Truscreen Annual Report 31 March 2026
a world without cervical cancer
ANNUAL
REPORT
2026
TRUSCREEN GROUP LIMITED
YEAR ENDING 31 MARCH 2026
NZBN 9429030105614
3CHAIRMAN’S LETTER
7OPERATIONS REPORT
25DIRECTORS’ REPORT
33FINANCIAL STATEMENTS
59INDEPENDENT AUDITOR’S REPORT
66GOVERNANCE
75SHAREHOLDER INFORMATION
78CORPORATE INFORMATION
CONTENTS
CHAIRMAN’S LETTER
Dear fellow shareholders,
Financial year 31 March 2026 was a year of growth
and consolidation for TruScreen.
TruScreen achieved product sales growth of 42%
YOY to FY2026, and promisingly through a broader
range of participant countries. This included first
sales in India with 477 million screening-age
women and Indonesia with 95 million of screening
age and a government funded mass screening
program, creating enormous runway.
TruScreen is focussed on accelerating new market
development, with a more diversified geographic
distribution footprint that will provide leverage to
improve commercial returns. Truscreen’s
additional drive to participate in public screening
programmes requires investment, but achieving
scale and meeting clinical need will shorten the
pathway to profitability.
TruScreen has recently submitted three proposals
to UNITAID for screening programmes across 14
high-burden countries in Africa, Asia-Pacific, and
Latin America – addressable market 1Bn women,
with potential revenue as a consortium lead for
TruScreen of up to US$18.4 million. TruScreen’s
point-of-care portable AI technology is purpose-
built for the settings where cervical cancer kills
most, where there are no laboratories, no
pathologists, and no patient recall second visit.
TruScreen enables primary screening where
pathology labs are unavailable, HPV triage where
HPV (including Dalton Bio) is primary, and same-
visit complement in screen-and-treat settings. This
creates a complementary rather than competitive
relationship with HPV testing.
Highlights included:
Launch of 5-year programme to screen 260,000
women for cervical cancer in Ho Chi Minh City,
Vietnam
TruScreen re-enters the Indian market and
appoints Renovate Biologicals Pvt Ltd to distribute
its AI enabled TruScreen cervical cancer screening
system in India
Landmark publication of the multi year and multi
province clinical trial by Germany’s BMC Cancer.
Notable publications including Sichuan University
clinical study, and the Guilin People’s Hospital
study, confirm TruScreen’s superiority as a primary
screening medical device, and a superior
screening choice for pregnant women
TruScreen submitted three proposals to UNITAID's
Global Cervical Cancer Elimination Call to Action,
covering 14 high burden countries and an
addressable screening market of 1Bn women.
Growing TruScreen’s distribution network with
appointment of new distributors in South Africa
and Uzbekistan, with pending appointments in
Nigeria, Romania, Bangladesh and Sri Lanka
3
Anthony Ho,
Chairman
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
TruScreen continued to be recognised as a superior AI
cervical cancer screening device in a number of
important publications during the year. The results
from the COGA (Chinese Obstetricians and
Gynaecologists Association) clinical study of 14,982
women were published by leading German journal
BMC Cancer and Springer Nature Link. The study
compared TruScreen against Liquid Based Cytology
(LBC, Pap test) and high-risk Human Papillomavirus
(hrHPV) testing and concluded that Truscreen has the
highest AUC (area under curve) for both CIN2+(0.72)
and CIN3+(0.70), indicating it was the most accurate
test overall.
Leading Chinese medical publication Family Doctor
confirmed TruScreen’s efficacy as a cervical cancer
screening tool for pregnant women, in a 2,000-patient
study conducted at Guilin People’s Hospital and a 297-
patient study was published and peer reviewed in
Journal of Sichuan University concluding that
TruScreen combined with hr HPV demonstrates
superior performance in cervical cancer screening
compared with TCT (Thinprep Cytology Test) combined
with hr HPV test and may serve as an alternative to
conventional cytology based methods in China.
Early in May 2026 TruScreen announced a capital
raise of NZ$2.9 million, and with strong support from
our shareholders and new professional and
institutional investors we have exceeded this target.
TruScreen welcomed two new directors, Christine
Pears (September 2025) and Reece O’Connell (June
2026) on the retirement of Juliet Hull and Christopher
Horn respectively. The Board will continue to ensure
that it has the appropriate skill mix to guide the
Company’s next phase of growth. We thank Juliet
Hull and particularly Christopher Horn for their many
years of service and contributions to The Company.
On behalf of the board, I thank Team TruScreen, our
shareholders, global distributors, suppliers, medical
advisory committee and international expert groups,
for their continued support as we journey to our next
growth phase to make a difference to the elimination
of cervical cancer by the end of the century.
4
Anthony Ho
Non-Executive
Independent Chairman
CHAIRMAN’S LETTER
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
DIRECTORS AND MANAGEMENT
BOARD OF DIRECTORS
EXECUTIVE TEAM
Christine Pears
Non-Executive Director
Dr. Dexter Cheung
Non-Executive Director
Anthony Ho
Non-Executive Chairman
Reece O’Connell
Non-Executive Director
Martin Dillon
Chief Executive Officer
Guy Robertson
Company Secretary +
Chief Financial Officer
Dr. Jerry Tan
General Manager -
Commercial
5
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
Usharani Raji
Technology and
Production Manager
Dr Carolina Velasquez
Medical Affairs and
Training Manager
FY25FY26
Sales ($NZD)Total Revenue ($NZD)
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
NZ DOLLARSFY26FY25FY26/FY25
Sales
2,434,4761,712,05242%
Total Revenue
2,829,0092,195,25529%
Net Loss
(2,252,742)(2,243,476)(1%)
Cash outflow from operating activities
(2,470,767)(2,289,306)(8%)
Cash and cash equivalents
1,462,603365,473300%
FINANCIAL RESULTS
6
OPERATIONS REPORT
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
OPERATIONS
REPORT
YEAR ENDING 31 MARCH 2026
All $ amounts are NZ Dollars unless stated otherwise.
Saudi Arabia study published with sensitivity
83.3% and specificity 95% compared with Pap
test of 66.7% and 98.2% respectively
Nigeria distributor
to be appointed
Uzbekistan product registration
completed to enable the
validation trial of TruScreen for a
national cervical cancer
screening program
Inclusion in Chinese Obstetricians and
Gynecologists Association (COGA) Blue
Book guideline and China Society for
Colposcopy and Cervical Pathology
(CSCCP) guideline
India distributor
appointed
Revalidation completed
for additional public
screening programs in
Zimbabwe
Rwanda
distributor to be
appointed
Europe CE mark held as proof
of quality and efficacy
Romania distributor appointed
COFEPRIS approval
for use in Mexico
Public Health system
GLOBAL FOOTPRINT
Launch of a 5 year, 260,000
women cervical cancer
screening program at Ho Chi
Minh City Public Health
Association
Indonesian distributor
appointed with
commercial sales
commenced in a
significant addressable
market
Product registration
granted in Singapore
and Thailand;
Malaysia underway
Registration and Sales
activity in Russia,
Kazakhstan, Kyrgyzstan,
Armenia and Belarus
Bangladesh
distributor
appointed
Distributor
appointed in South
Africa and product
registration obtained
in June 2026
Appraisal by Baylor
Foundation from the
US for a public
screening program in
Eswatini
8
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
472M
CHINA
62%
OTHER MARKETS
38%
$
34M
9
OPERATIONS REPORT
KEY MARKETS
China remained our largest market, accounting for
61.3% of total sales. Despite challenging
economic conditions, consumable sales volume
met expectations.
Landmark clinical study results from the Chinese
Obstetricians and Gynaecologists Association
(COGA) were published in the leading German
journal BMC Cancer and Springer Nature Link in
February 2026. This largest-ever study of opto-
electronic cervical screening further validated
TruScreen as a superior primary cervical cancer
screening tool.
CHINA
= estimated number of women of screening age
(Source: World Population Prospects, United Nations Population Division, World Bank - Population ages 15-64, female)
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
TruScreen was successfully adopted by four
leading public hospitals in South Vietnam,
establishing a foundation for broader hospital
acceptance.
TruScreen has entered the growing private health
sector. One hospital has integrated TruScreen into
its daily clinic operations, while four additional
clinics are awaiting government approval for
installation and three more are preparing
applications for submission.
VIETNAM
95M
477M
10
OPERATIONS REPORT
The pilot clinical study is currently underway.
Results will be presented by the lead
investigator at the Annual Scientific Meeting of
POGI (the Indonesian Obstetrics and
Gynaecology Association) in July 2026.
TruScreen and distributor Marwa Mitra Medika
are sponsoring the conference and will
conduct a symposium to launch TruScreen in
Indonesia.
INDONESIA
Leveraging the pilot clinical study results,
Marwa Mitra Medika will collaborate with
the Ministry of Health to include TruScreen
in government public screening programs.
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
New distributor Renovate Biological was
appointed in April 2025.
Interim Product Testing license was obtained
in July 2025, permitting Renovate Biological to
import up to 10 TruScreen devices, which have
been shipped, for clinical study and training
purposes. A consortium of private hospitals
will adopt TruScreen subject to regulatory
approval.
INDIA
Application for regulatory approval was
submitted in April 2026, with approval
expected within 3 to 6 months.
39M
5M
11
OPERATIONS REPORT
Product registration with Singapore's HSA was
obtained in September 2025.
Product registration with Thailand's FDA was
obtained in April 2026.
Product registration in Malaysia was submitted
in March 2026, with approval expected shortly.
A reference centre for S E Asia was established
in Singapore with prominent Key Opinion
Leader, Dr. S. C. Quek at the Parkway
Gynaecology Screening & Treatment Centre,
Gleneagles Hospital.
SINGAPORE, MALAYSIA AND THAILAND
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
The re-validation study was completed by the
National Microbiology Reference Laboratory in
August 2025. The positive results enabled the
Ministry of Health to approve TruScreen as a
primary screening test for locations where HPV
DNA testing is unavailable and as a
confirmatory test for HPV-positive women
nationwide. The national screening program is
an expansion from the previous single-
province deployment.
ZIMBABWE
Following re-validation, the
screening program resumed with a
planned 20,000 screenings in
calendar year 2026.
46M
Distributor Sunbird launched social media
and digital marketing campaigns,
established online training and information
centres for TruScreen. It generated
significant interest and is building a strong
sales pipeline.
MEXICO
TruScreen has entered the laboratory system
where large volumes of cervical cancer
screenings are conducted. Sunbird is in
discussions to collaborate with major
laboratory chains. Sales are expected to
commence in FY2027.
59M
12
OPERATIONS REPORT
New distributor Xerox Medica Limited was
appointed in May 2026, with potential first-
year sales in FY2027.
BANGLADESH
Government procurement application to be
submitted in June 2026 to meet government
budget deadline.
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
64M
TruScreen collaborated with Nigeria's Lagos
State University Teaching Hospital
(LASUTH) and Lagos State University
College of Medicine (LASUCOM) on a Bill &
Melinda Gates Foundation grant
application. Dr. Ayokunle Moses Olumodeji,
Consultant Gynaecological Oncologist at
LASUTH, selected TruScreen's AI-enabled
cervical cancer screening medical device
as the cornerstone of his proposed study to
validate TruScreen's integration into
existing clinical settings.
NIGERIA
The first clinical reference centre in Africa will
be established in Nigeria with Professor
Chibuike Chigbu at University of Nigeria
Teaching Hospital.
Collaborative relationships have been
developed with local NGOs including Solina
Centre for International Development and
Research (SCIDaR) and RedAid.
22M
New distributor AIR was appointed in November
2025.
Product registration with the South African Health
Products Regulatory Authority (SAHPRA) was
obtained in June 2026.
SOUTH AFRICA
61M
11M
A pilot clinical study to support
market entry has been planned to
commence when regulatory approval
is received.
13
OPERATIONS REPORT
New distributor appointed in May 2026. Albatros
Health Care LLC is a leading medical device
distributor in the country. The potential sales
revenue for the 30-month period through calendar
year 2028 is over NZD 1 million.
Led by a senior government medical advisor, and
with ethics approval, the pilot Clinical study will
commence in June 2026.
