Revenue grew 48% but FY22 loss widened to $7.9m as cash fell to $2.8m

Net loss after tax was $7.9m versus $3.5m in FY21 (-126.2%), while revenue rose +48.2% to $1.7m. PBT moved with NPAT on a -126.2% basis, because the effective tax rate sat at 0.0% in both periods. Cash on the balance sheet fell from $5.3m to $2.8m, a roughly $2.5m drawdown over the year. Operating cash outflow worsened modestly to -$2.5m from -$2.2m, while capex was effectively nil at $0.003m versus $0.098m prior.

Within the year, the shape skewed adversely. H1 revenue of $0.7m became $1.7m full year (H1 was 44.4% of the year), but H1 NPAT of -$1.3m became -$7.9m full year, implying an H2 loss of -$6.6m — about five times the H1 result on only marginally higher H2 revenue. Trade receivables also emerged at $0.3m from zero.

• Revenue grew $0.5m year-on-year, but the loss expanded by $4.4m. The release attributes deferred sales to Vietnam, Eastern Europe and Russia, plus China lockdowns in Beijing and Shanghai, but those disclosures explain the revenue shortfall rather than the magnitude of the cost-side step-up. This matters because operating leverage at TruScreen's scale should compound positively when product revenue grows 48%, not negatively.
• Cash runway is now the binding constraint. Closing cash of $2.8m against an FY22 operating-and-capex outflow of roughly $2.5m implies, on a static read, around twelve months of liquidity. With no disclosed borrowings, any acceleration of the operating loss into FY23 likely requires a capital raise or material commercial step-up before the cash position is exhausted.
• H2 deterioration is the central signal. The implied H2 loss of -$6.6m on $0.9m of H2 revenue is structurally worse than H1 and not consistent with a simple COVID-deferral story, because deferred sales would compress revenue but should not, on their own, multiply the cost line.

On both measures it disappoints: the company entered FY22 with H1 revenue +25% and an H1 loss of -$1.3m, and exited with a full-year loss more than six times that H1 figure. Management commentary cites China sales expectations into FY23 alongside deferred Vietnam and Eastern Europe activity, but no value is attached to either pipeline. The release therefore supports a directional reading on commercial activity but not a quantitative one on FY23 earnings.

Capex at 0.2% of revenue means there is no balance-sheet capitalisation flattering the cost line.

The loss line is harder to read favourably. Cash conversion deteriorated, with operating cash outflow widening despite a smaller capex outlay, and FCF-to-NPAT conversion moved from 65.5% to 32.1%, meaning the loss now consumes more cash per dollar of reported loss than last year. The emergence of $0.3m of trade receivables (receivable days 59.9 versus 2.2) is small in absolute terms but signals a shift from prepaid or cash-on-shipment sales toward credit terms — worth tracking but not yet a working-capital problem at this scale. ROE moved to -232.6% from -30.9%, reflecting both the wider loss and a smaller equity base.

This briefing cannot assess management's internal cash-runway view, deferred-sales conversion timing, or any FY23 trading already in hand, because none of those are disclosed in the release.