NZAX-listed TruScreen says 1st-qtr sales topped all of 2018's $800,000; shares jump

Tuesday 3rd July 2018

TruScreen, the NZAX-listed maker of a cervical cancer test, said sales in the three months ending June 30 have already exceeded the $800,000 it took in for the previous full year. Its shares jumped

The Auckland-based company said it expects to have more than 600 of its devices deployed in China in the current 2019 year and by its estimation, it can get "a sustainable annuity income stream of approximately $1.4 million" for every 100 devices in hospitals.

China has been driving sales growth, with a significant uplift since its 'TruScreen2' device gained CDFA (China Food and Drug Administration) approval, chairman Robert Hunter said in a statement. In a first-quarter update, the company said it was underway with a major programme in Xinjiang Province to install its devices in 190 hospitals. In addition, TruScreen's device would be the primary screening tool for a private clinic group with "up to 50 planned women’s health clinics in China" that will include high-tech cancer screening, diagnosis and treatment, it said.

Xinjian province is new territory for the company, which said when fully deployed "each device is expected to utilise up to 150 Single Use Sensors each month,

with a projected annuity income of up to $2.6 million per year for the company. "

Last month TruScreen said it expects to achieve a profit in the current year, turning from a loss of $4.5 million in the 12 months ended March 31, which had been caused in part by delays in getting CFDA approval.

TruScreen shares jumped 26 percent to 17.6 cents in the busiest day since early February with 244,813 shares traded. The stock is down 7 percent this year.

(BusinessDesk)

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