Preliminary Results for FY2024

Results announcement




Results for announcement to the market
Name of issuer Truscreen Group Limited
Reporting Period 12 months to 31 March 2024
Previous Reporting Period 12 months to 31 March 2023
Currency NZ Dollars
Amount (000s) Percentage change
Revenue from continuing
operations
$2,108 +27%
Total Revenue $2,108 +27%
Net profit/(loss) from
continuing operations
$(2,051) +15%
Total net profit/(loss) $(2,051) +15%
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
$0.006 $0.006
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 +61 407 983 270
Contact email address guyrobertson@truscreen.com
Date of release through MAP

30 May 2024

Unaudited financial statements accompany this announcement.

---

NZX/ASX Announcement
30 May 2024
TruScreen FY24 Preliminary Results
(all numbers in New Zealand Dollars)

Highlights
• SUS unit sales up 25% on prior year and device sales to distributors in line with prior
year
• Major breakthrough in China with two peak organisations
1
including TruScreen in
their cervical cancer screening guidelines - China Obstetrics and Gynecology
Association (COGA) Blue Paper and endorsement from the Chinese Society for
Colposcopy and Cervical Pathology (CSCCP)
• Commercial operations commenced in Saudi Arabia and further progress in
Zimbabwe
• In Vietnam TruScreen achieved inclusion on the Vietnamese Ministry Of Health
(MOH) approved Technical List
• In Mexico the national regulator, Cofepris approved TruScreen access to the public
health sector
• Developing new market opportunities in Uzbekistan, Indonesia, and Africa
• Successful capital raise and appointment of new Chief Executive Officer
• Improved Operations metrics.
o Sales up by 27%, led by SUS consumable sales increase of 25%.
o Operating loss reduced by 15%
o Cash outflow reduced by 9%
Cervical cancer technology company Truscreen Group Limited (ASX/NZX: TRU) (the Company)
has released its preliminary unaudited financial results for the year ended 31 March 2024.
Financial Results for the year ended 31 March 2024
Truscreen generated product sales 27% higher than the prior year at $2.1m (2023: $1.7m).
The sales result was underpinned by a strong result from China which grew by 45% over the prior
year following the recommendations from two key peak organisations - in the COGA Blue Paper
and CSCCP Guideline. Zimbabwe revenue was 34% up on the prior year with further potential
when the National Aids Council screening program is extended outside of the Masvingo province.
Good progress was made in Saudi Arabia, Vietnam and Mexico with stronger sales expected in
FY2025.
Gross margin improved YOY from 27.6% to 32.7%. Other income was largely in line with the prior
year at $0.5m (2023: $0.54m) attributable to the research and development tax offset.
Total overhead expenses remained unchanged YOY at $3.3m, which includes increased costs due
to inflation and $0.2m incurred in preparation for transition from the current EC regulatory code –
the MDD, to the new MDR code.

1
Chinese Association of Gynaecologists Oncologists (COGA), Cervical Cancer Prevention and Control Research
Committee of China, Women and Children's Health Research Institute, Cancer Prevention and Control
Professional Committee of China Preventive Healthcare Association, National Healthcare Industry Entity
Management Association, and the Genital Health Division of China Population Culture Promotion Association.

The Company incurred an operating loss for the year of $2.1m (2023: loss $2.4m), a 15%
improvement on the prior year.
Net operating cash outflow for the year was lower at $2.0m (2023: $2.2m) reflecting improved
revenue and margin.
As at 31 March 2024, Truscreen had cash and cash equivalents of $2.7m (2023: $2.2m).



0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
1,800,000
ChinaZimbabweMexicoVietnamRussiaOther
NZ$ Revenue by Year
202220232024
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000
20202021202220232024
SUS Unit Sales By Year

Operational Key Performance and Update

Highlights of the 2024 financial year.

• SUS unit sales up 25% on prior year and device sales to distributors in line with prior
year
• Major breakthroughs in China with two peak organisations
2
including TruScreen in
their cervical cancer screening guidelines - China Obstetrics and Gynecology
Association (COGA) Blue Paper and endorsement from the Chinese Society for
Colposcopy and Cervical Pathology (CSCCP)
• Commercial operations commenced in Saudi Arabia and further progress in
Zimbabwe
• In Vietnam TruScreen achieved inclusion on the Vietnamese Ministry Of Health
(MOH) approved Technical List
• In Mexico the national regulator, Cofepris approved TruScreen access to the public
health sector
• Developing new market opportunities in Uzbekistan, Indonesia, and Africa
• Successful capital raise and appointment of new Chief Executive Officer


China Recognition in China Blue Paper and Endorsement from CSCCP

During the year TruScreen was recognised in a COGA Blue Paper “Cervical Cancer Three Stage
Standardized Prevent and Treatment”. Blue Papers act as the definitive position on leading edge
developments in all industries in China and are recognised as an endorsement by the experts and
leaders in the relevant field.