Distributor IMSystem is conducting a multi-centre
clinical study to meet requirements for TruScreen
to be recognized as a primary screening method in
all government healthcare providers and screening
programs. Two centres have begun screening 1,500
women, with two additional centres commencing
in May 2026 to screen the remaining 500 women.
UZBEKISTAN
CENTRAL ASIA
Kazakhstan will commence
commercial use of TruScreen in early
FY2027. Product registrations have
been submitted in Kyrgyzstan and
Belarus, with approvals expected in
Q3 FY2027.
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
February 2026
LANDMARK CLINICAL TRIAL
14
OPERATIONS REPORT
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
TruScreen validated as Superior Primary
Screening Tool by World's largest Opto-
Electronic Cervical Cancer Screening Study
Chinese Obstetricians and Gynecologists Association (COGA)
multicentre trial* - 64 hospitals, 9 provinces, (n= 14,982, 2018-2021),
represents the world’s largest opto-electronic cervical screening study
TruScreen specificity surpassed Liquid Based Cytology (LBC) and High
Risk HPV (hrHPV)
TruScreen was determined to be a simple, effective and rapid real-time
cervical cancer screening method
TruScreen was determined to be an appropriate primary cervical cancer
screening tool in regions with high morbidity and mortality to cervical
cancer
Highlighted the superiority of TruScreen against alternative screening
methods as well as the potential benefits of a TruScreen-HPV co-
testing.
The size of the COGA study, which was TruScreen’s largest clinical
evaluation to date, lends extra significance to its results and broad
conclusions.
*Fei, C., Chen, W., Liu, J. et al. A real-world multicenter study on opportunistic
cervical cancer screening in hospital in China: comparison of TruScreen device,
cytology, and HPV testing for detecting high-grade cervical lesions. BMC Cancer
26, 362 (2026).
TruScreen’s
sensitivity
was well above that for LBC
(87.5% v’s 66.5%), with a high
degree of statistical
significance (p<0.001).
The sensitivity of TruScreen-
hrHPV co-testing was higher
than that of LBC-hrHPV co-
testing,
98.4% vs 95.9%
(statistically significant at
p=0.006).
TruScreen’s
specificity
(88.4%) was higher than both
LBC (86.3%) and hrHPV
testing (29.2%) (also at
p<0.001).
THE TRUSCREEN JOURNEY
15
OPERATIONS REPORT
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
2014 Nov
Listing on NZAX
2018 Jul
Commence large scale
pilot programs in China
with CDC and COG
2018 Oct
523% sales growth in H1
2019 May
Recognition by
World Health Organization
2022
Managing COVID-19 challenges
Cost reduction
Manufacturing and business
development in China
Completion of major COGA
study
Strengthen distributor
arrangement in Vietnam
2017 Dec
CFDA (NMPA) approval for
second generation device
2025
China Growth continues
Distribution of Dalton Bio IVD HPV
DNA products
Vietnam HPHA program targets
260,000 women
Indonesia and ASEAN commence
commercial use
Distributor appointed in South
Africa
Global focus on AI boosts
recognition of TruScreen
2020 Jan
ASX Listing
2023-24
COGA Blue Book and CSCCP
Guidelines include TruScreen
UNITAID recognises TruScreen’s value
for Cervical Cancer screening
WHO invited TruScreen to participate
in Key AI meeting for cervical cancer
screening
Vietnam – HPHA large scale screening
MOU signed
2018 Dec
Migration
to NZX
2026
Uzbekistan and Zimbabwe screening
programs to commence
UNITAID and Gates Foundation
funding applications made
Distributor appointed in Romania
Landmark COGA paper published
Building the Fundamentals 2014 - 2020
Building for the Future 2020-2024
2025 & Beyond
~A$75M*
(NZ$87m)
~NZ$25M
TRUSCREEN DEVELOPMENT INVESTMENT
16
OPERATIONS REPORT
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
1987 – 20132014 - 2026
Algorithm Development
Device Development
Single Use Sensor Development
Clinical Trials
Regulatory Approvals
Market Access
Market Development
*based on TRU pre listing Disclosure Document
notes pp 46-47.
Algorithm Improvement
Device Miniaturisation
Single Use Sensor Process Improvement
Clinical Trials
Regulatory Approvals
Market Access
Market Development
TRUSCREEN GROWTH
17
OPERATIONS REPORT
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
The global cervical cancer screening
market is valued at ~USD 7.9 billion
in 2024 - projected to reach USD 14.5
billion by 2033, an annual growth
rate of 5.8% (CAGR).
1
In 2020 The World Health
Organisation (WHO) and 194
member countries agreed on a
strategy to eliminate cervical cancer
this century, including an immediate
commitment to have screening
coverage of 70% of women by 2030 –
which TruScreen is well positioned to
support.
Transformational opportunities have recently arisen through
global funder UNITAID's Call for Proposals: Accelerating
Cervical Cancer Elimination through Secondary Prevention in
Low and Middle Income Countries.
Three grant applications have been made to UNITAID to screen an additional 400-500,000 women
over 3 years. If successful, additional public screening programs may add NZ$4m to annual
revenue from FY2028 to FY 2030.
TruScreen has also partnered with two global NGOs in separate grant applications to UNITAID for
cervical screening programmes. In total, TruScreen is the technology partner in five grant
applications to UNITAID.
Zion Market Research
1
90
90% HPV
Vaccination
coverage for girls by
15 years of age
70
90
70% of women screened
using a high-performance
test by 35 years of age and
again by 45 years of age
90% of women with pre-
cancer treated and 90%
of women with invasive
cancer managed
GLOBAL EXPANSION AND DIVERSIFICATION
FY25 ACTUALFY26 ACTUAL
18
OPERATIONS REPORT
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
NZ$1.7mNZ$2.4m
Truscreen achieved product sales growth of 42% YOY to FY2026, and the sales were achieved from a broader range
of participant countries. This included first sales in India with 477 million screening-age women and Indonesia with
95 million of screening age and a government funded mass screening program, creating enormous growth
opportunity.
Should UNITAID grant applications be successful, funding will be up to US$57.3 million (~NZ$95.5m) over the three-
year period, with potential revenue as a consortium lead for TruScreen of up to US$18.4 million (~NZ$30.6m). The
combined market potential - the gap between current screening rates to 70% coverage across the 14 UNITAID priority
countries - is 283.4M women. This is 57% of the global gap.
China
87.6%
Mexico
7%
Central Asia
2.9%
Vietnam
1.8%
China
61.3%
Zimbabwe
22.4%
Central Asia
6.2%
Vietnam
5.1%
Mexico
2.6%
India
1.6%
Indonesia
0.8%
CORPORATE
The Company raised approximately NZ$4 million in May 2025 with the
issue of approximately 190.7 million shares at NZ$0.022 per share.
These funds have enabled the Company to expand its geographic
reach and engage in new initiatives which have strengthened the
foundation for improved financial performance in FY2027.
Attached to these shares is one free attaching option, exercisable at
$0.022, which term has been extended by 12 months to 17 July 2027.
Ms Juliet Hull retired as a director at the annual shareholders meeting
on 11 September and Ms Christine Pears was elected by shareholders
as a director. She has over 20 years’ experience as Chair, independent
director and executive of both listed and private companies.
Our CEO, Martin Dillon, as foreshadowed in an announcement in
February 2026, rejoined the Company on 1 June 2026 and will be key
in TruScreen’s drive for transformational growth.
Mr Chris Horn, as advised in early April 2026, retired on 3 June 2026
after thirteen years as a director of the Company. The board appointed
Mr. Reece O’Connell as a director. Mr. O’Connell is an experienced
director and chair of an ASX biotechnology listed company with
extensive expertise in biotechnology and capital markets. He holds a
MBA from the University of Canberra and is also a fund manager of a
biotechnology fund. Mr. O’Connell is based in Australia.
19
OPERATIONS REPORT
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
CLINICAL RESULTS PUBLICATIONS
20
OPERATIONS REPORT
YEARCOUNTRYINVESTIGATORNO. OF
PATIENTS
RESULTS
(SENSITIVITIES, SPECIFICITY)
2026
China
1
Chen Fei, Wen Chen et al14,982TS: 87%, 57.2%; LBC: 91.9%, 29.2%
HPV: 66.4%, 53.6%
2025
China
2
Yi Yang et al297TS+HPV: 95.52%; 33.91%
LBC+HPV: 91.04%; 26.52%
2025
China
3
Jinyu Yu et al2,000TS: 73.7%, 94.8%
TCT: 71.4%, 95.2%
2025
China
4
Songkun Gao,
Jiandong Wang
100TS: 86.4%, 74.4%; LBC: 81.8%, 38.2%;
HPV: 81.8%, 28.2%
2025
Saudi Arabia
5
Majed Alhudhud507TS: 83.3%, 95%; Pap: 66.7%, 98.2%
2024
China
6
Dr Fengyi Xiao & Long Sui1908TruScreen has detection accuracy
comparable to cytology and performs
even better in patients with type 3 TZ
2024
China
7
Dr Yang Yueming489TS: 76.2%, 72.2%; LBC: 48.5%, 94.8%;
HPV: 93.9%, 34.7%
2023
China
8
Dr Liu Hang997TS: 88.24%, 58.76%; LBC: 47.06, 70.1%;
HPV: 94.12%, 36.08%
2023
China
9
Dr Luo Lianmei318TS: 85.92%, 38.46%; LBC: 16.9%, 92.31%
2022
China
10
Dr Chen Zhenbo476TS: 73.18%, 84.52%; LBC: 62.69%,
90.46%
2022
China
11
Dr Zhu Bo283TS: 71.8%, 72.6%; Colposcopy: 69%,
62.3%
2022
China
12
Dr Zhao Yuqian1319TS: 87.2%, 70.5%; LBC: 73.9%, 43.4%;
HPV: 92.3%, 17%
Fei, C., Chen, W., Liu, J. et al. A real-world multicenter study on opportunistic cervical cancer screening in hospital in China: comparison of
TruScreen device, cytology, and HPV testing for detecting high-grade cervical lesions. BMC Cancer 26, 362 (2026).
1
Yang Y, Li C, Jia S, Wang Y, Wang D, Zhang L. TruScreen Combined With High-Risk Human Papillomavirus Testing vs Thinprep Cytology Test
Combined With High-Risk Human Papillomavirus Testing for Cervical Cancer Screening: A Comparative Clinical Study. Sichuan Da Xue Xue Bao Yi
Xue Ban. 2025 May 20;56(3):852-857.
2
Yu Jinyu et al (2025) Application of artificial intelligence TruScreen in cervical lesion screening for pregnant women. Family Doctor, July 2025
issue.
3
Gao, S., Tian, Y., Song, F., & Wang, J. (2025). Assessment of the real-time photoelectric detection device (TruScreen) in screening for cervical
precancerous lesions in middle-aged women: An observational study. Risk Management and Healthcare Policy, 18, 1783–1791.
4
Xiao, F., & Sui, L. (2024). Evaluation of a real-time optoelectronic method for the detection of cervical intraepithelial neoplasia and cervical
cancer in patients with different transformation zone types. Scientific Reports, 14, Article 27220.
5
Xiao, F., & Sui, L. (2024). Evaluation of a real-time optoelectronic method for the detection of cervical intraepithelial neoplasia and cervical
cancer in patients with different transformation zone types. Scientific Reports, 14, 27220.
6
Yang Y, et al. Optimal Screening and Detection Strategies for Cervical Lesions: A Retrospective Study. Journal of Cancer 2024, Vol. 15
7
Liu, H et al. Study on the role of TruScreen Screening Technology in Cervical Cancer Screening. Reproductive Medicine Journal August 2023 Vol
32, No 8
8
Luo, L et al. The Value of TruScreen (An Artificial Intelligence Cervical Cancer Screening System) in High-Risk HPV Positive Patients. Clin. Exp.
