Financial Results for the year ended 31 March 2020

Template
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 17 October 2019


Results for announcement to the market
Name of issuer Truscreen Limited
Reporting Period 12 months to 31 March 2020
Previous Reporting Period 12 months to 31 March 2019
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing
operations
$1,288 (31%)
Total Revenue $2,554 (18%)
Net profit/(loss) from
continuing operations
$(5,196) 54%
Total net profit/(loss) $(5,196) 54%
Interim/Final Dividend
Amount per Quoted Equity
Security
N/A
Imputed amount per Quoted
Equity Security
N/A
Record Date N/A
Dividend Payment Date N/A
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.0088 $0.0142
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
See attached Announcement
Authority for this announcement
Name of person

authorised
to make this announcement
Guy Robertson Chief Financial Officer
Contact person for this
announcement
Guy Robertson
Contact phone number +61407983270
Contact email address gurobertson@truscreen.com
Date of release through MAP

29 June 2020

Audited financial statements accompany this announcement.

---

2020 ANNUAL
REPORT

CORPORATE DIRECTORY
DIRECTORS
Anthony Ho (Chairman)
Con Hickey
Christopher Horn
Christopher Lawrence
MANAGEMENT
Victoria Potarina – Chief Executive Officer
Edmond Capcelea – Chief Technology Officer
Guy Robertson – Chief Financial Officer
REGISTERED OFFICE
C/- HLB Mann Judd Limited,
Level 6, Equitable House
57 Symonds Street, Grafton,
Auckland, New Zealand
NZX 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 11 Deloitte Centre,
80 Queen Street, Auckland 1010,
New Zealand
Investor enquiries: 09 375 5998
Investor email:
enquiries@linkmarketservices.co.nz
Website: www.linkmarketservices.co.nz

CONTENTS
Chairman’s Letter
_______________________________________ 4
FY20 Financial Performance
______________________________ 5
Operations Report____
___________________________________ 6
Directors’ Report___
____________________________________ 11
TruScreen Medical Advisory Committee
_____________________16
Financial Statements and Auditor’s Report ______________
____ 18
Governance__________________
_________________________ 50
Shareholder Information_________________________________ 54

TruScreenAnnual Report 2020
4
Dear fellow Shareholders,
The 2020 financial year has
continued to see further
substantial progress in the
development of the markets in
which we operate and those that
we target, and in the
development of the TruScreen
cervical cancer screening device.
CHAIRMAN’S
LETTER
Truscreen will continue to support
and develop our markets through
distributors in Russia and Africa and
look to develop when appropriate
the significant opportunities in
Eastern Europe, India and Latin
America.
Truscreen made a further
significant investment in research
and development of the TruScreen
product during the year. This has
resulted in a more robust product
suited to LMIC’s. In addition, we
have supported our distributors in
establishing service centres in
China, Russia and Vietnam.
The Truscreen team has been
strengthened during the year with
the appointment of Ms Victoria
Potarina as Chief Executive Officer.
Ms Potarina brings more than
twenty years’ commercial
experience, previously working at
Johnson & Johnson (J&J) in both
the UK and across Europe. In
addition, she has held positions at
multiple multinational companies in
the FMCG, over-the-counter,
medical devices and healthcare
sectors. The appointment of a Chief
Technology Officer, Mr Edmond
Capcelea, early in the new financial
year will give further support in
delivering an outstanding quality
product and focussing on reducing
our manufacturing costs. Mr
Capcelea was previously head of
Quality, Research & Development
and Reliability at Cochlear Limited.
TruScreen provides an accurate,
real time screening solution, ideal
for communities that cannot access
conventional laboratory-enabled
screening methods. Our purpose is
to ensure that all women of
screening age can have access to
quality cervical cancer screening.
Our endeavours are supporting the
developing global strategy of the
World Health Organisation (WHO) to
eliminate cervical cancer that kills
more than 350,000 women globally
per year. The incidence of cervical
cancer in low-and-middle-income
countries (LMICs), Truscreen’s
target market, is twice as high and
death rate three times as high
compared with high income
countries. WHO modelling indicates
that over the next twelve years the
number of deaths from cervical
cancer will increase to 400,000
annually.
Our major market, China, was the
first to experience a COVID-19
shutdown that expectedly had an
adverse impact on Truscreen’s
revenue for the last quarter of
2020. However, with a
recommencement of business in
April/May 2020 and an 18%
increase in hospital coverage in
these months (nine new hospitals)
we are optimistic that we will make
good progress in the year ahead.
The approval of the Ministry of
Health of the Vietnam Government
for the commercial rollout of the
TruScreen cervical cancer
screening device and receipt of the
first order early in the new year is a
further significant milestone for the
Company. This is an endorsement
of our device and technology
following a trial covering 989
patients comparing TruScreen to
Pap test.
The capital raising initiatives early in
the new financial year have received
outstanding support from our
shareholders and new investors.
Three of the directors participated in
the Share Purchase Plan and
placement. In summary we raised
$5.243 million which will allow the
Company to capitalise on its
potential in the years ahead. A
planned dual listing on the ASX later
this calendar year will support
Australian shareholders and provide
greater liquidity for all.
To our shareholders, I thank you for
your support as the Truscreen
journey continues. I also thank my
fellow directors, management and
team for their ongoing commitment
and dedication to achieving our
vision through cervical cancer
screening - ‘A world without cervical
cancer’.
Tony Ho
Chairman

5
TruScreenAnnual Report 2020
NZ DollarsFY 20FY19FY20 / FY19
Sales
1,288,2421,862,949(31%)
Revenue
2,554,2823,104,151(18%)
Net Loss
1
(5,196,721)(3,380,454)54%
Cash outflow from operating activities
(1,634,499)(2,678,321)(39%)
Cash and Cash Equivalents
1,024,1531,737,775(41%)
FINANCIAL RESULTS
DIRECTORS AND MANAGEMENT
1
The 2020 financial year includes a one off non-cash impairment of intangible assets of $2,380,000 and a non-cash expense for share based payments
in the amount of $306,000.
In an NZX announcement dated 9 April 2020 Truscreen provided an indicative net loss before impairment testing of the carrying value of Intangible assets
of $2.5m compared to an actual net loss of $2.82m. The increase is attributable to the non cash of share based payments noted above.
Tony Ho
Chairman
Chris Lawrence
Non-executive Director
Christopher Horn
Non-executive Director
Con Hickey
Non-executive Director
Victoria Potarina
Chief Executive Officer
Edmond Capcelea
Chief Technology Officer
Guy Robertson
Chief Financial Officer

TruScreenAnnual Report 2020
6
OPERATIONS
REPORT
▶TruScreen’s large-scale
evaluation programme with
China’s Obstetrics and
Gynaecology Association
(COGA) is progressing well, with
eight out of the 10 participating
provinces already having
launched the programme, and
66 hospitals actively screening
women. COGA Hunan Province
interim results of 2,065 women
across 7 hospitals showed
TruScreen has a Sensitivity of
89.29% (LBC 67.87%, HPV
92.86%) and a Specificity of
87.17% (LBC 90.07%, HPV
84.26%).
2020 Highlights
▶Received approval from
Vietnam Government Ministry of
Health for commercial roll out of
Truscreen cervical cancer
screening device with initial
order received.
▶TruScreen cervical cancer
screening device acknowledged
in Unitaid/WHO report on
screening and treatment
technologies and advantages of
use in low and middle-income
countries. Report presented at
the 72nd World Health Assembly
in May 2019, Geneva.
▶TruScreen’s real-time
cervical cancer screening
device has demonstrated
improved sensitivity and
specificity targeting pre-
cancerous and cancerous
cervical cells compared to a
Pap test in a trial in India. The
national All India Institute of
Medical Sciences (AIIMS)
conducted the trial involving
645 women at a tertiary referral
centre in New Delhi and at a
comprehensive rural health
services centre at Ballabgarh,
Haryana.
EXECUTIVE SUMMARY

7
TruScreenAnnual Report 2020
Executive Update
TruScreen successfully completed a capital
raise of NZ$1.1m, from a private placement in
July 2019. These funds provided working
capital for TruScreen to continue to meet the
growing demand from countries where it has
established distributorships. The funds also
enabled TruScreen to continue to develop new
markets for its product, with a focus on
partnering with global non-government
organisations.
China
TruScreen’s General Manager Commercial, Dr
Jerry Tan, travelled to China at the end of
June, spending all of July working with our
local distribution network. Dr Tan helped
install devices, conducted clinical training,
met key opinion leaders (KOLs), and attended
conferences. This trip focussed on the
continuation of device rollout and training for
the COGA programme. It included meetings
with KOLs and the new provincial distrubor in
Sichuan Province. Sichuan has 20 hospitals
participating in the COGA programme.
Expanding TruScreen’s distribution network to
include Chengdu is an important milestone for
us in the region. Sichuan has a population of
over 87 million. Dr Tan conducted product
training and attended the 4
th
Annual Tianfu
Forum of Gynaecologic Oncology, a national
conference attended by KOLs and China’s
leading professors. The conference included a
TruScreen 2.5hr satellite meeting, which
launched the COGA programme for Sichuan
province.
Mr Ho, Truscreen Chairman, visited Beijing in
early September as part of his first trip to
China as TruScreen Chairman. In Beijing, Mr
Ho met TruScreen distributor Siweixiangtai
Tech (SWXT), KOLs, medical professionals and
hospitals undertaking TruScreen trials and
programmes.
Mr Ho received direct feedback from clinicians
using TruScreen’s non-invasive screening
device. SWXT has laid solid foundations for
the growth in sales of the TruScreen device in
the region, gaining KOL endorsements and
acceptance from doctors. SWXT has also
established a distribution network covering
most of the country and built up reference
centres in major cities.
SWXT’s major projects include the installation
and planning for the rollout of TruScreen
throughout the Xinjiang province; and support
of the current COGA project, which has been
launched in all 10 participating provinces of
China and aims to screen 20,000 women by
2020. While in Beijing, Mr Ho visited the
People’s Liberation Army (PLA) General
Hospital, one of the city’s largest military
teaching hospitals, where he met TruScreen
operator Bao Lihui and SWXT’s key account
manager for the hospital. The PLA General
Hospital is a main reference centre for
TruScreen and has been a commercial user
since 2017. Currently, there are two TruScreen
operators at the hospital using TruScreen.
Collectively, they do 40 exams per day, or
1,200 to 1,500 per month.
In other key meetings, Mr Ho spoke with KOLs
at the Beijing Chaoyang Hospital. The hospital
has been a main reference centre for
TruScreen’s clinical programmes since May
2015. The feedback on TruScreen has been
positive, and the hospital is transitioning to
using TruScreen commercially.
In September, Mr James Haindl, Truscreen
biotechnologist and Dr. Zhenglin Wang,
Truscreen production manager visited SWXT to
train the technical team in Beijing and to set
up a Truscreen technical support centre for
SWXT.
Russia
TruScreen has established a technical centre
for its distributor in Russia to ensure that it
gets maximum benefit from the market’s
potential. In September, TruScreen
biotechnologist James Haindl travelled to
Russia to meet and train staff at distributor
IMSystems (IMS).
Mr Haindl and IMS’s lead engineer, Mr
Alexander Trush, conducted a three-day
technical training session in which Mr Haindl
explained through how the TruScreen
technology works and conducted
demonstrations and training of hardware and
software repairs. In a meeting with Dr Alexei
Zotov, a Russian doctor and Commercial
Development Director for IMS, Mr Haindl
gained insights into IMS’s marketing strategy
for TruScreen.
Since being granted TruScreen distributor
rights in early 2019, IMS has shown strong
support for the TruScreen technology. IMS is
promoting TruScreen as a primary screening
tool, with patients requiring followup reviews
to undergo further tissue sample testings.
September 2019, L to R Mr Wang Fuzhou (Vice GM of SWXT), Ms Su Siming (Managing Director
of SWXT), Anthony Ho, Dr Jerry Tan (Truscreen), Ms Bao Lihui (TruScreen operator)

Mexico
A key strategic goal for TruScreen in FY2020
is continuing to build our connections and
working relationships with global Non-
Government Organisations (NGOs). Following
the inclusion of TruScreen in the cervical
cancer Technology Landscape, TruScreen
arranged a meeting in Mexico between Unitaid
strategy and programme managers, and the
National Institute of Cancer (INCan). INCan is a
decentralised organisation operating under
Mexico’s Ministry of Health, providing
specialised medical care to cancer patients.
INCan is considered to be the governing body
of cancer treatment in Mexico.
Facilitated by our local distribution network,
the meeting took place on 24 July 2019 at
INCan. In attendance were Unitaid programme
manager Smiljka De Lussigny, Unitaid
technical strategy manager Dr Anna Laura
Ross, INCan head of colposcopy Dr Salim
Barquet, and INCan gynaecologist Dr
Gonzales.
Discussions centred on Mexico’s strategy for
cervical cancer screening and the value of
TruScreen in government-funded and other
public health sector screening programmes.
Vietnam
In FY2020 TruScreen’s distribution partner,
Gorton Health Services, along with the
Vietnam’s Ministry of Health (MOH)
commenced a TruScreen pilot study based at
the Hanoi Obstetrics and Gynaecological
Hospital (HOGH). The pilot programme’s
objective was to evaluate the TruScreen
technology, prior to a national rollout of the
TruScreen device as the primary screening
method. TruScreen’s Clinical Affairs and
Training Manager, Dr. Carolina Velasquez
visited Vietnam in late July 2019 to conduct
an intensive clinical training course with
doctors participating in the 1,000 patient pilot
programme.
TruScreen’s Medical Advisory Committee
Member for TruScreen, Professor Michael
Campion, and, Dr Carolina Velasquez, visited
Vietnam in October 2019 to host further
TruScreen training courses in Hanoi and Ho
Chi Minh City. In Hanoi, Professor Campion
and Dr Velasquez presented a three-day
Advanced Colposcopy course at HOGH. The
objective of the course was to provide a high-
level clinical overview of colposcopy and to
show medical specialists how to successfully
screen patients with the TruScreen device.
More than 20 gynaecologists and registrars
attended the course. The TruScreen team also
worked with the lead personnel for the
ongoing MOH pilot programme for TruScreen,
based in HOGH. TruScreen also held a highly
successful one-day Short Colposcopy course
in Ho Chi Minh City, which attracted doctors
from the University Medical Centre O&G
department, gynaecologists from My Duc
Hospital and personnel from two other private
hospitals.
India
The outstanding results from TruScreen’s first
cervical cancer screening trial in India were
announced in January 2020. The trial,
conducted by the All India Institute of Medical
Sciences (AIIMS) in New Delhi and the town of
Ballabgarh over the period January 2018 to
February 2019, screened 645 women for
cervical cancer. The results showed
TruScreen’s sensitivity (81.82%) & specificity
(82.87%) to be superior to the traditional Pap
test (72.73% & 79.81% respectively.)
The TruScreen device’s ability to provide test
results in real time without the need to access
OPERATIONS
REPORT
continued
TruScreenAnnual Report 2020
8
October 2019, Ha Noi Vietnam: Dr. Carolina Velasquez, and Prof. Michael Campion with HOGH
clinical trial team following 3 day TruScreen & Colposcopy course
L to R Smiljka De Lussigny (programme manager Unitiad); Dr Anna Laura Ross, PhD (technical
manager strategy Unitaid); Dr Gonzales (INCan-national Institute of Mexico)

