TruScreen Preliminary Final Results

Results announcement




Results for announcement to the market
Name of issuer Truscreen Group Limited
Reporting Period 12 months to 31 March 2025
Previous Reporting Period 12 months to 31 March 2024
Currency NZ Dollars
Amount (000s) Percentage change
Revenue from continuing
operations
$1,712 -19%
Total Revenue $2,108 -19%
Net profit/(loss) from
continuing operations
$(2,243) -9%
Total net profit/(loss) $(2,243) -9%
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
$0.002 $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

26 May 2025

Unaudited financial statements accompany this announcement.

---

NZX/ASX Announcement

26 May 2025
TruScreen FY2025 Preliminary Results
(all number in NZ dollars)

Highlights

 Key market China, accounted for more than 85% of global sales exceeded budget and
is poised for further expansion in 6 key provinces
 Memorandum of Understanding signed with Hangzhou Dalton Bioscience
(DaltonBio) in February 2025 to form a strategic alliance for expanding product
portfolio and distribution channels
 TruScreen re-enters India with appointment of Renovate Biologicals Pvt Ltd in April
2025
 5-year program to screen 260,000 women for cervical cancer in Ho Chi Minh City,
Vietnam launched April, 2025
 Indonesia product registration completed and distributor appointed, with
commercial activity commenced in May 2025
 TruScreen clinical trial results confirm suitability for large scale screening in
emerging markets
 TruScreen continues to be validated by independent studies and the World Health
Organization


Cervical cancer technology company Truscreen Group Limited (NZX/ASX: TRU) (the Company) has
released its preliminary unaudited financial results for the year ended 31 March 2025.
TruScreen generated product sales of $1.7m (2024: $2.1m) for the year. This lower result was largely
due to delays in roll-out programs in Vietnam (launched April 2025), and Zimbabwe (delayed until
FY2026) and delayed product registrations in Indonesia and Uzbekistan. Revenues from these delayed
commercial activities are expected to be realised in FY2026.
TruScreen Group Ltd expects FY2026 sales to exceed NZ$ 2.8m.
Gross margin in FY2025 was 30.1% (2024: 32.7%) with the lower margin attributable to variances in
the country sales mix due to delays in programs and product registrations. Other income was lower
than the prior year at $0.4m (2024: $0.5m) attributable to a lower research and development Australian
tax offset refund.
Total overhead expenses were $3.1m (2024: $3.24m) and have reduced in the latter part of the year
with further cost saving measures. The result for the year was a loss of $2.2m (2024: $2.0m) being
adversely impacted by the shortfall in margin as a result of deferred product sales and a lower research
and development Australian tax offset refund, foreign exchange translation loss and increased costs
in: regulatory product registrations; facility relocation costs; and increased travel to support existing
markets and open new markets.

Operating cash outflow for the year $2.3 million (2024: $2.0 million) was in line with the profit and loss
result for the year. Cash at the end of the year was $0.4 million (2024: 2.7 million). The cash balance
reflected completion of a 2024 capital raise prior to 31 March 2024.


Operational Key Performance and Update
Key.market.China?.accounting.for.over.❹❶↘ .of.global.sales?.goes.from.strength.to.strength
Number of Women of Screening Age: 476,599,793*

• Key provinces for growth: TruScreen’s China distributor Beijing Siweixiangtai Technology Ltd. Co
(SWXT) is targeting 6 key provinces for growth in 2025 - Guangxi, Jiangsu, Hunan, Zhejiang,
Shanghai and Guangdong. These provinces have a combined population of 496 million, and an
addressable screening market of approximately 124 million women.
• SUS Pull Through: Consumable Single Use Sensor (SUS) pull through per month per device has
reached peak of 142 SUS per month per device, an increase of 30 % over 12 months.
• Software Upgrade: China’s NMPA registration variations have been approved and the software
upgrade on Chinese devices has commenced. The upgrade will improve user experience for
clinicians and extend the device’s in -use service interval.
• Private Sector Expansion: SWXT is targeting the growing China private health sector including
private clinics and Health Check Centre approvals in Jiangsu and Shenzhen, and entry into the
Luxury Hospital and Traditional Chinese Medicine Hospital sectors.
• Public Health Insurance: In addition to having 11 provinces with approved pricing for TruScreen,
Beijing has awarded public health insurance reimbursement for eligible TruScreen patients.
Shanghai has completed the final round of evaluation for public health insurance reimbursement
and once administrative processes for this are formalised sales are expected to grow rapidly in
this province.