Obstet. Gynecol. 2023; 50(10): 206
9
Chen, Z et al. The clinical value of TruScreen in cervical cancer screening. Shangdong Med 2022 Vol 6 No 22
10
Zhu B et al. A comparative study of photoelectric screening system Truscreen and colposcopy in cervical lesions screening. CHINESE JOURNAL
OF FAMILY PLANNING ＆ GYNECOTOKOLOGY Volume 14 Number 11 2022
11
Zhao, Y et al. Accuracy of TruScreen in the Early Diagnosis of Cervical Precancerous Lesions in Outpatients in Sichuan Province. J Cancer
Control Treat. February 2022, Vol. 35, No. 2
12
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
CLINICAL RESULTS PUBLICATIONS
21
OPERATIONS REPORT
YEARCOUNTRYINVESTIGATORNO. OF
PATIENTS
RESULTS
(SENSITIVITIES, SPECIFICITY)
2022Australia
13
Dr Jessica Vet506TS: 72%, 71%; LBC: 81%, 95%; HPV:
88%, 76%
2021China
14
Dr Wei Yingting458TS: 83.78%, 78.86%; LBC: 72.97%,
55.58%; HPV: 89.19%, 50.59%
2021China
15
Prof Chen Fei974TS: 90.9%, 75.5%; LBC: 82.5%, 44%;
HPV: 98%, 10.2%
2020China
16
Dr Huang Yi683TS: 75%, 85.8%; LBC:39.58%, 45.98%
2020China
17
Dr Kang Yanan192TS: 96.67%, 70.19%; LBC: 76.67%,
53.38%; HPV: 96.67%, 19.55%
2020China
18
Dr Wang Ziyao301TS: 96.3%, 46.4%; HPV: 59.3%, 74.1%
2019Henan / China
19
Dr. Baojin Wang315TS: 82. 76%, 76. 67%; LBC: 65. 52%, 30.
00%; HPV: 75. 86%, 43. 33%
2019Beijing / China
20
Dr. Wei Zhang1030TS: 91.0%, 81.25%; LBC: 69.6%, 73.75%
2019Herbei / China
21
Dr. Yanhong Jia320TS: 78.8%, 79.5%; LBC: 59.6%, 82.5%
2018Beijing / China
22
Dr. Huixia Yang2730TS: 76%, 69%
2017Mexico
23
Dr. Ricardo Lua521TS: 78% (CIN2+); Cytology: 36% (CIN2+);
HPV DNA: 56% (CIN2+)
Vet, J et al. APerformance Evaluation of an Optoelectronic Cervical Screening Device in Comparison to Cytology and HPV DNA Testing. Eur. J.
Gynaecol. Oncol. 2022; 43(2): 213–218
13
Y. Wei, W. Wang, M. Cheng et al., Clinical evaluation of a real-time optoelectronic device in cervical cancer screening, European Journal of
Obstetrics & Gynecology and Reproductive Biology
14
Chen, F et al. Clinical value of TruScreen in early diagnosis of cervical cancer and precancerous lesions：a hospital-based multicenter study.
Chin J Practical GynecolObstet March 2021Vol37 No3
15
Huang Yi, Huang Ru, Liu Jiahua. Clinical Analysis of TruScreen and LBC in Cervical Cancer Screening. Fujian Med J, June 2020, V01. 42 No 3
16
Kang Yanan Et al, Comparison study in hospital opportunistic screening for cervical cancer. Chin J Clin Obstet Gynecol November 2020，
Vol.21, No.6
17
Wang, Z et al. TruScreen detection of cervical tissues for high-risk human papillomavirus–infected womenduring the coronavirus disease 2019
pandemic. Future Oncol. 10.2217/fon-2020-0928
18
WANG Baojin，MA Qian，ZHAO Xinxin，et al. Application Value of TCT，HPV and TruScreen in Screening Cervical Disease. Journal of
Practical Obstetrics and Gynecology 2019 Nov．Vol. 35，No. 11
19
Qi Weihong, Zhang Wei et al. Clinical Observation of Cervical Cancer Screening System TruScreen in 1030 Cases. Electronic Journal Of
Practical Gynecologic Endocrinology. Nov. A. 2019 Vol.6, No.31
20
Yanhong Jia. The Clinical Effectiveness of Cervical Cancer Screening System TruScreen in Cervical Cancer Screening. Electronic Journal Of
Practical Gynecologic Endocrinology. Nov. A. 2019 Vol.6, No.31
21
Huixia Yang, Xinmiao Zhang, et al. The diagnostic accuracy of a real-time optoelectronic device in cervical cancer screening A PRISMA-
compliant systematic review and meta-analysis. Medicine (2018) 97:29
22
Ricardo Lua, et al. Comparison of an Optoelectronic Scan of the Cervix, Cervical Cytology and HPV Genotyping for CIN Screening. Journal of
Lower Genital Tract Disease. Vol 21, Number 2, Supplement 1, April 2017.
23
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
CLINICAL RESULTS PUBLICATIONS
22
OPERATIONS REPORT
YEARCOUNTRYINVESTIGATORNO. OF
PATIENTS
RESULTS
(SENSITIVITIES, SPECIFICITY)
2016Chongqing / China
24
Dr. LI Pei,368TS: 93.2%, 100%, Positivity rate 76%
Dr. Jin-sheng WangLBC: 75.0%, 64.7% Positivity rate: 55.7%
2015Turkey
25
Dr. Özgü E285TS: 86%, 35%, NPV: 89% PPV: 28%
2011Poland
26
Dr. Pruski293TS: 90%(CIN2+) Spec: 90% PPV: 63%
NVP: 90%
2011Guangdong / China
27
Dr. Li Xia500TS: 95%, 63%
Pap: 80%, 76%
2010Guangdong / China
28
Dr. He Xiu-Kui392TS: 74%, 78%
Pap: 42%, 93%
TCT: 32%, 94%
HPV DNA: 47%, 84%
2010Shandong / China
29
Prof Fengnian Rong532TS: 75%, 85%
TCT: 43%, 98%
2010Korea
30
Dr. Hyeong Soo Lim292TS: 82.8%, 81.4%
LBC:75.9%, 83.3%
2009Hubei / China
31
Prof Ding Ma302TS: 87%, 75%
Thin Prep: 75%, 92%
2008Poland
32
Dr. Pruski234TS: 85%, 82%
Li Pei, Jinsheng Wang et al. Application Effect of TruScreen System in Cervical Cancer Screening.
24
Özgü E, Yıldız Y, Özgü BS, Öz M, Danışman N, Güngör T. Efficacy of a real time optoelectronic device (TruScreen™) in detecting cervical
intraepithelial pathologies: a prospective observational study. J Turk Ger Gynecol Assoc. 2015;16(1):41-44. Published 2015 Mar 1.
doi:10.5152/jtgga.2015.15199
25
Pruski, D., Przybylski, M., Kędzia, W. et al. Optoelectronic method for detection of cervical intraepithelial neoplasia and cervical cancer. Opto-
Electron. Rev. 19, 478 (2011).
26
LIXia，YE Qing et al. Clinical research on fluorescence microscopy technology combined with cervix pap smear in cervical cancer screening.
IMHGN，November 2011，Vo1．17 No．24
27
HE Xiu-kui, LUOXi-ping et al. An optoelectronic cervical cancer screening system for screening cervical cancer: comparison with cervical
cytology. China Reproductive Health 2013,24(1):9-11
28
CUI Ying-ying, ZHANG Bei ,RONG Feng-nian. The application value of cervical cancer screening system and thinprep cytological test in the
screening of cervical lesion during the women's health screenings.
29
Hyeong Soo Lim, M.D., et al, Korean Journal of Obstetrics and Gynecology Vol. 53 No. 10 October 2010, The efficacy of a real-time
optoelectronic device as a diagnostic tool of over cervical intraepithelial neoplasia 1 lesion
30
Zheng Hongbing, Ma Ding et al. Comparing Study of Truscreen® and Liquid Based Cytology Test in the Screening of Cervical Lesions.
31
D. Pruski,. Et al, The assessment of a real‐time optoelectronic method for the detection of cervical intraepithelial neoplasia (‘CIN’),
Volume107, Issue S2, Abstracts of XIX FIGO World Congress of Gynecology and Obstetrics, October 2009,
32
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
RISKTHE RISK AND ITS IMPACTHOW THE RISK IS MANAGED
Legal and
regulatory
TruScreen operates in many countries,
each with its own regulatory approval,
certification process, and operating legal
environment that is relevant to the
company’s ability to operate. Changes to
laws and regulations, or the inability of the
Company to monitor and meet its
regulatory obligations could result in the
suspension or loss of its ability to operate
in a jurisdiction.
Internal reviews are conducted for all
jurisdictions to ensure that the Company
complies with all relevant laws and
regulations. Relationships are maintained
within key Government departments to
ensure any changes to regulations are
known well in advance.
Intellectual
property
There is a risk of theft or copy of key
intellectual property.
The Company works with key partners and
suppliers under strict confidentiality
agreements.
The Company has secure Information
Technology systems to protect its
intellectual property.
Production and
inventory
There is a risk that sufficient production or
inventory is not available to meet sales
demand, resulting in lost sales
opportunities, or that supply chain issues
cause delays in receiving certain
components.
Management work with key partners and
suppliers to forecast demand and sales.
Certain inventory levels are also
maintained for key components to
manage supply chain risks.
Loss of key
employees
The Company has a small number of
qualified personnel and can be negatively
affected by the loss of personnel in key
positions.
The Company periodically reviews its
remuneration for personnel to ensure its
employees are fairly paid, undertakes a
level of cross training, and review of
succession plans.
RISKS
23
OPERATIONS REPORT
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
DIRECTORSCOMPANY
EMPLOYEES
COMPANY
SENIOR
MANAGERS
TOTAL
ORGANISATION
#
TOTAL
ORGANISATION
%
2026202520262025202620252026202520262025
Male3322116667%67%
Female1122--3333%33%
Total44441199100%100%
DIVERSITY
24
TruScreen is committed to ensuring all women of
screening age, no matter who or where they are, have
access to quality screening. We are driven to build a better
future for women’s health.
Our dedication to diversity and equality in the workplace
sits hand in hand with this commitment. We are an equal
opportunities employer, committed to providing an
inclusive, safe and respectful working environment.
In respect of gender diversity, in FY2026 the TruScreen
team was 33% female, and 25% of the Board of Directors
was female.
TruScreen has a diverse cultural workplace with Directors
and team members calling Australia and New Zealand
home, with countries of origin being Singapore, Romania,
China, Hong Kong, Colombia, Canada, and South Africa.
This cultural diversity enables TruScreen to interact
successfully with its diverse global distributor network and
customers.
OPERATIONS REPORT
Martin Dillon
Chief Executive Officer
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
All $ amounts are NZ Dollars unless stated otherwise.
DIRECTORS’
REPORT
YEAR ENDING 31 MARCH 2026
DIRECTORS’ REPORT
26
Your directors submit the annual financial report of the consolidated entity consisting of TruScreen Group Limited
(the “Company”) and the entities it controlled during the period (the “Group”) for the financial year ended 31 March
2026. The directors report as follows:
Mr Ho is an experienced company director having held executive directorships
and chief financial officer roles with several 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, and the Edward H O’Brien group of companies.
Mr Ho is currently the chairman of ASX listed Bioxyne Limited (ASX: BXN). He
was previously chairman of Cannasouth Limited, Energy Transition Minerals
Limited, and Credit Intelligence Limited and a non-executive director of
Hastings Technology Metals Limited.
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 Chartered Accountants Australia and New Zealand and a
fellow of the Australian Institute of Company Directors, Chartered Governance
Institute (Company Secretary) and Governance Institute of Australia.
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
DIRECTORS
Anthony Ho
B.Com, CA, FAICD, FCG(CS),
FGIA
Non-Executive Chairman and
Chair of Remuneration and
Nomination Committee
Appointed 4 Oct 2018
Dr. Cheung is an experienced medical device engineer and specialist in product
research and development, with more than 20 years’ experience. He is the
Research & Development Manager of the respiratory humidification division of
Fisher & Paykel Healthcare, an NZX/ASX listed healthcare company and a global
leader in respiratory medical devices.
Dr. Cheung holds a first-class honours degree in Bachelor of Technology, a
Master of Engineering (first class honours) degree and a Doctor of Philosophy (in
physics) from his alma mater, University of Auckland.