9
TruScreenAnnual Report 2020
pathology infrastructure is its distinguishing
feature. In comparison, collected tissue
samples from a Pap test must be processed at
a pathology laboratory, where the typical
turnaround time is two to six weeks. Faster
test results enable patients to access follow-
up reviews for medical treatment more
quickly. TruScreen’s ability to these mitigate
standard barriers to screening makes it an
ideal screening tool for regions such as India.
Results of the TruScreen trial have been
submitted to the Journal of the Indian Medical
Association for publication.
Other
A major achievement for TruScreen during the
year was the recognition by WHO, Unitaid and
the Clinton Health Access Initiative of
TruScreen as a technology for screening
women in low- and middle-income countries.
During the year TruScreen continued to focus
on building relationships with NGOs to give a
greater access to global cervical cancer
screening programmes.
TruScreen again completed the quality
accreditation audit of our London entity to
meet compliance requirements under ISO
13485:2016 and the European Device
Regulation. This ensures ongoing validity of
the CE Mark for the TruScreen device and
technology. These certifications form the
prima facie evidence for TruScreen’s global
suite of regulatory approvals.
COVID-19 Pandemic
To ensure the safety and welfare of employees
the Company activated a business continuity
programme where team members are able to
work remotely from home. This enabled
TruScreen to remain operational and stay
within the COVID-19 regulatory guidelines.
TruScreen is currently able to ship and meet
customer demand as and when required.
COVID-19 has resulted in a temporary halt to
the roll out of TruScreen cervical cancer
screening devices in the countries within
which we operate at various times. China has
at the date of this report recommenced and it
is expected that other countries will resume
as they are able to control the spread of the
virus. The Company used the hiatus to
improve and strengthen supply chain and
quality assurance processes.
Given the COVID-19 related slowdown,
TruScreen took steps to reduce its cost base
to conserve cash and has made application for
Government support where appropriate.
The Company has relocated its sales and
administrative premises at Surry Hills, Sydney,
and has consolidated its operations in one
location at West Lindfield, in northern Sydney.
The Road Ahead
In the 2021 financial year Truscreen will
continue with its strategy to become the
cervical cancer screening method of choice in
selected low & middle income countries
(LMICs) where conventional laboratory-based
methods are not a good fit for purpose.
▶Efficient roll-out in established core
markets.
China is our priority market and we target to
double the number of hospitals where
TruScreen system will be available for
patients. Russia is another large market of
focus where our distributor has been
implementing best in class educational
programmes reaching 2,000 doctors across
the country and has prepared a robust plan
for further roll-out.
▶Relentless focus on product quality and
innovation.
Product quality remains an absolute
priority. Recently implemented electronic
systems of quality assurance control will
provide significant efficiency in this area.
We are aligned with our customers’
(distributor) and our customers customer
(the hundreds of doctors and nurses
working with the TruScreenUltra) needs,
and plan further improvements based on
their feedback and requirements for a
medical screening device.
▶Focus on commercial efficiency.
As a growing company we need to invest
to support a significant increase in
product sales in 2021. While growing
revenues, we will remain focused on
improving gross margin through
manufacturing efficiency and the benefits
of increasing sales volumes.
▶Expanding clinical support.
Truscreen and its distributors have
invested heavily in clinical trials in a
number of countries. Publication of the
positive results achieved in these trials in
respected medical journals is key to
clinical advocacy of the TruScreen cervical
cancer screening device. The publication
of the study undertaken at the Royal
Hospital of Women, Sydney, under our
Medical Advisory Committee supervision
expected in the 2021 FY will provide
support for the accuracy and reliability of
our system in a teaching hospital
environment. To support our commercial
roll-out framework TruScreen will be
launching an on-line education program
with certification for health care
professionals, initially to be piloted in
Vietnam. This approach will enable our
team to manage complex commercial roll-
outs with a need to educate
simultaneously many doctors in different
countries starting their journey with
Truscreen.

▶Enhance team capabilities.
Truscreen have a strong and capable team
and will add talented professionals with
expertise in medical devices & LMICs in
line with projected business growth.
Changes in management and Board are
outlined below.
Management Changes
▶Ms Victoria Potarina
(Chief Executive Officer)
Ms Potarina brings more than twenty years’
commercial experience, previously working
at Johnson & Johnson (J&J) in both the UK
and across Europe. In addition, she has held
positions at multiple multinational
companies in the FMCG, over-the-counter,
medical devices and healthcare sectors.
While at J&J UK, Ms Potarina was Business
Unit Director of the UK and Ireland Diabetes
Care Division which comprised of two
business units, including; LifeScan, a
diagnostic systems manufacturer focusing
on the diabetes market specifically blood
glucose monitoring systems, and Animas,
which specialises in making insulin pumps
for diabetes.
Prior to this, she was LifeScan Marketing
Director of Eastern Europe, a US$200 million
turnover business. During her time in this
position, Ms Potarina successfully facilitated
a market share turnaround in Russia and
consistent year-on-year double-digit growth
in Eastern Europe.
▶Mr Edmond Capcelea
(Chief Technology Officer)
Mr Capcelea has a Masters Degree in
Engineering Physics. Previous roles include
Divisional Director Head of Implants and
Design Development at Cochlear Limited
where he held various positions over
eighteen years, and Senior Vice President of
Research and Development at Saluda
Medical.
Mr Capcelea has extensive experience in
leading complex R&D projects from concept
to commercialisation and has led the end to
end product development of a wide range of
Medical Devices ranging from Class I to
Class III.
Board Changes
Mr Robert Hunter and Professor Ron Jones
resigned as Directors of the Company, during
the year.
Mr William Hunter resigned as an alternate
director during the year.
TruScreenAnnual Report 2020
10

11
TruScreenAnnual Report 2020
Directors
The names of directors who held office during or since the end of the
year and to the date of this report are as follows. Directors were in office
for this entire period unless otherwise stated.
Names, qualifications, experience and special
responsibilities
Mr Anthony Ho
Non-Executive Chairman and member of Remuneration and
Nomination Committee and member of the Audit, Finance and
Risk Committee and temporary Executive Chairman from January
2020 to February 2020
Appointed 27 September 2018
Qualifications: B.Com, CA, FAICD, FCIS, FGIA
Mr Ho is an experienced company director having held executive
directorships and chief financial officer roles with a number of ASX listed
companies. Tony was executive director of Arthur Yates & Co Limited,
retiring from that position in April 2002. His corporate, general
management and governance experience includes being chief financial
officer/finance director of M.S. McLeod Holdings Limited, Galore Group
Limited, the Edward H O’Brien group of companies.
Mr Ho is currently the chairman of ASX listed Greenland Minerals Limited
(ASX:GGG), Bioxyne Limited (ASX: BXN) and Cannasouth Limited (NZX:
CBD). He was previously chairman of Esperance Minerals Limited and
Credit Intelligence Limited and a non-executive director Hastings
Technology Metals Limited. Tony was the past non-executive chairman
of St. George Community Housing Limited (November 2002 to December
2009) where he successfully grew the NGO to be one of New South
Wales leading community housing companies.
Prior to joining commerce, Mr Ho was a partner of Cox Johnston & Co,
Chartered Accountants, which has since merged with Ernst & Young. Mr
Ho holds a Bachelor of Commerce degree from the University of New
South Wales and is a member of the Institute of Chartered Accountants
in Australia and New Zealand and a fellow of the Australian Institute of
Company Directors, Institute of Chartered Secretaries and
Administrators, and Governance Institute of Australia.
Mr Christopher Horn
Non-Executive Director and Chair of the Audit, Finance and Risk
Committee.
Appointed November 2013
Qualifications: B.Com FCA
Mr Horn is an experienced business executive and has acted in a
number of management roles including 20 years as a partner of KPMG
and its predecessor firms. He is a director of a number of private
companies across a broad range of business activities including
corporate advisory, financial services and funds management.
Mr Horn is a Commerce graduate from the University of New South
Wales and a Fellow of the Institute of Chartered Accountants in Australia
and New Zealand.
NameParticulars
Mr Anthony Ho
Mr Chris Lawrence
Mr Chris Horn
Mr Con Hickey
Dr Ron Jones(resigned 31 March 2020)
Mr Robert Hunter(resigned 1 November 2019)
Mr William Hunter(resigned 1 November 2019)
DIRECTORS’
REPORT
Your directors submit the annual financial
report of the consolidated entity consisting of
Truscreen Ltd (the “Company”) and the
entities it controlled during the period (the
“Group”) for the financial year ended 31
March 2020. The directors report as follows:

Mr John (Chris) Lawrence
Non-Executive Director
Appointed 21 December 2017
Qualifications:
Mr Lawrence is a successful New Zealand businessman and a significant
investor in life science and biotechnology businesses including
TruScreen. He has spent a substantial part of his career in small business
where he has had proven success in leading market place disruption,
and translating new business models into sustainable profitable
businesses. In the latter part of his career, he has dedicated a large share
of his time to governance and advisory roles.
Most recently Mr Lawrence’s focus has been on high growth companies,
with a particular focus on the biotech industry.
Mr Con Hickey
Non-Executive Director and member of the Audit, Finance and
Risk Committee
Appointed 20 August 2018
Qualifications:
Mr Hickey has more than 30 years experience in the Medical Device
industry, including holding senior executive roles for multinational
companies such as Welch Allyn, a leading global manufacturer in
frontline diagnostic and screening equipment.
Currently the Managing Partner of CONX Partners, Mr Hickey’s particular
skillset includes strategic planning, channel management, talent
development and business and market development. His geographic
expertise has been focused on the high growth countries of the Asian
Pacific region, including China and India, with extensive global industry
connections.
Interests in the shares and options of the Company
The following relevant interests in shares and options of the Company or
a related body corporate were held by the directors and key
management personnel as at the date of this report. All shares are
beneficially held.
Dividends
No dividends have been paid or declared since the start of the financial
year and the directors do not recommend the payment of a dividend in
respect of the financial year.
Indemnification and insurance of Directors and Officers
The consolidated entity has agreed to indemnify all the directors of the
consolidated entity for any liabilities to another person (other than the
consolidated entity or related body corporate) that may arise from their
position as directors of the consolidated entity, except where the liability
arises out of conduct involving a lack of good faith.
Directors’ interests in entities
No other entries were made to the interest register during the year ended
31 March 2020.
Remuneration report
This report outlines the remuneration arrangements in place for key
management personnel of Truscreen Limited for the financial year ended
31 March 2020.
Remuneration philosophy
The performance of the company depends upon the quality of the
directors and executives. The philosophy of the company in determining
remuneration levels is to:
• set competitive remuneration packages to attract and retain high
calibre employees;
• link executive rewards to shareholder value creation; and
• establish appropriate, demanding performance hurdles for variable
executive remuneration.
Remuneration Committee
The Remuneration Committee of the Board of Directors of the Group is
responsible for determining and reviewing compensation arrangements for
the directors and the senior management team.
Shares
Number of
fully paid
ordinary shares
Number of
fully paid
ordinary shares
Director
20202019
Anthony Ho3,500,000-
Christopher Horn2,050,0001,550,000
John (Chris) Lawrence22,400,00020,000,000
Con Hickey--
Options
Number of
options
Number of
options
Director
20202019
Anthony Ho3,000,000-
Christopher Horn1,000,000-
John (Chris) Lawrence1,000,000-
Con Hickey1,000,000-
TruScreenAnnual Report 2020
12

13
TruScreenAnnual Report 2020
The Remuneration Committee assesses the appropriateness of the nature and amount of remuneration of directors and senior executives on a periodic
basis by reference to relevant employment market conditions with an overall objective of ensuring maximum stakeholder benefit from the retention of a
high quality Board and executive team.
Remuneration structure
In accordance with best practice corporate governance, the structure of non-executive director and executive remuneration is separate and distinct
Non-executive director remuneration
The Board seeks to set aggregate remuneration at a level that provides the Company with the ability to attract and retain directors of the highest calibre,
whilst incurring a cost that is acceptable to shareholders.
The NZX Listing Rules specify that the aggregate remuneration of non-executive directors shall be determined from time to time by a general meeting.
The latest determination was at the Annual General Meeting held on 27 August 2019 when shareholders approved an aggregate remuneration of up to
$300,000 per year.
The amount of aggregate remuneration sought to be approved by shareholders and the manner in which it is apportioned amongst directors is reviewed
annually. The Board considers advice from external shareholders as well as the fees paid to non-executive directors of comparable companies when
undertaking the annual review process.
Each director receives a fee for being a director of the Company.
The remuneration of non-executive directors for the period ended 31 March 2020 is detailed in the remuneration of directors and named executives section
of this report on page 13.
Remuneration of key management and personnel
Senior manager and executive director remuneration
Remuneration consists of fixed remuneration, there are no performance incentives at this time. In addition to Company employees and directors, the
Company may contract key consultants on a contractual basis. These contracts stipulate the remuneration to be paid to the consultants.
Fixed Remuneration
Fixed remuneration is reviewed annually by the Remuneration Committee. The process consists of a review of relevant comparative remuneration in the
market and internally and, where appropriate, external advice on policies and practices. The Committee has access to external, independent advice where
necessary. Fixed remuneration is paid in the form of cash payments.
The fixed remuneration component of the key management personnel is detailed in Table 1.
Short-term
employee benefits
Post-employment
benefits
Salary & Fees
$
Superannuation
$
Share based
Payments
$
Total
$
2020202020202020
Anthony Ho
1
110,000-68,000178,000
Christopher Horn50,000-34,00084,000
John (Chris) Lawrence40,000-34,00074,000
Con Hickey40,000-34,00074,000
Victoria Potarina24,5691,843-26,412
Guy Robertson88,449-17,000105,449
Martin Dillon203,77115,41634,000253,187
Ronald Jones40,000-34,00074,000
Robert Hunter23,333-34,00057,333
620,12217,259289,000926,381
1
Includes a fee of $30,000 while acting as Executive Chairman from January 2020 to February 2020.
Table 1: Key management personnel remuneration for the year ended 31 March 2020

Short-term employee
benefits
Post-employment
benefits
Salary & Fees
$
Superannuation
$
Total
$
201920192019
Anthony Ho33,564-33,564
Christopher Horn40,000-40,000
John (Chris) Lawrence40,000-40,000
Con Hickey25,150-25,150
Guy Robertson29,463-29,463
Martin Dillon215,27220,451235,723
Ronald Jones56,700-56,700
Robert Hunter52,500-52,500
492,64920,451513,100
Table 2: Key management personnel remuneration for the year ended 31 March 2019
Options held by Directors and Key Management Personnel
8,500,000 options were issued to directors and key management personnel. The options have an exercise price of 15 cents and an expiry date of 27
August 2022. As the options have fully vested the total valuation amount determined by the Black & Scholes model has been expensed in the current
year. As at 31 March 2020 the options are out of the money and no options have been exercised.
Employees Remuneration
Five employees of the Group, not being directors, during the period ended 31 March 2020, received remuneration and other benefits in their capacity as
employees, the value of which was or exceeded $100,000 per annum.
The number of such employees or former employees in brackets of $10,000 was:
TruScreenAnnual Report 2020
14
Employee remunerationNumber of employees
100,000 - 109,9991
120,000 - 129,9991
160,000 - 169,9992
250,000 - 259,9991
Related Party Transactions
Truscreen Ltd engaged Ure Lynam & Co, an accounting practice of which a director, Mr. Hunter, is a member, to provide accounting, taxation,
secretarial, consulting and advisory services to the Group. This agreement terminated in November 2018.
The following fees were paid to Ure Lynam & Co:

Fees for accounting services in the amount of $37,907 (2019 : $8,035) were paid to a Company controlled by the Chief Financial Officer during the
year.
2020
$
2019
$
Accounting services2,938264,396
Serviced offices-72,324
2,938336,720
Auditor’s remuneration
RSM Hayes AuditAmount
Fees for the audit of financial statements $80,000
15
TruScreenAnnual Report 2020
Directors’ Meetings
The number of meetings of directors (including meetings of committees of directors) held during the year and the number of meetings attended by each
director was as follows:
Director MeetingsAudit CommitteeRemuneration Committee
DirectorAttended
Eligible to
AttendAttended
Eligible to
AttendAttended
Eligible to
Attend
Mr Anthony Ho12122222
Mr Chris
Lawrence1212----
Mr Chris Horn12122222
Mr. Con Hickey121222--
Prof. Ron Jones
2
1012----
Mr. William
Hunter
1
13----
Mr Robert Hunter
1
38----
In addition, 5 circular resolutions were signed by the board during the period.
1
Resigned 1 November 2019.
2
Resigned 31 March 2020.
Remuneration of Auditors
The following amounts are payable to the Company’s auditors for the year to 31 March 2020
No other fees were payable to the company’s auditor for other services.
Final fees payable to the previous auditors, BDO Auckland, for the audit of the financial statements for the year ended 31 March 2019 of $25,767 were
also incurred during the year to 31 March 2020, as detailed in Note 7 to the consolidated financial statements.
End of Directors’ Report.
On behalf of the Board as at 26 June 2020
Anthony Ho – Chairman
Christopher Horn – Director