In.April.868❶.TruScreen.and.SWXT.
planned.the.expansion.of.
TruScreen.sales.in.China¡..From.
left.to.right¿.Mr.Li?.partner.SWXT?.
Marty.Dillon?.CEO.TruScreen?.Miss.
Su.Siming?.Managing.Director.
SWXT?.Tony.Ho?.Chair.TruScreen.
and.Mr.Wang?.SWXT.manager.of.
TruScreen.business.in.China.



Memorandum.of.Understanding.signed.with.Hangzhou.Dalton.Bioscience.(DaltonBio).in.February.
868❶
• Strategic alliance: TruScreen signed a non-binding MOU with DaltonBio, a leading China based
manufacturer of high-performance HPV DNA tests and laboratory equipment for cervical cancer
screening, for a strategic alliance to expand global commercial opportunities for a suite of
DaltonBio’s HPV related IVD products to be marketed under the TruScreen brand.
• Product portfolio expansion: Following due diligence TruScreen would be appointed a global
distributor of DaltonBio HPV related IVD products (excluding U.S.A. and Canada).
• Opportunities with Dalton’s distribution channels: DaltonBio will explore opportunities to
assist TruScreen’s AI enabled real time cervical screening device within its distribution network,
notably in its selected distributors in China and South America.

DaltonBio have 200 sub distributors in China which may augment TruScreen’s current
distribution network in it’s largest market (>85% of sales)

TruScreen.selected.to.screen.8❷6?666.women.in.Ho.Chi.Minh.City.and.adoption.in.Vietnam.picks.
up.pace
Number of Women of Screening Age: 35,887,201*
• The formal agreement to conduct a 5-year program to screen 260,000 women for cervical
cancer in Ho Chi Minh City was signed in April 2025
Following the signing of a Memorandum of Understanding with the Ho Chi Minh City Public Health
Association and Gorton Health Services (Truscreen’s Vietnam distributor) in November,
TruScreen has been selected as the primary screening methodology for the capability of its
unique, AI-enabled real time cervical cancer screening technology to assist the Government of
Vietnam achieve its goal of screening 60% of women aged 30 to 54 for cervical cancer (currently
only 25% screened).
• Public Hospital Adoption: In January 2025 Professor Michael Campion presented at Tu Duc
Hospital in Ho Chi Minh City, leading to 6 major Ho Chi Minh City hospitals agreeing to adopt and
install TruScreen.

April. 78?.868❶¡. . TruScreen.
Chair. Tony. Ho?. President. of.
the. Ho. Chi. Minh. City. Public.
Health. Association. Dr. Le.
Truong. Giang. and. Managing.
Director. of.Gorton. Health.
Services.Mr.An.Trang.sign.the.
formal.agreement.to.conduct.
a.8❷6?666.women.screening.
program.in.Ho.Chi.Minh.City¡


TruScreen.re ̳enters.India.with.appointment.of.Renovate.Biologicals.Pvt.Ltd.in.April.868❶
Number of Women of Screening Age: 468,000,000*
• New distributor: India holds one-sixth of the world's population and one woman dies from
cervical cancer every eight minutes in the country. The cervical cancer screening rate is only 2%,
and India’s National Academy of Medical Sciences (NAMS) has recently set a target of 70% by
2030.
The appointment of Renovate Biologicals now gives TruScreen distribution capability in 3 of the 4 most
populous countries in the world - China, India and Indonesia.
Indonesia distributor.appointed.with.commercial.activity.commenced
Number of Women of Screening Age: 95,961,293*
• Distributor Appointed: Following the completion of product registration, TruScreen appointed a
new Indonesian medical products distributor PT Mawar Mitra Medika with commercial sales
commenced in the world’s largest Islamic nation, with a population spread over 14,000 islands.
TruScreen offers an ideal solution to providing screening to a geographically dispersed and
diverse population.
• AI presentation by CEO to MOH officials and KOL’s. In December 2024, TruScreen presented
to an AI Health webinar organised by Austrade and the Indonesian Ministry of Health. TruScreen
was one of only two companies invited to present at this webinar, a recognition of our growing
reputation as a leader in AI innovative health technology with a particular relevance to developing
or Low- and Middle-Income Countries (LMIC’s).
Uzbekistan
Number of Women of Screening Age: 11,617,411*
• National Screening Program: TruScreen is in the final stage of product registration by the
National Pharmaceutical Safety Committee. This approval is a prerequisite for a pilot screening
program in Tashkent. TruScreen is dealing directly with senior Ministry of Health officials who
insist on a direct relationship with TruScreen with no intermediaries. The proposed public cervical
cancer screening program is expected to see 14 Women and Children’s healthcare clinics in