Dr. Dexter Cheung
B.Tech (Hons), M.Eng (Hons), PhD, GAICD
Non-Executive Director and member of the
Audit & Finance Committee and the
Remuneration and Nomination Committee,
Chair of the Technology Committee
Appointed 1 Mar 2021
Mr Anthony Ho
Ms Christine PearsAppointed 11 September 2025
Dr Dexter Cheung
Ms Juliet HullRetired 11 September 2025
Mr Christopher HornRetired 3 June 2026
Mr Reece O’ConnellAppointed 3 June 2026
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
27
Christine Pears
B. Com, CA, MinstD
Non-Executive Director, Chair of the
Audit & Finance Committee, and
member of the Remuneration and
Nomination Committee
Appointed 11 September 2025
Reece O’Connell
B. BUS (Finance), Dip. Fin Planning,
MBA (UoC)
Non-Executive Director, member of
Audit & Finance Committee, member
of Remuneration and Nominations
Committee
Appointed 3 June 2026
Ms Pears has over 20 years’ experience as a Chair, Independent Director
and Senior executive, in listed and private companies that required growth,
governance, strategy development and implementation, value-added
manufacturing and international market development.
Ms Pears is a Chartered Accountant with a Bachelor of Commerce from The
University of Auckland and is a Member of the New Zealand Institute of
Directors.
Currently, she serves as the Independent Chair of Franklin Veterinary
Services 1977 Limited and YMCA North Inc. and is a member of the National
Council of YMCA New Zealand. She is also an Independent Director of
McKay Limited and NZX listed Taiko Critical Minerals Limited.
Mr. O'Connell is an experienced board Chairman, Non-Executive Director
and fund manager with deep experience across the biotechnology
investment and commercialisation lifecycle, spanning asset selection,
capital formation, governance, and international market development.
Mr. O'Connell has an MBA (University of Canberra), Bachelor of Business,
Finance (Murdoch University) and a Graduate Diploma of Financial Planning
(Kaplan).
Mr. O'Connell is currently Chairman of Nexsen Limited (ASX:NXN) and
Funds Manager of Summit Funds Management, Biotechnology Fund.
DIRECTORS’ REPORT
FORMER DIRECTORS
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.
Christopher Horn
B.Com, FCA
Non-Executive Director, Chair of the
Audit and Finance Committee, and
member of the Remuneration and
Nomination Committee
Appointed Nov 2013, Retired 3 June 2026
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
DIRECTORS
NUMBER OF FULLY PAID
ORDINARY SHARES
20262025
Anthony Ho11,368,5808,893,333
Christopher Horn7,031,3935,381,228
Christine Pears--
Dexter Cheung1,171,108671,108
DIRECTORS
NUMBER OF OPTIONS
20262025
Anthony Ho5,475,2473,000,000
Christopher Horn4,650,1653,000,000
Dexter Cheung500,000-
28
DIRECTORS’ REPORT
Juliet Hull
B.Nurse, MBA (MGSM)
Non-Executive Director and member of the
Remuneration and Nomination Committee
and Audit and Finance Committee
Appointed 10 September 2020,
Retired 11 September 2025
Ms Hull was until January 2021 the NZ General Manager/Country Director of
Johnson & Johnson Medical (J & J), a director of the ANZ Johnson & Johnson
Medical Executive Board, a director of MTANZ (Medical Technology
Association of NZ) and a member of both the APAC Regional Leadership
team for J & J’s Orthopaedics and Ethicon Divisions. Ms Hull is a senior
executive with more than 20 years’ experience in Asia Pacific markets in
Healthcare sales, marketing and leadership.
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.
INTERESTS IN THE SHARES AND OPTIONS OF THE COMPANY
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.
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.
DIVIDENDS
INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
29
This report outlines the remuneration arrangements in place for key management personnel of Truscreen Group
Limited for the financial year ended 31 March 2026.
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.
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 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 year ended 31 March 2026 is detailed in the remuneration of
directors and named executives section of this report on page 28.
REMUNERATION REPORT
DIRECTORS’ REPORT
REMUNERATION OF KEY MANAGEMENT AND PERSONNEL
Senior manager and executive director remuneration
Remuneration consists of fixed remuneration, with no incentives being issued during the year. 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.
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
2026
SHORT-TERM EMPLOYEE
BENEFITS
POST EMPLOYMENT
BENEFITS
OTHER
Salary & Fees
$
Superannuation
$
Share Based
Payments
$
Total
$
Anthony Ho135,000--135,000
Christopher Horn60,000--60,000
Dexter Cheung60,000--60,000
Christine Pears 27,777--27,777
Juliet Hull22,917--22,917
Martin Dillon238,100--238,100
Guy Robertson116,110-28,178144,288
659,904-28,178688,082
30
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 the tables below.
Key management personnel remuneration for the year ended 31 March 2025
2025
SHORT-TERM EMPLOYEE
BENEFITS
POST EMPLOYMENT
BENEFITS
OTHER
Salary & Fees
$
Superannuation
$
Share Based
Payments
$
Total
$
Anthony Ho110,000--110,000
Christopher Horn60,000--60,000
Juliet Hull50,000--50,000
Dexter Cheung54,944--54,944
Martin Dillon223,757--223,757
Edmond Capcelea187,57121,296-208,867
Guy Robertson86,000--86,000
772,27221,296-793,568
Key management personnel remuneration for the year ended 31 March 2026
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
31
OPTIONS HELD BY DIRECTORS AND KEY MANAGEMENT PERSONNEL
During FY2024, 6,000,000 options were issued to Directors. 3,000,000 were issued to Anthony Ho and 3,000,000
were issued to Christopher Horn. The options have an exercise price of NZ$0.04 per share, and an expiry date of 15
July 2026.
EMPLOYEES REMUNERATION
Four employees of the Group, not being directors, during the period ended 31 March 2026, 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:
EMPLOYEE REMUNERATIONNUMBER OF EMPLOYEES
$170,000 to $180,000 1
$190,000 to $200,000 1
$200,000 to $210,000 1
$220,000 to $230,000 1
DIRECTORS’ REPORT
DIRECTOR MEETINGSAUDIT COMMITTEE
Director
AttendedEligible to AttendAttendedEligible to Attend
Anthony Ho
99 - -
Christopher Horn9922
Christine Pears6611
Dexter Cheung9922
Juliet Hull3311
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:
The functions of the remuneration committee during the year was undertaken by the full board. In addition, one
circular resolution was signed by the board during the year.
SUBSEQUENT EVENTS
Subsequent to year end the Company raised approximately $1.82 million in a share placement and approximately
$1.95 million in a renounceable rights issue.
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
REMUNERATION OF AUDITORS
The following amounts are payable to the Company’s auditors for the year ended 31 March 2026.
Auditor’s remuneration – Vinay Sheoran (Hall Chadwick)
Fees for the audit of the financial statements: $93,000
End of Directors’ Report
On behalf of the Board as at 29 June 2026
32
Anthony HoChristine Pears
ChairmanDirector
DIRECTORS’ REPORT
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
FINANCIAL STATEMENTS
& AUDITOR’S REPORT
YEAR ENDING 31 MARCH 2026
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME34
CONSOLIDATED STATEMENT OF FINANCIAL POSITION35
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY36
CONSOLIDATED STATEMENT OF CASH FLOWS37
NOTES TO THE FINANCIAL STATEMENTS38
INDEPENDENT AUDITOR’S REPORT59
All $ amounts are NZ Dollars unless stated otherwise.
34
NOTE2026 ($)2025 ($)
Revenue from the sale of goods62,434,4761,712,052
Other income 6394,534393,203
Product cost of goods sold(1,666,675)(1,196,832)
Employee benefit expenses and directors’ fees7(705,496)(856,761)
Other administration costs(537,090)(501,808)
Research and development expenses(929,401)(814,614)
Rent-(12,550)
Travel(101,501)(74,402)
Marketing and product approvals(710,847)(627,860)
Insurance(142,608)(140,162)
Shareholder relations and services(236,730)(107,064)
Share based payments(36,829)-
Borrowing cost(14,575)(16,678)
Loss before income tax(2,252,742)(2,243,476)
Income tax expense8--
Loss for the year(2,252,742)(2,243,476)
Other comprehensive income
Item that may be reclassified subsequently to profit or
loss
Exchange differences on translating foreign subsidiary
operations
169,531(46,268)
169,531(46,268)
Total comprehensive loss for the year (2,083,211)(2,289,744)
Basic and diluted loss per share (cents)18(0.32)(0.41)
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 MARCH 2026
The accompanying notes form part of these financial statements.
FINANCIAL STATEMENTS & AUDITOR’S REPORT
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
NOTE2026 ($)2025 ($)
CURRENT ASSETS
Cash and cash equivalents
91,462,603365,473
Other receivables10396,916411,012
Trade receivables101,026,96222,798
Inventories
11451,943538,679
Other current assets – prepayments225,064203,544
TOTAL CURRENT ASSETS
3,563,4881,541,506
NON-CURRENT ASSETS
Intangible assets13--
Right of use assets14185,377306,851
TOTAL NON-CURRENT ASSETS
185,377306,851
TOTAL ASSETS
3,748,8651,848,357
CURRENT LIABILITIES
Trade and other payables15813,211387,317
Lease liability14159,112133,211
Provision for employee benefits16109,511104,096
TOTAL CURRENT LIABILITIES
1,081,834624,624
NON-CURRENT LIABILITIES
Provision for employee benefits1639,98631,190
Lease liability 1441,583184,161
TOTAL NON-CURRENT LIABILITIES
81,569215,351
TOTAL LIABILITIES
1,163,403839,975
NET ASSETS2,585,4621,008,382
EQUITY
Issued capital1742,432,42838,772,137
Share option reserve1941,37489,643
Foreign currency translation reserve20(213,865)(383,396)
Accumulated losses(39,674,476)(37,470,002)
TOTAL EQUITY2,585,4621,008,382
35
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDED 31 MARCH 2026
On behalf of the Board as at
29 June 2026.
Anthony HoChristine Pears
ChairmanDirector
The accompanying notes form part of these financial statements.
FINANCIAL STATEMENTS & AUDITOR’S REPORT
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
NOTESHARE
CAPTIAL
ACCUMULATED
LOSSES
FOREIGN
CURRENCY
TRANSLATION
RESERVE
OPTION
RESERVE
TOTAL
Balance at 1 April 2025
38,772,137(37,470,002)(383,396)89,6431,008,382
Loss for the year to 31 March 2026-(2,252,742)--(2,252,742)
Exchange differences on translating
foreign subsidiary operations
--169,531-169,531
Total comprehensive income for
the year
-(2,252,742)169,531-(2,083,211)
Transactions with owners, in their capacity as owners
Issue of shares174,048,018---4,048,018
Share issue costs17(387,727)---(387,727)
Share based payments19-48,269-(48,269)-
Total transactions with owners
3,660,29148,269-(48,269)3,660,291
Balance at 31 March 202642,432,428(39,674,476)(213,865)41,3742,585,462
NOTESHARE
CAPTIAL
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 2025 - (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
17 66,192 - - - 66,192
Share issue costs
17 - - - - -
Share based payments19 - 144,813 - (144,813) -
Total transactions with owners
66,192 144,813 - (144,813) 66,192
Balance at 31 March 2025 38,772,137 (37,470,002) (383,396) 89,643 1,008,382
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
The accompanying notes form part of these financial statements.
36
FINANCIAL STATEMENTS & AUDITOR’S REPORT
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
37
NOTE2026 ($)2025 ($)
CASH FLOW FROM OPERATING ACTIVITIES
Cash received from customers
1,472,115 1,716,718
Cash paid to suppliers and employees including GST
(4,429,805) (4,416,220)
Cash received from research and development tax offset 1(f) 482,719 447,140
Short-term lease payments not included in lease liability - (38,490)
Interest paid (2,009) (3,296)
Interest received 6,213 4,842
Net cash used in operating activities21
(2,470,767) (2,289,306)
CASH FLOW TO INVESTING ACTIVITIES
Other - -
Net cash used in investing activities
- -
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issue of shares
17 3,989,671 -
Share issue costs (375,268) -
Principal element of lease payments (121,057) (84,398)
Net cash from financing activities
3,493,346 (84,398)
Net increase/(decrease) in cash and cash equivalents 1,022,580 (2,373,704)
Cash and cash equivalents at the beginning of the financial year 365,473 2,728,036
Effects of exchange rate changes on cash and cash equivalents
74,550 11,141
Cash and cash equivalents at the end of the financial year9 1,462,603 365,473
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
The accompanying notes form part of these financial statements.
