TruScreen Group (NZX:TRU) is in news today; Kalkine Media tells why

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TruScreen Group (NZX:TRU) is in news today; Kalkine Media tells why

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 TruScreen Group (NZX:TRU) is in news today; Kalkine Media tells why
Image source: © Daburke | Megapixl.com

Highlights:

  • TruScreen Group is conducting its Annual Meeting today.
  • Its product revenues were up 48% in FY22.
  • It is continuously making efforts to widen its reach in its key markets and expand its medical product range.

Operating in the healthcare segment, TruScreen Group Limited (NZX:TRU), is engaged in manufacturing and supplying the TruScreen Cervical Cancer Screening System, an AI-enabled device that provides accurate, real-time screening solutions.

Source: © Tinyakovs | Megapixl.com

Annual Meeting

Today, the company is holding its Annual Meeting, where the emphasis is given to its FY2022 achievements. TRU has successfully completed key clinical trials like COGA in China, Vietnam, and Saudi Arabia. Five clinical papers published across the globe further validate TRU’s technology.

Moreover, the Company has begun its first sales in Eastern European markets, thus expanding its market reach. Its key market, China, shows strong growth of 29% Y-o-Y.

FY2022 highlights

Despite a difficult COVID-19 year, TruScreen Group’s product revenues were up 48% in FY22. Sales of SUS were up 42%, with the Chinese market being a major contributor. Cash and cash equivalents stood at NZ$2.8 million towards the year-end.

During the year, the Company claims to have implemented a firmware upgrade, offering an enhanced cybersecurity framework and automated features that helped in reducing device downtime and are giving a boost to operational efficiencies.

The medical device company’s International Experts Group boasts representatives from the UK, the US, Hong Kong, and Nigeria, who are involved in promoting the benefits of its screening device in their respective markets.

Future Strategy

TruScreen Group is focused on the adoption of its screening devices in its more established markets, such as China, Mexico, and Zimbabwe, and aims to continue its expansion in Vietnam.

The company aims to improve its screening technology in response to market feedback and expanding clinical support by offering online education with certification. It will also continue to support local trials to ensure local KOL support.

Executive Team

During the year, Juliet Hull has been appointed as TRU’s interim CEO and is likely to become a full-time CEO in next financial year.

Further, Hubert Chan has been appointed as the Company’s Marketing & Communications Manager. He has an extensive experience of more than 15 years in the medical device field.

Bottom Line

As per a company website, TruScreen aims to open new sales channels and widening the distribution of its screening devices across the world to fight cervical cancer.

On 6 September, at the time of writing, TruScreen Group was trading flat at NZ$0.049.

 

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