Tashkent adopting the TruScreen technology. Following the successful implementation of
screening in Tashkent it is expected that the program will then extend to cervical screening in
other provinces of Uzbekistan.
Mexico
Number of Women of Screening Age: 45,983,174*
• Public Sector Focus: Distributor Sunbird continues to engage with the newly elected
government officials to introduce TruScreen to the public health sector.
• Leveraging the government's focus on AI in medicine. Leveraging this focus, Sunbird is in
advanced discussions with IMSS, (the nation’s largest public health insurer covering 38% of the
population) for TruScreen inclusion in their planned cervical cancer screening program.
Zimbabwe
Number of Women of Screening Age: 5,152,773
• Ministry of Health Re-Validation for Public Screening Programs: Following changes of
personnel in the Zimbabwe Ministry of Health the formal re-validation program for TruScreen was
delayed to Q2 of FY 2026. Once the re-validation has commenced the tenders for public
screening in metropolitan and regional Zimbabwe will resume.
Jordan?.Palestine.and.Rwanda
Number of Women of Screening Age: approx. 8,849,008
• Following our distributor in Jordan, Palestine and Rwanda, Sadaf Medical, featuring TruScreen in
seminars and trade shows in these countries, commercial sales have commenced to Jordan and
Rwanda.
TruScreen. results. and.suitability. in. emerging. markets. continues. to. be. validated.by.
independent.s t u d i e s .a n d .t h e .W o r l d .H e a l t h .Organization
• October 2024 - UNITAID, a World Health Organisation (WHO) agency featuring health solutions
for Low- and Middle-Income countries, included TruScreen in its report “Screening and
treatment of pre-cancerous lesions for secondary prevention of cervical cancer”. TruScreen was
the only opto-electrical device included in the technology landscape report.
• October 2024 - TruScreen was selected as a ‘Top 6 Pick’ - one of six global companies, from a
cohort of 580 companies, that will have an impact on global women’s health. The evaluation was
conducted by Austrian based StartUs Insights.

• November 2024 – following the UNITAID inclusion, TruScreen were invited to present at the
World Health Organisation (WHO) key meeting to further the use of AI technologies for screening
of cervical cancer in Edinburgh, and were the only opto-electric tissue differentiating medical
device company invited to participate.
• November 2024 - An Obstetrics and Gynaecology Hospital of Fudan University study (n=1908)
concluded that TruScreen optoelectronic real time screening detection accuracy outperformed
liquid-based cytology (LBC) in patients with type 3 cervical transformation zone. The report was
published by leading research journal, Germany’s Springer Nature.
• July 2024/April 2025 - The preliminary publication in July 2024 of a Saudi Arabia study
investigating TruScreen’s performance versus pap smears in cervical cancer detection, was peer
reviewed and published by globally renowned BMC Women’s Health. The study, entitled “Beyond
Tradition: Investigating TruScreen’s Performance Versus Pap Smear in Cervical Cancer
Detection”
1
tested 507 women and was first published on Research Square1 Link on 25 July
2024. Results showed that TruScreen demonstrated:
o High Sensitivity: TruScreen 83.3%, compared to Pap Smear 66.7%
o High Specificity: TruScreen 95%, compared to Pap Smear 98.2%
• April and May 2025 – TruScreen and the Baylor Foundation Eswatini agree on the validation and
initial product training for TruScreen to be used for a pilot program to screen women in Eswatini,
formally Swaziland

Corporate

TruScreen CEO Marty Dillon addressing a forum
of health industry investors in Singapore in March
2025.


Appointments
Dr. Cheung was appointed Chair of the Company’s
Technology Committee during the year.
With over 20 years of experience as a medical device
engineer and specialist in product research and
development, Dr. Cheung brings significant expertise
to assist the board in further developing the
Company’s technology pathways.
The Company has appointed Hall Chadwick NZ
Limited as auditors replacing RSM Hayes Audit.
Looking Ahead

With a significant investment in market access in FY2025 the formalisation of a number of new country
relationships and agreements, TruScreen expects to increase revenue in FY2026 to NZ $2.8m.
Sales growth will be underpinned by a forecast 15 % increase in China sales, the resumption of the
Zimbabwe government public screening programs, the commencement of the Vietnam Ho Chi Minh City
public screening program, the forecast first year of sales in India and Indonesia – the second and fourth
most populated countries in the world, and sales of the Dalton HPV test kits and analyser devices.
TruScreen CEO Martin Dillon commented »Whilst.FY868❶.was.slower.than.expected.in.sales.
and.other.revenue?.the.restructuring.of.the.business.and.the.major.achievements.highlighted.in.
the.preceding.paragraphs.place.TruScreen.at.an.inflexion.point.in.our.commercial.growth¡
TruScreen.will.remain.focused.on.China.as.well.as.the.growing.sales.channel.of.public.screening.
programs¡.The.programs.will.screen.thousands.of.women.in.Zimbabwe?.Vietnam?.Uzbekistan?.
Mexico. and. Eswatini¡. . This. new. sales. channel. will. add. to. our. current.business.model. of.
accessing.the.screening.market.through.the.public.and.private.health.systems¡‹
*All population figures are for women aged 15-64 years as detailed in the World Fact Book :
https://www.cia.gov/the-world-factbook/