TRUSCREEN MEDICAL ADVISORY COMMITTEE
Associate Professor (Colonel) Michael J.Campion
RAAMC, Hon MD(U.Syd), CStJ, KM(Ob), KCHS, Chairman
Associate Professor (Colonel) Michael J. Campion is a Senior Staff
Specialist and Head of the Pre Invasive Clinic at the Gynaecological
Cancer Centre of the Royal Hospital for Women in Sydney. He is
Conjoint Associate Professor, School of Women’s and Children’s Health,
at the University of New South Wales. He has over 35 years’ experience
as a qualified medical practitioner and over 25 years of experience as
an expert colposcopist.
Dr. Campion has written numerous peer reviewed papers and chapters
on cervical cancer prevention, including papers on TruScreen. In
addition, Dr. Campion is the Senior Health Advisor - Army and Chair of
the Senior Health Advisory Panel, Joint Health Command, Australian
Defence Force and Director, Health Services Army Reserve – NSW/ACT
for the Royal Australian Army Medical Corps.
Professor Neville Hacker AM,
Clinical Advisory, Professor of Gynaecology
Professor Neville Hacker AM has served on the TruScreen Medical
Advisory Board for over 10 years. He is Conjoint Professor of
Gynaecological Oncology and the University of New South Wales and
recently retired from clinical practice after 32 years as the director of
the Gynaecological Cancer Centre, Royal hospital for Women in Sydney,
where he continues to serve as an Emeritus consultant.
He is also past President of the Society of Pelvic Surgeons. He is a past
President of the International Gynaecological Cancer Society, former
Chairman of the Oncology Committee (RANZCOG), and a former
Chairman of Examiners for Gynaecologic Oncology Committee of
RANZCOG.
TruScreenAnnual Report 2020
16

17
TruScreenAnnual Report 2020

TruScreen Annual Report 2020
18
FINANCIAL STATEMENTS
& AUDITOR’S REPORT
for the year ended 31 March 2020
Consolidated Statement of Profit or Loss
and Other Comprehensive Income
19
Consolidated Statement of Financial Position20
Consolidated Statement of Changes in Equity21
Consolidated Statement of Cash Flows22
Notes to the Financial Statements23
Independent Auditor’s Report46

19
TruScreenAnnual Report 2020
TRUSCREEN LIMITED
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
for the year ended 31 March 2020
Note
2020
$
2019
$
Revenue from the sale of goods61,288,2421,862,949
Other income61,266,0401,241,202
Changes in inventories96027,375
Purchases of inventory(772,980)(1,362,212)
Employee benefit expenses and directors’ fees7(1,308,222)(1,240,646)
Administration(494,438)(570,368)
Research and development expenses(1,137,389)(1,777,972)
Rent(47,225)(104,366)
Travel(77,777)(65,829)
Marketing & product approvals(430,656)(290,246)
Insurance(87,410)(99,268)
Shareholder relations & services(148,115)(91,538)
Foreign exchange gain/(loss)108,038(316,027)
Amortisation & depreciation7(597,830)(565,781)
Impairment of non-current assets14(2,380,000)-
Finance costs (71,959)(27,727)
Share based payments20(306,000)-
Loss before income tax(5,196,721)(3,380,454)
Income tax expense8--
Loss for the period(5,196,721)(3,380,454)
Other comprehensive income
Item that may be reclassified subsequently to profit or loss
Exchange differences on translating foreign subsidiary operations(259,903)102,179
Other comprehensive (loss)/income for the period(259,903)102,179
Total comprehensive loss for the period(5,456,624)(3,278,275)
Basic and diluted losses per share (cents)19(2.32)(1.56)
The accompanying notes form part of these financial statements.

On behalf of the Board as at 26 June 2020
Anthony Ho – Chairman
Christopher Horn – Director
TRUSCREEN LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION as at 31 March 2020
Note
2020
$
2019
$
CURRENT ASSETS
Cash and cash equivalents91,024,1531,737,775
Other receivables10684,2501,070,517
Loan receivable1075,00075,000
Trade receivables10107,018187,504
Goods and services tax recoverable17,51030,335
Inventories11503,768782,026
Other current assets – prepayments136,44221,552
TOTAL CURRENT ASSETS2,548,1413,904,709
NON-CURRENT ASSETS
Plant and equipment13295,048379,993
Intangible assets145,230,8218,261,063
TOTAL NON-CURRENT ASSETS5,525,8698,641,056
TOTAL ASSETS8,074,01012,545,765
CURRENT LIABILITIES
Trade and other payables15293,141437,031
Borrowings16410,280626,501
Provision for employee benefits1783,149109,925
TOTAL CURRENT LIABILITIES786,5701,173,457
NON-CURRENT LIABILITIES
Provision for employee benefits1746,37351,499
TOTAL NON-CURRENT LIABILITIES46,37351,499
TOTAL LIABILITIES832,9431,224,956
NET ASSETS7,241,06711,320,809
EQUITY
Issued capital1827,492,05026,421,168
Share option reserve18306,000-
Foreign currency translation reserve21(714,699)(454,796)
Accumulated losses(19,842,284)(14,645,563)
Total Equity7,241,06711,320,809
The accompanying notes form part of these financial statements.
TruScreenAnnual Report 2020
20

21
TruScreenAnnual Report 2020
Note
Share Capital
$
Accumulated
Losses
$
Foreign
Currency
Translation
Reserve
$
Option Reserve
$
Total
$
Balance at 1 April 201926,421,168(14,645,563)(454,796)-11,320,809
Loss for the year to
31 March 2020
-(5,196,721)--(5,196,721)
Exchange differences on
translating foreign
subsidiary operations
21--(259,903)-(259,903)
Total comprehensive
income for the year
-(5,196,721)(259,903)-(5,456,624)
Transactions with owners, in their capacity as owners
Issue of shares181,131,800---1,131,800
Share issue cost18(60,918)---(60,918)
Share based payments20---306,000306,000
Total transactions
with owners
1,070,882--306,0001,376,882
Balance at
31 March 2020
27,492,050(19,842,284)(714,699)306,0007,241,067
The accompanying notes form part of these financial statements.
TRUSCREEN LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2020
Note
Share Capital
$
Accumulated
Losses
$
Foreign
Currency
Translation
Reserve
$
Option Reserve
$
Total
$
Balance at 1 April 201823,433,996(11,265,109)(556,975)3,97011,615,882
Loss for the year to
31 March 2019
-(3,380,454)--(3,380,454)
Exchange differences on
translating foreign
subsidiary operations
21--102,179-102,179
Total comprehensive
income for the year
-(3,380,454)102,179-(3,278,275)
Transactions with owners, in their capacity as owners
Issue of shares183,075,470--(3,970)3,071,500
Share issue cost18(88,298)---(88,298)
Total transactions
with owners
2,987,172--(3,970)2,983,202
Balance at
31 March 2019
26,421,168(14,645,563)(454,796)-11,320,809

TRUSCREEN LIMITED
CONSOLIDATED STATEMENT
OF CASH FLOWS
for the year ended 31 March 2020
Note
2020
$
2019
$
CASH FLOW FROM OPERATING ACTIVITIES
Cash received from customers 1,309,0801,675,445
Cash paid to suppliers and employees including GST(4,415,470)(5,705,969)
Cash received from research and development tax offset1(f)1,645,9851,472,566
Short-term lease payments not included in lease liability(111,002)(104,366)
Interest paid(71,959)(27,644)
Interest received8,86711,647
Net cash from operating activities22(1,634,499)(2,678,321)
CASH FLOW TO INVESTING ACTIVITIES
Purchase of plant and equipment-(410,031)
Net cash to investing activities-(410,031)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issue of shares181,131,8003,075,470
Share issue costs18(60,918)(88,298)
Repayment of borrowings16(626,501)-
Proceeds from borrowings16410,280626,501
Net cash from financing activities854,6613,613,673
Net (decrease)/increase in cash and cash equivalents(779,838)525,321
Cash and cash equivalents at the beginning of the financial year1,737,7751,212,454
Effects of exchange rate changes on cash and cash equivalents66,216-
Cash and cash equivalents at the end of the financial year91,024,1531,737,775
The accompanying notes form part of these financial statements.
TruScreenAnnual Report 2020
22

23
TruScreenAnnual Report 2020
NOTE 1. SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES
General Information
These consolidated financial statements and
notes represent those of Truscreen Limited and
its subsidiaries (the “Group”). References to
“Truscreen” is used to refer to Truscreen Limited
(the “Company”).
The parent company, Truscreen Limited, is the
ultimate legal parent company of the Group and
is a limited liability company incorporated and
domiciled in New Zealand. It is registered under
the Companies Act 1993. Truscreen is listed on
the NZX. Truscreen is a FMC reporting entity
under Part 7 of the Financial Markets Conduct
Act 2013.
The registered office of the Company is Level 6
Equitable House, 57 Symonds St, Grafton,
Auckland 1010, New Zealand. The Group is
engaged in the business of the development,
manufacture and sale of cancer detection
devices and systems.
The financial statements were authorised for
issue on 26 June 2020 by the Directors of the
company.
Basis of Preparation
These financial statements have been prepared
in accordance with and comply with Part 7 of
the Financial Markets Conduct Act 2013 and the
NZX Listing Rules.
For the purpose of complying with Generally
Accepted Accounting Practice in New Zealand
(“NZ GAAP”) the Group is a Tier 1 for-profit
entity. These financial statements comply with
NZ GAAP, the New Zealand equivalent to
International Financial Reporting Standards (“NZ
IFRS”), and International Financial Reporting
Standards (“IFRS”).
These financial statements have been prepared
under the historical costs convention, modified
by the revaluation of certain assets and liabilities
as identified in specific accounting policies
below.
The principal accounting policies adopted in the
preparation of the financial report are set out
below. These policies have been consistently
applied to all the periods presented, unless
otherwise stated.
The financial statements have been rounded to
the nearest dollar.
a. Going Concern
The Group financial statements have been
prepared on a going concern basis, which
contemplates the continuity of normal business
activity and the realisation of assets and the
settlement of liabilities in the normal course of
business.
As disclosed in the financial statements, the
Group reports;
• a loss of $5,196,721 (2019: $3,380,454),
however this is after the depreciation,
impairment and amortisation of non-
current assets of $2,977,830 (2019:
$565,781).
• net cash outflows from operating and
investing activities of $1,634,499 (2019:
$3,088,352)
• cash at year end of $1,024,153 (2019:
$1,737,775)
Subsequent to year end the Company raised
additional capital of $5,243,000. Of this amount
$2,000,000 was raised through a Share
Purchase Plan, a further $1,128,000 as a
placement to shareholders being subscriptions
in excess of the Share Purchase Plan, and a
further $2,115,000 million in a share placement.
The Directors have undertaken a detailed cash
flow forecast for the twelve months following
the date of approval of report, which shows that
the business will be able to meet its debts as
and when they fall due.
In addition, the Board consider the cash flow
forecasts to be achievable and recent capital
raises will provide sufficient cash to cover any
operating deficit and capital expenditure.
The Board consider managing cash flow and
working capital critical in successfully executing
the strategies to achieve the business model of
the Group.
b. Principles of Consolidation
Truscreen Pty Limited is the wholly owned
subsidiary of Truscreen Limited which was
specifically incorporated for the purposes of
acquiring the Truscreen Pty Limited business
(the “Transaction”). Truscreen Limited is the
legal acquirer, and legal parent of the Group.
For financial reporting purposes, aspects of
“reverse acquisition” accounting are relevant.
Specifically, the rules require that Truscreen Pty
Limited be treated as the accounting acquirer of
Truscreen Limited due to the fact that the
owners of Truscreen Pty Limited owned the
largest single minority voting interest in the
resulting Group, post Transaction which
occurred in 2014.
The Transaction has been accounted for as a
continuation of the financial statements of
Truscreen Pty Limited, together with a deemed
issue of shares, equivalent to the shares held by
the former shareholders of Truscreen Limited.
This deemed issue of the shares is, in effect, a
share-based payment transaction whereby
Truscreen Pty Limited is deemed to have
received the net assets of Truscreen Limited.
As such, the consolidated financial statements
are issued in the name of the legal Parent,
Truscreen Limited, but are a continuation of the
financial statements of the legal subsidiary
Truscreen Pty Limited.
The Group financial statements also include:
• Truscreen Ltd (UK) which was incorporated
on 6 November 2013
• TruScreen S. de R.L de C.V which was
incorporated on 17 August 2017
Subsidiaries
Subsidiaries are all entities over which the
Company has control. The Company controls an
entity when it is exposed to, or has rights to,
variable returns from its involvement with the
entity and has the ability to affect those returns
through its power over the entity.
Subsidiaries are fully consolidated from the date
on which control is transferred to the Company.
They are deconsolidated from the date that
control ceases.
TRUSCREEN LIMITED
NOTES TO THE
FINANCIAL STATEMENTS
for the year ended 31 March 2020

Intercompany transactions, balances and
unrealised gains on transactions between group
companies are eliminated. Unrealised losses are
also eliminated unless the transaction provides
evidence of the impairment of the asset
transferred.
c. Segment Reporting
Operating segments are reported in a manner
consistent with the internal reporting provided to
the chief operating decision-maker. The chief
operating decision-maker has been identified as
the Truscreen Limited Group Board. To date the
operations have been reported as one segment.
Accordingly:
• the segment results are as reported in the
Statement of Profit or Loss and Other
Comprehensive Income.
• the segment assets and liabilities are as in
the Statement of Financial Position.
d. Foreign Currency Translation
Functional and presentation currency
Items included in the financial statements of
each entity in the Group are measured using the
currency that best reflects the economic
substance of the underlying events and
circumstances relevant to that entity (the
"functional currency"). The financial statements
are presented in New Zealand dollars, which is
Truscreen Limited’s functional currency.
The functional currencies of the subsidiaries are:
Transactions and balances
For each entity in the Group, transactions in
currencies other than the functional currency are
translated at the foreign exchange rate ruling at
the date of the transaction. Foreign exchange
gains and losses resulting from the settlement of
such transactions and from the translation of
monetary assets and liabilities denominated in
foreign currencies at reporting date exchange
rates are recognised as part of the loss for the
period. Non-monetary items that are measured
in terms of historical cost in a foreign currency
are translated using the exchange rate at the
date of the initial transaction.
Translation of group companies’ functional
currency to presentation currency
Assets and liabilities of all of the Group
companies that have a functional currency that
differs from New Zealand dollars are translated
to the presentation currency at foreign exchange
rates ruling at the reporting date of the
Statement of Financial Position. Income and
expenses are translated using the rate
approximating the date of the transaction.
All differences arising from the translation of
foreign operations are recognised in the foreign
currency translation reserve through other
comprehensive income. Exchange difference on
monetary items forming part of the net
investment in foreign operations are recognised
through other comprehensive income.
e. Revenue Recognition
The Group’s revenue is derived from selling
goods with revenue recognised at a point in time
when control of the goods has transferred to the
customer. This is generally when the goods are
dispatched from the Group’s warehouse. There
is limited judgement needed in identifying the
point control passes: once physical delivery of
the products to the agreed location has
occurred, the group no longer has physical
possession, usually will have a present right to
payment (as a single payment on delivery) and
retains none of the significant risks and rewards
of the goods in question. In limited
circumstances the Group will offer credit.
The Group provides warranties on products sold
which require the Group to either replace or
mend a defective product during the warranty
period if the goods fail to comply with agreed-
upon specifications. In accordance with NZ IFRS
15, such warranties are not accounted for as
separate performance obligations and hence no
revenue is allocated to them.
Revenue is stated net of the amount of goods
and services tax.
Revenue is derived from device sales and
consumable single use sensors in the
geographic regions outlined in Note 6.
f. Other Income
The Research and Development tax offset is
receivable from the Commonwealth Government
of Australia. Under the 43.5% refundable tax
offset programme, 43.5% of eligible research
and development spending incurred by the
Group is refundable by the Commonwealth
Government.
R&D Grants are recognised at their fair value
where there is reasonable assurance that the
grant will be received. The offset does not have
to be repaid to the Commonwealth Government
and is treated as income in accordance with NZ
IAS 20 – “Accounting for Government Grants
and Disclosure of Government Assistance” and
recognised in the same period as the related
research and development expenditure. This is
disclosed as other income in the Consolidated
Statement of Profit or Loss and Other
Comprehensive Income.
The expenditure for which an offset is claimed is
non-deductible and accordingly reduces tax
losses that otherwise would be available to be
carried forward.
g. Income Tax
Income tax expense comprises current and
deferred tax where applicable. Income tax
expense is recognised in profit and loss except
to the extent that it relates to a business
combination or items recognised directly in
equity or in other comprehensive income, in
which case the tax is recognised in the same
manner as the underlying transaction.
Current tax is the expected tax payable or
receivable on the taxable income or loss for the
year, using tax rates enacted or substantively
enacted at the reporting date, and any
adjustment to tax payable in respect of previous
years. Deferred tax is recognised in respect of
temporary differences between the carrying
amounts of assets and liabilities for financial
reporting purposes and the amounts used for
taxation purposes. Deferred tax is not
Subsidiary
Country of
Incorporation
Functional
Currency
Truscreen Pty
Limited
Australia
Australian
dollar
Truscreen Ltd
(UK)
UK
Great Britain
Pound
TruScreen S.
de R.L. de
C.V.
Mexico
Mexican
peso
TruScreenAnnual Report 2020
24