The paper was the result of four years of research and collaboration by many experts in gynaecology,
including a number of leaders
3
in the field and presents a consensus on the most successful and
innovative technologies and methods to eradicate cervical cancer in China, in line with the World
Health Organisation (WHO) strategy.

The Blue Paper specifically highlights TruScreen in a section titled “Artificial Intelligence Technology
For Cervical Cancer Screening”, describing it’s origin, substantial clinical trials, and the benefits of
using TruScreen as a standalone primary cervical cancer screening method, which has demonstrated
superior sensitivity and specificity in comparison to screening of LBC and HPV.

Separately, the TruScreen technology has also been endorsed in the CSCCP’s (Chinese Society for
Colposcopy and Cervical Pathology) China Cervical Cancer Screening Management Guideline, one
of the most important specialist medical clinical guidelines governing management of cervical cancer.



2
Chinese Association of Gynaecologists Oncologists (COGA), Cervical Cancer Prevention and Control Research
Committee of China, Women and Children's Health Research Institute, Cancer Prevention and Control Professional
Committee of China Preventive Healthcare Association, National Healthcare Industry Entity Management Association, and
the Genital Health Division of China Population Culture Promotion Association.
3
the past Chairman of The Chinese Obstetricians and Gynaecologists Association (COGA ) Professor Lang Jinhe, the
newly appointed COGA Chairman Professor Di Wen, Chinese Society for Colposcopy and Cervical Pathology (CSCCP)
Chairwomen Professor Wei Lihui, the head of Women and Children's Health Division of National Health Commission Xu
Xiaochao, Secretary General of China Preventive Healthcare Association Zhang Lingli.

CSCCP’s decision to include TruScreen technology in its new Guideline emphasises the role of new
technology in a booming Chinese healthcare sector. The decision is based on the body of evidence
supporting TruScreen clinical use world-wide and after extensive consultations with healthcare
practitioners and decision makers.

CSCCP is a member of IFCPC (The International Federation of Cervical Pathology and Colposcopy)
which is dedicated to reducing the burden of cervical cancer worldwide. The guideline issued by
CSCCP is a leading clinical standard for doctors and other healthcare providers as well as
government bodies.

As a result of these recommendations our China business grew by 45% YOY. This growth is
evidenced by 7 hospital tenders won by distributor SWXT with 13 installations pending, 23 hospitals
where TruScreen has been approved and waiting for tender outcomes, and 78 hospitals where
Obstetric and Gynecologic Department acceptance have been received and are waiting for the next
stage of hospital approval.


Zimbabwe government continues roll out of the TruScreen program

TruScreen successfully secured a tender for the supply of a further 10,800 SUS (Single Use Sensor)
which were shipped in March 2024. TruScreen is expecting that the program will expand beyond the
Masvingo province in 2024/2025.

TruScreen's screening program in Masvingo Province began in 2022 and has already screened over
14,000 women in a collaborative effort between the Ministry of Health and Child Care, National AIDS
Council, and local health partners. The program aims to provide screening services to women in
remote and underserved communities, where access to healthcare is often limited.

Commercial operations commence in Saudi Arabia

The Dr Sulaiman Al-Habib Medical Group installed four TruScreen devices for commercial use for the
screening of cervical cancer in Saudi Arabia during the year.

Dr Sulaiman Al-Habib Medical Group (DSAMG) is the largest private hospital network in the Middle
East. The adoption of TruScreen’s screening technology by DSAMG private hospitals is an important
reference sites for further market access in neighbouring Middle Eastern nations.

TruScreen included on the Vietnamese Ministry of Health Approved Technical List

During the year TruScreen achieved inclusion on the Vietnamese Ministry Of Health (MOH) approved
Technical List. This is a significant milestone enabling TruScreen to be used nationally from top level
hospitals to community health centres.

The listing, combined with recent changes to medical device procurement regulations in Vietnam
reduces the need for individual hospitals to seek prior central Ministry of Health approval for purchase.
These changes dramatically shorten the medical device procurement process in Vietnam. The MOH
listing was based on extensive clinical evidence and positive feedback from local users at several
levels of the public healthcare providers, including Key Opinion Leaders from the leading
gynaecological hospital, Hanoi Obstetrics and Gynaecology Hospital.

