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Announcements

2022

Interim Results - for the six months ended 30 September 2021

29 December 2021

CHIEF EXECUTIVE'S REPORT

 
Download
These results are available to
view and download in PDF format

 

I am pleased to report that despite the challenges presented by Covid-19 globally, Truspine has managed to overcome many of the obstacles presented, and we are currently in our final round of Verification and Validation Testing.

This has been a challenging year to ensure we meet our commercialisation targets and product roll out in 2022, which I believe will finally position TruSpine as a true leader in Spinal Stabilisation.

During the year, product development has progressed significantly, both with the Cervi-LOK implant and the instrumentation sets. Aside from the general strengthening and expansion of the Company’s IP, we have also strengthened our management team with the appointment of Anthony Swoboda, VP for Sales and Marketing in the USA and Janice Stone our Regulatory affairs director.

Further to the announcement made on 2 November 2021 in relation to the Breakthrough Technology Device application to the FDA for the Company's Cervi-LOK™ product, the Company advises that the FDA has requested further testing prior to concluding on the device’s status.  Due to time constraints the Company has withdrawn its Breakthrough Technology Device application, while further tests are undertaken.  The Company intends to resubmit its Breakthrough Technology Device application when the further tests are completed.  The Company is convinced of the merits of the device and remain confident that Breakthrough Device Technology status will be granted.  A further announcement will be made in due course.

The Company continues to be in a pre-revenue development phase and remains loss-making.  The loss before taxation for the six months to 30 September 2021 was £483k (2020: £448k) after administrative expenses of £481k (2020: £443k).  Development spend for the six months to 30 September 2021 was £463k (2020: £277k).

Consolidated net assets as at 30 September 2021 amounted to £3.0 million (2020: £2.4 million) including cash and cash equivalents of £324,000 (2020: £567,000).

In September 2021 the Company raised £650,000 through a Fundraise of 6,500,000 new Ordinary shares at a price of 10p per share. £230,000 of the proceeds of the Fundraise were received immediately after the period end on 4 October 2021 and were therefore included in other receivables as at 30 September 2021.

On behalf of the Board, I would also like to thank all shareholders for their support, and TruSpine’s staff and commercial partners for their hard work during the year.

We are a lean and progressive company with a suite of products and IP that have the potential to provide a potential quantum shift in patient treatment within the Spinal Fixation market, the Board believe the Company is well positioned in terms of funding and corporate profile. The board therefore looks to the future with confidence.

 

Ian Roberts
Chief Executive

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 ("MAR").

 

GROUP UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
GROUP STATEMENT OF COMPREHENSIVE INCOME

  6 month
period ended
30 September 2021
(Unaudited)
6 month
period ended
30 September 2020
(Audited)
Year
ended
29 March 2021
(Audited)
     
 Note    
  £ £ £
     
Administrative expenses  (480,834) (443,458) (645,287)
     
Operating loss  (480,834) (443,458) (645,287)
Finance expense     (1,771)    (4,516)    (5,894)
     
Loss before tax  (482,605) (447,974) (651,181)
     
     
Tax credit 3            -            24,826 107,178
     
(Loss)/Profit  (482,605) (423,148) (544,003)
     
Loss attributable to:     
     
Owners of the parent  (482,605) (423,148)    (544,003)
     
Other comprehensive income:     
Items that will or may be reclassified to profit or loss:     
Exchange translation differences on foreign operations     462    (1,235)    (6,870)
Total comprehensive loss  (482,143) (424,383)    (6,870)
     
     
Total comprehensive loss attributable to equity shareholders  (482,143) (424,383)    (550,873)
     
     
Earnings per share basic and diluted (pence) 4 (0.51)p (0.50)p (0.63)p

 

All results in the current and preceding financial period derive from continuing operations.