25
TruScreenAnnual Report 2020
recognised for the following temporary
differences:
• the initial recognition of assets or liabilities
in a transaction that is not a business
combination and that affects neither
accounting nor taxable profit or loss; and
• differences relating to investments in
subsidiaries to the extent that it is probable
that they will not reverse in the foreseeable
future.
Deferred tax is measured at the tax rates that
are expected to be applied to the temporary
differences when they reverse, based on the
laws that have been enacted or substantively
enacted at the reporting date. Deferred tax
assets and liabilities are offset if there is a
legally enforceable right to offset current tax
liabilities and assets, and they relate to income
taxes levied by the same tax authority on the
same taxable entity or on different tax entities,
but they intend to settle current tax liabilities
and assets on a net basis or their tax assets and
liabilities will be realised simultaneously.
A deferred tax asset is recognised for unused
losses, tax credits and deductible temporary
differences, to the extent that it is probable that
future taxable profits will be available against
which the temporary difference can be utilised.
Deferred tax assets are reviewed at each
reporting date and are reduced to the extent that
it is no longer probable that the related tax
benefit will be realised.
Additional income taxes that arise from the
distribution of dividends are recognised at the
same time as the liability to pay the related
dividends is recognised.
h. Inventories
Inventories are initially recognised at cost, and
subsequently at the lower of cost and net
realisable value. Cost comprises all costs of
purchase, costs of conversion and other costs
incurred in bringing the inventories to their
present location on a first-in-first out (FIFO)
basis.
i. Goods and Services Tax (GST)
The profit and loss has been prepared so that all
components are stated exclusive of GST. All
items in the statement of financial position are
stated net of GST, with the exception of
receivables and payables, which include GST
invoiced.
j. Statement of Cash Flows
The following is the definition of the terms used
in the Statement of Cash Flows:
(i)Investing activities are those relating
to acquisition of subsidiaries, the
addition, acquisition and disposal of
property, plant and equipment and
intangibles;
(ii)Financing activities are those
activities which result in changes in
the size and composition of the
capital structure of the Group;
(iii)Operating activities include all
transactions and other events that are
not investing or financing activities.
k. Financial Instruments
Financial assets
The Group classifies its financial assets into one
of the categories discussed below, depending on
the purpose for which the asset was acquired.
The Group 's accounting policy for each
category is as follows:
Amortised cost
These assets arise principally from the provision
of goods and services to customers (e.g. trade
receivables), but also incorporate other types of
financial assets where the objective is to hold
these assets in order to collect contractual cash
flows and the contractual cash flows are solely
payments of principal and interest. They are
initially recognised at fair value plus transaction
costs that are directly attributable to their
acquisition or issue, and are subsequently
carried at amortised cost using the effective
interest rate method, less provision for
impairment.
Impairment provisions for current trade
receivables are recognised based on an
individual analysis of the collectability of each
account. For trade receivables, which are
reported net, such provisions are recorded in a
separate provision account with the loss being
recognised within administration costs in the
consolidated statement of comprehensive
income. On confirmation that the trade
receivable will not be collectable, the gross
carrying value of the asset is written off against
the associated provision.
Impairment provisions for receivables from loans
to related parties are recognised following a
review of each receivable every six months.
From time to time, the Group elects to
renegotiate the terms of trade receivables due
from customers with which it has previously had
a good trading history. Such renegotiations will
lead to changes in the timing of payments rather
than changes to the amounts owed and, in
consequence, the new expected cash flows are
discounted at the original effective interest rate
and any resulting difference to the carrying
value is recognised in the consolidated
statement of comprehensive income (operating
profit) as part of the impairment expense.
The Group's financial assets measured at
amortised cost comprise trade receivables, cash
and cash equivalents and related party loans in
the consolidated statement of financial position.
Cash and cash equivalents includes cash in
hand, deposits held at call with banks, other
short term highly liquid investments with original
maturities of three months or less.
Financial liabilities
The Company/Group classifies all financial
liabilities as measured at amortised cost based
on the purpose for which the liability was
acquired. The Company/Group's accounting
policy is as follows:
Other financial liabilities
Other financial liabilities include the following
items:
Trade payables and borrowings, which are
initially recognised at fair value and
subsequently carried at amortised cost using the
effective interest method.
l. Plant and Equipment
Plant and equipment are measured at cost less
accumulated depreciation and impairment
losses.
Depreciation
The depreciable amount of all plant and
equipment is depreciated over the asset’s useful
life to the Group commencing from the time the
asset is held ready for use.
The depreciation rates used for depreciable
assets plant and equipment range between:

• Office Equipment – 16.67% and 50%
diminishing value; and
• Manufacturing Plant – 20% straight line.
The assets’ residual values, useful lives and
depreciation methods are reviewed, and
adjusted if appropriate, at the end of each
reporting period.
An asset’s carrying amount is written down
immediately to its recoverable amount if the
asset’s carrying amount is greater than its
estimated recoverable amount.
Gains and losses on disposals are determined by
comparing proceeds with the carrying amount.
These gains or losses are recognised in the
profit or loss.
m. Impairment - Non-Financial
Assets
The carrying amounts of the Group's non-
financial assets, other than inventories are
reviewed at each reporting date to determine
whether there is any indication of impairment. If
any such indication exists, then the asset's
recoverable amount is estimated.
The recoverable amount of an asset or cash
generating unit (“CGU”) is the greater of its
value in use and its fair value less costs to sell.
When determining value in use, estimated future
cash flows will be discounted to their present
value using a pre-tax discount rate that reflects
current market assessments of the time value of
money and the risks specific to the asset or
CGU. For the purpose of impairment testing,
assets that cannot be tested individually are
grouped together into the smallest group of
assets that generates cash inflows from
continuing use that are largely independent of
the cash inflows of other assets.
All intangibles have been treated as one cash
generating unit. Cash inflows cannot be
identified to particular intangible assets or
particular groups of intangible assets. This is as
the cash flows arising from the cancer detection
business requires utilisation of all the particular
intangibles.
Impairment losses are recognised in the profit
and loss and is a non-cash expense. Impairment
losses recognised in respect of CGU's reduce
the carrying amounts of the assets in the CGU
on a pro-rata basis.
n. Intangible Assets
Intangible assets acquired separately are
measured on initial recognition at cost.
Intangible assets with finite useful lives are
subsequently amortised over the useful
economic life and assessed for impairment
whenever there is an indication that the
intangible asset may be impaired. The
amortisation period and the amortisation
method for an intangible asset with a finite
useful life are reviewed at least at each financial
year end.
Intellectual Property of the Group is stated at
cost less any impairment losses and are
amortised on a straight-line basis over the
estimated economic life of 20 years.
Research & Development
Expenditure on research activities, undertaken
with the prospect of gaining new scientific or
technical knowledge and understanding, is
recognised in the profit and loss as incurred.
Development costs are capitalised where future
benefits are expected to exceed those costs,
otherwise such costs are recognised in the profit
and loss in the period in which they are incurred.
Development activities involve a plan or design
for the production, and the development or
enhancement of new or substantially improved
products and processes. Development
expenditure is capitalised only if development
costs can be measured reliably, the product or
process is technically, or commercially feasible,
future economic benefits are probable, and the
Group intends to and has sufficient resources to
complete development and to use or sell the
asset. The expenditure capitalised includes the
cost of materials, direct labour, overhead costs
that are directly attributable to preparing the
asset for its intended use, and capitalised
borrowing costs.
o. Share Capital
Ordinary shares are classified as capital.
Incremental costs directly attributable to the
issue of new shares or options are shown in
equity as a deduction, net of tax, from the
proceeds.
p. Employee Benefits
An accrual is made for the Company’s liability
for employee benefits arising from services
rendered by employees to the end of the
reporting period.
Employee benefits that are expected to be
settled wholly within one year have been
measured at the amounts expected to be paid
when the liability is settled on an undiscounted
basis. Employee benefits payable later than one
year have been measured at the present value
of the estimated future cash outflows to be
made for those benefits. In determining the
liability, consideration is given to employee wage
increases and the probability that the employee
may not satisfy vesting requirements. Those
cash flows are discounted using market yields
on national government bonds (of the country
where the employment contract exists) with
terms to maturity that match the expected
timing of cash flows.
q. Share Based Incentive Plan
The Group operates a share-based incentive
plan under which the entity receives services
from employees and consultants as
consideration for equity instruments of the
Group. The fair value of the employee services
received in exchange for the grant of the
instruments is recognised as an expense over
the vesting period.
The total amount to be expensed is determined
by reference to the fair value of the awards
granted. At the end of each reporting period, the
Group revises its estimates of the number of
awards that are expected to vest based on the
service conditions. It recognises the impact of
the revision to original estimates, if any, in the
profit or loss, with a corresponding adjustment
to equity.
NOTE 2. ADOPTION OF NEW AND
REVISED STANDARDS
NZ IFRS 16: LEASES
General impact of adoption of NZ IFRS 16
NZ IFRS 16 provides a comprehensive model for
the identification of lease arrangements and
their treatment in the financial statements for
both lessors and lessees. NZ IFRS 16
supersedes the previous lease guidance
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including NZ IAS 17 Leases and the related
interpretations when it became effective for
accounting periods beginning on or after 1
January 2019.
The date of initial application of NZ IFRS 16 for
the Group was 1 April 2019. The Group has
chosen not to adopt the full retrospective
application of NZ IFRS 16 in accordance with NZ
IFRS 16:C5(a), as the Group only has short term
leases.
For short-term leases (lease term of 12 months
or less), the Group has opted to recognise a
lease expense on a straight-line basis as
permitted by NZ IFRS 16. This expense is
presented within administrative expenses in the
consolidated income statement. As a result there
have been no changes to the opening equity
required upon initial adoption of NZ IFRS 16.
Standards not yet adopted
No standards on currently issue that are yet to
be adopted are expected to significantly impact
the presentation, measurement or recognition of
reportable items relevant to the Group.
NOTE 3. SIGNIFICANT ACCOUNTING
ESTIMATES AND JUDGEMENTS
The Company makes estimates and
assumptions concerning the future that affects
the amounts reported in the financial
statements. Estimates and judgments are
continually evaluated and based on historical
experience and other factors, including
expectations of future events that are believed
to be reasonable under the circumstances. The
estimates will, by definition, seldom equal the
related actual results. The estimates and
assumptions that have a significant risk of
causing material adjustments to the carrying
amounts of assets and liabilities within the next
financial year are discussed below:
• Going Concern
Refer note 1 “a”
• Revenue from Contracts with
Customers
The application of NZ IFRS 15: Revenue
from contracts with customers (NZ IFRS
15) requires the Directors to apply
judgement in determining whether revenue
can be recognised in advance of the
receipt of cash.
The significant judgements adopted by the
Group in applying NZ IFRS 15 criteria include:
• Determining if a contract with the
customer exists;
• Determining if the entity can identify the
payment terms for the services; and
• Determining whether it is probable that the
entity will collect the consideration to
which it is entitled.
• Intangibles
The carrying value of intangibles include
acquired intellectual property and
development costs capitalised in
accordance with the accounting policy for
research and development.
The Directors tested the intangibles for
impairment, at the reporting date, by
having management prepare a series of
cash flows of the Group (the cash-
generating unit), based on the expectations
about possible variations in the amount or
timing of those cash flow, and the choice
of a suitable discount rate to calculate the
present value of those cash flows. Note 14
provides detailed information about the
valuation techniques, inputs and key
assumptions used in the testing for
impairment.
• Recognition of deferred taxation
assets
The benefit of deferred tax arising from tax
losses and temporary differences has not
been recognised as disclosed in Note 8.
• Estimate of the Research and
Development tax offset
The Group receives a research and
development tax offset based on 43.5% of
research and development expenditure
incurred. The amount is received following
filing of the Group income tax returns. The
Group estimates the amount of the offset
assisted by external consultants,
accounting for the amount as a receivable
at year end.
• Share based payments
The Directors valued share options issued
to Directors and consultants during the
year using the Black & Scholes method
based on the assumptions and details in
note 20. As the share options have fully
vested the value of the share options have,
as required by the accounting standards,
been fully expensed, notwithstanding that
there is no cost to the Group and no benefit
to the option holders during the year. This
is a non-cash expense and has no impact
on the Group’s cash flow.
NOTE 4. FINANCIAL RISK
MANAGEMENT
In the normal course of business, the Group is
exposed to a variety of financial risks including
foreign currency, interest rate, credit and
liquidity risks. The Group’s overall risk
management strategy focuses on minimising
the potential negative economic impact of
unpredictable events on the Group’s financial
well-being.
Details of the significant accounting policies and
methods adopted, including criteria for
recognition and the basis of measurement are
disclosed in Note 1 Summary of Significant
Accounting Policies.
The Group to date has not entered into any
derivative financial instrument contracts.
The totals for each category of financial
instrument are as follows:

