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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
TruSpine Technologies Plc | AQSE:TSP | Aquis Stock Exchange | Ordinary Share | GB00BMZCKL55 | Ordinary shares |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.60 | 0.40 | 1.90 | 1.70 | 1.15 | 1.60 | 0.00 | 16:29:52 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMTSP
RNS Number : 9841X
TruSpine Technologies PLC
28 December 2023
TRUSPINE TECHNOLOGIES PLC
("TruSpine", the "Company" or "Group")
Interim Results - for the six months ended 30 September 2023
CHIEF EXECUTIVE'S REPORT
During the period under review and the period to date the Company is pleased to have made progress on three fronts namely :-
- the FDA submission is progressing and has now reached the substantive phase which it is currently undergoing and the Company is hoping for more positive news in the New Year.
- Following the registration of its IP title, the Company anticipates signing a distribution agreement in 2024.
- Financing: the Company remains in pre-revenue stage and is in detailed discussions with various parties and hopes to agree a substantial fundraise during January 2024.
On 15 August 2023 the Company raised GBP50,000 through the issue of 2,000,000 new ordinary shares at a price of 2.5p per share.
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 2023 was GBP363k (2022: GBP545k) after administrative expenses of GBP348k (2022: GBP543k). Development spend for the six months to 30 September 2023 was GBP216k (2022: GBP216k). Consolidated net assets as at 30 September 2023 amounted to GBP2.46 million (2022: GBP2.89 million) including a bank overdraft of GBP8,640 (2022 cash and cash equivalents of GBP42,000).
As previously notified, the Company's working capital position remains weak given the lack of revenue generating operations, however the Company is prudently managing its limited working capital position. The Company is reviewing equity and debt financing options available to it and the Directors fully expect a successful resolution in securing adequate funding to meet the Company's working capital requirements in the near-term.
Further to the announcement of 27 November 2023, the Company continues to be in discussions to agree a new redistribution contract with Spartan Medical, Incorporated which the Company expects to sign in due course.
Proposed Director Appointments Update
Further to the announcement on 27 November 2023, the Company maintains its intention to appoint Victoria Sena and Samuel Ogunsalu, subject to standard regulatory due diligence and securing adequate funding to meet the Company's working capital requirements in the near-term.
This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.
Enquiries:
TruSpine Technologies Plc Tel: +44 (0)20 7118 0852 Laurence Strauss, Chief Executive Officer Cairn Financial Advisers LLP (AQSE Corporate Adviser) Tel: +44 (0)20 7213 0880 Liam Murray / Ludovico Lazzaretti Peterhouse Capital Limited (Broker & Financial Adviser) Tel: +44 (0)20 7469 0930 Lucy Williams / Duncan Vasey Novus Communications (PR and IR) Tel: +44 (0)20 7448 9839 Alan Green / Jacqueline Briscoe novuscomms@truspine.org
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identi ed by their use of terms and phrases such as "believe", "could", "should" "envisage", "estimate", "intend", "may", "plan", "potentially", "expect", "will" or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements re ect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.
GROUP UNAUDITED INTERIM RESULTS FOR THE SIX MONTHSED 30 SEPTEMBER 2023
GROUP STATEMENT OF COMPREHENSIVE INCOME
6 month 6 month Year period ended period ended ended 30 September 30 September 29 March 2023 2023 2022 (Unaudited) (Unaudited) (Audited) Note GBP GBP GBP Administrative expenses (348,300) (543,369) (845,818) Operating loss (348,300) (543,369) (845,818) Finance expense (14,533) (2,030) (7,643) Loss before tax (362,833) (545,399) (853,461) --------------- -------------- --------------- Tax credit 3 - - 199,007 --------------- -------------- --------------- (Loss)/Profit (362,833) (545,399) (654,454) --------------- -------------- --------------- Loss attributable to: Owners of the parent (362,833) (545,399) (654,454) --------------- -------------- --------------- Other comprehensive income: Items that will or may be reclassified to profit or loss: Exchange translation differences on foreign operations 1,304 14,253 3,237 --------------- -------------- --------------- Total comprehensive loss (361,529) (531,146) (651,217) --------------- -------------- --------------- Total comprehensive loss attributable to equity shareholders (362,529) (531,146) (651,217) =============== ============== =============== Earnings per share basic and diluted (pence) 4 (0.31)p (0.48)p (0.57)p --------------- -------------- ---------------
All results in the current and preceding financial period derive from continuing operations.