---

TRUSCREEN GROUP LIMITED






Preliminary Final Report
Consolidated Financial Statements - Unaudited

Currency is New Zealand Dollars

For the Year Ended 31 March 2025


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 Financial Statements 6

TRUSCREEN GROUP LIMITED
2
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
Note 2025 2024
$

$
Revenue from the sale of goods
3
1,712,052

2,107,839
Other income
3
393,203

497,045



Product cost of goods sold

(1,196,832) (1,416,070)
Employee benefit expenses and directors’ fees

(856,761)

(792,513)
Other administration costs

(501,808) (366,222)
Research and development expenses

(814,614)

(877,303)
Rent

(12,550)

(44,403)
Travel

(74,402) (30,258)
Marketing and product approvals

(627,860)

(676,077)
Insurance

(140,162)

(139,414)
Shareholder relations and services

(107,064) (201,937)
Provision for inventory obsolescence

- (21,577)
Share based payments

- (89,643)
Borrowing cost

(16,678) -
Loss before income tax

(2,243,476) (2,050,533)
Income tax expense

- -
Loss for the year

(2,243,476) (2,050,533)
Other comprehensive income


Item that may be reclassified subsequently to
profit or loss


Exchange differences on translating foreign
subsidiary operations


(46,268) 41,980


(46,268)
41,980
Total comprehensive loss for the year

(2,289,744)

(2,008,553)



Basic and diluted loss per share (cents)

(0.41) (0.49)

The accompanying notes form part of these financial statements

TRUSCREEN GROUP LIMITED
3
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
Note 2025 2024
$ $
CURRENT ASSETS
Cash and cash equivalents 365,473 2,728,036
Other receivables 411,012 489,336
Trade receivables 22,798 48,152
Inventories 538,679 491,254
Other current assets – prepayments 359,544 273,603
TOTAL CURRENT ASSETS 1,697,506 4,030,381
NON-CURRENT ASSETS
Intangible assets - -
Right of use assets 306,851
TOTAL NON-CURRENT ASSETS 306,851 -
TOTAL ASSETS 2,004,357 4,030,381

CURRENT LIABILITIES
Trade and other payables 543,317 653,732
Lease liability 133,211 -
Provision for employee benefits 104,096 115,635
TOTAL CURRENT LIABILITIES 780,624 769,367
NON-CURRENT LIABILITIES
Provision for employee benefits 31,190 29,080
Lease liability 184,161
TOTAL NON-CURRENT LIABILITIES 215,351 29,080
TOTAL LIABILITIES 995,975 798,447
NET ASSETS 1,008,382 3,231,934

EQUITY
Issued capital 5 38,772,137 38,705,945
Share option reserve 89,643 234,456
Foreign currency translation reserve (383,396) (337,128)
Accumulated losses (37,470,002) (35,371,339)
TOTAL EQUITY 1,008,382 3,231,934


The accompanying notes form part of these financial statements

TRUSCREEN GROUP LIMITED
4
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025


Note
Share
Capital
Accumulated
Losses
Foreign
Currency
Translation
Reserve
Option
Reserve

Total

$

$
$ $
$



Balance at 1 April 2024
38,705,945 (35,371,339)
(337,128)
234,456 3,231,934
Loss for the year to 31 March
2024

- (2,243,476) - - (2,243,476)
Exchange differences on
translating foreign subsidiary
operations


- - (46,268) - (46,268)
Total comprehensive income for
the year

- (2,243,476) (46,268) - (2,289,744)
Transactions with owners, in their capacity as owners


Issue of shares
5
66,192 -
-

-
66,192
Share issue costs

- -
-

-
-
Share based payments

- 144,813
-
(144,813) -
Total transactions with owners
- -
-
(144,813) 66,192
Balance at 31 March 2025
38,772,137 (37,470,002)
(383,396)
89,643 1,008,382


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

2,651,316 -
-
- 2,651,316
Share issue costs

(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

The accompanying notes form part of these financial statements

TRUSCREEN GROUP LIMITED
5
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025

Note 2025 2024

$

$
CASH FLOW FROM OPERATING ACTIVITIES

Cash received from customers 1,716,718 2,273,035
Cash paid to suppliers and employees including GST (4,416,220) (4,521,699)
Cash received from research and development tax
offset