FINANCIAL STATEMENTS & AUDITOR’S REPORT
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
38
FOR THE YEAR ENDED 31 MARCH 2026
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 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 $2,252,742 (2025: $2,243,476).
net cash outflows from operating and investing activities of $2,470,767 (2025: $2,289,306)
cash at year-end of $1,462,603 (2025: $365,473)
The Company undertook a capital raise in May raising approximately $1.82 million in a share placement and will
accept applications from the Renounceable Issue which closed on 17 June 2026, in the amount of approximately
$1.95 million.
NOTES TO THE FINANCIAL STATEMENTS
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
39
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, for at least the next
twelve months following approval of this report. The forecasts assume revenue growth from a number of markets,
and takes into account current expectations of device and SUS orders from key distributors.
The Company also continues to review and reduce its cost base where appropriate.
The Board considers the cash flow forecasts to be achievable and sufficient to provide 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. However, there is material uncertainty in
relation to the Group’s ability to meet forecasts. These factors may cast significant doubt on the entity’s ability to
continue as a going concern.
If the going concern assumption is not valid, the consequence is the Group may be unable to realise the value in its
assets and discharge its liabilities in the normal course of business.
b. Principles of Consolidation
Truscreen Pty Limited is the wholly owned subsidiary of Truscreen Group Limited which was specifically
incorporated for the purposes of acquiring the Truscreen Pty Limited business (the “Transaction”). Truscreen Group
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 Group 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 Group
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 Group Limited.
As such, the consolidated financial statements are issued in the name of the legal Parent, Truscreen Group 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 11 July 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.
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.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
40
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 Group 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 Group 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.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
SUBSIDIARY
COUNTRY OF
INCORPORATION
FUNCTIONAL
CURRENCY
Truscreen Pty LimitedAustraliaAustralian Dollar
Truscreen Ltd (UK)UKPound Sterling
TruScreen S. de R.L. de C.V.MexicoMexican Peso
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
41
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 refund is receivable from the Commonwealth Government of Australia.
Under the 43.5% refundable tax offset program, 43.5% of eligible research and development spending incurred by
the Group is refundable by the Commonwealth Government.
The Research and Development tax offset refund is recognised at 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
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.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
42
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.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
43
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 Group classifies all financial liabilities as measured at amortised cost based on the purpose for which the
liability was acquired. The 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.
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.
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 are 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.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
44
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
No standards currently issue that are yet to be adopted are expected to significantly impact the, measurement or
recognition of reportable items relevant to the Group.
NZ IFRS 18 Presentation and Disclosure in Financial Statements is effective from 1 January 2027. The impact on
TruScreen’s Financial Statements has yet to be evaluated.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
45
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 to 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 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 2026.
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 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, using the assumptions detailed in Note 19.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
46
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 Material Accounting Policy Information.
The Group to date has not entered into any derivative financial instrument contracts.
The totals for each category of financial instrument are as follows:
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 $NZ at the reporting date are as follows:
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
FINANCIAL INSTRUMENTS BY CATEGORYNote2026 ($)2025 ($)
Financial assets (held at amortised cost)
Cash and cash equivalents91,462,603365,473
Trade and other receivables
Trade receivables subject to credit risk101,026,96222,798
Total financial assets at amortised cost
2,489,565388,271
Financial liabilities (held at amortised cost)
Trade and other payables15813,211387,317
Total financial liabilities at amortised cost813,211387,317
ASSETSLIABILITIES
2026 ($)2025 ($)2026 ($)2025 ($)
USD1,506,347273,613214,720156,129
NZD
1
518518--
Exposure to NZD held in subsidiary where Australian dollars is the functional currency.
1
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
47
Effect on profit after tax and equity: 10% weakening in NZD:
Exposure to NZD held in subsidiary where Australian dollars is the functional currency.
1
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, and to take into
account its cash flow requirements.
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% of NZ (2025: 0% of NZ$89,479) on cash held in AUD.
Nil% of NZ$ (2025: Nil% of NZ$1,830) on cash held in NZD.
0.0% of NZ$ Nil (2025: 0.50% of NZ$ Nil) on cash held in GBP.
Nil of NZ$ (2025: Nil of NZ$273,613) on cash held in USD.
The interest rate risk on bank balances is minimal as the value is not material and unlikely to become so.
Credit Risk
Credit risk is the risk that one party to a financial instrument will fail to discharge its obligations and as a result the
Group will suffer financial loss.
With respect to credit risk arising from cash and cash equivalents there is limited credit risk. The credit rating of cash
at bank and term deposits are:
Details of the exposure to credit quality of receivables, the age of receivables that are past due and any impairment
are disclosed in Note 10 to the financial statements.
In relation to customer credit risk the Company generally deals with established distributors, government or aid
agencies sponsored by government.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
2026 ($)2025 ($)
USD129,16211,748
NZD
1
(52)(52)
CREDIT RATING – STANDARD AND POOR’S
Cash at bankNote2026 ($)2025 ($)
S&P short term rating A-1+
1,462,603365,473
S&P short term rating A-1-
91,462,603365,473
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.
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
48
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 receivable 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 2026 amounted to
$1,026,962 (2025: $22,798) refer to Note 10.
Minimal credit risk arises from the other receivable – research and development grant being due from the Australian
Government.
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 preparing a rolling twelve-month cash flow forecast, and holding
adequate cash and cash equivalent assets.
(a) Fair value
The fair value of trade receivables, trade payables, 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.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
FINANCIAL LIABILITIESCARRYING
AMOUNT
TOTAL
CONTRACTUAL
CASH FLOWS
NOT LATER THAN
THREE MONTHS
LATER THAN 3
MONTHS AND
NOT LATER THAN
1 YEAR
Trade and other payables$$$$
2026813,211813,211813,211-
2025387,317387,317387,317-
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
2026 ($)2025 ($)
Information about products and services
Total revenues from external customers 2,434,4761,712,052
Information about geographical areas
Foreign country:
Mexico
67,012128,778
China1,506,6571,503,660
Central Asia
144,26740,443
Vietnam124,00026,559
Zimbabwe531,7241,413
Indonesia
20,631-
India
39,129-
MENA (Middle East/North Africa)1,05611,199
2,434,4761,712,052
49
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
NOTE 5. SEGMENT INFORMATION
The Group operates in one operating segment. It owns the rights to the TruScreen Cervical Cancer screening device.
The device 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:
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 years ended 31 March 2026 and
31 March 2025:
No additional disclosure is required in the financial statements as the Group has one reportable segment.
DOMICILE OF CUSTOMER20262025
Trade and other payables$%$%
China
1,506,657621,503,66088
Zimbabwe531,72422--
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
50
¹For a geographical breakdown of revenues see note 5. 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.
For further detail with regard to the research and development tax offset, refer to Note 1(f).
2
*Employee expenses of $346,315 (2025: $446,338) are included within research and development.
NOTE 6. REVENUE
NOTE 7. EXPENSES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
2026 ($)2025 ($)
Sales revenue - sale of goods¹
Wholesalers/distributors 1,902,752 1,712,052
Direct to customer 531,724 -
2,434,476 1,712,052
Other income
Research and development tax offset
2
Current year 303,550 383,236
Prior year adjustment
85,799 (20,885)
389,349 362,351
Foreign exchange gain
- 26,297
Interest received
5,185 4,555
394,534 393,203
Note2026 ($)2025 ($)
Loss before income tax includes the following specific
expenses:
Employee benefits expense*
Wages and salaries308,411503,865
Staff superannuation – defined contribution plan74,61581,669
Provision for annual leave-3,696-12,611
Provision for long service leave
5,6361,832
Directors fees25305,694274,944
Other employee related14,8367,062
705,496856,761
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
Truscreen Pty Limited is required, under Australian employment laws, to pay a prescribed portion of each employee’s
salary into a superannuation scheme.
51
The amount of deductible temporary differences and unused tax losses for which no deferred tax asset is recognised
is as follows. These amounts have no expiry date.
The deferred tax asset has not been recognised as the “probable” test that future assessable income against which
those losses can be offset in the countries where those losses have been incurred cannot be satisfied.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
2026 ($)2025 ($)
Administration and other operating expenses include:
Audit fees
Fees for audit of financial statements for the year ended
31 March – Vinay Sheoran (Hall Chadwick)
93,00092,850
– RSM Hayes Audit – prior year adjustment-34,500
Total remuneration of auditors93,000127,350
2026 ($)2025 ($)
Loss for the year
(2,252,742) (2,243,476)
Prima facie income tax saving using the applicable
country’s tax rate 28% (2024 :28%)
630,768 628,173
Impact of variation in foreign tax rates (25.0% for Aus.; 19%
for UK) (2024: 25% for Aus.; 19% for UK)
(67,816) (65,701)
Expenses not deductible for tax in the current period: (127,337) (105,472)
Not recognised as a deferred tax asset
(435,615) (457,000)
Income tax expense - -
2026 ($)2025 ($)
Deductible/(non-deductible) temporary difference:
Foreign exchange losses189,289170,295
Other timing differences321,167315,156
510,456485,451
Unused tax losses
22,517,76019,267,355
Total 23,028,21619,752,806
NOTE 7. EXPENSES (cont.)
NOTE 8. INCOME TAX EXPENSE
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
52
Cash at bank is earning interest at a floating rate at the reporting date it ranged from 0% to 0.02% (2025: 0% to
3.85%). Cash at bank is at call.
Refer to Note 6 regarding income from the research and development tax offset.
No interest is charged on trade receivables. The Group normally requires cash on delivery. In exceptional
circumstances the Group has extended credit. The aging analysis of trade receivables past due is as follows:
No collateral is held over trade receivables.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
2026 ($)2025 ($)
Cash on hand--
Cash at bank1,462,603365,473
1,462,603365,473
2026 ($)2025 ($)
Other receivables
Research and development tax offset322,968387,518
GST receivable73,94823,494
396,916411,012
2026 ($)2025 ($)
Finished goods at cost116,77450,070
Inventory parts and work in progress344,812510,617
Provision for obsolescence(9,644)(22,008)
451,943538,679
2026 ($)2025 ($)
Trade receivables
Trade receivables subject to credit risk1,026,96222,798
Less provision for uncollectible amounts--
1,026,96222,798
NOTE 9. CASH AND CASH EQUIVALENTS
NOTE 10. TRADE AND OTHER RECEIVABLES
NOTE 11. INVENTORIES
CONSOLIDATED GROUP
Trade receivables subject
to credit risk ($)
1 – 60
days
60-90
days
90-180
days
Over 180
days
Total past
due
Within
terms
2026894,91264,05148,87819,12167,999958,963
2025---22,79822,798-
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
53
Subsidiaries of the Group were:
Principal Activities
Truscreen Pty Limited owns the rights to the Truscreen Cervical Cancer Screening Device. The device 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 2026 and 2025
TruScreen Ltd (UK) made no sales.
TruScreen S. de R.L. de C.V. is non-operating.
NOTE 13. INTANGIBLE ASSETS
At 31 March 2022, the Directors undertook a comprehensive Impairment Review (“Review”) of the intangible assets
belonging to the Company. This Review was undertaken in compliance with NZ IAS 36 Impairment (‘IAS 36’) and its
detailed specifications with the assistance of an independent consultant. This resulted in a provision for impairment
of $4,893,861 being recorded for intellectual property, and $1,976,906 being recorded for development costs.
The cash flow projections adopted for the Review reflect the Director’s considered view of performance achievability
and their recognition that the cash flows of the Group while in the development and commercialisation phase are
inherently uncertain and subject to a number of risks.
While the Group has made good progress over the year to 31 March 2026, a number of risks, including the risks of not
meeting future device and SUS sales in the year ahead and the ongoing Ukraine/Russia and now Middle East
conflicts, remain.