Approval in Mexico for TruScreen to enter public health system

The national regulator of Mexico, Cofepris approved TruScreen access to the public health sector.
This allows TruScreen to expand its cervical cancer screening beyond private health clinics to the
wider public health sector. A 2020 census identified that only 2.3% of the population have private
healthcare while 70.9% of the population accessed the public health system.

Mexico has an addressable market of 65 million women, and Cervical cancer is the second most
prevalent cancer amongst women in Mexico. HPVcentre.net estimates that 9,400 women are
diagnosed annually with cervical cancer with a mortality rate of 46% - 4,300 deaths.


Evaluation of TruScreen underway in Uzbekistan, Poland and North Macedonia

The Ministry of Health in Uzbekistan is evaluating TruScreen as a technology partner to deliver a
component of the Uzbekistan National Screening Solution for Cervical Cancer. This program is a first
for Uzbekistan and being selected would be a transformative opportunity for TruScreen, not just in
Uzbekistan but also to serve as a reference site for other neighbouring Central Asian countries.

Poland continues to face significant challenges with cervical cancer. TruScreen is working with the
Mother and Child Institute and has identified both private and public hospitals targeted to be the first
to change from Liquid Based Cytology to TruScreen. TruScreen is shortly entering the hospital
validation phase with commercial sales to follow the successful completion of this evaluation.
In North Macedonia TruScreen is currently undergoing evaluation by a local distributor who operates
a Medical Clinic. When successful, TruScreen will replace Pap Smear in the clinic. This clinic will
serve as a base for demonstration and training for future customers in south eastern Europe. This
partnership marks a significant milestone as it would be TruScreen's first partner who is both a
distributor and a key reference centre.
In addition, TruScreen, with the support of the local Austrade office, is making strides in Indonesia
with partner Mursmedic. Mursmedic have commenced the product registration process for TruScreen
in Indonesia. A key reference site in Jakarta has been identified and installation is to occur as soon
as the product registration is completed.
TruScreen is also in the process of registration in Kenya through our logistics partner, Phillips Pharma
Group. TruScreen will partner with Phillips Pharma first in Kenya, and then to expand to other
countries within their footprint, including Nigeria, Uganda, Ghana and Tanzania.
Corporate

TruScreen has again expended significant effort during the year in preparing for the Medical Device
Regulation (MDR), a new regulatory framework that replaced the Medical Device Directive (MDD) for
medical devices being made and/or sold in the European Union, and has also expended significant
effort in finalising its Chinese regulatory (NMPA) approval.

Appointment of CEO
The Company appointed Martin Dillion as CEO in March 2024.
Mr Dillon, previously successfully
established the TruScreen global distribution network, launched the TruScreen Ultra2 device, is well
versed in the technology and is well known to distributors. Mr Dillon also managed the listing of
TruScreen on the NZX in 2014.

Capital Raising
The Company raised approximately $2.6m, before costs in March 2024, through a placement of $1.2
million and $1.4 million through 1 for 3 pro rata renounceable rights issue. In total the Company issued
132,565,777 new shares at $0.02 each.
This announcement approved for release by the Board.


-ENDS-






For more information, visit

www.truscreen.com or contact:
Martin Dillon
Chief Executive Officer
martindillion
@truscreen.com
Guy Robertson
Chief Financial Officer
guyrobertson@truscreen.com

About TruScreen:

TruScreen Group Limited (NZX/ASX: TRU) is a medical device company that has developed and
manufactures an AI-enabled device for detecting abnormalities in the cervical tissue in real-time via
measurements of the low level of optical and electrical stimuli.
TruScreen’s cervical screening technology enables cervical screening, negating sampling and
processing of biological tissues, failed samples, missed follow-up, discomfort, and the need for costly,
specialised personnel and supporting laboratory infrastructure.
The TruScreen device, TruScreen Ultra
®
, is registered as a primary screening tool for cervical cancer
screening.
The device is CE Marked/EC certified, ISO 13485 compliant and is registered for clinical use with the
TGA (Australia), MHRA (UK), NMPA (China), SFDA (Saudi Arabia), Roszdravnadzor (Russia), and
COFEPRIS (Mexico). It has Ministry of Health approval for use in Vietnam, Zimbabwe, Israel, Ukraine,
and the Philippines, among others and has distributors in 29 countries. In 2021, TruScreen
established a manufacturing facility in China for devices marketed and sold in China.
In FY22, over 170,000* TruScreen examinations were performed and over 200 devices have been
installed and used in China, Vietnam, Mexico, Zimbabwe, Russia, and Saudi Arabia. TruScreen’s
vision is “A world without the cervical cancer
©
”.
To learn more, please visit: www.truscreen.com/.
*Based on Single Use Sensor sales.