447,140 371,240
Short-term lease payments not included in lease
liability

(38,490) (159,849)
Interest paid (3,296) (3,260)
Interest received 4,842 4,099
Net cash used in operating activities 6 (2,289,306) (2,033,174)

CASH FLOW TO INVESTING ACTIVITIES
Purchase of plant and equipment - -
Net cash used in investing activities - -

CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issue of shares - 2,651,316
Share issue costs - (67,200)
Principal element of lease payments (84,398) -
Proceeds from borrowings - 215,760
Repayment of borrowings - (215,760)
Net cash from financing activities (84,398) 2,584,116

Net ( decrease)/increase in cash and cash
equivalents

(2,373,704) 550,942
Cash and cash equivalents at the beginning of the
financial year

2,728,036 2,160,468
Effects of exchange rate changes on cash and cash
equivalents

11,141 16,626
Cash and cash equivalents at the end of the
financial year


365,473 2,728,036

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 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.

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.

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 2025.
• Recognition of deferred taxation assets
The benefit of deferred tax arising from tax losses and temporary differences has not been recognized.
• 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. The fair value is
determined using a Black-Scholes model.

8

NOTE 3. REVENUE




2025 2024

$ $
Sales revenue - sale of goods¹


Wholesalers/distributors

1,712,052 1,703,049
Direct to customer

- 404,790


1,712,052 2,107,839
Other income


Research and development tax offset


- Current year

383,236 463,192
- Prior year adjustment

(20,885) 31,203


362,351 494,395
Foreign exchange gain

26,297 -
Interest received

4,555 2,650


393,203 497,045

¹Ownership of goods transfers to the distributor/customer on leaving Truscreen’s premises or that of the
outsourced manufacturer when shipped directly to customers.

NOTE 4. EARNINGS PER SHARE




2025 2024
Basic and Diluted loss per share:
Net loss attributable to shareholders ($) (2,243,476) (2,050,533)
Weighted average number of ordinary shares on issue 552,743,441 422,175,861
Basic and diluted loss per share (cents) (based on
weighted average number of shares on issue) (0.41) (0.49)

9


NOTE 5. ISSUED CAPITAL

Ordinary Shares – Fully Paid


2025 2025 2024 2024
Group
Number $ Number $
Balance at beginning of the year 552,591,116 38,705,945 416,642,008 36,097,125
Ordinary shares issued
Share issue - placement - - 70,748,386 1,414,968
Share issue - rights issue - - 61,817,391 1,236,348
Share issue - advisor 2,316,603 66,192 - -
Share issue costs
- - - (127,079)
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 554,907,719 38,772,137 552,591,116 38,705,945
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 issued 2,316,603 shares in the current year to an advisor.
b. prior period:
The Company undertook a share placement and a rights issue during the prior 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 CEO, Beata Edling, as part of her remuneration and 1,383,331 shares to directors in lieu of fees.

10
NOTE 6. CASH FLOW INFORMATION 2025 2024
$ $
Reconciliation of cash flow from operations with loss
after income tax


Loss for the period (2,243,476) (2,050,533)
Adjusted for:


Share based payment expense - 89,643
Depreciation right of use assets 102,061 -
Unrealised exchange difference arising from
translating loss

(8,894) 15,473
Operating cash flows before working capital changes (2,150,309) (1,945,417)
Decrease in trade and other receivables 25,354 122,159
Increase/(decrease) in goods and services taxes
recoverable

(2,182) 12,590
Increase in prepayments
(85,941)
(68,242)
Increase/(decrease) in inventory (47,425) 72,187
Decrease/(increase) in research and development tax
offset

80,506 (131,323)
Decrease in trade and other payables (99,880) (111,939)
Increase/(decrease) in employee liabilities (9,429) 16,811
Net cash outflow from operating activities
(2,289,306) (2,033,174)

---

Highlights FY25 &
Outlook for FY26
May 2025

TruScreen Sales Strategy
TruScreen Highlights CY24 -CY25
TruScreenOutlook: FY26 and Beyond

3
Who is TruScreen
Dual listed on the Australian (ASX) and New Zealand (NZX) stock exchanges, with a
common ticker code of TRU.
TruScreen Group Ltd is a revenue generating Life Science company with FY25 annual
sales of NZ$ 1.7m, down from $2.1m in FY24. This lower result was largely due to delays in
programs in Zimbabwe (delayed until FY26), Vietnam (launched April 2025), and delayed
product registrations in Indonesia and Uzbekistan. Sales from these delayed commercial
activities are expected to be realised in FY26.
TruScreen Group Ltd expects FY26 sales to exceed NZ$ 2.8m

4
TruScreen Price History (NZX)

TruScreen Sales Strategy

6
TruScreen Sales Strategy
•TruScreen focuses on emerging economies such as China, India, Indonesia, Mexico,
Uzbekistan, Vietnam and Zimbabwe. Unlike the developed western markets, these countries
have no or minimal large-scale cervi cal cancer screening programs and infrastructure.
•This creates a gap in the market for TruScreen that is not available in the developed market and
allows quicker market access from a relative lack of existing competition.
•In contrast to competing products such as cytology and HPV DNA screening TruScreen is
‘capital light’, not requiring lab infrastructure to be established prior to commencing screening.