Given the significant uncertainties outlined above, the Directors have resolved to retain the full provision for the
carrying value of the intangible assets as at 31 March 2026.
In the event that the uncertainties referred to above are resolved, the Group achieves its 2027 budget, and the
Directors have confidence in the projections for the subsequent years, consideration will be given re-establishing the
intangible assets to an appropriate level.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
NAME OF SUBSIDIARYPRINCIPAL PLACE OF BUSINESSOWNERSHIP INTEREST HELD BY THE GROUP
20262025
Truscreen Pty LimitedAustralia100%100%
Truscreen Ltd (UK)UK100%100%
TruScreen S. de R.L. de C.V. Mexico100%100%
NOTE 12. INTERESTS IN SUBSIDIARIES
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
54
Income, expense and cash flows from lease assets and lease liabilities
The following amounts of income, expense and cash flows were recognised from lease assets and lease liabilities
during the year:
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
2026 ($)2025 ($)
Lease assets
Carrying amount of lease assets, by class of underlying
asset:
Buildings under lease arrangements
At cost
446,171 409,412
Accumulated depreciation
(260,794)(102,561)
Total lease assets
185,377 306,851
Lease liabilities
Current 159,112 133,211
Non-current 41,583 184,161
200,696 317,372
2026 ($)2025 ($)
Interest expense on lease liabilities12,56613,382
Depreciation expense on lease assets, included in research
and development costs
140,065102,561
Total cash outflow relating to leases149,009106,102
2026 ($)2025 ($)
Trade and other payables813,211387,317
BUILDINGS2026 ($)2025 ($)
Carrying amount as at 1 April 2024 306,851
Additions - 409,412
Depreciation (140,065)(102,561)
Foreign exchange on translation 18,591
Carrying amount as at 31 March 2025 185,377 306,851
NOTE 15. TRADE AND OTHER PAYABLES
Other payables and accruals are interest free and payable generally on credit terms of 30 days from receipt of goods
or services.
NOTE 14. RIGHT OF USE OF ASSETS
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
55
As the Group does not have an unconditional right to defer the settlement of current employee 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.
b) Options
The Company issued 204,741,031 unlisted options on 17 July 2025. The options were free attaching options to the
share placement and share purchase plan announced on 29 May 2025.
The options have an exercise price of NZ$0.022 (A$0.02) and an expiry date of 17 July 2026. The expiry date of these
options has now been extended to 17 July 2027.
a) Ordinary Shares – Fully Paid
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
2026 ($)2025 ($)
Current
Employee liabilities 109,511104,096
Non-Current
Employee liabilities 39,98631,190
149,497135,286
NOTE 16. EMPLOYEE LIABILITIES
NOTE 17. ISSUED CAPITAL
20262025
GROUP
Number$Number$
Balance at beginning of the year
554,907,719 38,772,137 552,591,11638,705,945
Shares issued for services rendered 1,701,576 36,829--
Share purchase plan @ NZ$0.02 per share
83,681,940 1,673,639 --
Share placement @ NZ$0.022 per share
107,034,091 2,354,750 2,316,60366,192
Foreign exchange adjustment on A$ raise
- (17,200)--
Cost of capital raising - (387,727)--
Balance at end of the year 747,325,326 42,432,428 554,907,71938,772,137
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
56
Options
A summary of the movements in share options issued to Directors, employees, consultants and distributors are as
follows:
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,
distributors and Directors but not yet exercised or lapsed.
Of the options on issue:
6,000,000 on issue have an exercise price of NZ$0.04 per share, and an expiry date of 15 July 2026. had vested
and were exercisable at 31 March 2026.
7,000,000 options with exercise price NZ$0.04 and expiry date 15 July 2026 lapsed on termination of an
employee during the year
5,000,000 options with exercise price NZ$0.10 expiry date 7 September 2024 lapsed during the previous year.
Options have been valued using the Black & Scholes model using the following variables:
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
2026 ($)2025 ($)
Basic and Diluted loss per share:
Net loss attributable to shareholders ($)
(2,252,742)(2,243,476)
Weighted average number of ordinary shares on issue700,894,546552,743,441
Basic and diluted loss per share (cents) (based on weighted
average number of shares on issue)
(0.32)(0.41)
OPTIONS ISSUED IN FY2024
Number issued13,000,000
Share price at date of valuation
$0.024
Exercise price$0.04
Risk free government bond rate
4.07%
Option period2.73 years
Share price volatility
64%
Value per optionNZ$0.0069
NOTE 18. EARNINGS PER SHARE
NOTE 19. SHARE BASED PAYMENTS
NOTE 20. RESERVES
20262025
GROUPNumber$Average
Exercise
Price
Number$Average
Exercise
Price
Options on issue at start of year13,000,00089,6434c18,000,000234,4565.7c
Options lapsed(7,000,000)(48,269)4c(5,000,000)(144,813)10c
Options on issue and exercisable
at the end of the year
6,000,00041,3744c13,000,00089,6434c
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
57
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
2026 ($)2025 ($)
Reconciliation of cash flow from operations with loss after income tax
Loss for the period (2,252,742)(2,243,476)
Adjusted for:
Share based payment expense
36,829 -
Depreciation right of use assets 140,065 102,561
Unrealised exchange difference arising from translating gain/(loss)
49,715 (9,394)
Operating cash flows before working capital changes (2,026,133)(2,150,309)
(Decrease)/increase in trade and other receivables
(1,004,163)25,354
Increase in goods and services taxes recoverable
(50,454)(2,182)
Increase in prepayments
(21,521)(85,941)
(Decrease)/increase in inventory 86,737 (47,425)
Increase in research and development tax offset 64,550 80,506
Increase/(decrease) in trade and other payables
466,006 (99,880)
(Decrease)/increase in employee liabilities 14,211 (9,429)
Net cash outflow from operating activities (2,470,767)(2,289,306)
NOTE 21. CASH FLOW INFORMATION
NOTE 22. RELATED PARTY TRANSACTIONS
The Group’s main related parties are as follows:
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 25 - Key Management Personnel Compensation.
Other related parties: Other related parties include entities over which key management personnel have joint
control.
Other related party transactions
On 26 June 2024 the Company executed a Line of Credit facility agreement with a Director Anthony Ho, in the amount
of A$300,000, secured by the FY2025 Research and Development Tax Offset Claim. The facility expired fifteen
months from 1 July 2024 and was undrawn as at 31 March 2025. The loan was subsequently drawn to A$100,000 in
May 2025 and repaid in June 2025.
NOTE 23. CONTINGENT LIABILITIES
TruScreen devices 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 of claims 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.
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
58
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
NOTE 24. EVENTS SUBSEQUENT TO REPORTING DATE
Subsequent to year end the Company has received firm commitments for a share placement in the amount of
approximately $1.82 million. In addition, the Company has raised approximately $1.95 million from the
Renounceable Rights Issue that closed on 17 June 2026, and a further $0.29 million being oversubscriptions for the
shortfall awaiting shareholder approval at an upcoming shareholder meeting.
Other than as outlined above, there have been no events subsequent to reporting date which would have a material
effect on the Group’s financial statements at 31 March 2026.
NOTE 25. KEY MANAGEMENT PERSONNEL COMPENSATION
The totals of remuneration paid to key management personnel (KMP) of the Group during the period are as follows:
NOTE 26. COMMITMENTS
The Group had a commitment for capital expenditure in the amount of approximately US$117,000 (NZ$ 171,000) as
at 31 March 2026.
2026 ($)2025 ($)
Short-term employment benefits – Directors fees
1
305,694274,944
Other key management personnel
Short-term employee benefits – Salary
354,210497,328
Post-employment benefits – Superannuation
-21,296
Share based payments
28,178-
Total employment benefits
382,388518,624
Total688,082793,568
Director2026 ($)2025 ($)
Anthony Ho135,000110,000
Christopher Horn60,00060,000
Christine Pears27,777
Dexter Cheung60,00054,944
Juliet Hull22,91750,000
305,694274,944
Directors’ fees to the Directors of the parent entity as follows:
1
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
INDEPENDENT
AUDITOR’S REPORT
YEAR ENDING 31 MARCH 2026
TRUSCREEN GROUP LIMITED
NZBN 942 903 0105 614
AND CONTROLLED ENTITIES
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF
TRUSCREEN GROUP LIMITED AND CONTROLLED ENTITIES
Report on the Audit of the Financial Statements
OPINION
I have audited the financial statements of TruScreen Group Limited and controlled entities (the Group), which
comprise the consolidated statement of financial position as at 31 March 2026, and the consolidated statement
of profit or loss and other comprehensive income, consolidated statement of changes in equity and
consolidated statement of cash flows for the year then ended, and notes to the financial statements, including
a summary of material accounting policy information. I am a partner with Hall Chadwick NSW (the Firm) and I
have used the staff and resources of the Firm to perform the audit of the Company.
In my opinion, the accompanying consolidated financial statements present fairly, in all material respects, the
financial position of TruScreen Group Limited and controlled entities as at 31 March 2026 and its consolidated
financial performance and consolidated cash flows for the year then ended in accordance with New Zealand
Equivalents to International Financial Reporting Standards (NZ IFRS) and have been prepared in compliance
with the Companies Act 1993 and the Financial Markets Conduct Act 2013.
BASIS FOR OPINION
I conducted my audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)) and
International Standards on Auditing (ISAs). My responsibilities under those standards are further described in
the Auditor's Responsibilities for the Audit of the Financial Statements section of my report.
I am independent of the Group in accordance with Professional and Ethical Standard 1 International Code of
Ethics for Assurance Practitioners (including International Independence Standards) (New Zealand) (PES 1)
issued by the New Zealand Auditing and Assurance Standards Board and the International Ethics Standards
Board for Accountants' International Code of Ethics for Professional Accountants (including International
Independence Standards) (IESBA Code), and I have fulfilled my other ethical responsibilities in accordance
with these requirements.
Other than in my capacity as auditor, I have no relationship with, or interests in, TruScreen Group Limited.
I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.
MATERIAL UNCERTAINTY RELATED TO GOING CONCERN
Without modifying my opinion, I draw my attention to Note 1a in the consolidated financial statements, which
describes the going concern position of the company.
For the year ended 31 March 2026, that the Group incurred a net loss of $2,252,742 (2025: $2,243,476);
incurred a net cash outflow from operating and investing activities of $2,470,767 (2025: $2,289,306); and had
cash at year-end of $1,462,603 (2025: $365,473). As at 31 March 2026, the Group’s accumulated losses
amounted to $39,674,476 (2025: $37,470,002).
The Company's ability to continue as a going concern is dependent upon it maintaining sufficient funds through
further capital including via loans, shares or other financing arrangements to fund ongoing operations.
As disclosed in Note 1a, the directors are satisfied the Company will be successful in maintaining sufficient
funding through ongoing operations with projected growth in revenue and ongoing cost reducing analyses.
Furthermore, a capital raise in May 2026 resulted in additional funding through the new issue of shares,
options, and rights offer.
These conditions indicate the existence of a material uncertainty that may cast significant doubt on the
Company's ability to continue as a going concern and, therefore, whether it will realise its assets and discharge
its liabilities in the normal course of business.
My opinion is not modified in respect of this matter.
KEY AUDIT MATTERS
Key audit matters are those matters that, in my professional judgement, were of most significance in my audit
of the consolidated financial statements for the year ended TruScreen Group Limited. These matters were
addressed in the context of my audit of the consolidated financial statements as a whole, and in forming my
opinion thereon, and I do not provide a separate opinion on these matters. This is in addition to the matter
described in the Material Uncertainty Related to Going Concern section.
Key Audit Matter 1 – Inventory Valuation
Risk / Why this is a Key Audit Matter How my audit addressed the matter
TruScreen manufactures and holds inventory
comprising the TruScreen device (capital
equipment) and the Single Use Sensor (SUS),
its primary consumable. The SUS is produced
by a third-party contract manufacturer in China
(referred to by management as SUS Contract
Manufacturer) and is central to the Company's
ongoing revenue model, particularly in China,
which accounts for more than 85% of product
sales.
We identified inventory valuation as a Key Audit
Matter for the following reasons:
•The carrying value of inventory is NZ
$0.4million.
