addressable market size exceeding 1 billion women.

TRUSCREEN LIMITED
The accompanying notes form part of these interim financial statements.
2
TruScreen’s newly commissioned in-house manufacturing facility in Australia, is providing greater control
over the supply and cost of the key optical electrical front end of the TruScreen device. Gross margin has
improved as unit costs decreased. TruScreen is currently working to move additional key manufacturing
processes in-house.
Regulatory and clinical evaluation of TruScreen is an important part of the adoption process. Ongoing
results from the clinical trial at the Royal Hospital for Women in Sydney indicate that TruScreen is an
important addition to screening capabilities in developing countries. TruScreen also continues to receive
regulatory approval for import and sale in a growing number of countries.
Outlook
The company is making good progress to achieve a number of commercial goals for the 2019 financial
year. Market awareness of the benefits of TruScreen is growing and would lead to increasing adoption and
commercial sales around the world.
Sales growth is expected to continue in the 2H2019, and further improvement in margins as manufacturing
efficiencies are realised.
Highlights for HY19:
• Sales of devices and Single Use Sensors (SUS) tracking well ahead of prior year, with 519% period
on period growth in sales.
• Commissioned new optical electrical front-end manufacturing facility in Sydney.
• Strong demand continues from China and other markets.
• Commenced large scale evaluations in China with The Women’s and Children’s Division of the
Centre for Disease Control; selection as the primary screening tool for up to 50 planned women’s
health clinics; and selected for major programme in Xinjiang Province, which will see TruScreen
installed in 190 hospitals.
• Completed first stage of evaluation with the Chinese Obstetricians and Gynecologists Association,
with approval to progress to second stage of the project.
• Gained approval for pilot screening programme in Zimbabwe, with initial $450,000 sale to the
National Aids Council which is running the programme.
• Signed new distribution agreement for the Middle East.
• Supplied devices and SUS for the conduct of a pilot study for the use of TruScreen in regional and
remote locations by the Papua New Guinea government.
• Successful $3.55m capital raise completed in September/October 2018.
Post Period End
• Included in Indonesia Ministry of Health purchase e-catalogue, providing opportunity to
government hospital sales
• Appointment of Tony Ho as the new Chairman and Guy Robertson as the new Chief Financial
Officer for TruScreen
• Began transition to NZX Main Board, with the Company to be relisted on NZX on 17 December
2018.

Martin Dillon
Chief Executive Officer
14 December 2018

TRUSCREEN LIMITED
The accompanying notes form part of these interim financial statements.
3

CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018


Unaudited
for the six
months
ended 30
September
2018

Unaudited
for the six
months
ended 30
September
2017

Audited
for the year
ended 31 March
2018
Note $

$ $
Revenue from the sale of goods 1,398,987

225,896 804,062
Other income 3 819,209

346,205 1,374,581
Changes in inventories 296,946

288,587

(66,343)
Purchases of inventory (1,108,536)

(464,115)

(741,607)
Employee benefit expenses and directors’ fees (590,641)

(670,864)

(1,419,333)
Administration (474,544)

(185,739)

(578,497)
Research expenses 3 (643,135)

(649,171)

(1,905,710)
Rent (87,457)

(48,444)

(97,471)
Travel (35,189)

(28,107)

(97,901)
Marketing & product approvals (300,647)

(159,801)

(393,485)
Insurance (58,450)

(50,999)

(73,048)
Shareholder relations & services (35,173)

(3,710)

(95,675)
Foreign exchange loss 3 -

(98,679)

(342,388)
Amortisation & depreciation 3 (276,359)

(266,296)

(535,977)
Finance costs (27,979)

-

-
Loss before income tax (1,122,968)

(1,765,237)

(4,168,792)
Income tax expense -

-

-
Loss for the period after income tax (1,122,968)

(1,765,237)

(4,168,792)
Other comprehensive income




Item that may be reclassified subsequently
to profit or loss




Exchange differences on translating foreign
subsidiary operations (31,815)

(42,673)

(17,671)
Other comprehensive loss for the period

(31,815) (42,673) (17,671)
Total comprehensive loss for the period

(1,154,783) (1,807,910) (4,186,463)
Basic and diluted losses (cents per share) (0.6)

(0.9)

(2.1)

TRUSCREEN LIMITED
The accompanying notes form part of these interim financial statements.
4
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2018