7
Recurring Revenue Model
•TruScreen manufactures two devices –
oone made in China for use in China, where locally manufactured products have
preferential market access
oone made in Australia for other markets
•For each patient screened with the TruScreen device a new disposable Single Use Sensor
(SUS) must be used. This creates a recurring revenue model with a consumable sale for
each patient screened with TruScreen.

8
Entry into Public Screening Programs
•TruScreen’s sales to date have been achieved largely through traditional sales of devices and
Single Use Sensors to hospitals and clinics. In FY25 these traditional channels made up 99%
of sales.
•Following the previous success of TruScreen’s use in public screening programs in Zimbabwe,
TruScreen is currently targeting public screening programs in Zimbabwe, Vietnam, Uzbekistan
Mexico and Eswatini.
•These programs have large numbers of enrolled women (e.g Ho Chi Minh City - 260,000 women
to be screened over 5 years) and are expected to contribute greater than 20% of total sales in
FY26.
•An ever increasing percentage of sales is expected from these programs in following years.

9
World Health Organisation (WHO)
UNITAID
Clinton Health Access Initiative
Daffodil Foundation - Australia
China Obstetricians and Gynaecologists
Association
China Society for Colposcopy and
Cervical Pathology
Russia Cervical Cancer Screening
Guideline
Vietnam Hospital Technical List
•CE Mark, European Union
•NMPA, China
•TGA, Australia
•MHRA, UK
•SFDA, Saudi Arabia
•Roszdravnadzor, Russia
•COFEPRIS, Mexico
•WAND New Zealand
•Zimbabwe Ministry of Health
•IEAKI Indonesia
•Vietnam Technical List
TruScreen Regulatory Approvals
ISO 13485
ISO 60601-1-2
CE Mark
International Approvals:Recognized by
International Quality
Accreditation:

10
China
477M
RUSSIA
48M,
CENTRAL ASIA
13M
ASEAN &
INDONESIA
142M
MEXICO
46M
VIETNAM
36M
SAUDI
11M
SOUTHERN
& CENTRAL
AFRICA
134M
INDIA
468M
UZBEKISTAN
12M
TruScreen’s presence and global markets
Existing market
Target market

TruScreen Highlights
CY24 - CY25

12
TruScreen and Dalton BioScience
MOU signed February 2025 between TruScreen Group Ltd and Hangzhou Dalton Bioscience
•TruScreen to distribute globally (excluding USA and Canada) via selected distributors DaltonBio HPV related IVD
products including DNA tests and Self Sampling.
•DaltonBio to explore opportunities to assist TruScreen’s AI enabled real time cervical screening device within its
distribution network, notably its 200 Sub-distributors in China and regulatory and distribution partners in South
America

13
Key market China, accounting for over 85% of global sales,
exceeded budget and is poised for expansion in 6 key provinces
•Key provinces for growth: TruScreen’s China distributor Beijing Siweixiangtai
Technology Co Ltd (SWXT) is targeting 6 key provinces for growth in FY26 - Guangxi,
Jiangsu, Hunan, Zhejiang, Shanghai and Guangdong. These provinces have a
combined population of 496 million, and an addressable screening market of
approximately 124 million women.
•TruScreen unaffected by US and China proposed tariff regimes: TruScreen markets
both an Australian and a Made in China device, providing a dual product strategy in the
key China market, with preferential market access for China manufactured products
•SUS Pull Through: Consumable Single Use Sensor (SUS) pull through per month per
device has reached peak of 142 SUS per month per device, an increase of 30 % over 12
months.
•Software Upgrade: China’s NMPA registration variations have been approved and
software upgrade on Chinese devices has commenced. The upgrade will improve user
experience for clinicians and extend the device’s in-use service interval.
CHINA
477 million
women of
screening age*