Glossary:
Pap smear (the Papanicolaou smear) test involves gathering a sample of cells from the cervix, with
a special brush. The sample is placed on a glass slide or in a bottle containing a solution to preserve
the cells. Then it is sent to a laboratory for a pathologist to examine under a
microscope. https://www.cancer.net/navigating-cancer-care/diagnosing-cancer/tests-and-
procedures/pap-test
LBC (the liquid-based cytology) test, transfers a thin layer of cells, collected with a brush from the
cervix, onto a slide after removing blood or mucus from the sample. The sample is preserved so other
tests can be done at the same time, such as the human papillomavirus (HPV)
test https://www.cancer.net/cancer-types/cervical-cancer/diagnosis

HPV (human papilloma virus) test is done on a sample of cells removed from the cervix, the same
sample used for the Pap test or LBC. This sample is tested for the strains of HPV most commonly
linked to cervical cancer. HPV testing may be done by itself or combined with a Pap test and/or LBC.
This test may also be done on a sample of cells which a person can collect on their own.
https://www.cancer.net/cancer-types/cervical-cancer/screening-and-prevention

Sensitivity and specificity mathematically describe the accuracy of a test which reports the
presence or absence of a condition. If individuals who have the condition are considered "positive"
and those who don't are considered "negative", then sensitivity is a measure of how well a test can
identify true positives and specificity is a measure of how well a test can identify true negatives:
• Sensitivity (true positive rate) is the probability of a positive test result, conditioned on the
individual truly being positive.
• Specificity (true negative rate) is the probability of a negative test result, conditioned on
the individual truly being negative (Sensitivity and specificity – Wikipedia).
For more information about the cervical cancer and cervical cancer screening in New Zealand and
Australia, please see useful links:
New Zealand: National Cervical Screening Programme | National Screening Unit (nsu.govt.nz)
Australia: Cervical cancer | Causes, Symptoms & Treatments | Cancer Council

---

TRUSCREEN GROUP LIMITED






Preliminary Final Report
Consolidated Financial Statements - Unaudited

Currency is New Zealand Dollars

For the Year Ended 31 March 2024


Contents
Consolidated Summary of Profit or Loss and Other
Comprehensive Income
2
Consolidated Statement of Financial Position 3
Consolidated Statement of Changes in Equity 4
Consolidated Statement of Cash Flows 5
Notes to the Preliminary Financial Statements 6

TRUSCREEN GROUP LIMITED
The accompanying notes form part of these financial statements.
2
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
Note 2024 2023
$

$
Revenue from the sale of goods
3
2,107,839
1,662,619
Other income
3
497,045
540,016



Product cost of goods sold

(1,416,070) (1,202,628)
Employee benefit expenses and directors’ fees

(792,513)
(876,849)
Other administration costs

(366,222) (415,295)
Research and development expenses

(877,303)
(864,074)
Rent

(44,403)
(60,959)
Travel

(30,258) (62,544)
Marketing and product approvals

(676,077)
(722,256)
Insurance

(139,414)
(139,633)
Shareholder relations and services

(201,937) (155,664)
Provision for impairment plant and equipment

- (49,700)
Provision for inventory obsolescence

(21,577) -
Share based payments

(89,643) (54,873)
Loss before income tax

(2,050,533) (2,401,840)
Income tax expense

- -
Loss for the year

(2,050,533) (2,401,840)
Other comprehensive income


Item that may be reclassified subsequently to
profit or loss


Exchange differences on translating foreign
subsidiary operations

41,980 1,736


41,980
1,736
Total comprehensive loss for the year

(2,008,553)

(2,400,104)



Basic and diluted loss per share (cents)
4
(0.49) (0.66)

TRUSCREEN GROUP LIMITED
The accompanying notes form part of these financial statements.
3
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
Note 2024 2023
$ $
CURRENT ASSETS
Cash and cash equivalents 2,728,036 2,160,468
Other receivables 489,336 370,602
Trade receivables 48,152 170,311
Inventories 491,254 563,441
Other current assets – prepayments 273,603 205,361
TOTAL CURRENT ASSETS 4,030,381 3,470,183
NON-CURRENT ASSETS
Intangible assets - -
TOTAL NON-CURRENT ASSETS - -
TOTAL ASSETS 4,030,381 3,470,183