GROUP STATEMENT OF FINANCIAL POSITION
30 September 30 September 29 March 2023 2022 2023 (Unaudited) (Unaudited) (Audited) Note GBP GBP GBP Non-current assets Tangible fixed assets 2,496 3,444 3,324 Intangible assets 3,460,301 3,376,331 3,461,227 Right of use assets - 112,181 - 3,462,797 3,491,956 3,464,551 -------------- ------------- ------------ Current assets Trade and other receivables 25,228 167,217 215,239 Digital assets - - - Cash and cash equivalents (8,640) 41,821 24,276 -------------- ------------- ------------ 16,588 209,038 239,515 -------------- ------------- ------------ Total assets 3,479,385 3,700,994 3,704,066 -------------- ------------- ------------ Current liabilities Trade and other payables 749,537 649,429 657,768 Borrowings 68,635 42,891 73,556 Lease liabilities - 14,261 - -------------- ------------- ------------ 818,172 706,581 731,324 -------------- ------------- ------------ Non-current liabilities Lease liabilities - 101,600 - Borrowings 200,000 200,000 -------------- ------------- ------------ 200,000 101,600 200,000 -------------- ------------- ------------ Total liabilities 1,018,172 808,181 931,324 -------------- ------------- ------------ Net Assets 2,461,213 2,892,813 2,772,742 -------------- ------------- ------------ Equity attributable to owners of the parent Share capital 5 11,995 11,795 11,795 Share premium 4,571,264 4,548,676 4,535,069
Share based payment reserve 85,035 57,823 71,430 Other reserves 5 (205,000) (205,000) (205,000) Translation reserve (19,482) (9,770) (20,786) Retained earnings (1,982,599) (1,510,711) (1,619,766) -------------- ------------- ------------ Total equity attributable to owners of the parent 2,461,213 2,892,813 2,772,742 -------------- ------------- ------------ Total Equity 2,461,213 2,892,813 2,772,742 -------------- ------------- ------------
GROUP STATEMENT OF CHANGES IN EQUITY
Share Share premium Share based Other Translation Retained capital payment reserve reserves reserve earnings Total GBP GBP GBP GBP GBP GBP GBP Balance as at 29 March 2022 10,175 3,782,215 44,219 (205,000) (24,023) (965,312) 2,642,274 --------- -------------- ---------------- ---------- ------------ ------------ ---------- Profit for the six months - - - - - (545,399) (545,399) Other comprehensive gain - - - 14,253 - 14,253 --------- -------------- ---------------- ---------- ------------ ------------ ---------- Total comprehensive loss for the period - - - - 14,253 (545,399) (531,146) --------- -------------- ---------------- ---------- ------------ ------------ ---------- Issue of shares, net of issue costs 1,620 780,065 - - - - 781,685 Reduction in share capital - (13,604) 13,604 - - - - --------- -------------- ---------------- ---------- ------------ ------------ ---------- Transactions with owners, recognised directly in equity 1,620 801,961 13,604 - - - 781,685 --------- -------------- ---------------- ---------- ------------ ------------ ---------- Balance as at 30 September 2022 11,795 4,548,676 57,823 (205,000) (9,770) (1,510,711) 2,892,813 ========= ============== ================ ========== ============ ============ ========== Balance as at 29 March 2023 11,795 4,535,069 71,430 (205,000) (20,786) (1,619,766) 2,772,742 --------- -------------- ---------------- ---------- ------------ ------------ ---------- Loss for the six months - - - - - (362,833) (362,833) Other comprehensive gain - - - 1,304 - 1,304 --------- -------------- ---------------- ---------- ------------ ------------ ---------- Total comprehensive loss for the period - - - - 1,304 (362,834) (361,529) --------- -------------- ---------------- ---------- ------------ ------------ ---------- Issue of shares, net of issue costs 200 49,800 - - - - 50,000 Share based payment charge - (13,605) 13,605 - - - - --------- -------------- ---------------- ---------- ------------ ------------ ---------- Transactions with owners, recognised directly in equity 200 36,195 13,605 - - - 50,000 --------- -------------- ---------------- ---------- ------------ ------------ ---------- Balance as at 30 September 2023 11,995 4,571,264 85,035 (205,000) (19,482) (1,982,599) 2,461,213 ========= ============== ================ ========== ============ ============ ==========