14
•Private Sector Expansion: SWXT targeting of the growing China private health
sector including private clinic and Health Check Centre approvals in Jiangsu and
Shenzhen, and entry into the Luxury Hospital and Traditional Chinese Medicine
Hospital sectors.
•Public Health Insurance: In addition to having 11 provinces with approved pricing
for TruScreen, Beijing has awarded public health insurance reimbursement for
eligible TruScreen patients. Shanghai has completed the final round of evaluation
for public health insurance reimbursement and once he administrative processes
for this are formalised sales are expected to grow rapidly in this province.
CHINA
477 million
women of
screening age*
In April 2025 TruScreen and SWXT
planned the expansion of TruScreen
sales in China. From left to right: Mr Li,
partner SWXT, Marty Dillon, CEO
TruScreen, Miss Su Siming, Managing
Director SWXT, Tony Ho, Chair
TruScreen and Mr Wang, SWXT
manager of TruScreen business in
China

15
TruScreen selected to screen 260,000 women in Ho Chi
Minh City and adoption in Vietnam picks up pace
VIETNAM
36 million
women of
screening age*
•The formal agreement to conduct a 5-year program to screen 260,000 women for cervical
cancer in Ho Chi Minh City was signed in April 2025
Following the signing of a Memorandum of Understanding with the Ho Chi Minh City Public Health
Association and Gorton Health Services (Truscreen’s Vietnam distributor) in November, TruScreen
has been selected as the primary screening methodology for the capability of its unique, AI-
enabled real time cervical cancer screening technology to assist the Government of Vietnam
achieve its goal of screening 60% of women aged 30 to 54 for cervical cancer (currently only 25%
screened).
•Public Hospital Adoption
In January 2025 Professor Michael
Campion presented at Tu Duc
Hospital in Ho Chi Minh City,
leading to 6 major Ho Chi Minh City
hospitals agreeing to adopt and
install TruScreen.
April 12 2025. TruScreen Chair To n y
Ho, President of the Ho Chi Minh City
Public Health Association Dr Le
Truong Giang and Managing Director
of Gorton Health Services Mr An
Trang sign the formal agreement to
conduct a 260,000 women screening
program in Ho Chi Minh City.

16
TruScreen re-enters India with appointment of Renovate
Biologicals Pvt Ltd in April 2025
INDIA
468 million
women of
screening age*
India holds one-sixth of the world's population and one woman dies from
cervical cancer every eight minutes in the country.
The cervical cancer screening rate is only 2%, and India’s National
Academy of Medical Sciences (NAMS) has recently set a target of 70% by
2030.
The appointment of Renovate Biologicals now gives TruScreen distribution
capability in 3 of the 4 most populous countries in the world - China, India
and Indonesia.

17
Indonesia product registration completed and distributor
appointed, with commercial activity commenced in May 2025
INDONESIA
96 million
women of
screening age*
•Distributor Appointed: Following the completion of product registration,
TruScreen appointed a new Indonesian medical products distributor PT
Mawar Mitra Medika with commercial sales commenced in the world’s
largest Islamic nation, with a population spread over 14,000 islands.
TruScreen offers an ideal solution to providing screening to a geographically
dispersed and diverse population.
•AI presentation by CEO to MOH officials and KOL’s. In December 2024,
TruScreen presented to an AI Health webinar organised by Austrade and the
Indonesian Ministry of Health. TruScreen was one of only two companies
invited to present at this webinar, a recognition of our growing reputation as
a leader in AI innovative health technology with a particular relevance to
emerging economies.

18
TruScreen results and suitability in emerging markets continues to be validated by
independent studies and the World Health Organization
•October 2024 – UNITAID included TruScreen in its
technology landscape report “Screening and
treatment of pre-cancerous lesions for secondary
prevention of cervical cancer”, the only opto-
electrical device included
•October 2024 - TruScreen selected as a ‘Top 6
Pick’ - one of six global companies, from a cohort
of 580 companies, that will have an impact on
global women’s health. The evaluation was
conducted by Austrian based StartUs Insights.

19
•November 2024 – following the UNITAID inclusion, TruScreen were invited to present at the World Health
Organisation (WHO) key meeting to further the use of AI technologies for screening of cervical cancer in
Edinburgh, and were the only opto-electric tissue differentiating medical device company invited to participate.
•November 2024 - An Obstetrics and Gynaecology Hospital of Fudan University study (n=1908) concluded that
TruScreen optoelectronic real time screening detection accuracy was outperformed liquid-based cytology
(LBC) in patients with type 3 cervical transformation zone. The report was published by leading research
journal, Germany’s Springer Nature
•July 2024/April 2025 - The preliminary publication in July 2024 of a Saudi Arabia study investigating TruScreen’s
performance versus pap smears in cervical cancer detection, was peer reviewed and published by globally
renowned BMC Women’s Health. The study, entitled “Beyond Tradition: Investigating TruScreen’s Performance
Versus Pap Smear in Cervical Cancer Detection”
1
tested 507 women and was first published on Research
Square1 Link on 25 July 2024. Results showed that TruScreen demonstrated: High Sensitivity: TruScreen 83.3%,
compared to Pap Smear 66.7% / High Specificity: TruScreen 95%, compared to Pap Smear 98.2%
•April and May 2025 – TruScreen and the Baylor Foundation Eswatini agree on the validation and initial product
training for TruScreen to be used for a pilot program to screen women in Eswatini, formally Swaziland