 

 

GROUP STATEMENT OF FINANCIAL POSITION

  30 September 2021
(Unaudited)
30 September 2020
(Unaudited)
29 March 2021
(Audited)
 Note £ £ £
     
Non-current assets     
Tangible fixed assets            33,683           21,154 34,298
Intangible assets  2,504,010 1,891,801 2,040,777
  2,537,693 1,912,955 2,075,075
     
Current assets     
Trade and other receivables  356,189 444,080 186,690
Digital assets  225,229 - 220,602
Cash and cash equivalents  324,044 566,648       543,520
     905,462    1,010,728    950,812
     
Total assets     3,443,155    2,923,683    3,025,887
     
     
Current liabilities     
Trade and other payables  386,184 448,915 229,977
Borrowings     47,500    50,000 50,000
  433,684 498,915 279,977
     
Total liabilities  433,684 498,915 279,977
     
Net Assets     3,009,471    2,424,768 2,745,910
     
Equity attributable to owners of the parent     
Share capital 5 10,139 8,778 9,398
Share premium  3,779,855 2,632,098 3,062,103
Share based payment reserve  44,218 - 17,007
Other reserves 5 (205,000) (205,000) (205,000)
Translation reserve  (25,017) (19,844) (25,479)
Retained earnings  (594,724) 8,736 (112,119)
     
Total equity attributable to owners of the parent     3,009,471 2,424,768 2,745,910
     
Total Equity  3,009,471 2,424,768    2,745,910

 

 

GROUP STATEMENT OF CHANGES IN EQUITY

 Share capital Share premium Share based payment reserve Other reserves Translation reserve Retained earnings Total
 £ £ £ £ £ £ £
        
Balance as at 29 March 2020 8,385 3,727,035 - (205,000) (18,609) (1,818,116) 1,693,695
Profit for the six months - - - - - (423,148) (423,148)
Other comprehensive loss - - - - (1,235) - (1,235)
Total comprehensive loss for the period - - - - (1,235) (423,148) (424,383)
Issue of shares, net of issue costs 3931,155,063----1,155,456
Reduction in share capital (2,250,000) 2,250,000 -
Transactions with owners, recognised directly in equity 393 (1,094,937) - - - 2,250,000 1,155,456
Balance as at 30 September 2020 8,778 2,632,098 - (205,000) (19,844) 8,736 2,424,768
 
 
Balance as at 29 March 2021 9,398 3,062,103 17,007 (205,000) (25,479) (112,119) 2.745,910
Loss for the six months - - - - - (482,605) (482,605)
Other comprehensive loss - - - - 462 - 462
Total comprehensive loss for the period - - - - 462 (482,605) (482,143)
Issue of shares, net of issue costs 741 744,963 - - - - 745,704
Share based payment charge - (27,211) 27,211 - - - -
Transactions with owners, recognised directly in equity 741 717,752 27,211 ---745,704
Balance as at 30 September 2021 10,139 3,779,855 44,218 (205,000) (25,017) (594,724) 3,009,471

 

 

CONSOLIDATED STATEMENT OF CASH FLOWS

  6 month
period ended
30 September 2021
(Unaudited)
6 month
period ended
30 September 2020
(Unaudited)
Year
ended
29 March 2021
(Audited)
     
  £ £ £
     
Cash flow from operating activities     
     
Loss before tax  (482,605) (447,974) (651,181)
Depreciation and amortisation  615 - 1,230
Increase in Fair Value of digital asset  (4,627) - (5,022)
(Increase) in other receivables  (169,499) (283,191) (25,801)
Increase in other payables  156,207 231,990 63,052
Cash used in operations  (499,909) (499,175) (617,722)
Income tax credit             -            24,826 107,178
Net cash flows from operating activities  (499,909) (474,349)     (510,544)
     
     
Investing activities     
     
Purchase of tangible assets  - (21,154) (35,528)
Purchase of intangible assets  (463,233) (277,105) (426,081)
Net cash used in investing activities             (463,233)            (298,259)           (461,609) 
     
     
Financing activities     
Proceeds from Issue of shares, net of issue costs  745,704 1,155,456 1,387,508
(Decrease)/Increase in borrowings  (2,500) 50,000 -
Net cash flow from financing  743,204 1,205,456 1,387,508
     
(Decrease)/Increase in cash and cash equivalents in the period   (219,938)  432,848 415,355
     
Cash and cash equivalents at the beginning of the year  543,520 135,035        135,035
Exchange rate differences on cash and cash equivalents  462 (1,235) (6,870)
     
Cash and cash equivalents at the end of the period         324,044        566,648 543,520

 

2021

Interim Results - for the six months ended 30 September 2021

29 December 2021

CHIEF EXECUTIVE'S REPORT

 
Download
These results are available to
view and download in PDF format

 

I am pleased to report that despite the challenges presented by Covid-19 globally, Truspine has managed to overcome many of the obstacles presented, and we are currently in our final round of Verification and Validation Testing.