AssetsLiabilities
2020
$
2019
$
2020
$
2019
$
USD405,577847,843--
GBP -19,716--
Financial instruments by categoryNote
2020
$
2019
$
Financial assets (held at amortised cost)
Cash and cash equivalents91,024,1531,737,775
Trade and other receivables
Loan receivable1075,00075,000
Trade receivables subject to credit risk10107,018187,504
Total trade and other receivables182,018262,504
Total financial assets at amortised cost1,206,1712,000,279
Financial liabilities (held at amortised cost)
Trade and other payables15293,141437,031
Borrowings16410,280626,501
Total financial liabilities at amortised cost703,4211,063,532
Market Risk
Foreign currency risk
Foreign currency risk is the risk that price changes from fluctuating exchange rates will reduce the carrying amount of financial assets or increase the
carrying amount of financial liabilities. The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures,
but principally Australian and United States Dollars. Foreign exchange risk arises on certain cash and cash equivalents, receivables and liabilities
denominated in foreign currencies.
This risk is managed by placing contracts for supply of product in the same currency as the sales of those products occur wherever possible.
The carrying amounts of the Group’s financial assets and liabilities denominated in currencies other than the functional currencies expressed in $NZ at the
reporting date are as follows:
Sensitivity analysis
The following table details the Group’s sensitivity to a 10% increase or decrease in NZD against the relevant foreign currencies. 10% represents
management’s assessment of a reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign
currency denominated monetary items and adjusts their translation at the year-end for a 10% change in foreign currency rates. A positive number below
indicates an increase in profit where NZD weakens 10% against the relevant currency. For a 10% strengthening of NZD against the relevant currency,
there would be an equal and opposite impact on the profit, and the balances below would be negative.
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Interest rate risk
Interest rate risk arises on financial assets and financial liabilities recognised at the end of a financial period whereby a future change in interest rates
will affect future cash flows. The Group’s policy is to deposit cash at floating rates or at fixed rates for periods of time of less than 6 months, to minimise
exposure to interest rate risk.
The Group is exposed to interest rate risk on cash flows through cash at bank which is earning interest at a floating rate of:
— 0.55% of NZ$511,544 (2019: 1.50% of NZ$877,732) on cash held in AUD.
— Nil of NZ$176,206 (2019: 1.15% of NZ$117,791) on cash held in NZD.
— 0.50% of NZ$24,506 (2019: 0.50% of NZ$19,716) on cash held in GBP.
— Nil of NZ$309,978 (2019: Nil of NZ$720,580) on cash held in USD.
The interest rate risk on bank balances is minimal as the fluctuation of the prevailing market interest rate is insignificant.
Credit Risk
Credit risk is the risk that one party to a financial instrument will fail to discharge its obligations and as a result the Group will suffer financial loss.
With respect to credit risk arising from cash and cash equivalents there is limited credit risk. The credit rating of cash at bank and term deposits are:
Credit rating – Standard and Poor’s
Details of the exposure to credit quality of receivables, the age of receivables that are past due and any impairment are disclosed in Note 10 to the
financial statements.
In relation to customer credit risk the Company will deal with established distributors, government or aid agencies sponsored by government.
With respect to credit risk arising from accounts receivable, it is the Group’s policy to only enter into agreements with parties who the Group assesses to
be creditworthy. Accounts receivables balances are monitored on an ongoing basis and overdue accounts are followed up rigorously.
The maximum exposure to credit risk from trade receivables subject to credit risk as at 31 March 2020 amounted to $161,759 (2019: $187,504) refer to
Note 10.
Minimal credit risk arises from the other receivable – research and development grant being due from the Australian Government.
The loan receivable of $75,000 is subject to credit risk but is secured against 750,000 Truscreen Limited shares, and relates to the previous CEO – refer
to note 10 & 23, and is due for settlement by 31 December 2020.
2020
$
2019
$
USD40,55884,784
GBP -1,972
Cash at bankNote
2020
$
2019
$
S&P short term rating A-1+997,7271,716,104
S&P short term rating A-224,50619,716
91,022,2331,735,820
Effect on profit after tax and equity: 10% weakening in NZD

Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulties in meeting obligations associated with financial liabilities that are settled by delivering
cash or another financial asset. The table below shows the maturity analysis for the contractual undiscounted cash flows for financial liabilities:
The Company and Group manage liquidity risk by undertaking a rolling twelve month cash flow forecast monthly, and holding adequate cash and cash
equivalent assets.
(a) Fair value
The fair value of trade receivables, trade payables, loan receivable other receivables and cash and cash equivalents approximate their carrying value due
to the short term nature of these balances, and/or the balances being subject to market interest rates and regular impairment tests.
(b) Capital risk management
There are no external capital requirements.
The Group and the Company's objectives when managing capital are to safeguard their ability to meet their liabilities as they fall due.
There were no changes in the Group's approach to capital management during the year.
Financial Liabilities
Carrying
amount
Total contractual
cash flows
Not later than three
months
Later than 3 months
and not later than 1
year
Group 2020$$$$
Trade and other payables293,141293,141293,141-
Borrowings410,280441,05115,386425,665
Financial Liabilities
Carrying
amount
Total contractual
cash flows
Not later than three
months
Later than 3 months
and not later than 1
year
Group 2019$$$$
Trade and other payables437,031437,031410,26326,768
Borrowings626,501680,99423,493657,501
TruScreenAnnual Report 2020
30

NOTE 5. SEGMENT INFORMATION
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.
Revenues have been obtained from external customers (distributors) as follows:
31
TruScreenAnnual Report 2020
The basis for attributing revenues from external customers to individual countries is the location of the customer.
The following customers contributed more than 10% of the Group’s revenue for the year ended 31 March 2020 and or 31 March 2019:
No additional disclosure is required in the financial statements as the Group has one reportable segment.
2020
$
2019
$
Information about products and services
Total Revenues from external customers 1,288,2421,862,949
Information about geographical areas
Foreign country:
Mexico140,425130,409
China766,7551,018,658
Russia5,236374,868
Zimbabwe274,436145,107
Papua New Guinea-170,306
Others101,39023,601
1,288,2421,862,949
Note
2020
$
2019
$
Non-current assets other than financial assets by
country in which the entity holds those assets
Foreign country – Australia
Plant and equipment13295,048379,993
Intangible assets145,230,8218,261,063
Total non-current non-financial assets5,525,8698,641,056
20202019
Domicile of Customer
$%$%
China766,755601,018,65855
Russia5,236-374,86820
Zimbabwe274,43621145,1078
Mexico140,42511130,4097

2020
$
2019
$
Sales revenue - sale of goods¹
Wholesalers/distributors1,013,8061,717,842
Direct to customer²274,436145,107
1,288,2421,862,949
Other income
Research and development tax offset
3
- Current year684,2501,036,445
- Prior year adjustment572,923192,676
1,257,1731,229,121
Interest received8,86711,854
Other-227
1,266,0401,241,202
NOTE 6. REVENUE
¹
For a geographical breakdown of revenues see Note 5. Ownership of goods transfers to the distributor/customer on leaving Truscreen’s premises or that
of the outsourced manufacturer when shipped directly to customers.
2
The 2020 revenue related to goods shipped in 2019 where the revenue was previously not recognised, due to the customer in Zimbabwe where
political unrest resulted in short term difficulties in remitting foreign exchange.
3
For further detail with regard to the research and development tax offset, refer to note 1(f).
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Note
2020
$
2019
$
Loss before income tax includes the following specific
expenses:
Employee benefits expense
Wages and salaries878,758857,180
Staff superannuation – defined contribution plan82,76993,302
Provision for annual leave16,0082,941
Provision for long service leave(4,437)30,479
Directors fees26303,333231,213
Payroll tax1,34215,616
Other employee related30,4499,915
1,308,2221,240,646
Administration and other operating expenses include:
Fees for audit of financial statements for the year ended
31 March 2019 – BDO Auckland
-87,000
Under-provision in 2019 – BDO Auckland25,76739,278
Fees for audit of financial statements for the year ended
31 March 2020 – RSM Hayes Audit
80,000-
Total remuneration of auditors105,767126,278
Amortisation of intangible assets14517,527528,207
Depreciation of Plant and Equipment1380,30337,574
Total amortisation & depreciation597,830565,781
NOTE 7. EXPENSES
Truscreen Pty Limited is required, under Australian employment laws, to pay a prescribed portion of each employee’s salary into a superannuation
scheme.
2020
$
2019
$
Loss for the year(5,196,721)(3,380,454)
Prima facie income tax saving using the applicable
country’s tax rate 28% (2019 :28%)
1,455,082946,527
Impact of variation in foreign tax rates (27.50% for Aus.;
19% for UK) (2019 : 27.50% for Aus.; 19% for UK)
(25,032)(16,637)
Expenses not deductible for tax in the current period:(263,370)(165,685)
Not recognised as a deferred tax asset(1,166,680)(764,205)
Income tax expense--
NOTE 8. INCOME TAX EXPENSE

2020
$
2019
$
Deductible temporary difference:
Foreign exchange losses602,029612,868
Other timing differences288,460478,066
890,4891,090,934
Unused tax losses10,978,5348,500,874
Total 11,869,0239,591,808
2020
$
2019
$
Cash on hand1,9201,955
Cash at bank1,022,2331,735,820
1,024,1531,737,775
2020
$
2019
$
CURRENT
Research and development tax offset684,2501,070,517
Loan receivable75,00075,000
759,2501,145,517
Trade receivables subject to credit risk161,759187,504
Less provision for uncollectible amounts(54,741)-
107,018187,504
866,2681,333,021
NOTE 9. CASH AND CASH EQUIVALENTS
NOTE 10. TRADE AND OTHER RECEIVABLES
The amount of deductible temporary differences and unused tax losses for which no deferred tax asset is recognised is as follows. These amounts have
no expiry date.
The deferred tax asset has not been recognised as the “probable” test that future assessable income against which those losses can be offset in the
countries where those losses have been incurred cannot be satisfied.
Cash at bank is earning interest at a floating rate at the reporting date it ranged from 0% to 0.55% (2019: 0% to 1.50%). Cash at bank is at call.
No interest is charged on trade receivables. Refer to Note 6 regarding income from the research and development tax offset.
The loan receivable is on commercial terms to assist the previous CEO in exercising options to purchase ordinary shares, interest is charged at 5.25%
per annum. The loan agreement has been varied and is repayable on 31 December 2020. The loan is secured by 750,000 Truscreen ordinary shares with
a value of $52,500 at balance date.
The Group normally requires cash on delivery. In exceptional circumstances the Company has extended credit.
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The aging analysis of trade receivables past due is as follows:
As of 31 March 2020, trade receivables of $54,741 were considered impaired and have been provided for. The remaining balances are being closely
monitored by management and are expected to be collected prior to 31 December 2020.
No collateral is held over trade receivables.
Consolidated
Group
Days Overdue
20201 – 60 days90 – 180 daysOver 180 daysTotal past dueWithin terms
$$$$$
Trade receivables subject
to credit risk (prior to
provision)
--161,759161,759-
Loan receivable----75,000
--161,759161,75975,000
20191 – 60 days90 – 180 daysOver 180 daysTotal past dueWithin terms
$$$$$
Trade receivables subject
to credit risk
---187,504-
Loan receivable----75,000
---187,50475,000
2020
$
2019
$
Finished goods at cost164,373136,978
Work in progress339,395645,048
503,768782,026
NOTE 11. INVENTORIES
During the year $266,647 was recognised as an expense within research and development costs from the disposal of prototype electrical
optical devices.

Name of SubsidiaryPrincipal Place of BusinessOwnership Interest held by the group
20202019
Truscreen Pty LimitedAustralia100%100%
Truscreen Ltd (UK)UK100%100%
TruScreen S. de R.L. de C.V. Mexico100%100%
NOTE 12. INTERESTS IN SUBSIDIARIES
Subsidiaries are:
NOTE 13. PLANT AND EQUIPMENT
Principal Activities
Truscreen Pty Limited 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.
Truscreen Ltd (UK) holds the CE mark of quality compliance and will only trade to the extent necessary to satisfy the minimum requirement for value
added tax registration in the United Kingdom and CE certification. In 2020 TruScreen Ltd (UK) made no sales.
TruScreen S. de R.L. de C.V. is non-operating.
Note
2020
$
2019
$
Plant and equipment at cost 421,876430,794
Accumulated depreciation(126,828)(50,801)
295,048379,993
Movements in the carrying amount for each class of plant and equipment are as follows:
Opening net book value379,9937,536
Additions-410,031
Depreciation charge7(80,303)(37,574)
Foreign currency reserve movement(4,642)-
Closing net book value 295,048379,993
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NOTE 14. INTANGIBLE ASSETS
Note
Intellectual
Property
$
Development
cost
$
Total
$
Cost
Opening balance as at 31 March 20187,589,9722,847,66410,437,636
Net exchange differences arising on the
translation of the financial statements into the
presentation currency
(135,666)(48,527)(184,193)
Balance as at 31 March 2019 7,454,3062,799,13710,253,443
Net exchange differences arising on the
translation of the financial statements into the
presentation currency
(140,567)(55,525)(196,092)
Balance as at 31 March 20207,313,7392,743,61210,057,351
Accumulated Amortisation
Balance as at 31 March 2018(1,208,056)(284,767)(1,492,823)
Amortisation recognised during the period(384,905)(143,302)(528,207)
Net exchange differences arising on the
translation of the financial statements into the
presentation currency
23,1855,46528,650
Balance as at 31 March 2019(1,569,776)(422,604)(1,992,380)
Amortisation recognised during the period7(376,704)(140,823)(517,527)
Net exchange differences arising on the
translation of the financial statements into the
presentation currency
48,67014,70763,377
Balance 31 March 2020(1,897,810)(548,720)(2,446,530)
Impairment
Impairment charge during the period(1,693,629)(686,371)(2,380,000)
Balance impairment 31 March 2020(1,693,629)(686,371)(2,380,000)
Carrying amounts
Balance as at 31 March 20186,381,9162,562,8978,944,813
Balance as at 31 March 20195,884,5302,376,5338,261,063
Balance as at 31 March 20203,722,3001,508,5215,230,821
Nature of intangible assets
Intellectual property acquired is carried at cost less accumulated amortisation and impairment losses.
Intellectual property includes all intellectual property rights in the Truscreen product, including scientific and technical knowledge, designs, copyright,
plans, computer software, financial modelling, patents, copyright, formulae, processes, methods, inventions, eligible layout rights, market knowledge and
all other intellectual property rights.
At reporting date 14 years and 8 months useful life remained on in use intangible intellectual property assets.

Development costs consist mainly of costs incurred to produce a new console for Truscreen. The new console was available for use on 1 April 2016.
Amortisation commenced from that date. At reporting date 16 years useful life remained on capitalised development costs.
Impairment during 2020 year
The Directors have undertaken a comprehensive Impairment Review (“Review”) of the intangible assets belonging to the Company at the reporting date.
This Review has been undertaken in compliance with NZ IAS 36 Impairment (‘IAS 36’) and its detailed specifications with the assistance of an
independent consultant.
The cash flow projections adopted for the Review reflect the Director’s considered view of performance achievability and their recognition that the cash
flows of the Group while in the development and commercialisation phase are inherently uncertain and subject to a number of risks.
In particular the Directors have assessed the risk of not meeting the projected device sales and roll out in China and other countries as a result of COVID-
19 pandemic. These risks have been taken into account in determining the budget for 2021 and the impact on sales revenue in subsequent years.
The projections relate to the markets in which Truscreen is in the process of establishing its business: principally China, Russia and Vietnam.
Achievement of projected results will be impacted by timing and market scaling aspects and the risks referred to above. These factors have been catered
for by applying appropriate achievement probabilities to the projections.
Key elements of the Review
• In compliance with NZ IAS 36 requirements, the measurement of the recoverable amount for the Truscreen cash generating unit (“CGU”) has been
based on using a discounted free cash flow approach (“DFCF”) to assess the value in use.
• The Directors have adopted the DFCF approach and the sensitivity analysis is based on the DFCF approach.
Discounted free cash flow (“DFCF”) approach
Overview
• The DFCF approach forecasts future cash flows explicitly for 5 years and assesses a terminal value of the business at year 5. Gross amounts are
firstly reduced to recognise achievement probabilities given the uncertainties disclosed above and the net cashflow generated are discounted to
present values.
Key Inputs and Variables
• Cash flow projections over a 5 year period;
• Terminal growth rate of 2% (2019: 2%), based on long term economic growth prospects;
• The year 2021 is based on budget, with revenue growth in subsequent years at the rate of 35% per annum for devices, and SUS growth based on
average monthly usage for devices in use at the start of each year plus 50% of devices sold in the year.
• A range of WACC rates was estimated between 20% to 25% to account for time value of money and associated risks. This is based on current
market rates adjusted for business and specific risks. In the final determination a post tax rate of 22.5% (27.3% pre tax) was used.
DFCF Approach Result
• Having applied the above inputs and variables, the Directors have estimated the value in use of the Truscreen CGU at $6.4m (2019: $19.2m).
The carrying value of the CGUwas $8.78m prior to impairment (2019: $9.46m), including the carrying value of the Intangible Assets of $7.66m
(2019: $8.9m).
• Hence, the impairment on the value in use estimate is $2.38m (2019: headroom $9.7m).
• The value in use estimate is dependent on the achievement of projected results in the planned time period. Achievement of projections could be
impacted by various factors such as technology changes, market conditions, commercial factors, regulations etc. and could have a material impact
on the estimated value in use. Should the forecast cash flows and underlying assumptions of the Group not be achieved, actual cash flows would
vary from those forecasted resulting in the potential further impairment of the Intangible Assets.
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TruScreenAnnual Report 2020
Sensitivity Analysis
The following outlines the sensitivity of the impairment amount to changes in key assumptions applied, with all other items held constant.
2020
$
2019
$
CURRENT
Other payables and accruals293,141437,031
$
Revenue Assumption for 2021 financial year
Reduced by 5%861,000
Increased by 5%(861,000)
Device growth rate assumption for 2022-2025
Reduced by 5%1,237,000
Increased by 5%(1,326,000)
Post tax discount rate assumption
Increased by 2.5%726,000
Decreased by 2.5%(967,000)
NOTE 15. TRADE & OTHER PAYABLES
2020
$
2019
$
CURRENT
Borrowings410,280626,501
NOTE 16. BORROWINGS
Other payables and accruals are interest free and payable generally on credit terms of 30 days from receipt of goods or services.
The Group has financed a portion of the expected Research and Development tax offset in the amount of Australian dollars $400,000. The loan will be
repaid on the earlier of the group receiving the 2020 research and development tax offset to be received from the Australian Taxation Office or 30
September 2020 (See Note 10 for research and development tax offset receivable).
The Group has granted the lender a primary security interest, and the loan carries an interest rate of 1.25% per month on amounts drawn.
Cash flows arising from this facility included a financing cashflow receipt of $410,280 (2019: $626,501). The 2019 outstanding balance was settled net for
$626,501 and is recognised in financing cashflows.
Review Conclusion
• The Directors have carefully considered various sensitivities and conclude that the level of impairment recorded is appropriate.
• The impairment recorded of $2.38m results in a carrying value of intangibles at 31 March 2020 of $5.23m (2019: $8.26m).

