Investors
Announcements
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 Due to time constraints the Company has withdrawn its Breakthrough Technology Device application, while further tests are undertaken.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 | 393 | 1,155,063 | - | - | - | - | 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 |