This has been a challenging year to ensure we meet our commercialisation targets and product roll out in 2022, which I believe will finally position TruSpine as a true leader in Spinal Stabilisation.

During the year, product development has progressed significantly, both with the Cervi-LOK implant and the instrumentation sets. Aside from the general strengthening and expansion of the Company’s IP, we have also strengthened our management team with the appointment of Anthony Swoboda, VP for Sales and Marketing in the USA and Janice Stone our Regulatory affairs director.

Further to the announcement made on 2 November 2021 in relation to the Breakthrough Technology Device application to the FDA for the Company's Cervi-LOK™ product, the Company advises that the FDA has requested further testing prior to concluding on the device’s status.  Due to time constraints the Company has withdrawn its Breakthrough Technology Device application, while further tests are undertaken.  The Company intends to resubmit its Breakthrough Technology Device application when the further tests are completed.  The Company is convinced of the merits of the device and remain confident that Breakthrough Device Technology status will be granted.  A further announcement will be made in due course.

The Company continues to be in a pre-revenue development phase and remains loss-making.  The loss before taxation for the six months to 30 September 2021 was £483k (2020: £448k) after administrative expenses of £481k (2020: £443k).  Development spend for the six months to 30 September 2021 was £463k (2020: £277k).

Consolidated net assets as at 30 September 2021 amounted to £3.0 million (2020: £2.4 million) including cash and cash equivalents of £324,000 (2020: £567,000).

In September 2021 the Company raised £650,000 through a Fundraise of 6,500,000 new Ordinary shares at a price of 10p per share. £230,000 of the proceeds of the Fundraise were received immediately after the period end on 4 October 2021 and were therefore included in other receivables as at 30 September 2021.

On behalf of the Board, I would also like to thank all shareholders for their support, and TruSpine’s staff and commercial partners for their hard work during the year.

We are a lean and progressive company with a suite of products and IP that have the potential to provide a potential quantum shift in patient treatment within the Spinal Fixation market, the Board believe the Company is well positioned in terms of funding and corporate profile. The board therefore looks to the future with confidence.

 

Ian Roberts
Chief Executive

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 ("MAR").

 

GROUP UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
GROUP STATEMENT OF COMPREHENSIVE INCOME

  6 month
period ended
30 September 2021
(Unaudited)
6 month
period ended
30 September 2020
(Audited)
Year
ended
29 March 2021
(Audited)
     
 Note    
  £ £ £
     
Administrative expenses  (480,834) (443,458) (645,287)
     
Operating loss  (480,834) (443,458) (645,287)
Finance expense     (1,771)    (4,516)    (5,894)
     
Loss before tax  (482,605) (447,974) (651,181)
     
     
Tax credit 3            -            24,826 107,178
     
(Loss)/Profit  (482,605) (423,148) (544,003)
     
Loss attributable to:     
     
Owners of the parent  (482,605) (423,148)    (544,003)
     
Other comprehensive income:     
Items that will or may be reclassified to profit or loss:     
Exchange translation differences on foreign operations     462    (1,235)    (6,870)
Total comprehensive loss  (482,143) (424,383)    (6,870)
     
     
Total comprehensive loss attributable to equity shareholders  (482,143) (424,383)    (550,873)
     
     
Earnings per share basic and diluted (pence) 4 (0.51)p (0.50)p (0.63)p

 

All results in the current and preceding financial period derive from continuing operations.

