TruScreen: So this is different; a med-tech product with actual sales!
TruScreen CEO Beata Edling on 3AW, 2GB, 4BC & 6PR Bulls N' Bears Report
Listen to ASX-listed TruScreen CEO Beata Edling talk to Matt Birney on the Bulls N' Bears Report about Truscreen’s truly disruptive cervical cancer screening device and the burgeoning demand coming from one of the most populous countries on the planet.
TO LISTEN TO THE TRUSCREEN AUDIO INTERVIEW - CLICK BELOW
TruScreen is a dual-listed company fighting cervical cancer with its handheld, real-time screening device the company believes resolves many of the issues associated with traditional cervical cancer screening methods. Unlike many other medical devices, TruScreen’s device has actually made it through the rigours of the test bench and approvals process and is now bringing in revenue for the company from multiple different countries around the world.
RADIO INTERVIEW - TRANSCRIPT
Matt Birney - Welcome to Bulls N' Bears brought to you today by cervical cancer screening device developer TruScreen.
Matt Birney - ASX code: TRU
Matt Birney - I'm Matt Birney and I'm joined now by the CEO of TruScreen, Dr Beata Edling.
Matt Birney - Hi Beata.
Beata Edling - Hello Matt
Matt Birney - Okay so TruScreen is a dual-listed company, also listed in New Zealand, and it's been developing a cervical cancer handheld screening device, that the company believes resolves many of the issues associated with traditional cervical cancer screening methods.
Matt Birney - Unlike many other medical devices however TruScreen's device has actually made it through the rigours of the test bench and the approvals process and is now bringing in revenue for the company from multiple different countries.
Matt Birney - Okay Beata, tell me about this medical device. What does it look like? What does it do and how does it differ from what's out there now in terms of cervical cancer screening?
Beata Edling - Thanks, Matt. So TruScreen's device is a handheld device that rests on a cradle and enables a person who examines the cervix to do the examination and immediately have the results. The device is backed up with AI algorithm and it is very innovative and disruptive technology which is very different to our current ways of doing a cervical cancer screening which is a multi-step pathology-based expensive technology and infrastructure-based screening and not many countries around the world can afford that.
Matt Birney - What's your business model? How do you make money from these things?
Beata Edling - Our business model is through distributors and we're sold in many countries around the world as you mentioned. The device is manufactured here in Sydney, Australia where we work and our single disposable sheet is manufactured out in China.
Beata Edling - We sell from basically two distributors around the world. Our biggest market is China, that last year alone had enabled us to receive about 73 per cent of our revenue.
Matt Birney - Well let's talk revenue. What was your revenue last year and also how many devices are out there now?
Beata Edling - Last year, revenue was 1.7 million dollars and we've got over 200 devices now, 217 to be precise, installed around the world so yes already there.
Matt Birney - And why does China account for so much of the revenue? Is it just basically a population thing?
Beata Edling - Not necessarily so we've made some strategic bets in the past and in 2021 we've received 'Made in China' mark which allows us to be perceived in China as a 'Made in China' device basically creating a barrier of entry for other technologies but in addition just last couple of months we've heard amazing milestones of reach which we're very pleased with.
Beata Edling - We're featured in a Chinese Oncology Gynaecology Association Blue Book which is like an industry publication and also by a Chinese Society of colposcopy and cervical pathology technology received an entry in the National guidelines so these are amazing milestones.
Matt Birney - Dr Beata Edling from TruScreen.
Matt Birney -
Thanks for joining me on Bulls N' Bears and remember we're only here to give you information not advice but you should of course seek independently.
Matt Birney - I'm Matt Birney and this is Bulls N' Bears.
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