CONSOLIDATED STATEMENT OF CASH FLOWS
6 month 6 month Year period ended period ended ended 30 September 30 September 29 March 2023 2023 2022 (Unaudited) (Unaudited) (Audited) GBP GBP GBP Cash flow from operating activities Loss before tax (362,833) (545,399) (850,224) Depreciation and amortisation 828 9,095 21,421 Gain in derecognition of Right of use asset - - 1,831 Decrease in digital assets - 82,474 82,474 Decrease/(Increase) in other receivables 190,011 (93,694) (141,716) Increase in other payables 91,769 39,351 83,189 --------------- -------------- --------------- Cash used in operations (80,225) (508,173) (803,025) --------------- -------------- --------------- Income tax credit - - 199,007 --------------- -------------- --------------- Net cash flows from operating activities (80,225) (508,173) (604,018) --------------- -------------- Investing activities Purchase of tangible assets - - (707) Purchase of intangible assets 926 (278,176) (363,072) Net cash used in investing activities 926 (278,176) (363,779) --------------- -------------- --------------- Financing activities Proceeds from Issue of shares, net of issue costs 50,000 817,185 781,685 Proceeds from loan finance - 335,000 Repayments of loans - (103,944) Lease payments - (7,130) (24,139) Increase/(Decrease) in borrowings (4,921) 391 - --------------- -------------- --------------- Net cash flow from financing 45,079 810,446 988,602 --------------- -------------- --------------- (Decrease)/Increase in cash and cash equivalents in the period (34,220) 24,097 20,805 Cash and cash equivalents at the beginning of the year 24,276 3,471 3,471 Exchange rate differences on cash and cash equivalents 1,304 14,253 - Cash and cash equivalents at the end of the period (8,640) 41,821 24,276 --------------- -------------- ---------------
NOTES TO THE FINANCIAL INFORMATION
1. GENERAL INFORMATION
This financial information is for TruSpine Technologies Plc and its subsidiary undertakings. The principal activity of TruSpine Technologies Plc and its subsidiaries (together the "Group") is the development of products for the spinal fusion market. The Company is a public limited company and was listed on the Aquis Stock Exchange on 20 August 2020. The Company is incorporated and domiciled in England and the address of its registered office is located at Spectrum House AF33, Beehive Ring Road, Gatwick Airport, Gatwick, RH6 0LG, United Kingdom.
2. BASIS OF PREPARATION
The interim consolidated financial information has been prepared with regard to International Financial Reporting Standards (IFRS) and interpretations adopted by the European Union and as applied in accordance with the provisions of the Companies Act 2006. The interim financial information incorporates the results for the group for the six month period from 30 March 2023 to 30 September 2023. The results for the year ended 29 March 2023 have been extracted from the statutory financial statements for the Company for the year ended 29 March 2023. The financial information set out in these interim consolidated financial information does not constitute statutory accounts as defined in S434 of the Companies Act 2006. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 29 March 2023, which contained an unqualified audit report and have been filed with the Registrar of Companies. They did not contain statements under S498 of the Companies Act 2006.