 

 

GROUP STATEMENT OF FINANCIAL POSITION

  30 September 2021
(Unaudited)
30 September 2020
(Unaudited)
29 March 2021
(Audited)
 Note £ £ £
     
Non-current assets     
Tangible fixed assets            33,683           21,154 34,298
Intangible assets  2,504,010 1,891,801 2,040,777
  2,537,693 1,912,955 2,075,075
     
Current assets     
Trade and other receivables  356,189 444,080 186,690
Digital assets  225,229 - 220,602
Cash and cash equivalents  324,044 566,648       543,520
     905,462    1,010,728    950,812
     
Total assets     3,443,155    2,923,683    3,025,887
     
     
Current liabilities     
Trade and other payables  386,184 448,915 229,977
Borrowings     47,500    50,000 50,000
  433,684 498,915 279,977
     
Total liabilities  433,684 498,915 279,977
     
Net Assets     3,009,471    2,424,768 2,745,910
     
Equity attributable to owners of the parent     
Share capital 5 10,139 8,778 9,398
Share premium  3,779,855 2,632,098 3,062,103
Share based payment reserve  44,218 - 17,007
Other reserves 5 (205,000) (205,000) (205,000)
Translation reserve  (25,017) (19,844) (25,479)
Retained earnings  (594,724) 8,736 (112,119)
     
Total equity attributable to owners of the parent     3,009,471 2,424,768 2,745,910
     
Total Equity  3,009,471 2,424,768    2,745,910

 

 

GROUP STATEMENT OF CHANGES IN EQUITY

 Share capital Share premium Share based payment reserve Other reserves Translation reserve Retained earnings Total
 £ £ £ £ £ £ £
        
Balance as at 29 March 2020 8,385 3,727,035 - (205,000) (18,609) (1,818,116) 1,693,695
Profit for the six months - - - - - (423,148) (423,148)
Other comprehensive loss - - - - (1,235) - (1,235)
Total comprehensive loss for the period - - - - (1,235) (423,148) (424,383)
Issue of shares, net of issue costs 3931,155,063----1,155,456
Reduction in share capital (2,250,000) 2,250,000 -
Transactions with owners, recognised directly in equity 393 (1,094,937) - - - 2,250,000 1,155,456
Balance as at 30 September 2020 8,778 2,632,098 - (205,000) (19,844) 8,736 2,424,768
 
 
Balance as at 29 March 2021 9,398 3,062,103 17,007 (205,000) (25,479) (112,119) 2.745,910
Loss for the six months - - - - - (482,605) (482,605)
Other comprehensive loss - - - - 462 - 462
Total comprehensive loss for the period - - - - 462 (482,605) (482,143)
Issue of shares, net of issue costs 741 744,963 - - - - 745,704
Share based payment charge - (27,211) 27,211 - - - -
Transactions with owners, recognised directly in equity 741 717,752 27,211 ---745,704
Balance as at 30 September 2021 10,139 3,779,855 44,218 (205,000) (25,017) (594,724) 3,009,471

 

 

CONSOLIDATED STATEMENT OF CASH FLOWS

  6 month
period ended
30 September 2021
(Unaudited)
6 month
period ended
30 September 2020
(Unaudited)
Year
ended
29 March 2021
(Audited)
     
  £ £ £
     
Cash flow from operating activities     
     
Loss before tax  (482,605) (447,974) (651,181)
Depreciation and amortisation  615 - 1,230
Increase in Fair Value of digital asset  (4,627) - (5,022)
(Increase) in other receivables  (169,499) (283,191) (25,801)
Increase in other payables  156,207 231,990 63,052
Cash used in operations  (499,909) (499,175) (617,722)
Income tax credit             -            24,826 107,178
Net cash flows from operating activities  (499,909) (474,349)     (510,544)
     
     
Investing activities     
     
Purchase of tangible assets  - (21,154) (35,528)
Purchase of intangible assets  (463,233) (277,105) (426,081)
Net cash used in investing activities             (463,233)            (298,259)           (461,609) 
     
     
Financing activities     
Proceeds from Issue of shares, net of issue costs  745,704 1,155,456 1,387,508
(Decrease)/Increase in borrowings  (2,500) 50,000 -
Net cash flow from financing  743,204 1,205,456 1,387,508
     
(Decrease)/Increase in cash and cash equivalents in the period   (219,938)  432,848 415,355
     
Cash and cash equivalents at the beginning of the year  543,520 135,035        135,035
Exchange rate differences on cash and cash equivalents  462 (1,235) (6,870)
     
Cash and cash equivalents at the end of the period         324,044        566,648 543,520

 

2020

Interim Results - for the six months ended 30 September 2021

29 December 2021

CHIEF EXECUTIVE'S REPORT

 
Download
These results are available to
view and download in PDF format

 

I am pleased to report that despite the challenges presented by Covid-19 globally, Truspine has managed to overcome many of the obstacles presented, and we are currently in our final round of Verification and Validation Testing.