The current portion of employee liabilities represents accrued annual leave entitlements of employees. As the Group does not have an unconditional right
to defer the settlement of these amounts in the event employees wish to use their leave entitlement they are classified as current liabilities.
The non-current portion of employee liabilities represents amounts accrued for long service leave entitlements that have not yet vested as the
employees have not yet completed the required period of service.
No particular number of shares are authorised. There is no par value of shares.
All issued ordinary shares carry equal rights in respect of voting and the receipt of dividends, and upon winding up rank equally with regard to the
Company’s residual assets.
Shares were issued during the:
a.current period:
i.via a share placement to professional and sophisticated investors (10,677,363 ordinary shares at 10.6 cents each)
b.prior period:
i.via a share placement plan to professional and sophisticated investors (7,142,856 ordinary shares at 21 cents per share)
ii.via a share purchase plan to eligible shareholders (7,411,964 ordinary shares issued at 21 cents per share).
2020
$
2019
$
CURRENT
Employee liabilities 83,149109,925
NON-CURRENT
Employee liabilities 46,37351,499
129,522161,424
NOTE 17. EMPLOYEE LIABILITIES
NOTE 18. ISSUED CAPITAL
a)Ordinary Shares
2020202020192019
GroupNumber$Number$
Balance at beginning of the year
of fully paid ordinary shares
216,857,44126,421,168202,152,62123,433,996
Ordinary shares issued
Share purchase plan--7,411,9641,556,500
Exercise of options – note 20--150,00018,970
Shares issued via private
placement
10,677,3631,131,8007,142,8561,500,000
Share issue costs-(60,918)-(88,298)
Balance at 31 March227,534,80427,492,050216,857,44126,421,168
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41
TruScreenAnnual Report 2020
Subsequent to year end the Company raised $5.243 million through the issue of 104,860,021 new shares at $0.05 per share. The shares were issued
pursuant to a Share Purchase Plan, 40,000,000, and a share placement 64,860,021.
¹Options issued on 12 July 2019 and 3 September 2019 as free attaching options on the basis of one option per new share with exercise price of 13
cents per share and expiry date 12 July 2021.
²As approved by shareholders on 27 August 2019, options issued on 25 September 2019 to Directors and senior managers with exercise price of 15
cents per share and expiry date 27 August 2022 (Note 20). The options were valued at $306,000 using the Black & Scholes method (see Note 20).
b)Share Options
2020
Number
2020
$
Weighted
Average
Exercise
Price
2019
Number
2019
$
Weighted
Average
Exercise
Price
Group
Balance at beginning of
the year
---150,0003,97010c
Options issued¹ 10,677,363-13c---
Options issued² 9,000,000306,00015c---
Options exercised---(150,000)(3,970)10c
Balance at end of year19,677,363306,00013.9c---
Basic and Diluted loss per share:
2020
$
2019
$
Net loss attributable to shareholders(5,196,721)(3,380,454)
Weighted average number of ordinary shares on issue224,416,746209,777,821
Basic loss per share (cents) (based on weighted average
number of shares on issue)
(2.32)(1.56)
NOTE 19. EARNINGS PER SHARE
2020
#
2019
$
2019
#
2019
$
Options premium on issue at start of period-150,0003,970
Cost of options exercised, shares issued – note 18 (150,000)(3,970)
Options issued¹9,000,000306,000--
Options on issue and exercisable at the end of the period9,000,000306,000--
NOTE 20 SHARE BASED PAYMENTS
a)Options
A summary of the movements in share options issued to Directors, employees and consultants are as follows:

All options had vested and were exercisable at 31 March 2020.
¹As approved by shareholders on 27 August 2019, the options were issued to Directors and senior managers. Options have been valued using Black &
Scholes model using the following variables: share price at date of issue 10.5 cents, exercise price 15 cents, risk free government bond rate 0.85% and
option period of 2.92 years and a share price volatility of 64.4% based on observed historical volatility.
The estimated value of the options at grant date was $306,000. In accordance with accounting standard NZ IFRS 2 the total value of the options has
been expensed as a non-cash share-based payment, notwithstanding that there is no cost to the company or intrinsic value to the option holders in the
year to 31 March 2020.
b)Performance Rights
Subsequent to year end Truscreen has conditionally agreed to issue 3 million performance rights to the Chief Executive Officer, who commenced
employment on 2 March 2020. This is dependent on a compliance listing on the Australia Securities Exchange and subject to the shareholders’ approval
for establishment of a Performance Rights Plan for participation of the employees.
NOTE 21. RESERVES
The foreign currency translation reserve records exchange differences arising on translation of Truscreen Pty Ltd from AUD functional currency and
Truscreen Ltd (UK) from GBP functional currency to the presentation currency of the Group (NZD).
The share option reserve records items recognised as expenses on valuation of share options issued to employees and directors but not yet exercised or
lapsed.
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TruScreenAnnual Report 2020
2020
$
2019
$
Reconciliation of cash flow from operations with loss after income tax
Loss for the period(5,196,721)(3,380,454)
Adjusted for:
Depreciation and amortisation597,830565,782
Impairment of non-current assets2,380,000-
Share based payment expense306,000-
Unrealised exchange difference arising from translating loss items at the
date of transaction
(188,764)253,750
Operating cash flows before working capital changes (2,101,655)(2,560,922)
Decrease/(increase) in trade and other receivables80,486(185,228)
Decrease in goods and services taxes recoverable12,826125,514
(Increase)/decrease in prepayments(114,890)34,004
Decrease/(increase) in inventory278,258(380,841)
Decrease in research and development tax offset386,267241,662
(Decrease)/increase in trade and other payables(143,889)17,543
(Decrease)/increase in employee liabilities(31,902)29,947
Net cash to operating activities(1,634,499)(2,678,321)
NOTE 22. CASH FLOW INFORMATION
NOTE 23. RELATED PARTY TRANSACTIONS
a.The Group’s main related parties are as follows:
(i)Key management personnel:
Any person(s) having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including
any Director (whether executive or otherwise) of that entity, are considered key management personnel.
For details of disclosures relating to key management personnel, refer to Note 26 - Key Management Personnel Compensation.
(ii)Other related parties:
Other related parties include entities over which key management personnel have joint control.
b.Transactions with related parties:
The following transactions occurred with related parties:
(i)Key management personnel:
A loan on commercial terms of $75,000 was made to the previous CEO, Mr Martin Dillon, in the year ended 31 March 2018 – refer to note 10.
The loan is due for repayment by 31 December 2020.

Nature of fees
2020
$
2019
$
Accounting services2,938264,396
Serviced offices-72,324
2,938336,720
(ii)Other related parties
Professor Jones is a member of the medical advisory committee. Professor Jones was paid $12,000 (2019: $16,700) for his services as a
member of the medical advisory committee.
Truscreen Ltd engaged Ure Lynam & Co, an accounting practice of which a former director, Mr. Robert Hunter, is a member, to provide
accounting, taxation, secretarial, consulting and advisory services to the Group. This agreement terminated in November 2018.
The following fees were paid to Ure Lynam & Co:
All fees were payable on normal credit terms – 30 days from invoice.
Mr Kevin Ho, a related party to Chairman, Mr Anthony Ho, was paid a capital raising commission of $18,983 in respect of the share placement in July
2019. The payment was on usual commercial terms.
NOTE 24. CONTINGENT LIABILITIES
Truscreen systems are warranted to be free from defects and to conform to product descriptions and specifications for a period of one year from the date
of original delivery of the Truscreen unit by the dealer or agent to the customer. It is possible that outflows in settlement could result from the warranty
provided.
As no significant claims have been received to date, no provision has been made in these financial statements, and any future settlement is expected to
be immaterial.
NOTE 25. EVENTS SUBSEQUENT TO REPORTING DATE
Subsequent to the year end the Company raised $5.243m from the issue of approximately 104.86 million new Shares at $0.05 per share. Of this amount
$2m, 40 million shares, was raised through a Share Purchase Plan and $3.243 million through a share placement of 64.86 million shares.
The Company updated the market (see NZX announcement 9 April 2020) of the impact to its operations resulting from the COVID-19 pandemic.
Except for the above there have been no events subsequent to reporting date which would have a material effect on the Company’s financial statements
at 31 March 2020.
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TruScreenAnnual Report 2020
2020
$
2019
$
Short-term employment benefits – Directors fees303,333231,213
Directors share based payments238,000-
Chief Executive Officer (CEO)
Short-term employee benefits - Salary228,340215,272
Post-employment benefits – Superannuation17,25920,451
Total employment benefits245,599235,723
Company Secretary/Chief Financial Officer (CFO)¹88,44929,463
Share based payments CEO and CFO51,000-
Total926,381496,399
Director
2020
$
2019
$
Anthony Ho¹110,00033,563
Christopher Horn50,00040,000
Christopher Lawrence40,00040,000
Ronald Jones – (resigned 31 March 2020)40,00040,000
Con Hickey40,00025,150
Robert Hunter – (resigned 1 November 2019)23,33352,500
303,333231,213
NOTE 26. KEY MANAGEMENT PERSONNEL COMPENSATION
The totals of remuneration paid to key management personnel (KMP) of the Group during the period are as follows:
The CEO and Company Secretary employment benefits were paid by Truscreen Pty Limited, a subsidiary. Directors fees were paid by Truscreen Limited.
¹A further $37,907 (2019: $8,035) was paid to a company controlled by the Company Secretary, for accounting services.
The above was paid as directors’ fees to the directors of the parent entity as follows:
Dr Ronald Jones was paid a further $12,000 as a member of the medical advisory committee.
¹Anthony Ho, included $30,000 for being the Executive Chairman from January 2020 to February 2020
NOTE 27. LEASE COMMITMENTS
The Group has lease commitments in the amount of $45,942 for a premises lease which expires on 20 December 2020. However, this arrangement may
be cancelled by either party with three months’ notice.

INDEPENDENT
AUDITOR’S REPORT
Independent Auditor’s Report
Totheshareholders of
Truscreen Limited
Opinion
We have audited the consolidated financial statementsof Truscreen Limitedand its subsidiaries (the group),
whichcomprise:
-the consolidated statementof financial position asat31March 2020;
-the consolidated statementofprofitorlossand othercomprehensive incomefortheyearthen ended;
-the consolidated statementofchangesin equityforthe yearthen ended;
-the consolidated statementofcashflowsforthe year then ended;and
-the notestotheconsolidated financial statements,which include significantaccounting policies.
In ouropinion, the consolidated financial statementsonpages19to 45presentfairly,in all material respects,
the financial position of the groupasat31 March 2020,andofitsfinancial performance and itscashflowsfor
the yearthen ended in accordance withNew Zealand equivalentstoInternational Financial Reporting Standards
and International Financial Reporting Standards.
Basis foropinion
Weconducted ourauditin accordance withInternational StandardsonAuditing (New Zealand) (ISAs (NZ)).Our
responsibilitiesunderthosestandardsarefurtherdescribed in the Auditor’s responsibilitiesfortheauditofthe
consolidated financial statementssection ofour report.
We are independentof the groupin accordance withProfessional and Ethical Standard 1 (Revised)Code of
EthicsforAssurancePractitioners issued bythe New ZealandAuditing andAssuranceStandards Board,and
we havefulfilled ourotherethical responsibilitiesin accordancewiththeserequirements. We believethatthe
auditevidence we have obtained is sufficientand appropriateto providea basisforouropinion.
Otherthan in our capacityasauditorwe have no relationshipwith,orinterestsin, the group.
Keyaudit matters
Keyauditmatters arethosemattersthat,in ourprofessional judgement, were ofmostsignificance in ourauditof
the consolidated financial statementsofthe currentperiod. The keyauditmattersidentified on the subsequent
pageswere addressed in the contextofourauditof the consolidated financial statementsasa whole,and in
forming ouropinion thereon,and we do notprovide a separate opinionon these matters.
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47
TruScreenAnnual Report 2020
INDEPENDENT AUDITOR’SREPORT
continued
Carrying valueof intangible assets
Whyweconsideredthisto be a key auditmatter
Intangible assetshave a significantcarrying value
relativetothe financial position of the group,with a
carrying value of$5,230,821.Detailsof these are
disclosed in Note 14 tothe consolidated financial
statements.An impairment charge of$2,380,000
was recognised during the 2020 financial year.
The carrying value ofintangible assetsisconsidered
to be a keyauditmatterdue tothe judgements
involved in assessing the recoverable amountforthe
purposesofimpairment testing as required byNZ
IAS 36 ImpairmentofAssets.
During the yearto 31 March 2020,forecastrevenues
were notachieved;and the continuing uncertain
global economicenvironmentarising fromthe
COVID-19 pandemicand related containment
measuresheightensthe riskof furtherfailureto
achieveforecastrevenue.
The Group’sforecastsassume a significantincrease
in revenue. The heightened risksaround the timing
and quantumof futurerevenue and cashflow
generation, combined withthe lossforthe financial
year,created an indicatorofimpairment.
Managementperformed a review ofthe carrying
value of the intangible assetsasdetailed in Note14.
This review included assessmentofrisksaround the
abilityof the Group to achieveforecastrevenue
growth and selection ofassumptionsin orderto
determine an estimate ofrecoverableamount.
How our auditaddressedthis key auditmatter
To assessthe appropriatenessof the amountof
impairmentrecognised and the resulting carrying
value of the group’sintangible assets:
-Weconducted a detailed evaluation of the
Group’s cashflow forecastand impairment
testing model;
-We obtained management’sbudgetand 5 year
forecasts,and gained an understandingof the
key value drivers and keyassumptions;
-We discussed the futurebusinessplansand key
assumptionswithmanagementand the
directors to ensureitisin line withthe cashflow
forecastsused in the impairment testing model;
-Assessed the likelihood and timing ofachieving
forecastrevenue growth;
-We evaluated and challenged how the
impairment testing model accounted for risksin
relation tothe extentandtiming ofrevenue
growthgiven the current trading conditions,
including assessmentof furtherpotential
implicationsofCOVID-19 pandemicand related
containmentmeasures;
-We evaluated other keyinputsusedin the
impairment testing model,including the discount
rate and the terminal growthrate;and
-We utilised expertisefrom corporatefinance
specialiststocritique thediscountraterange
usedby management.
We also evaluated the disclosuresprovided around
intangible assetsand the impairment testing
containedin note 14 tothe consolidatedfinancial
statements.

