TruScreen trims annual sales forecast on delayed product launch
By Paul McBeth
Oct. 2 (BusinessDesk) - TruScreen, the NZAX-listed cervical cancer test developer, says annual sales won't be as big as previously forecast due to a delay in the commercial launch of an upgraded screening device.
The hold-up in rolling out its TruScreen Ultra product by several months reduced sales, which were about $300,000 in the six months ended Sept. 30, and that will flow into annual revenue, which will be below the $10.6 million forecast in the company's listing disclosure document, it said in a statement.
"Revenues deriving from these screening programmes, together with new contracts which the company hopes to consummate in China and other jurisdictions in the future, are expected to have a positive impact in the latter part of the current financial year and into the 2017 financial year," chief executive Martin Dillon said. "We are working hard to certify our second-generation product for commercial release towards the end of 2015 and have a number of customers awaiting its launch."
In May, TruScreen reported an annual loss of $692,000 on revenue of $1.57 million. The company has had several breakthroughs in the Chinese market, securing certification from the Chinese Food and Drug Administration and Thailand's Food and Drug Administration and signing two deals that are expected to generate almost $2 million in revenue over the next 14 months.
The shares last traded at 26.5 cents, and have climbed 79 percent this year.