TruScreen, the NZAX-listed cervical cancer test developer, posted a small loss in its first annual filing as a listed company and has lined up China to underpin growth having achieved regulatory approval and several supply deals in the world’s most populous nation.
The Auckland-based company reported a loss of $692,000, or 0.5 cents per share, in the 12 months ended March 31 on revenue of $1.57 million, it said in a statement. TruScreen posted a loss of $1.58 million on sales of $19,000 from incorporation on Aug. 26, 2013, to March 31, 2014.
“The number one focus for TruScreen is the expansion of our commercial activities in China, and the completion of our product improvement programme,” chairman Robert Hunter said. “China represents nearly two-thirds of our global sales.”
TruScreen yesterday signed a deal with Chinese oil company Sinopec to screen the firm’s 130,000 female staff at the Shengli oil fields, which is estimated to generate $1.1 million in revenue, and follows on from a joint initiative with the China Doctors Association and Beijing SiweiXiangtai Tech to run a screening programme covering 100,000 people in 100 hospitals over the next 12 to 14 months worth some $860,000.
The cancer test developer received certification from the Chinese Food and Drug Administration and Thailand’s Food and Drug Administration after the March 31 balance date, which chief executive Martin Dillon said took longer than expected.
“We have yet to be able to determine how that will affect sales in 2016,” Dillon said. “However we are confident that we will significantly outperform this year’s results.”
TruScreen spent $2.3 million in cash during the period, leaving it with cash and equivalents of $534,000. It raised $6.07 million before the November listing, and last month raised a further $3.27 million form institutional and eligible investors. The company wants another $1 million which it plans to raise through a share purchase plan.
The shares fell 3.7 percent to 26 cents, and have climbed 82 percent this year.