INDEPENDENT AUDITOR’SREPORT
continued
TruScreenAnnual Report 2020
48
Researchand development taxoffsetreceivable
Whyweconsideredthisto be a key auditmatter
The group obtains research and development tax
offsetpaymentsfromthe Australian TaxationOffice
(ATO)in respectofeligibleexpenditure incurred
towards research and development.
The balance sheetincludesamaterial receivable of
$684,250at31 March 2020 forthe year’s research
and development taxoffsetbased on expenses
incurred during the financial year,asdetailed in note
10.
This receivable isbased on an estimated calculation
forthe yearto 31 March 2020.The groupengages
an expert to preparethe claimand related
documentation,based on information provided by
managementand derived fromtheunderlying
accounting records.
As the groupisyet tosubmititsclaimforthe 31
March 2020 period, thisamountremainsoutstanding
at the dateof this report,and there isariskthat the
balancemaynotbe approved forpaymentin full by
theATO.
Judgementis required in assessing the appropriate
amountof taxoffsetpaymentsthatare expected to
be received,given the complexityof the rulesand
regulations surrounding the taxincentive payments.
Given the significance ofthisbalance,we consider
thisto be akeyauditmatter.
How our auditaddressedthis key auditmatter
Ourproceduresincluded the following:
-We obtained evidencetosupport the overall
eligibilityforthe researchand development (R&D)
activities related expenditureto be claimed,
including the detailed calculationsthatsupport the
amountrecognised asareceivable. Wealso
assessed the Group’shistory in lodging and
receiving successful claims in previous years.
-Weconsidered this calculation forcompliance
withthe requirementsoftheAustralian R&Dtax
incentive legislation and regulation. Thisincluded
comparison tothe related employee timerecords
and testing a sample ofsupporting documentation
of the claimed costs relating toeligible R&D
activities.
-We utilised R&Dtaxincentive expertisefromour
Australian network firmto assistourreview of the
basisofR&Dtaxoffset calculation prepared by
managementand management’sexternal R&D
taxadvisor. We also evaluated the competencies
and objectivityofmanagement’sexternal R&Dtax
advisor.
Other matter
The consolidatedfinancial statementsof TruscreenLimited andits subsidiariesfortheyearended31 March2019
were audited byanotherauditorwho expressed an unmodifiedopinion on thosestatementson28 June 2019.
Otherinformation
The directors areresponsibleforthe otherinformationincluded in theannual report. The otherinformation
comprisesthe reportsand information onpages4to 16and pages50 to 54(but doesnotinclude the
consolidated financial statementsand ourauditor’s report thereon),which weobtained priortothe date of this
auditor’s report.Ouropinion on the consolidated financial statementsdoesnotcoverthe otherinformation and
we do notexpressanyform ofauditopinion orassuranceconclusion thereon.
Inconnection with ourauditofthe consolidated financial statements,our responsibilityistoread the other
information identified above and,in doing so,considerwhetherthe otherinformation is materiallyinconsistent
withthe consolidated financial statementsorour knowledge obtained in the audit, orotherwise appears to be
materially misstated. If, based on the work wehave performed, we conclude that there isamaterial
misstatementof thisotherinformation,we arerequired toreport that fact.We have nothing toreportin this
regard.

49
TruScreenAnnual Report 2020
INDEPENDENT AUDITOR’SREPORT
continued
Responsibilitiesofthedirectorsfortheconsolidatedfinancial statements
The directors areresponsible,onbehalfof thegroup,forthe preparation and fairpresentation ofthe
consolidated financial statementsin accordance withNewZealand equivalentstoInternational Financial
Reporting Standardsand International Financial Reporting Standards,and for such internal control asthe
directors determine isnecessaryto enable thepreparation ofconsolidated financial statementsthatarefree
from material misstatement, whetherdue tofraud orerror. In preparing the consolidatedfinancial statements,
the directors areresponsible on behalfof the groupforassessing the group’sabilitytocontinue asagoing
concern,disclosing,asapplicable,mattersrelated togoing concern and usingthe going concern basisof
accounting unlessthosecharged with governance eitherintend toliquidatethe group ortocease operations,or
have no realisticalternative but to do so.
Auditor’s responsibilities forthe audit ofthe consolidatedfinancial statements
Ourobjectivesareto obtain reasonable assurance aboutwhetherthe consolidated financial statementsasa
whole arefree frommaterialmisstatement,whetherduetofraud orerror,and to issue anauditor’s report that
includesouropinion.Reasonable assurance isa high level ofassurance,butisnota guarantee thatan audit
conducted inaccordance withISAs (NZ)will alwaysdetectamaterial misstatementwhen itexists.
Misstatementscan arisefromfraud orerrorand areconsideredmaterial if, individuallyorin the aggregate, they
could reasonablybe expected to influencethedecisionsofuserstaken on the basisofthesefinancial
statements.Afurtherdescription of the auditor’s responsibilitiesforthe auditof the consolidated financial
statementsislocated atthe XRB’swebsite at:
https://www.xrb.govt.nz/assurance-standards/auditors-responsibilities/audit-report-1/
Who wereportto
This reportismade solelytoTruscreenLimited’s shareholders,asa body. Ourauditworkhasbeen undertaken
sothatwemightstatethosematters which we arerequired tostatetothemin an auditor’s reportand forno
otherpurpose. Tothe fullestextentpermitted bylaw,we do notacceptorassumeresponsibilityto anyoneother
than Truscreen Limited and TruscreenLimited’s shareholders,asa body,forourauditwork,forthis reportorfor
the opinionswe haveformed.
The engagementpartneron the auditresulting in thisindependentauditor’s reportis Jason Stinchcombe.
RSM Hayes Audit26 June 2020
Auckland

The Board and Executive of the Company are
committed to conducting TruScreen’s business
ethically and in accordance with high
standards of corporate governance.
GOVERNANCE
The Board has agreed to regularly review the
Company’s governance structures and
processes to ensure they are consistent both in
form, and in substance, with best practice and
meet the requirements of being a listed
company of the New Zealand Stock Exchange.
The primary objective of the Board is to build
long-term shareholder value with due regard to
other stakeholder interests. It does this by
guiding strategic direction and context and
focusing on issues critical for its successful
execution.
TruScreen’s Board Charter sets out the
governance principles, authority, responsibilities
and membership and operation of the Board of
Directors. This governance statement outlines
the main corporate governance practices as at
31 March 2020.
COMPLIANCE
The company seeks to follow the best-practice
recommendations for listed companies to the
extent that it is appropriate to the size and
nature of TruScreen’s operations.
The best practice principles which the Company
considers in its governance approach are the
New Zealand Exchange (NZX) Listing Rules
relating to corporate governance, the New
Zealand Exchange (NZX) Corporate Governance
Best Practice Code, and the Financial Market
Authority’s Corporate Governance Principles and
Guidelines (collectively the “Principles”).
The structure of this section of the Annual
Report reflects the requirements of the FMA’s
Guidelines. The Board’s view is that the
Company’s corporate governance principles,
policies, and practices do not materially differ
from best practice ‘Principles’.
The Company’s constitution, the Board and
Committee Charters, codes and policies referred
to in this section are available on request or can
be viewed on our website at
www.truscreen.com.
GOVERNANCE PRINCIPLES AND
GUIDELINES
PRINCIPLE 1 – CODE OF ETHICAL
BEHAVIOUR
Directors observe and foster high ethical
standards.
The Company expects its Directors, Officers, and
Employees to act legally, to maintain high ethical
standards, and to act with integrity consistent
with TruScreen’s policies, guiding principles and
values. A Code of Ethics sets out these
standards for Directors.
The Company has adopted policies to ensure it
maintains high standards of performance and
behaviour when dealing with the Company’s
customers, suppliers, shareholders and staff.
Specific policies are in place relating to the
environment, Privacy Act requirements,
confidentiality of company information, conflicts
of interest, complaints from stakeholders and
trading in company securities.
Conflicts of Interest
Directors are expected both individually and
collectively to act in accordance with
TruScreen’s Directors’ Code of Ethics and to
restrict involvement in other businesses that
would likely lead to conflicts of interest. The
Board maintains an Interest Register.
Where conflicts of interest arise, the Board
policy is for the conflicted Director(s) to advise
the Board and to absent themselves from the
relevant discussions and related voting.
Trading in TruScreen Securities
On a continuing basis, the Board considers
whether any matters under consideration are
likely to materially influence the present or
future market expectations of the Company,
including the share value. It then determines
whether or not there continues to be an ‘open
window’ for share trading by Directors or
Officers of the Company. The policy is for a
specific declaration in respect of this matter to
be made as appropriate. All proposed
transactions need to be approved in line with the
company’s Security Trading Policy.
PRINCIPLE 2 - BOARD COMPOSITION
AND PERFORMANCE
The Board has a written charter which sets out
the roles and responsibilities of the Board. There
is a balance of independence, skills, knowledge,
experience and perspective among Directors
that allows the Board to work effectively.
Board Size and Composition
The Board is comprised of Directors with a mix
of qualifications, skills and experience
appropriate to the Company’s current business.
As at 31 March 2020 there were 4 Directors on
the board. All Directors act in a non-executive
role. The Constitution provides for the Directors
annually to elect one of their number as
Chairperson of the Board.
A biography of each Board member is set out
separately in the Directors Report section of the
annual report and on the website.
The board also regularly reviews its composition
to ensure it has the right skill set and
composition to maximise the company’s
performance, opportunities and strategic
direction. The board has a procedure for
assessing director performance annually.
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Independence of Directors
For a Director to be considered to be
independent the fundamental consideration in
the opinion of the Board is that the Director be
independent of the Executive and not have any
relationship that could, or could be perceived, to
interfere materially with the Director’s exercise
of his/her unfettered and independent judgment.
The matters that the Board considers in
determining Director independence are specified
in the Board Charter. Having considered these
matters and the composition of the Board, the
Company considers the Directors hold an
appropriate mix of skills, expertise and
independence.
The TruScreen Board has reviewed which of its
Directors are deemed to be independent in
terms of NZX Listing Rules and has determined
as follows:
Independent Directors: Anthony Ho, Chris Horn,
formerly Ronald Jones, and Con Hickey;
Non-Independent Directors because of
disqualifying relationships: Chris Lawrence.
The Board has a majority of independent
directors. Further, the Chairman and the Chairs
of the Audit, Finance & Risk Committee and the
Remuneration & Nomination Committee are
independent directors.
In terms of the NZX listing rules, both Chris
Lawrence, Con Hickey and formerly Ronald
Jones are ordinarily resident in New Zealand.
Responsibilities of the Board and Executive
The business and affairs of the Company are
managed under the direction of the Board of
Directors on behalf of shareholders. The Board’s
responsibilities include:
• appointment of the Chief Executive Officer
and monitoring his/her performance;
• approval of the Company’s objectives and
values;
• active engagement in strategic direction
formulation and review;
• approval of appropriate Company
strategies and transactions involving
merger, acquisition or divestment or other
transactions of a material nature;
• review and approval of the Company’s
budgets and business plans and
monitoring of progress;
• review of key risk identification processes
and systems and monitoring the
management of risks;
• approval and review of the overall policy
framework within which the business of
the Company is conducted including
remuneration, financial reporting,
compliance, effective internal controls,
treasury management, insider trading, and
market disclosure;
• monitor Management’s performance with
respect to these matters; and
• communicating and reporting to
shareholders.
Responsibility for the day-to-day operations and
administration is delegated by the Board to the
Chief Executive Officer and the Senior Executive
team. These delegations have been reviewed in
the last three months.
Appointment and Retirement of Directors
The Board has a procedure for the nomination
and appointment of Directors to the Board. All
Directors have a letter of appointment
establishing the terms of their engagement.
At each annual meeting at least one third of the
Directors (or the nearest whole number – which
at the current time is one director) retire by
rotation and are eligible to apply for re-election
at the annual general meeting, along with any
appointments made since the previous annual
meeting.
The company does not pay retirement benefits
to any Director on retirement.
Board Processes
The Board has a regular meeting schedule
complemented by regular electronic and
telephone communication. The Board meetings
and circular resolutions taken by the board are
set out in the Directors Report.
Diversity Policy
Due to its small size the Company does not have
a diversity policy. However, given the Company
is in the business of women’s health the Board
is conscious of the need to address gender
diversity.
PRINCIPLE 3 – BOARD COMMITTEES
The Board uses committees where this
enhances the effectiveness in key areas while
retaining board responsibility.
The Board operates 2 Committees to assist in
the execution of the Board’s duties – the
Remuneration and Nomination Committee and
the Audit, Finance & Risk Committee. Each
Committee has a specific Charter. Committee
members are appointed from members of the
Board and membership is reviewed on an
annual basis. All matters determined by
committees are submitted to the full Board as
recommendations for Board decision.
Remuneration and Nomination Committee
The Remuneration and Nomination Committee
comprises of Chris Horn and Anthony Ho. The
Committee recommends the remuneration
policies and packages, including performance
incentives for the Chief Executive Officer and the
Senior Executive team. Independent advice is
obtained as appropriate in regard to
remuneration levels and packages. Additionally,
the Committee reviews: the performance of the
Chief Executive Officer; succession planning for
the Senior Executive team; succession planning
for the Board; risk and compliance monitoring in
relation to the human resources function of the
Company; and the Company’s performance in
respect of responsible governance.
This Committee is also responsible for
establishing and monitoring remuneration
policies and guidelines for Directors which
enable the Company to attract, retain and
motivate Directors to contribute to the
successful governing of the Company and create
value for shareholders. External advice is
considered in setting the Directors’ fees which
in aggregate are approved by shareholders.

The committee is also responsible for reviewing
and ensuring compliance to all Health & Safety
policies within the company to make sure all
employees, contractors and visitors are
operating in a safe environment.
This Committee met twice during the 12 months
to 31 March 2020.
The Committee is satisfied that the Company,
and the CEO, has implemented and continued to
enforce a culture of Health and Safety
compliance with all regulations in the countries
in which the Company operates.
Audit, Finance & Risk Committee
The Audit, Finance & Risk Committee comprises
of Chris Horn, Con Hickey and Anthony Ho. The
role of the Committee is to review the annual
audit process, the financial and operational
information provided to the stakeholders and
others, to monitor the management of business
risk to the organisation, and review the
framework of internal control and governance
which the Executive and the Board have
established. The Chief Executive Officer and
Chief Financial Officer are invited to attend
meetings as appropriate. The Audit, Finance &
Risk Committee met twice during the 12 months
to 31 March 2020.
The Audit, Finance & Risk Committee also
communicate with the Company’s external
auditors as and when deemed necessary by the
Committee.
PRINCIPLE 4 – REPORTING AND
DISCLOSURE
The Board demands integrity both in financial
reporting and in the timeliness and balance of
disclosure on entity affairs.
The Company is committed to ensuring integrity
and timeliness in its financial reporting and in
providing information to the market and
shareholders which reflects a considered view
on the present and future prospects of the
Company.
Financial Reporting
The Audit, Finance & Risk Committee oversees
the quality and integrity of external financial
reporting including the accuracy, completeness
and timeliness of financial statements.
It reviews half-yearly and annual financial
statements and makes recommendations to the
Board concerning accounting policies, areas of
judgment, compliance with accounting
standards, NZX and legal requirements, and the
results of the external audit.
Management accountability for the integrity of
the Company’s financial reporting is reinforced
by the certification from the Chief Executive
Officer and Chief Financial Officer in writing that
the Company’s financial report presents a true
and fair view in all material aspects.
Timely and Balanced Disclosure
Continuous disclosure obligations of NZX require
all listed companies to advise the market about
any material events and developments as soon
as the Company becomes aware of them. The
Company has policies and a monitoring program
in place to ensure that it complies with these
obligations on an on-going basis and ensures
timely communication of material items to
shareholders through NZX or directly as
appropriate.
The Company makes available its governance
policies and announcements on its website.
PRINCIPLE 5 – REMUNERATION
The remuneration of Directors and Senior
Executives is transparent, fair, and reasonable.
Making sure team members get the rewards
they deserve is the responsibility of the
Remuneration and Nomination Committee, a
committee of the Board. The Committee makes
recommendations to the Board on salaries and
incentive programs and more widely on human
resource and people management issues.
Non-Executive Directors’ Remuneration
The fees payable to the Non-Executive Directors
are determined by the Board within the
aggregate amount approved by shareholders.
The Board considers the advice of independent
remuneration consultants when setting
remuneration levels. As at 31 March 2020 the
current Non-Executive Directors’ fee pool limit is
NZ$300,000. Director remuneration is disclosed
in the Annual Report.
Senior Executive Remuneration
The objective of the Senior Executive
remuneration approach is to provide competitive
remuneration aimed at: aligning executives’
rewards with shareholders’ value; achieving
business plans and corporate strategies;
rewarding performance improvement; and
retaining key skills and competencies.
Senior Executives’ remuneration is made up of:
Salaries and Options as approved by the Board
plus industry standard leave entitlements. Key
executive remuneration is disclosed in the
Annual Report.
Staff Remuneration
All staff other than Senior Executives are
remunerated by salary plus industry standard
leave entitlements. Currently no staff qualify to
participate in a long term executive share
scheme plan.
PRINCIPLE 6 – RISK MANAGEMENT
The Board regularly verifies that the entity has
appropriate processes that identify and manage
potential and relevant risks.
Business Risks
The Company has in place a risk management
register to identify and address areas of
significant business risk. The Company
maintains insurance policies that it considers
adequate to meet the insurable risks of the
Company and Group. Exposure to any foreign
exchange risk is managed in accordance with
policies laid down by the Directors.
The Chief Executive Officer and Senior Executive
team are required to identify the major risks
affecting the business and to develop strategies
to mitigate these risks. Where significant risks
are identified, the policy is for the Board to be
advised and to discuss, and for the Senior
Executive to undertake prompt corrective action
GOVERNANCE
continued
TruScreenAnnual Report 2020
52

