NEW Zealand-based medical device manufacturer, TruScreen Group Limited (TruScreen), has reported a 64% increase in revenue from its operations in Zimbabwe, amounting to NZ$404 790 (US$244 075) for the fiscal year ending March 31, 2024.
This marks a substantial rise from the NZ$247 077 (US$149 026) recorded in the previous year.
TruScreen, listed on both the Australian Stock Exchange and New Zealand's exchange, has developed an AI-enabled device capable of detecting precancerous and cancerous cervical changes in real-time through optical and electrical measurements of cervical tissue.
These devices are currently sold in multiple countries, including China, Zimbabwe, Russia, Vietnam, Mexico, Saudi Arabia, Eastern Europe, and the Middle East and North Africa region.
“The directors have undertaken a detailed cash-flow forecast for the 12 months following the date of approval of this report,” TrueScreen said, in its recent annual report for the period ended March 31.
“This forecast is based on growth in the China market and significant growth in a range of other markets, including Vietnam, Zimbabwe, Kenya, Mexico, Saudi Arabia, Russia and in Eastern Europe.
“The group obtains expectations of future orders from each country distributor and then exercises judgment to significantly reduce these to what it believes is conservatively achievable in that market, based on a number of factors including historical performance, size of target market and ability to access public funding.”
China and Zimbabwe are currently TruScreen’s top two markets. During the period under review, TruScreen generated a total revenue of NZ$2,1 million (US$1,27 million), with China contributing NZ$1,64 million (US$992 807).
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TruScreen said the demand for its devices in Zimbabwe was driven by the ongoing threat of cervical cancer.
“With limited pathology services and no nationwide recall system for follow-up appointments, traditional screening methods such as cytology are not suitable for their population,” the company said.
“TruScreen, which enables a ‘see and treat’ screening service, is ideally suited to fill the gap in Zimbabwe’s women healthcare system.
“In 2022, TruScreen commenced a government-led initiative in Masvingo province to screen 10 500 women in 16 locations.
“This programme, managed by the Zimbabwe National Aids Council and the Ministry of Health and Childcare has now screened over 14 000 women, and in November 2023 the programme was again expanded, and a further 10 800 disposable TruScreen Single Use Sensors were shipped to Zimbabwe,” it added.