Unaudited
30 September
2018

Unaudited
30 September
2017

Audited
31 March
2018

Note $ $ $
CURRENT ASSETS


Cash and cash equivalents 1,477,876 2,630,624 1,212,454
Trade receivables 622,204 226,495 -
Other receivables 407,585 326,769 1,314,456
Loan receivable 75,000 - 75,000
Goods and services taxes recoverable 86,209 97,090 155,849
Inventories 698,130 756,114 401,185
Other assets – prepayments 255,566 75,268 55,556
TOTAL CURRENT ASSETS 3,622,570 4,112,360 3,214,500

NON-CURRENT ASSETS
Plant and equipment 340,165 7,259 7,536
Intangible assets 8,907,487 9,401,709 8,944,813
TOTAL NON-CURRENT ASSETS 9,247,652 9,408,968 8,952,349

TOTAL ASSETS 12,870,222 13,521,328 12,166,849

CURRENT LIABILITIES
Trade and other payables 817,023 36,556 419,491
Employee benefits 139,850 111,743 109,162
TOTAL CURRENT LIABILITIES 956,873 148,299
528,653

NON-CURRENT LIABILITIES

Employee benefits 25,547 -
22,314
TOTAL NON-CURRENT LIABILITIES 25,547 -
22,314

TOTAL LIABILITIES 982,420 148,299

550,967

NET ASSETS 11,887,802 13,373,029

11,615,882

EQUITY
Issued capital 6 24,864,669 22,657,236 23,433,996
Share option reserve - 172,800 3,970
Foreign currency translation reserve (588,790) (581,977) (556,975)
Accumulated losses (12,388,077) (8,875,030) (11,265,109)
Total Equity 11,887,802 13,373,029 11,615,882

TRUSCREEN LIMITED
The accompanying notes form part of these interim financial statements.
5
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018



Share
Capital
Accumulated
Losses
Foreign
Currency
Translation
Reserve
Option
Reserve Total

Note $

$

$

$

$








Balance at 31 March 2017
(Audited)

21,800,585 (7,109,793)

(539,304)

172,800

14,324,288

Comprehensive income


Loss for the period to 30
September 2017

- (1,765,237) - - (1,765,237)
Other comprehensive loss
for the period
- - (42,673) - (42,673)
Total comprehensive loss
for the period (unaudited)

- (1,765,237) (42,673) - (1,807,910)

Transactions with owners







Issue of ordinary shares
856,651 - - - 856,651
Total transactions with
owners
856,651 - - - 856,651
Balance at 30 September
2017 (Unaudited)

22,657,236

(8,875,030)

(581,977)

172,800

13,373,029










Balance at 31 March 2018
(Audited)

23,433,996 (11,265,109)
(556,975)
3,970 11,615,882
Comprehensive income




Loss for the period ended 30
September 2018

- (1,122,968) - - (1,122,968)
Other comprehensive loss
for the period
- - (31,815) - (31,815)
Total comprehensive loss
for the period (unaudited)

- (1,122,968) (31,815) - (1,154,783)

Transactions with owners







Issue of ordinary shares 6
1,430,673 - - (3,970) 1,426,703
Total transactions with
owners
1,430,673 - - (3,970) 1,426,703
Balance at 30 September
2018 (Unaudited)

24,864,669

(12,388,077)

(588,790)

-

11,887,802

TRUSCREEN LIMITED
The accompanying notes form part of these interim financial statements.
6
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018


Unaudited
for the six
months
ended 30
September
2018

Unaudited
for the six
months
ended 30
September
2017

Audited for
the year
ended 31
March 2018

Note $

$

$
CASH FLOW FROM OPERATING
ACTIVITIES




Cash receipts from customers 752,769 182,029
1,019,183
Cash paid to suppliers and employees (2,993,506) (2,794,335)
(5,577,047)
Cash received from 45% refundable tax offset 1,445,793 833,228
808,167
Interest paid (27,979) -
-
Interest received 4,127 12,768
20,506
Net cash used in operating activities 7
(818,796) (1,766,310) (3,729,191)

CASH FLOW FROM INVESTING
ACTIVITIES






Purchase of plant and equipment (342,485) (1,411) (3,110)
Net cash used in investing activities (342,485) (1,411) (3,110)

