- Truscreen, an NZ-based medical device firm, faced slow growth but stayed resilient amid COVID-19.
- The Group plans to rapidly expand in China, continuously innovate and grow in key markets in FY22 and ahead.
TruScreen Group Limited (NZX:TRU) is involved in developing, manufacturing and selling cancer detection devices and systems. The Group released its annual shareholder meeting presentation on Tuesday.
TRU’s sales and revenue were down by 12% and 23% to $1.13 million and $1.97 million, respectively, in FY21 compared to the previous year due to COVID-19 impacts. However, the business has gained strength in its capital base, distribution reach and robustness of its technology.
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In May 2020, TruScreen executed a share buy plan and placement, generating $5.24 million. On 6 January 2021, the Company raised an additional $2 million through its dual listing on the ASX, with 375 new Australian owners joining the share register.
The Group began its first clinical evaluation in January this year in the Middle East. It also finalised the initial phase of creating local manufacturing of TruScreen devices in China to be eligible as a Chinese domestic product. As of 31 March 2021, TRU reached 156 commercial installations that included 81 installed devices in China.
TruScreen plans to constantly innovate and improve its products in FY22 and beyond. It also plans to rapidly expand in its strongest market, China, while also capitalising on its strong distribution network.