53
TruScreenAnnual Report 2020
to mitigate and monitor the risk in line with
established policies.
Health and Safety
The CEO acts as the Health and Safety Co-
ordinator and reports to the Remuneration and
Nomination Committee on Health and Safety
issues. The Committee works with the CEO to
identify workplace hazards and monitor and
review compliance with the Company’s
documented occupational health and safety
policies and procedures. Health and Safety
reviews are routinely dealt with by the Board.
Chief Executive and Chief Financial Officer
Assurance
The Chief Executive Officer and Chief Financial
Officer have provided the Board with written
confirmation that the Company’s financial
statements are founded on a sound system of
risk management and internal compliance and
control; and that all such systems are operating
efficiently and effectively in all material
respects.
Risk Monitoring
The Audit, Finance & Risk Committee reviews
the Company’s risk management policies and
processes and the Senior Executive provides an
updated risk assessment profile to each meeting
of the Audit, Finance & Risk Committee. The
Remuneration and Nomination Committee
reviews human resource management risks.
PRINCIPLE 7 – AUDITORS
The Board ensures the quality and
independence of the external audit process
Independence
To ensure the independence of the Company’s
external auditor is maintained, the Board has
agreed the external auditor should not provide
any services not permitted under International
Federation of Accountants regulations. This is
monitored by the Audit & Risk Committee.
External Auditor
TruScreen’s external auditor is RSM Hayes Audit.
RSM was appointed on 17 February 2020 and
ratification of their appointment by the
shareholders will be sought at the next Annual
General Meeting in accordance with the
provisions of the Companies Act 1993 (Act).
RSM will be invited to attend this year’s annual
meeting and will be available to answer
questions about the audit process, TruScreen’s
accounting policies and the independence of the
auditor.
PRINCIPLE 8 – SHAREHOLDER
RIGHTS & RELATIONS
The Board fosters constructive relationships with
shareholders that encourage them to engage
with the company.
The Board aims to ensure that all shareholders
are informed of all information necessary to
assess the Company’s strategic direction and
performance. They do this through a
communication strategy which includes:
• periodic and continuous disclosure to NZX;
• information provided to media and
briefings to major shareholders;
• half yearly and annual reports;
• regular investor updates;
• the annual shareholders meeting which is
conducted in a very open manner in which
a range of questions are considered;
• the Company’s website.
The Company ensures timely circulation of
notices on annual or general meetings.
An updated view of the Company’s strategic
direction is a key presentation at the annual
meeting to encourage shareholder
understanding of; and support of, the Company’s
strategies and goals.
The Company ensures that its shareholders are
considered when seeking additional equity
capital.

TOP TWENTY SHAREHOLDERS
Investor NameTotal Units% Issued Capital
New Zealand Depository Nominee31,706,6009.54
Consolidated Nominees Pty Ltd29,539,9008.89
Browns Island Holdings Limited22,400,0006.74
Waitara Trustees Limited16,622,2225.00
Masfen Securities Limited 13,499,6454.06
Accident Compensation Corporation11,339,5913.41
Albert Nominees Limited11,000,0003.31
Citibank Nominees (Nz) Ltd 10,151,5523.05
Consolidated Nominees Pty Ltd10,062,5003.03
Idl Trustee Limited9,850,0002.96
Forsyth Barr Custodians Limited6,254,0391.88
Custodian Nominee Company Limited4,276,6191.29
David Russell Stewart & Adrienne Ruth Stewart4,100,0001.23
Melda Super Pty Limited3,500,0001.05
Caroline Robyn Ball & Christopher John Thomson Bush2,838,2990.85
Ryan Peter Parkin2,838,1890.85
Michael Jeremy Thomas Stokes2,500,0000.75
Anthony Peng Ho & Chui Hoong Ho2,400,0000.72
Mark David John Williams2,321,4290.70
Qsp Limited2,173,5780.65
ISSUED CAPITAL AS AT 10 JUNE 2020
TRU (NZL) 332,394,825
Current Holders1,074
INVESTOR RANGES TRU
(
NZL
)
AS AT 10 JUNE 2020
HoldersNumber%
1-1,000147,5290
1,001-5,000173611,1930.18
5,001-10,0001251,032,3140.31
10,001-50,0003459,184,9042.76
50,001-100,00014211,026,9223.32
100,001-and over275310,531,96393.42
INVESTOR DOMICILE AT 10 JUNE 2020
Holders
New Zealand1023
Rest of World51
Issued Capital
New Zealand267,208,717
Rest of World65,186,108
SHAREHOLDER INFORMATION

C/ - HLB Mann Judd Limited,
Level 6, Equitable House
57 Symonds Street, Grafton,
Auckland, New Zealand
e: info@TruScreen.com
t: +61 2 8999 3896
www.TruScreen.com

---

NZX Announcement

26 June 2020
TruScreen Financial Year Ended 31 March 2020 Results
Summary

• Sales down 31% to NZ$1.3m
• Total revenue down 18% to NZ$2.55m
• Underlying loss (before non-cash impairment and share-based payments) down 25.7% to NZ$2.5m
• China remains primary focus, recent entry into Vietnam
• Improvement in operating cash outflow
• Successful capital raise of NZ$5.243m early in the new year
Cervical cancer screening technology company TruScreen Limited (NZX:TRU) (the Company) has released
its audited financial results for the year ended 31 March 2020.
China continued to be Truscreen’s primary market of focus with a screening population of ~ 400 million
women and share of Truscreen total sales at 60% (2019:55%). Sales were adversely impacted in the final
quarter with device roll out suspended due to COVID-19 restrictions.

The approval of the TruScreen cervical cancer screening device by the Ministry of Health of the Vietnam
Government and the first product shipment in the new financial year is a further significant milestone for
the Company. The Company continues to work with existing distributors in Low-Middle-Income-Countries
(LMIC’s) in furthering its acceptance in these markets with new opportunities emerging in eastern Europe.
Total income, including a research and development tax offset declined by 18% to NZ$2.55m (2019:
NZ$3.1m). The Company continued to invest in research and development during the year in enhancing
the robustness of its product for LMIC’s.
With the uncertainty created by COVID-19 and the potential delay in Truscreen’s device roll out
programmes a review of the recoverable value of its non-current assets resulted in a non-cash impairment
charge of NZ$2.38m in the current year. This was in addition to the amortisation of intangibles in the
amount of NZ$0.52m (2019: NZ$0.53m).
Total overhead expenses excluding impairment, amortisation and depreciation costs decreased to
NZ$2.2m for the year (2019: NZ$2.8m), with the 2020 year also including a NZ$0.3m non-cash charge for
share based payments.
Overall the Company recorded a net loss of approximately NZ$5.2m (2019: NZ$3.4m). Underlying
operating loss before the non-cash impairment and share-based expenses was NZ$2.5m (2019: loss
NZ$3.4m).
Net operating cash outflow for the period was lower at NZ$1.6m (2019: NZ$2.7m), reflecting an improved
underlying trading result and a higher research and development tax offset.

As at 31 March 2020, Truscreen had cash and cash equivalents of NZ$1.0m (2019: NZ$1.7 million), and
was then successful in raising $5.243m early in the new financial year with outstanding support from its
shareholders.
Operational performance and update
TruScreen’s large-scale evaluation programme with China’s Obstetrics and Gynaecology Association
(COGA) is progressing well, with eight out of the 10 participating provinces already having launched the
programme, and 66 hospitals actively screening women. COGA Hunan Province interim TruScreen results
of 2,065 women across 7 hospitals showed excellent results. The programme plans to screen up to 20,000
women.
Truscreen has assisted its distributors in establishing technical centres in China, Russia and Vietnam to
enable technical support and technical services facilities in these major markets.
Since being granted TruScreen distributor rights in early 2019, our Russian distributor IMS has shown
strong support for the TruScreen technology and is making excellent progress. IMS is promoting TruScreen
as a primary screening tool, with patients requiring follow up reviews to undergo further tissue sample
testings.

Following the inclusion of TruScreen in the cervical cancer Technology Landscape, TruScreen arranged a
meeting in Mexico between Unitaid strategy and programme managers, and the National Institute of
Cancer (INCan). INCan is a decentralised organisation operating under Mexico’s Ministry of Health,
providing specialised medical care to cancer patients. INCan is considered to be the governing body of
cancer treatment in Mexico. Discussions centred on Mexico’s strategy for cervical cancer screening and
the value of TruScreen in government-funded and other public health sector screening programmes.

During the year TruScreen’s distribution partner, Gorton Health Services, along with the Vietnam’s
Ministry of Health (MOH) commenced a TruScreen pilot study based at the Hanoi Obstetrics and
Gynaecological Hospital (HOGH). The pilot programme’s objective was to evaluate the TruScreen
technology, prior to a national rollout of the TruScreen device as the primary screening method. Truscreen
received approval from MOH early in the new financial year and then secured its first order from HOGH.
The outstanding results from TruScreen’s first cervical cancer screening trial in India were announced in
January 2020. The trial, conducted by the All India Institute of Medical Sciences (AIIMS) in New Delhi and
the town of Ballabgarh over the period January 2018 to February 2019, screened 645 women for cervical
cancer. Results of the TruScreen trial have been submitted to the Journal of the Indian Medical Association
for publication.
During the year the Company was acknowledged in a joint publication that Unitaid released with the
World Health Organisation and the Clinton Health Access Initiative. The report was presented at the 72nd
World Health Assembly in Geneva, Switzerland in May 2019. The report is a ‘technical landscape’
describing the current technologies available for screening for pre=cancerous changes to the cervix. It also
focuses on screening and treatment technologies and their advantages for use in low and middle-income
countries.
COVID-19 has resulted in a temporary halt to the roll out of TruScreen cervical cancer screening devices
in the countries within which we operate at various times. China has at the date of this report
recommenced and it is expected that other countries will resume as they are able to control the spread
of the virus.

The Company has used the hiatus to improve and strengthen supply chain and quality assurance
processes. Given the COVID-19 related slowdown, TruScreen took steps to reduce its cost base to
conserve cash and has made application for Government support where appropriate. The Company has
relocated its sales and administrative premises at Surry Hills, Sydney, and has consolidated its operations
in one location at West Lindfield, in northern Sydney.
Appointments
Truscreen appointed Ms Victoria Potarina as Chief Executive Officer, commencing 2 March 2020.
Ms Potarina brings more than twenty years’ commercial experience, previously working at Johnson &
Johnson (J&J) in both the UK and across Europe. In addition, she has held positions at multiple
multinational companies in the FMCG, over-the-counter, medical devices and healthcare sectors.
While at J&J UK, Ms Potarina was Business Unit Director of the UK and Ireland Diabetes Care Division
which comprised of two business units, including; LifeScan, a diagnostic systems manufacturer focusing
on the diabetes market specifically blood glucose monitoring systems, and Animas, which specialises in
making insulin pumps for diabetes.
Prior to this, she was LifeScan Marketing Director of Eastern Europe, a US$200 million turnover business.
During her time in this position, Ms Potarina successfully facilitated a market share turnaround in Russia
and consistent year-on-year double-digit growth in Eastern Europe.
Subsequent to year end the Company appointed Mr Edmond Capcelea as Chief Technology Officer. Mr
Capcelea has a Masters Degree in Engineering Physics.
Mr Capcelea’s previous roles include Divisional Director Head of Implants and Design Development at
Cochlear Limited where he held various positions over eighteen years, and Senior Vice President of
Research and Development at Saluda Medical. Mr Capcelea has extensive experience in leading complex
R&D projects from concept to commercialisation and has led the end to end product development of a
wide range of Medical Devices ranging from Class I to Class III.
Resignations
Mr Robert Hunter (Director) and Mr William Hunter (Alternate Director) resigned on 1 November 2019
and Professor Ronald Jones (Director) resigned on 31 March 2020.
Mr Martin Dillon resigned as Chief Executive Officer on 31 December 2019.
Outlook
In the 2021 financial year Truscreen will continue with its strategy to become the cervical cancer screening
method of choice in selected low-and-middle-income countries (LMICs) where conventional laboratory-
based methods are not a good fit for purpose.
To deliver on this strategy Truscreen has developed 5 Growth strategy pillars to enable sustainable
business growth and return value to our shareholders:
• Efficient roll-out in established core markets.
China is our priority market and we target to double the number of hospitals where TruScreen
system will be available for patients. Russia is another large market of focus where our distributor
has been implementing best in class educational programmes reaching 2,000 doctors across the
country and has prepared a robust plan for further roll-out.

• Relentless focus on product quality and innovation.
Product quality remains an absolute priority. Recently implemented electronic systems of quality
assurance control will provide significant efficiency in this area. We are aligned with our
customers’ (distributor) and our customers customer (the hundreds of doctors and nurses
working with the TruScreenUltra) needs, and plan further improvements based on their feedback
and requirements for a medical screening device.

• Focus on commercial efficiency.
As a growing company we need to invest to support a significant increase in product sales in 2021.
While growing revenues, we will remain focused on improving gross margin through
manufacturing efficiency and the benefits of increasing sales volumes.

• Expanding clinical support.
Truscreen and its distributors have invested heavily in clinical trials in a number of countries.
Publication of the positive results achieved in these trials in respected medical journals is key to
clinical advocacy of the TruScreen cervical cancer screening device. The publication of the study
undertaken at the Royal Hospital of Women, Sydney, under our Medical Advisory Committee
supervision expected in the 2021 FY will provide support for the accuracy and reliability of our
system in a teaching hospital environment. To support our commercial roll-out framework
TruScreen will be launching an on-line education program with certification for health care
professionals, initially to be piloted in Vietnam. This approach will enable our team to manage
complex commercial roll-outs with a need to educate simultaneously many doctors in different
countries starting their journey with Truscreen.

• Enhance team capabilities.
TruScreen have a strong and capable team and will add talented professionals with expertise in
medical devices & LMICs in line with projected business growth.


- ENDS -


For more information, visit www.truscreen.com or contact:

TruScreen
Victoria Potarina
Chief Executive Officer
victoriapotarina@truscreen.com


Guy Robertson
Chief Financial Officer
guyrobertson@truscreen.com

About TruScreen:

TruScreen is a Cervical Cancer Screening Device which
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 well-being of women around the world.
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 tissues. A sophisticated proprietary
algorithm framework is utilised to detect pre-cancerous
change, or cervical intra-epithelial neoplasia (CIN), by
optical and electrical measurement of cervical tissue.

TruScreen offers an alternative approach to cervical screening, resolving many of the ongoing
issues with Pap tests, including failed samples, poor patient follow-up, patient discomfort and
the need for supporting laboratory infrastructures. As such, TruScreen’s target market is low-
and middle-income countries where no large-scale cervical cancer screening programs and
infrastructure are in place, such as China, Mexico, Africa, Russia and India. TruScreen’s cervical
cancer screening device is CE-marked and certified for use throughout Europe and CFDA-
approved for sale in China. The global market potential for TruScreen is significant.

For more information, visit our website at www.truscreen.com

Watch our video on TruScreen: http://truscreen.com/truscreen-the-company/truscreen- ultra-
video/