CASH FLOW FROM FINANCING
ACTIVITIES





Proceeds from issue of shares 1,515,000 897,350 1,322,500
Share subscriptions not issued at reporting date - - 121,408
Share issue costs
(88,297) (170,576)
(170,724)

Net cash provided by financing activities

1,426,703 726,774 1,273,184

Net increase/(decrease) in cash and cash
equivalents

265,422 (1,040,947) (2,459,117)
Cash and cash equivalents at beginning of period 1,212,454 3,671,571
3,671,571
Cash and cash equivalents at end of period 1,477,876 2,630,624 1,212,454

TRUSCREEN LIMITED
NOTES TO THE UNAUDITED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018


7
1. REPORTING ENTITY
Truscreen Limited (the “Company”) is a Tier 1 for-profit listed incorporated public company and is an
issuer on the New Zealand Stock Exchange Alternative Market (“NZAX”). The Company is a limited
liability company incorporated and domiciled in New Zealand and registered under the Companies Act
1993. The Company announced on 5 December 2018 that it has applied to delist from the NZAX, as at
the close of business on 14 December 2018, and will relist on the main board on the New Zealand Stock
Exchange (“NZX”) on 17 December 2018. The ticker code will remain unchanged as TRU.Truscreen is
an FMC reporting entity for the purposes of the Financial Reporting Act 2013 and the Financial Markets
Conduct Act 2013.
The Group’s principal activity relates to the research & development and manufacture of cancer detection
devices and systems.
The consolidated unaudited interim financial statements presented for the six months ended 30 September
2018 are those of Truscreen Limited and its subsidiaries (the “Group”). References to “Truscreen” are used
to refer both to the Group and Truscreen Limited (the “Company”).
These interim financial statements were authorised for issue by the Board of Directors on 14 December
2018.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PREPARATION
These financial statements are unaudited and have been prepared in accordance with New Zealand
Generally Accepted Accounting Practice (“NZ GAAP”) and are in compliance with NZ IAS 34: Interim
Financial Reporting.
The consolidated unaudited interim financial statements have been prepared in New Zealand dollars, which
is the functional currency. These financial statements do not include all the information required for full
financial statements and consequently should be read in conjunction with the Group’s financial statements
for the year ended 31 March 2018.
The same accounting policies have been followed in these financial statements as were applied in the
preparation of the Group’s audited financial statements for the year ended 31 March 2018.
The consolidated unaudited interim financial statements are prepared on the basis of historical cost, except
where otherwise identified.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
When preparing the interim financial statements, management is required to make judgements, estimates
and assumptions about carrying values of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based on experience and other factors that are
believed to be reasonable under the circumstances. Actual results may differ from the estimates, judgements
and assumptions made by management. Estimates and underlying assumptions are reviewed on an on-going
basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and
in any future periods affected. Information about significant areas of estimation uncertainty and critical
judgements in applying accounting policies that have the most significant effect on the amounts recognised
in the financial statements can be found in the previous annual report.
SEASONALITY
Operations are not subject to seasonal influences.

TRUSCREEN LIMITED
NOTES TO THE UNAUDITED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018


8
3. SIGNIFICANT TRANSACTIONS AFFECTING NET LOSS
Significant transactions affecting net loss
The following significant items affecting the unaudited loss for the period are highlighted below because
of their size:

Unaudited
for the six
months
ended 30
September
2018

Unaudited
for the six
months
ended 30
September
2017

Audited for
the year
ended 31
March
2018
$ $ $
Other income
Research and development grant
514,908 333,437 1,354,075
Interest
4,127 12,768 20,506
Foreign exchange gains - unrealised
300,174 - -
Total other income
819,209

346,205

1,374,581
Expense

Amortisation and depreciation
(276,359) (266,296) (535,977)
Foreign exchange loss - unrealised
- (98,679) (342,388)
Research & development costs
(643,135) (649,171) (1,905,710)
Ongoing Research & development is being conducted in the following areas:
• Clinical trials;
• Software & firmware improvements incorporated from feedback on prototypes to improve usability;
• Manufacturing processes of the electrical and optical assembly;
• Changes and improvements to the electrical and optical assembly; and
• Further work on developing and testing the algorithm.
4. ADMINSTRATIVE AND OTHER OPERATING EXPENSES
Administrative expenses increased in the six months ended 30 September 2018 compared to the six months
ended 30 September 2017 largely due to costs of introducing new enterprise resource planning systems and
regulatory compliance including identifying and documenting processes to claim all the research and
development tax grant to which the Group is entitled.