•The Company sells into a geographically
dispersed customer base across emerging
markets including China, Vietnam,
Zimbabwe, Mexico, India, Indonesia, and
Central Asia. Delays in public screening
program roll-outs were experienced as
announced to the market in Nov 2025, such
delays can affect the timing and
recoverability of inventory held for specific
programs.
•The SUS product has a finite shelf life.
Inventory held in anticipation of programs
that are delayed or cancelled may become
impaired if not utilised within acceptable
timeframes.
•The Company holds pre-paid inventory with
its SUS contract manufacturer, reflecting
forward production commitments, which
increases the risk that quantities held may
not be recoverable at cost.
Our audit procedures in respect of inventory
valuation and NRV included the following:
•Obtained and assessed management's
NRV analysis, including their supporting
assumptions regarding expected selling
prices for the TruScreen device and SUS
consumable in each key market, and the
estimated costs to complete and sell.
•Agreed inventory quantities per the
Company's perpetual inventory records to
physical count evidence obtained at year
end, and assessed the adequacy of the
count procedures and controls in place.
•Inspected documentation relating to
prepayments made to the SUS contract
manufacturer for forward production and
assessed the appropriateness of
recognising such amounts as recoverable
inventory or prepayments.
•Tested management's assessment of NRV
for inventory held for specific market
programs and distributor correspondence.
•Assessed the appropriateness of the
Company's accounting policy for inventory
measurement and the adequacy of related
disclosures in the financial statements in
accordance with NZ IAS 2.
Based on the procedures performed, we found
management's NRV assessment to be
reasonable and the accounting for inventory to
be appropriate in the context of the Company's
circumstances at 31 March 2026.
• The determination of net realisable value
(NRV) involves management judgement
including estimates of expected selling
prices, allocated costs, and the probability
and timing of revenue recognition from
contracted programs and distributor
purchase orders.
NZ IAS 2 Inventories requires inventory to be
carried at the lower of cost and NRV;
accordingly, incorrect NRV assessments could
result in material over- or understatement of
inventory balances.
Key Audit Matter 2 – Revenue Recognition
Risk / Why this is a Key Audit Matter How my audit addressed the matter
TruScreen generates revenue primarily from the
sale of the TruScreen device and the SUS
consumable to distributors across multiple
international markets. In FY2026 the Company
also commenced generating revenue from
public screening programs, introducing a new
revenue stream involving contractual milestone-
based deliverables and government program
participation.
Revenue recognition was identified as a Key
Audit Matter for the following reasons:
Total revenue for the year ended 31
March 2026 is NZ$2.4 million.
The Company's sales are made through
distributors across jurisdictions with
varying regulatory environments,
creating complexity in determining when
control of goods has transferred in
accordance with NZ IFRS 15 Revenue
from Contracts with Customers.
Public screening program revenues
involve arrangements with government
health bodies that may include multiple
performance obligations, milestone
payments, and variable consideration
components. The appropriate
identification of performance obligations
and timing of revenue recognition under
such arrangements requires significant
judgement.
The Company's revenue is denominated
in multiple foreign currencies (primarily
CNY, USD, and local equivalents),
requiring assessment of translation and
cut-off at year end.
Our audit procedures in respect of revenue
recognition included the following:
Evaluated the appropriateness of
management's revenue recognition
policies with reference to NZ IFRS 15,
including the identification of distinct
performance obligations within
distributor agreements and screening
program contracts.
For a sample of distributor sales
transactions, agreed revenue to signed
distributor agreements, purchase orders,
shipping documentation, customs
clearance records, and proof of delivery,
to assess whether the point of control
transfer was correctly determined.
Performed revenue cut-off testing
around 31 March 2026, examining
transactions either side of year end to
confirm revenue was recorded in the
correct period.
Verified the completeness and accuracy
of foreign currency translation of
revenue transactions and assessed
whether exchange rates applied were
appropriate with reference to published
rates at dates of transaction and year-
end spot rates.
Assessed the adequacy of NZ IFRS 15
disclosures in the financial statements,
including disaggregation of revenue by
geography and product type, and the
nature of performance obligations.
Based on the procedures performed, we found
management's revenue recognition to be
materially in accordance with NZ IFRS 15, and
the related disclosures to be appropriate.
Key Audit Matter 3 – Accounts Receivable – Collectability and Expected Credit Loss
Provision
Risk / Why this is a Key Audit Matter How my audit addressed the matter
Accounts receivable represents amounts owed
by TruScreen's distributors and program
counterparties for the sale of devices and SUS
consumables. Given the Company's distribution
model — which relies on a small number of
distributors concentrated in emerging markets
— the trade receivables balance carries
collectability risk.
We identified the assessment of receivables
collectability and the adequacy of the expected
credit loss (ECL) provision as a Key Audit
Matter for the following reasons:
• Accounts receivable is a material
component of current assets relative to total
assets of NZ$3.7 million and revenue of
NZ$2.4 million.
• Distributors in emerging markets —
including Zimbabwe, Vietnam, Indonesia,
and Central Asia — may be subject to
currency controls, regulatory disruptions,
and macroeconomic instability that affect
their capacity to settle receivable balances
on time or in full.
• The Company has experienced extended
payment cycles with certain distributors in
prior periods, and the deferral of program
revenues in FY2026 may affect the timing
and capacity of distributors to pay
outstanding amounts.
• NZ IFRS 9 Financial Instruments requires
the Company to measure a loss allowance
at an amount equal to the lifetime expected
credit losses for trade receivables. The
measurement of expected credit losses
requires management to assess historical
credit experience, the current financial
condition of counterparties, and forward-
looking information regarding economic
conditions in each market — all of which
involve significant judgement.
The adequacy of any provisioning is particularly
significant given the Company's limited cash
resources and its reliance on cash receipts from
customers to fund operations and achieve the
targeted monthly cash flow positive position.
Our audit procedures in respect of accounts
receivable collectability and the ECL provision
included the following:
Obtained an aged analysis of trade
receivables as at 31 March 2026,
disaggregated by distributor and
geography, and identified any amounts
overdue.
Circularised trade receivable
confirmations to key distributors. Where
confirmations were not received, we
performed alternative procedures
including examination of post-balance
date cash receipts and distributor
correspondence.
Examined post-balance date cash
receipts to assess the recoverability of
receivables outstanding at 31 March
2026, and assessed whether
subsequent payments corroborated the
carrying value of individual debtor
balances.
Assessed management's ECL
calculation in accordance with NZ IFRS
9.
For receivables from government or
quasi-government program
counterparties, assessed the nature of
the contractual arrangement, the
enforceability of payment terms, and any
evidence of delay or dispute as at 31
March 2026.
Assessed the appropriateness of the
Company's provisioning methodology
and the adequacy of NZ IFRS 7 and NZ
IFRS 9 disclosures relating to credit risk,
concentration risk, and the movement in
the loss allowance during the year.
Based on the procedures performed, we
consider the carrying value of trade receivables
to be stated at an amount that reflects
management's best estimate of recoverable
amounts at 31 March 2026.
OTHER INFORMATION
The directors are responsible for the other information. The other information comprises the Directors' Report
for the year ended 31 March 2026, but does not include the consolidated financial statements and my auditor's
report thereon.
My opinion on the consolidated financial statements does not cover the other information and I do not express
any form of assurance conclusion thereon.
In connection with my audit of the consolidated financial statements, my responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the financial
statements or my knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based
on the work I have performed, I conclude that there is a material misstatement of this other information, I am
required to report that fact. I have nothing to report in this regard.
RESPONSIBILITIES OF THE DIRECTORS FOR THE FINANCIAL STATEMENTS
The directors are responsible on behalf of the Group for the preparation and fair presentation of the
consolidated financial statements in accordance with NZ IFRS, and for such internal control as the directors
determine is necessary to enable the preparation of the consolidated financial statements that gives a true and
fair view and is free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible on behalf of the Group for
assessing the ability of the Group’s ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless the directors either intend to
liquidate the Group or to cease operations, or have no realistic alternative but to do so.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL
STATEMENTS
My objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes my
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAs (NZ) and ISAs will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements.
A further description of my responsibilities for the audit of the financial statements is located at the External
Reporting Board's website at:
https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/
This description forms part of my auditor's report.
As part of an audit in accordance with ISAs (NZ) and ISAs, I exercise professional judgement and maintain
professional scepticism throughout the audit. I also:
– Identify and assess the risks of material misstatement of the financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for my opinion.
– Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company's internal control.
– Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the directors.
– Conclude on the appropriateness of the use of the going concern basis of accounting by the directors
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company's ability to continue as a going concern.
– Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.
I communicate with the directors regarding, among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in internal control that I identify during my
audit.
From the matters communicated with the directors, I determine those matters that were of most significance
in the audit of the financial statements of the current period and are therefore the key audit matters. I describe
these matters in my auditor's report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, I determine that a matter should not be communicated in my report.
I am required to report in accordance with the Auditor Regulation Act 2011 and the Financial Reporting Act
2013. I have no relationships with, or interests in, Truescreen Group Limited and controlled entities other than
in my capacity as auditor.
VINAY SHEORAN
Partner
Dated: 29 June 2026
GOVERNANCE
YEAR ENDING 31 MARCH 2026
67
The Board and Executives of the Company are committed to conducting TruScreen’s business ethically and in
accordance with high standards of best practice corporate governance. They guide and monitor the business and
affairs of the Company on behalf of the shareholders by whom they are elected and to whom they are accountable.
The Board will 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 and the Australian Securities 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 2026.
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 and the Australian Securities Exchange (ASX) Listing Rules relating to corporate
governance, the New Zealand Exchange (NZX) Corporate Governance Best Practice Code, and the New Zealand
Financial Market Authority’s (FMA) Corporate Governance Principles and Guidelines (collectively the “Principles”),
and the ASX Corporate Governance Council’s principles and recommendations.
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 structure of the Company’s FY2026 Annual report and Corporate Governance statement aligns to reflect the
Foreign Exempt Listing status on the ASX.
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 – ETHICAL STANDARDS
Directors observe and foster high standards of ethical behaviour and hold management accountable for delivering
these standards throughout the Company.
The Company expects its Directors, Officers, contractors, consultants 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, Officers and employees, and is also available on the
Company’s website.
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68
The Code of Ethics covers key areas including:
Care and compliance
Acting honestly and ethically
Acting in the Company’s best interests
Conflicts of interest
Use of knowledge and information
Gifts, entertainment, and benefits
Standards of behaviour
The Company has adopted policies to ensure it maintains high standards of performance and behaviour when
dealing with the Company’s customers, suppliers, shareholders, employees, contractors, and consultants.
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, independence, 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 2026 there were 4 Directors on the Board. All Directors act in a non-executive role.
The Chairman acted in an executive capacity for the period 1 March 2026 to 31 May 2026, during the CEO’s leave of
absence. 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.
GOVERNANCE
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69
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, Christopher Horn, Dexter Cheung and Christine Pears. Christopher Horn retired
on 3 June 2026 and was replaced by Reece O’Connell who is also an independent non-executive director.
The Board therefore determines that the Board of TruScreen is comprised of an appropriate number of Independent
Directors. Further, the Chairperson and the Chairs of the Audit & Finance Committee are independent directors.
In terms of the NZX and ASX listing rules, Christine Pears and Dexter Cheung are ordinarily resident in New Zealand
and Anthony Ho and Christopher Horn are ordinarily resident in Australia.
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 or equivalent and other senior executives and the determination of
their terms and conditions including remuneration and termination;
driving the strategic direction of the Company, ensuring appropriate resources are available to meet objectives
and monitoring management’s performance;
reviewing and ratifying systems of risk management and internal compliance and control, Codes of Conduct and
legal compliance;
approving and monitoring the progress of major capital expenditure, capital management and significant
acquisitions and divestitures;
approving and monitoring the budget and the adequacy and integrity of financial and other reporting; and
ensuring a high standard of corporate governance practice and regulatory compliance and promoting ethical
and responsible decision making.
The Board meets on a regular basis to review the performance of the Company against its goals both financial and
non-financial. In normal circumstances, prior to the scheduled board meeting, each board member is provided with
a formal board package containing appropriate management and financial reports.