CURRENT LIABILITIES
Trade and other payables 653,732 800,255
Provision for employee benefits 115,635 88,547
TOTAL CURRENT LIABILITIES 769,367 888,802
NON-CURRENT LIABILITIES
Provision for employee benefits 29,080 39,357
TOTAL NON-CURRENT LIABILITIES 29,080 39,357
TOTAL LIABILITIES 798,447 928,159
NET ASSETS 3,231,934 2,542,024

EQUITY
Issued capital 5 38,705,945 36,097,125
Share option reserve 5 234,456 144,813
Foreign currency translation reserve (337,128) (379,108)
Accumulated losses (35,371,339) (33,320,806)
TOTAL EQUITY 3,231,934 2,542,024

TRUSCREEN GROUP LIMITED
The accompanying notes form part of these financial statements.
4

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Note
Share
Capital
Accumulated
Losses
Foreign
Currency
Translation
Reserve
Option
Reserve

Total

$

$
$ $
$



Balance at 1 April 2023
36,097,125 (33,320,806)
(379,108)
144,813 2,542,024
Loss for the year to 31 March
2024

- (2,050,533) - - (2,050,533)
Exchange differences on
translating foreign subsidiary
operations


- - 41,980 - 41,980
Total comprehensive income for
the year

- (2,050,533) 41,980 - (2,008,553)
Transactions with owners, in their capacity as owners


Issue of shares – capital raise
5
2,651,316 -
-

-
2,651,316
Share issue costs
5
(127,079) -
-

-
(127,079)
Share based payments

84,583 -
-
89,643 174,226
Total transactions with owners
2,608,820 -
-

89,643
2,698,463
Balance at 31 March 2024
38,705,945 (35,371,339)
(337,128)
234,456 3,231,934


Note
Share
Capital
Accumulated
Losses
Foreign
Currency
Translation
Reserve
Option
Reserve

Total

$

$
$ $
$
Balance at 1 April 2022
34,550,048 (31,224,966)
(380,844)
450,813 3,395,051
Loss for the year to 31
March 2023

- (2,401,840) - - (2,401,840)
Exchange differences on
translating foreign
subsidiary operations


- - 1,736 - 1,736
Total comprehensive
income for the year

- (2,401,840) 1,736 - (2,400,104)
Transactions with owners, in their capacity as owners


Issue of shares
1,613,273 - -
-
1,613,273
Share issue costs
(66,196) - -
-
(66,196)
Transfer from share based
payments

- 306,000 -
(306,000)
-
Total transactions with
owners

1,547,077 306,000
-

(306,000)
1,547,077
Balance at 31 March 2023
36,097,125 (33,320,806)
(379,108)
144,813 2,542,024

TRUSCREEN GROUP LIMITED
The accompanying notes form part of these financial statements.
5


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

Note 2024 2023

$

$
CASH FLOW FROM OPERATING ACTIVITIES

Cash received from customers 2,273,035 1,790,550
Cash paid to suppliers and employees including GST (4,521,699) (4,483,553)
Cash received from research and development tax
offset

371,240 627,982
Short-term lease payments not included in lease
liability

(159,849) (131,619)
Interest received 4,099 2,854
Net cash used in operating activities 6 (2,033,174) (2,193,786)

CASH FLOW TO INVESTING ACTIVITIES
Purchase of plant and equipment - (49,700)
Net cash used in investing activities - (49,700)

CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issue of shares 2,651,316 1,613,273
Share issue costs (67,200) (66,196)
Proceeds from borrowings 215,760 -
Repayment of borrowings (215,760) -
Net cash from financing activities 2,584,116 1,547,077

Net increase/(decrease) in cash and cash
equivalents

550,942 (696,409)
Cash and cash equivalents at the beginning of the
financial year

2,160,468 2,797,004
Effects of exchange rate changes on cash and cash
equivalents

16,626 59,873
Cash and cash equivalents at the end of the
financial year


2,728,036 2,160,468

The accompanying notes form part of these financial statements.
6
NOTE 1. MATERIAL ACCOUNTING POLICY INFORMATION
General Information
These consolidated financial statements and notes represent those of Truscreen Group Limited and its
subsidiaries (the “Group”). References to “Truscreen” is used to refer to Truscreen Group Limited (the
“Company”).
The parent company, Truscreen Group 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 and on the ASX as an ASX Foreign Exempt Listing.
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.
Basis of Preparation
These financial statements have been prepared under the historical costs convention, modified by the
revaluation of certain assets and liabilities.
The principal accounting policies adopted in the preparation of the financial report are unchanged from the
Interim Financial Statements for the period ended 30 September 2023 and Annual Financial Statements for
the year ended 31 March 2023. These policies have been consistently applied to all the periods presented,
unless otherwise stated.
The financial statements have been rounded to the nearest dollar.