The same accounting policies, presentation and methods of computation have been followed in these unaudited interim financial statements as those which were applied in the preparation of the Group's annual financial statements for the year ended 29 March 2023.
The interim consolidated financial information incorporates the financial statements of TruSpine Technologies Plc and its subsidiaries.
The interim financial information for the six months ended 30 September 2023 was approved by the directors on 28 December 2023.
3. TAXATION
Tax recognised in profit or loss
6 month 6 month Year period ended period ended ended 30 September 30 September 29 March 2023 2023 2022 (Unaudited) (Unaudited) (Audited) GBP GBP GBP Current tax credit - - 199,007 Deferred tax - - - --------------- -------------- --------------- Net tax credit - - 199,007 --------------- -------------- --------------- Loss before tax (362,833) (545,399) (940,806) --------------- Standard rate of UK corporation tax 19% 19% 19% Loss on ordinary activities before tax multiplied by standard rate UK corporation tax (68,938) (103,626) (178,753) Tax adjustment - - - Unrelieved tax losses carried forward 68,938 103,626 178,753 UK research and development tax credit - - 107,178 --------------- -------------- --------------- Tax credit - - 107,178 --------------- -------------- ---------------
At 30 September 2023, the Group are carrying forward estimated tax losses of GBP2m in respect of various activities over the years. The Company did not recognise a deferred income tax credit due to uncertainty concerning the timescale of its recoverability.
4. LOSS PER ORDINARY SHARE
Basic earnings per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year, excluding ordinary shares purchased by the Company and held as treasury shares.
6 month 6 month Year period ended period ended Ended 30 September 30 September 29 March 2023 2023 2022 (Unaudited) (Unaudited) (Audited) GBP GBP GBP (Loss) attributable to equity holders of the Company (362,833) (545,399) (654,454) Weighted average number of ordinary shares in issue 118,809,166 112,795,793 115,516,050 --------------- Loss per share basic and diluted (pence) (0.31)p (0.48)p (0.57)p --------------- -------------- =============== 5. SHARE CAPITAL Group and Company ----- Share premium Share Number Share based payment Other Group of shares capital reserve reserve Total GBP GBP GBP GBP GBP ---------------------- ----------- -------- ------------- -------------- --------- ----------- Issued and fully paid As at 29 March 2022 102,113,869 10,175 3,782,215 44,219 (205,000) 3,631,609 ----------- -------- ------------- -------------- --------- ----------- Movement during the period 16,198,000 1,620 766,461 13,604 - 781,685 ----------- -------- ------------- -------------- --------- ----------- As at 30 September 2022 118,311,869 11,795 4,548,676 57,823 (205,000) 4,413,294 ----------- -------- ------------- -------------- --------- ----------- Movement during the period - - (13,607) 13,607 - - ----------- -------- ------------- -------------- --------- ----------- As at 29 March 2023 118,311,869 11,795 4,535,069 71,430 (205,000) 4,413,294 ----------- -------- ------------- -------------- --------- ----------- Movement during the period 2,000,000 200 36,195 13,605 - 817,185 ----------- -------- ------------- -------------- --------- ----------- As at 30 September 2023 120,311,869 11,995 4,571,264 85,035 (205,000) 4,448,794 ----------- -------- ------------- -------------- --------- -----------
Share Capital - Amount subscribed for share capital at nominal value.
Share Premium - Amount subscribed for share capital in excess of nominal value.
6. EVENTS AFTER THE REPORTING DATE
On 30 October 2023, the Company announced that it had received communication from the U.S. Food and Drug Administration ("FDA") that its FDA 510(k) application for Cervi-LOK had progressed to the substantive review stage.
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END
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December 28, 2023 02:00 ET (07:00 GMT)
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