TruScreen Outlook:
FY26 and beyond

21
FY25 Sales (Actual)FY26 Sales (Projection)
+64% YOY increase with increased diversification of revenue
NZ$ 1.71m
NZ$ 2.8m

22
TruScreen Expected Sales Increase FY26
Six key
provinces
targeted;
Expected sales
increase >15%
> NZ$ 1.75m
Public
Screening
Program to
resume;
Expected sales
> NZ$ 300k
Indonesia and
India sales
commence;
Expected sales
> NZ$ 300k
Dalton Bio IVD
HPV Test sales
to commence;
Expected sales
> NZ$ 200k
Ho Chi Minh
City Public
Screening
Program to
commence and
hospital sales
to increase;
Expected sales
> NZ$ 150k
Public
Screening to
commence;
Expected sales
> NZ$ 100k
Expected sales
> NZ$ 100k
NZ$ 2.8m

23
Focus on key growth provinces (Shandong,
Jiangsu,, Hunan, Zhejiang, Guangdong,
Guangxi) - Total popn 496m
Market expansion to continue with
China the key focus
Strengthen vertical Asian market from
Indonesia through China, and capitalise on
Indian distribution network
Build on International NGO Recognition (WHO,
UNITAID, CHAI, COGA , CSCCP) to build
acceptance and remove barriers to sale
Strengthen China Distribution
Capability via Strategic Partnership
with Dalton Bio
Target Govt and NGO funded
programs in Zimbabwe, Vietnam,
Mexico and Uzbekistan
Growth Strategies

24
Developing strategic partnerships for
complementary woman’s health services
Focus on countries with limited or nil
cervical screening capability
Expand product portfolio to include Dalton
Bio HPV related IVD products DNA tests,
including HPV DNA tests and self sampling
Capitalise on global focus on AI
enabled cervical cancer technologies –
e.g. WHO
Reduce SUS and Device COGS and
increase margins
Growth Strategies (cont.)

25
Contact us for more Information
Guy Robertson
Chief Financial Officer

M – +61 407 983 270
E – guyrobertson@truscreen.com
TruScreen
Suite 3.03 18 Orion Rd
Lane Cove West NSW 2066
Australia
www.truscreen.com
Martin Dillon
CEO
M - +61 449 115 065
E – martindillon@truscreen.com
TruScreen
Suite 3.03 18 Orion Rd
Lane Cove West NSW 2066
Australia
www.truscreen.com

26
Disclaimers
This presentation has been prepared by TruScreen Group Limited (the “Company”) and is dated 25 August 2023. This presentation contains summary information about the Company and its activities which is
current as at the date of this presentation. The information in this presentation is of a general nature and does not purport to be complete nor does it contain all the information which a prospective investor
may require in evaluating a possible investment in the Company. This presentation should be read in conjunction with the C o m p a ny ’s annual report, market releases and other periodic and continuous
disclosure announcements, which are available at www
.nzx.com. This presentation does not constitute an o f f e r, advertisement or invitation in any place in which, or to any person to whom, it would not be
lawful to make such an o f f e r, advertisement or invitation.
Not financial product advice
This presentation is for information purposes only and is not financial or investment advice or a recommendation to acquire the C o m p a ny ’s securities, and has been prepared without taking into account the
objectives, financial situation or needs of prospective investors. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own
objectives, financial situation and needs and consult a financial adviser, solicitor, accountant or other professional adviser if necessary.
Past performance
Any past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. No representations or
warranties are made as to the accuracy or completeness of such information.
Future performance
This presentation includes certain “forward-looking statements” about the Company and the environment in which the Company operates. Forward-looking information is inherently uncertain and subject to
contingencies, known and unknown risks and uncertainties and other factors, many of which are outside of the Co m p a ny ’s control, and may involve significant elements of subjective judgement and
assumptions as to future events which may or may not be correct. A number of important factors could cause actual results or performance to differ materially from any forward-looking statements. No
assurance can be given that actual outcomes or performance will not materially differ from the forward-looking statements. The forward-looking statements are based on information available to the Company
as at the date of this presentation. Except as required by law or regulation (including the Listing Rules), the Company undertakes no obligation to provide any additional or updated information whether as a
result of new information, future events or results or otherwise.
References
*Women aged 15-64 years as detailed in the World Fact Book : https://www.cia.gov/the-world-factbook/