NOTE 2. 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:
• 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.

The accompanying notes form part of these financial statements.
7


NOTE 2. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS (continued)
• 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 intangibles were fully written off in a previous year.
Given the ongoing significant uncertainty associated with achieving revenue and profitability targets, the
Directors have determined that the intangibles should remain fully impaired as at 31 March 2024.
• 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 and accounts for the amount as a
receivable at year end.
• Provision for inventory obsolescence
The Group carries inventory of parts for the manufacture of the TruScreen Ultra® cervical cancer screening
device. The Company will write off parts which it no longer considers usable. The Group has made a
general provision for inventory obsolescence.
• Provision for warranty
The Group will undertake recalibration of the TruScreen Ultra® on an ongoing basis during the warranty
period. While the Group will continue to undertake research and development of the product, the TruScreen
Ultra® is a mature and well tested product and the Group has determined on the basis of materiality that no
warranty provision is necessary.
• Share based payments
The Group measures the cost of equity-settled transactions with directors, employees and distributors by
reference to the fair value of the equity instruments at the date at which they are granted.

NOTE 3. REVENUE




2024 2023

$ $
Sales revenue - sale of goods


Wholesalers/distributors

1,703,049 1,415,542
Direct to customer

404,790 247,077


2,107,839 1,662,619
Other income


Research and development tax offset


- Current year

463,192 345,901
- Prior year adjustment

31,203 31,143


494,395 377,044
Interest received

2,650 3,303
Miscellaneous income

- 39,084
Foreign exchange gain

- 120,585


497,045 540,016

The accompanying notes form part of these financial statements.
8
N
OTE 4. EARNINGS PER SHARE
2024 2023
Basic and Diluted loss per share:
Net loss attributable to shareholders ($) (2,050,533) (2,401,840)
Weighted average number of ordinary shares on issue 422,175,861 364,192,230
Basic and diluted loss per share (cents) (based on
weighted average number of shares on issue) (0.49) (0.66)
NOTE 5. ISSUED CAPITAL
2024 2024 2023 2023
Number $ Number $
416,642,008 36,097,125 362,866,253 34,550,048
70,748,386 1,414,968 20,000,000 600,000
Ordinary Shares – Fully Paid
Group
Balance at beginning of the year
Ordinary shares issued
Share issue - placement
Share issue – rights issue
61,817,391 1,236,348 33,775,755 1,013,273
Share issue costs - (127,079) -(66,196)
Shares issued in lieu of fees to directors 1,383,331 34,583 --
Share issue – employee benefit 2,000,000 50,000 --
Balance at end of the year
552,591,116 38,705,945 416,642,008 36,097,125
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:
The Company undertook a share placement and a rights issue during the year, issuing 132,565,777
shares at $0.02 per share to raise $2,651,316, before costs. The Company also issued 2,000,000 shares
to the former CEO, Beata Edling, as part of her remuneration and 1,383,331 shares to directors in lieu
of fees.
b. prior period:
The Company undertook a share placement and a rights issue during the year, issuing 53,775,755 shares
at $0.03 per share to raise $1,613,273, before costs.

The accompanying notes form part of these financial statements.
9
NOTE 6. CASH FLOW INFORMATION 2024 2023
$ $
Reconciliation of cash flow from operations with loss
after income tax


Loss for the period (2,050,533) (2,401,840)
Adjusted for:


Impairment of non-current assets - 49,700
Share based payment expense 89,643 54,873
Unrealised exchange difference arising from
translating loss items at the date of transaction

15,473 (113,010)
Operating cash flows before working capital changes (1,945,417) (2,410,277)
Decrease in trade and other receivables 122,159 105,137
Decrease in goods and services taxes recoverable
12,590
2,880
Increase in prepayments (68,242) (26,092)
Decrease/(increase) in inventory 72,187 (66,553)
(Increase)/decrease in research and development tax
offset

(131,323) 264,854
Decrease in trade and other payables (111,939) (7,120)
Increase/(decrease) in employee liabilities
16,811
(56,615)
Net cash outflow from operating activities
(2,033,174) (2,193,786)