This has been a challenging year to ensure we meet our commercialisation targets and product roll out in 2022, which I believe will finally position TruSpine as a true leader in Spinal Stabilisation.

During the year, product development has progressed significantly, both with the Cervi-LOK implant and the instrumentation sets. Aside from the general strengthening and expansion of the Company’s IP, we have also strengthened our management team with the appointment of Anthony Swoboda, VP for Sales and Marketing in the USA and Janice Stone our Regulatory affairs director.

Further to the announcement made on 2 November 2021 in relation to the Breakthrough Technology Device application to the FDA for the Company's Cervi-LOK™ product, the Company advises that the FDA has requested further testing prior to concluding on the device’s status.  Due to time constraints the Company has withdrawn its Breakthrough Technology Device application, while further tests are undertaken.  The Company intends to resubmit its Breakthrough Technology Device application when the further tests are completed.  The Company is convinced of the merits of the device and remain confident that Breakthrough Device Technology status will be granted.  A further announcement will be made in due course.

The Company continues to be in a pre-revenue development phase and remains loss-making.  The loss before taxation for the six months to 30 September 2021 was £483k (2020: £448k) after administrative expenses of £481k (2020: £443k).  Development spend for the six months to 30 September 2021 was £463k (2020: £277k).

Consolidated net assets as at 30 September 2021 amounted to £3.0 million (2020: £2.4 million) including cash and cash equivalents of £324,000 (2020: £567,000).

In September 2021 the Company raised £650,000 through a Fundraise of 6,500,000 new Ordinary shares at a price of 10p per share. £230,000 of the proceeds of the Fundraise were received immediately after the period end on 4 October 2021 and were therefore included in other receivables as at 30 September 2021.

On behalf of the Board, I would also like to thank all shareholders for their support, and TruSpine’s staff and commercial partners for their hard work during the year.

We are a lean and progressive company with a suite of products and IP that have the potential to provide a potential quantum shift in patient treatment within the Spinal Fixation market, the Board believe the Company is well positioned in terms of funding and corporate profile. The board therefore looks to the future with confidence.

 

Ian Roberts
Chief Executive

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 ("MAR").

 

GROUP UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
GROUP STATEMENT OF COMPREHENSIVE INCOME

  6 month
period ended
30 September 2021
(Unaudited)
6 month
period ended
30 September 2020
(Audited)
Year
ended
29 March 2021
(Audited)
     
 Note    
  £ £ £
     
Administrative expenses  (480,834) (443,458) (645,287)
     
Operating loss  (480,834) (443,458) (645,287)
Finance expense     (1,771)    (4,516)    (5,894)
     
Loss before tax  (482,605) (447,974) (651,181)
     
     
Tax credit 3            -            24,826 107,178
     
(Loss)/Profit  (482,605) (423,148) (544,003)
     
Loss attributable to:     
     
Owners of the parent  (482,605) (423,148)    (544,003)
     
Other comprehensive income:     
Items that will or may be reclassified to profit or loss:     
Exchange translation differences on foreign operations     462    (1,235)    (6,870)
Total comprehensive loss  (482,143) (424,383)    (6,870)
     
     
Total comprehensive loss attributable to equity shareholders  (482,143) (424,383)    (550,873)
     
     
Earnings per share basic and diluted (pence) 4 (0.51)p (0.50)p (0.63)p

 

All results in the current and preceding financial period derive from continuing operations.