TRUSCREEN LIMITED
NOTES TO THE UNAUDITED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018


9
5. OPERATING SEGMENTS
The Group operates in one operating segment. It owns the rights to the Truscreen Cervical Cancer Screening
System. The system comprises a medical device and process designed to detect the presence in real time of
precancerous and cancerous tissue on the cervix.
The Group is in the process of obtaining further regulatory approvals. On the granting of these approvals
the Group anticipates an increase in distribution and revenue. It is anticipated revenues will be obtained
largely from Asia, Europe, Central and South America. The limited revenues to date have been obtained in
anticipation of these approvals. These revenues were from sales to the Company’s distributors (indirect
channel of distribution).
Two major customers each contributed more than 10% of the Group’s revenue in the six months to 30
September 2018 (2017: three customers):
• One customer provided revenue of $679,034 (52%); and
• One customer provided revenue of $418,507 (32%).
No additional disclosure is required in the interim financial statements as the Group has one reportable
segment.

6. SHARE CAPITAL
No. $
Balance as at 30 September 2017 195,938,541 22,657,236

Balance as at 31 March 2018 202,152,621 23,433,996
Share placement 7,142,856 1,500,000
Share options exercised 150,000 18,970
Share issue costs - (88,297)
Balance as at 30 September 2018 209,445,477 24,864,669

Subsequent to period end the Company issued 7,411,964 shares at 21 cents per share under a Share Purchase
Plan, raising $1,556,512.

TRUSCREEN LIMITED
NOTES TO THE UNAUDITED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018


10
7. RECONCILIATION OF CASH FLOW FROM OPERATING ACTIVITIES

Unaudited
for the six
months
ended 30
September
2018
Unaudited
for the six
months
ended 30
September
2017
Audited for
the year
ended 31
March 2018
$ $ $
Reconciliation of cash flow from operations with
loss after income tax





Loss for the period (1,122,968)

(1,765,237)

(4,168,792)
Adjusted for:
Amortisation and depreciation 276,359 266,295 535,977
Exchange difference arising from translating loss
items at the date of transaction and translating cash
balances at period end rates (260,992) 30,174

243,810
Operating cash flows before working capital changes (1,107,601) (1,468,768) (3,389,005)
(Increase)/decrease in trade receivables (622,204) (9,098) 217,397
(Increase)/decrease in other receivables (24,014) 465,022 (522,665)
(Increase)/decrease in goods and services taxes
recoverable 69,640

(27,695)

(86,454)
(Increase)/decrease in prepayments (200,010) 1,832 64,591
(Increase)/decrease in inventory (296,945) (288,587) 23,295
Decrease in research and development refundable
tax offset 930,885

-

-
Increase/(decrease) in trade and other payables 397,532 (608,029) (95,221)
Increase in trade and other payables relating to
financing activities -

129,875

-
Increase in employee liabilities 33,921 39,138 58,871
Net cash outflow from operating activities
(818,796)

(1,766,310)

(3,729,191)

TRUSCREEN LIMITED
NOTES TO THE UNAUDITED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018


11
8. NET TANGIBLE ASSETS PER SHARE
Unaudited
30 September
2018
Unaudited
30 September
2017
Audited
31 March
2018
Net tangible assets ($) 2,980,315 3,971,320 2,671,069
Shares on issue at the end of period 209,445,477 195,938,541 202,152,621
Net tangible assets per share (cents per
share)

1.42

2.03

1.32

9. CONTINGENT LIABILITIES
There has been no change in contingent liabilities since the last annual reporting period.

10. EVENTS SUBSEQUENT TO END OF THE INTERIM PERIOD
On 9 October 2018 the Company announced the completion of a Share Purchase Plan, raising $1,556,512
through the issue of 7,411,964 new ordinary shares at $0.21 each fully paid.
The Company announced on 5 December 2018 that it has applied to delist from the NZAX, as at the close
of business on 14 December 2018, and will relist on the main board on the New Zealand Stock Exchange
(“NZX”) on 17 December 2018. The ticker code will remain unchanged as TRU.
Except for the above, there have been no other events since 30 September 2018 which would have a
material effect on the Group’s interim financial statements for the 6 months ended 30 September 2018.