Responsibility for the day-to-day operations and administration is delegated by the Board to the Chief Executive
Officer and the Senior executive team within approved levels of authority. 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 appointment.
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 seek re-election at the annual general meeting, along with any
appointments made since the previous annual meeting. Included in the notice of meeting, the Board will provide
guidance to shareholders as to whether the director who is seeking election or re-election is endorsed by the non-
interested directors.
GOVERNANCE
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70
Information about a candidate standing for election or re-election as a director is provided to shareholders to enable
them to make an informed decision on whether or not to elect or re-elect the candidate.This information may
include:
biographical details, including relevant qualifications, experience and skills;
details of other material public company directorships;
a statement regarding whether the director qualifies as independent;
any material adverse information or potential conflicts of interest, position or association;
the term of office currently served (for directors standing for re-election); and
a statement whether the board supports the election or re-election of the candidate.
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
The Company has a diversity policy which is on its website and reports annually, in the operations section of the
annual report, relevant statistics.
PRINCIPLE 3 – BOARD COMMITTEES
The Board uses committees where this enhances the effectiveness in key areas while retaining Board responsibility.
The Board operates three Committees to assist in the execution of the Board’s duties – the Remuneration and
Nomination Committee, Technology Committee and the Audit & Finance 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
All directors are members of the Remuneration and Nomination Committee. 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 regarding 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 and Safety policies within the
company to ensure employees, contractors and visitors are operating in a safe environment.
This Committee, which function was discharged by the full board, met twice during the 12 months to 31 March 2026.
The Committee is satisfied that the Company, and the Chief Executive Officer, has implemented and continued to
enforce a culture of Health and Safety compliance with all regulations in the countries in which the Company
operates.
GOVERNANCE
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71
Technology Committee
The Technology Committee is chaired by Dr. Dexter Cherung and the Chief Executive Officer. Dr. Cheung is an
experienced research and development professional and holds a PhD in electrical engineering and is experienced in
opto electrical engineering. He is currently a Research & Development Manager with Fisher and Paycal Healthcare
Limited.
The role of the Committee is to oversee and monitor the technology of TruScreen’s unique AI enabled opto-
electronic medical device and associated HPV screening technologies in the market. The Commttee advises the
board of technological risk to the organisation, review the framework of research & development programs, and to
promote integrity and transparency in good research & development practices. he Technology & Production
Manager is invited to attend meetings as appropriate. The Technology Committee met twice during the 12 months to
31 March 2026.
Audit & Finance Committee
The Audit & Finance Committee during the year comprised Christopher Horn (Chair), Dexter Cheung and Christine
Pears. Following the retirement of Christopher Horn on 3 June 2026 the Committee comprised Christine Pears
(Chair) Dexter Cheung and Reece O’Connell. The committee comprised three non-executive directors, all are
independent. Christine Pears, is a qualified accountant. The chair of the committee is different to the Chairperson of
the Board and has no relationship to the external auditor.
The role of the Committee is to oversee and monitor the annual audit process, ensure appropriate financial and
operational information is provided to stakeholders, to monitor the management of business risk to the
organisation, review the framework of internal control and governance which the Executive and the Board have
established, and to promote integrity and transparency in financial reporting. The Chief Executive Officer and Chief
Financial Officer are invited to attend meetings as appropriate. The Audit & Finance Committee met twice during the
12 months to 31 March 2026.
The Audit & Finance Committee also communicates with the Company’s external auditors as and when deemed
necessary by the Committee.
PRINCIPLE 4 – REPORTING AND DISCLOSURE
The Board demands integrity in financial reporting, non-financial reporting, and in the timeliness and balance of
corporate disclosures.
The Company is committed to ensuring integrity and timeliness in its financial reporting, non-financial reporting, and
in providing information to the market and shareholders which reflects a considered view on the present and
prospects of the Company.
Financial Reporting
The Audit & Finance 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
material 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.
GOVERNANCE
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
72
Non-financial Reporting
The Board considers the appropriate level of non-financial reporting, considering the interests of stakeholders and
material exposure to environmental, social and governance (ESG) factors. The Board maintains an effective system
of internal control for reliable non-financial reporting through the same policies, procedures, and controls as
financial reporting.
The Company’s code of ethics, code of conduct, board and committee charters, and other governance documents
are available at www.truscreen.com/governance.
Timely and Balanced Disclosure
Continuous disclosure obligations of NZX and ASX 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 and ASX 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.
The remuneration details of non-executive directors and senior executives are set out in the Remuneration Report
that forms part of the Directors’ report.
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 2026 the current Directors’ fee pool limit is NZ$300,000. All benefits or
incentives paid to Directors are included as part of the disclosures in the Remuneration Report. Non-executive
directors’ remuneration is paid as fees. Retirement payments are not provided, other than superannuation.
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.
The performance of senior executives is measured against criteria agreed annually and bonuses and/or incentives
are linked to predetermined performance criteria and may, with shareholder approval, include the issue of shares
and/or options.
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.
GOVERNANCE
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
73
Business Risks
The Company maintains a risk management register to identify and address areas of significant business risk and to
manage steps being taken to manage them. The Chief Executive Officer and Senior executive team are required to
identify the significant risks affecting the business, their likelihood, their potential impact, and steps take to manage
each significant risk. The Board receives and reviews risk register, and risk management plan on an annual basis.
Risk is also a standing item on the agenda of board meetings, for reporting against identified material business risks.
Significant risks are reported to investors and stakeholders in the Annual Report (refer to page 18).
The Company also 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 endorsed by the
Directors.
The Board reviews the Company’s exposure to economic, environmental and social sustainability risks and, given
the nature of its activities, failure to address environmental and social sustainability risks would represent a material
economic risk.
Health and Safety
The Chief Executive Officer 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 Chief Executive Officer 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 Officers 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 Board reviews the Company’s risk management policies and processes. The Remuneration and Nomination
Committee reviews human resource management risks. The Board ensures the quality and independence of the
external audit process.
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 & Finance Committee.
External Auditor
TruScreen’s external auditor is Mr. Vinay Sheoran, a New Zealand registered audit partner who conducts audits
through Hall Chadwick (NSW) Limited, who was appointed on 6 May 2026.
The auditor 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.
The Audit & Finance Committee meets with and receives regular reports from the external auditors concerning any
matters that arise in connection with the performance of their role, including the adequacy of internal controls.
GOVERNANCE
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
74
PRINCIPLE 8 – SHAREHOLDER RELATIONS AND STAKEHOLDER INTERESTS
The Board fosters constructive relationships with shareholders and stakeholders that encourages 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 and ASX;
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 of annual or general meetings.
An updated view of the Company’s strategic direction is a key presentation at the annual general 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.
GOVERNANCE
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
SHAREHOLDER
INFORMATION
YEAR ENDING 31 MARCH 2026
POSITIONHOLDER NAMEHOLDING*% IC
1
New Zealand Depository Nominee108,523,80612.66%
2VEN Capital Pty Ltd49,203,4625.74%
3New Zealand Central Securities31,885,0213.72%
4HSBC Custody Nominees30,385,4273.54%
5Masfen Securities Limited29,050,3693.39%
6
Bhagwanji Bhula Rama27,791,6663.24%
7Ryan Peter Parkin25,109,0912.93%
8
David Russell Stewart & Adrienne Ruth Stewart16,000,0001.87%
9Netwealth Investments Limited12,935,0971.51%
10Mr Anthony Peng Ho & Mrs Chui Hoong Ho11,368,5801.33%
11Albert Nominees Limited11,000,0001.28%
12
Mr Kevin Ho & Mrs Vikki Ho10,238,3361.19%
13Consolidated Nominees Pty Ltd10,062,5001.17%
14
Ross Andrew Upton & Clare Upton10,000,0001.17%
15Custodial Services Limited9,683,6381.13%
16Morgan Stanley Australia8,941,4991.04%
17The Agathis Fund8,500,0000.99%
18Spark Plus Pte Ltd8,364,5430.98%
19Berne No 132 Nominees Pty Ltd8,350,0000.97%
20Melda Super Pty Ltd7,500,0000.87%
Total434,893,03550.73%
Total Issued Capital857,325,321100.00%
TRU857,325,321
HOLDERS1914
Holders1915
New Zealand1206
Australia698
Rest of World11
Issued Capital857,325,321
New Zealand521,457,471
Australia320,243,517
Rest of World15,624,333
76
TOP TWENTY SHAREHOLDERS AS AT 12 JUNE 2026
ISSUED CAPITAL AS AT 12 JUNE 2026INVESTORS DOMICILE AT 12 JUNE 2026
SHAREHOLDER INFORMATION
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2026
*NZX and ASX shareholdings are not merged for reporting purposes.
HOLDING RANGESHOLDERSTOTAL UNITS% ISSUED SHARE CAPITAL
above 0 up to and including 1,0004718,4190.00%
above 1,000 up to and including 5,000228826,2030.10%
above 5,000 up to and including 10,0002692,243,6990.26%
above 10,000 up to and including 50,00057114,353,7751.67%
above 50,000 up to and including 100,00022117,315,8052.02%
above 100,000578822,567,42095.95%
Totals1914857,325,321100.00%
77
INVESTOR RANGES AS AT 12 JUNE 2026
TOP TWENTY OPTION HOLDERS
The Company had 886 unmarketable parcels as at 12 June 2026.
At 12 June 2026 the Company had 6,000 unlisted options (2 option holders) with an exercise price of NZ$0.04 and
expiry date 15 July 2026; and 204,741,031 unlisted options with exercise price NZ$0.022 and expiry date 17 July
2027. The latter options were issued as free attaching options to the share placement and share purchased plan
announced on 29 May 2025 on the basis of one free option for each new share.
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025
POSITIONHOLDER NAMEHOLDING*
1New Zealand Depository Nominee20,488,136
2
UBS Nominees Pty Ltd15,000,000
3Spark Plus Pte Ltd13,031,518
4New Zealand Central Securities11,363,637
5
Bilgola Nominees Pty Limited10,000,000
6MS Xiaodan Wu9,000,000
7The Agathis Fund8,500,000
8Ryan Peter Parkin5,370,455
9Betalert Limited5,000,000
10
Mr Kevin Ho & Mrs Vikki Ho5,000,000
11Morgan Stanley Australia5,000,000
12FNZ Custodians Limited4,075,000
13Allan Michael Nobilo &2,500,000
14David Russell Stewart &2,500,000
15Leveraged Equities Finance2,500,000
16Paul Vincent Gallagher2,500,000
17
Shelley Anne Stoddart2,500,000
18Netwealth Investments Limited2,500,000
19Orca Capital Ag2,500,000
20Mr Anthony Peng Ho & Mrs Chui Hoong Ho2,475,247
Total131,803,993
Total Issued Capital204,741,031
CORPORATE INFORMATION
78
DIRECTORSAnthony HoNon-Executive, Independent Chairman
Dr Dexter CheungNon-Executive Independent Director
Christine PearsNon-Executive Independent Director
Reece O’ConnellNon-Executive Independent Director
MANAGEMENTMartin DillonChief Executive Officer
Dr Jerry TanGeneral Manager Commercial
Guy RobertsonChief Financial Officer
Usharani RajiTechnology and Production Manager
Dr Carolina VelasquezMedical Affairs and Training Manager
REGISTERED OFFICEC/- HLB Mann Judd Limited,
Level 6, Equitable House
57 Symonds Street, Grafton,
Auckland, New Zealand
NZX Code : TRU.NZ
ASX Code : TRU.AX
AUDITORVinay Sheoran
HALL CHADWICK
Level 40, 2 Park Street,
Sydney NSW 2000
Australia
SHARE REGISTRARMUFG CORPORATE MARKETS
Level 30, PWC Tower 15
Customs Street
West Auckland 1010
PO Box 91976
Auckland 1142
New Zealand
support@cm.mpms.mufg.com
LEGAL ADVISORNew Zealand:
Russell McVeagh
PO Box 8
Auckland 1140
Australia:
Addisons
Level 10 2 Park Street
Sydney NSW 2000
TRUSCREEN GROUP LIMITED | ANNUAL REPORT 2025
a world without cervical cancer
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.