 

 

GROUP STATEMENT OF FINANCIAL POSITION

  30 September 2021
(Unaudited)
30 September 2020
(Unaudited)
29 March 2021
(Audited)
 Note £ £ £
     
Non-current assets     
Tangible fixed assets            33,683           21,154 34,298
Intangible assets  2,504,010 1,891,801 2,040,777
  2,537,693 1,912,955 2,075,075
     
Current assets     
Trade and other receivables  356,189 444,080 186,690
Digital assets  225,229 - 220,602
Cash and cash equivalents  324,044 566,648       543,520
     905,462    1,010,728    950,812
     
Total assets     3,443,155    2,923,683    3,025,887
     
     
Current liabilities     
Trade and other payables  386,184 448,915 229,977
Borrowings     47,500    50,000 50,000
  433,684 498,915 279,977
     
Total liabilities  433,684 498,915 279,977
     
Net Assets     3,009,471    2,424,768 2,745,910
     
Equity attributable to owners of the parent     
Share capital 5 10,139 8,778 9,398
Share premium  3,779,855 2,632,098 3,062,103
Share based payment reserve  44,218 - 17,007
Other reserves 5 (205,000) (205,000) (205,000)
Translation reserve  (25,017) (19,844) (25,479)
Retained earnings  (594,724) 8,736 (112,119)
     
Total equity attributable to owners of the parent     3,009,471 2,424,768 2,745,910
     
Total Equity  3,009,471 2,424,768    2,745,910

 

 

GROUP STATEMENT OF CHANGES IN EQUITY

 Share capital Share premium Share based payment reserve Other reserves Translation reserve Retained earnings Total
 £ £ £ £ £ £ £
        
Balance as at 29 March 2020 8,385 3,727,035 - (205,000) (18,609) (1,818,116) 1,693,695
Profit for the six months - - - - - (423,148) (423,148)
Other comprehensive loss - - - - (1,235) - (1,235)
Total comprehensive loss for the period - - - - (1,235) (423,148) (424,383)
Issue of shares, net of issue costs 3931,155,063----1,155,456
Reduction in share capital (2,250,000) 2,250,000 -
Transactions with owners, recognised directly in equity 393 (1,094,937) - - - 2,250,000 1,155,456
Balance as at 30 September 2020 8,778 2,632,098 - (205,000) (19,844) 8,736 2,424,768
 
 
Balance as at 29 March 2021 9,398 3,062,103 17,007 (205,000) (25,479) (112,119) 2.745,910
Loss for the six months - - - - - (482,605) (482,605)
Other comprehensive loss - - - - 462 - 462
Total comprehensive loss for the period - - - - 462 (482,605) (482,143)
Issue of shares, net of issue costs 741 744,963 - - - - 745,704
Share based payment charge - (27,211) 27,211 - - - -
Transactions with owners, recognised directly in equity 741 717,752 27,211 ---745,704
Balance as at 30 September 2021 10,139 3,779,855 44,218 (205,000) (25,017) (594,724) 3,009,471

 

 

CONSOLIDATED STATEMENT OF CASH FLOWS

  6 month
period ended
30 September 2021
(Unaudited)
6 month
period ended
30 September 2020
(Unaudited)
Year
ended
29 March 2021
(Audited)
     
  £ £ £
     
Cash flow from operating activities     
     
Loss before tax  (482,605) (447,974) (651,181)
Depreciation and amortisation  615 - 1,230
Increase in Fair Value of digital asset  (4,627) - (5,022)
(Increase) in other receivables  (169,499) (283,191) (25,801)
Increase in other payables  156,207 231,990 63,052
Cash used in operations  (499,909) (499,175) (617,722)
Income tax credit             -            24,826 107,178
Net cash flows from operating activities  (499,909) (474,349)     (510,544)
     
     
Investing activities     
     
Purchase of tangible assets  - (21,154) (35,528)
Purchase of intangible assets  (463,233) (277,105) (426,081)
Net cash used in investing activities             (463,233)            (298,259)           (461,609) 
     
     
Financing activities     
Proceeds from Issue of shares, net of issue costs  745,704 1,155,456 1,387,508
(Decrease)/Increase in borrowings  (2,500) 50,000 -
Net cash flow from financing  743,204 1,205,456 1,387,508
     
(Decrease)/Increase in cash and cash equivalents in the period   (219,938)  432,848 415,355
     
Cash and cash equivalents at the beginning of the year  543,520 135,035        135,035
Exchange rate differences on cash and cash equivalents  462 (1,235) (6,870)
     
Cash and cash equivalents at the end of the period         324,044        566,648 543,520