TIDMTRLS
RNS Number : 8582K
Trellus Health PLC
10 May 2022
This announcement contains inside information
for the purposes of Article 7 of Regulation (EU) No 596/2014 as
it forms part of UK law
by virtue of the European Union (Withdrawal) Act 2018
("MAR")
Trellus Health plc
("Trellus Health", the "Company" or the "Group")
Final Results
LONDON, U.K. AND NEW YORK, U.S. (10 May 2022): Trellus Health
Plc (AIM: TRLS), which is commercialising a scientifically
validated, resilience-based, connected health solution for chronic
condition management, announces its inaugural audited final results
for the year ended 31 December 2021, following its admission to
trading on AIM on 28 May 2021. Comparative data is provided for the
period ended 31 December 2020, unless otherwise indicated.
About Trellus Health
Trellus Health is the first digital health company focused on
the intersection of chronic physical conditions and mental health.
Trellus Health integrates its proprietary resilience-based
methodology with the technology, tools and team to deliver a
whole-person technology-enhanced experience that results in
relieving disease burden and promoting individual health behaviors
that enable thriving in the face of a chronic condition.
Through its TrellusElevate(TM) connected care platform and
companion App, the Company addresses both clinical and behavioural
health together, in context, to improve outcomes and reduce
healthcare costs for patients, employers, and the healthcare
system. The Company is initially focused on Inflammatory Bowel
Disease ("IBD"), which includes the chronic incurable conditions of
Crohn's Disease and ulcerative colitis, but considers its approach
to have potential utility and demand across many chronic
conditions, including Irritable Bowel Syndrome ("IBS").
Financial Highlights
-- Successful admission to AIM with fundraising of gross proceeds of c. $40.4m (GBP28.5m)
-- Approximately $4.3m capital investment in technology platform development to date
-- Net cash of $32.0m (31 December 2020: $3.7m) - above market
expectations, reflecting effective cash management
-- Adjusted EBITDA* loss of $5.7m, in line with expectations (FY 2020: $0.8m loss)
* Earnings before interest, tax, depreciation and amortisation
adjusted for exceptional items
Key Accomplishments
-- TrellusElevate(TM) platform launched, along with companion App
-- Established organization, operations and licensed clinical
team - licensed in NY, NJ and CT and credentialed in Mount Sinai
Clinical Integrated Network
-- First Business-to-Business (" B2B ") demonstration contract with Mount Sinai Health System
-- Managed Services Organization agreement with Connected Health
Medicine PC, a Professional Corporation that provides
multidisciplinary patient care services via telehealth
-- Evaluated condition expansion opportunities beyond IBD with
targeted expansion to address IBS - 30m US patients / $61bn annual
healthcare spend
Post-period end
-- Launch of Direct-to-Consumer (" DTC ") offering
-- Evolution to a new service delivery model utilizing an
integrated resilience team, to address certain regulatory
challenges, costs and delays associated with establishing licensed
clinical care management operations. This new delivery model will
support the broader, more efficient and profitable scaling of both
DTC and BTB value propositions across all 50 US states and will
enable Trellus Health to move more rapidly into other chronic
conditions
Commenting on recent developments and outlook, Julian Baines,
Non-executive Chairman of Trellus, said:
"I am very proud that the team have delivered against our key
milestones set out at the time of our Admission to AIM,
particularly during very challenging market conditions, and to do
so whilst maintaining tight control over cash. The evolution of
strategy, to offer a new service delivery model, gives us much
greater scope to scale the business more profitably over the longer
term. With improved digitization and automation, we not only expand
our customer base beyond B2B customers to individual patients
directly via our DTC offering, reaching more US states more
quickly, but also accelerate our expansion into other chronic
diseases such as IBS, which impacts a much larger healthcare
population in the US.
"We expect our expanded B2B and DTC strategy to deliver a
significant number of patients added in Q4 2022, with further r
egional and national multi-year contracts with payers , such as
regional and national health plans, employers, health systems, GI
provider networks, and pharmaceutical companies, from 2023
onwards."
A copy of the investor presentation is available here:
https://trellushealth.com/investors/annual-interim-reports/
The Company will also host a live online presentation at 5.30pm
BST on 12 May 2022 through the digital platform Investor Meet
Company . Investors can sign up for free via:
https://www.investormeetcompany.com/trellus-health-plc/register-investor
A recording of the presentation and responses to the Q&A
sessions will also be available afterwards.
Trellus Health plc https://trellushealth.com/
Julian Baines, Non-executive Chairman Tel: +44 (0) 29 2071 0570
Monique Fayad, CEO
Richard Evans, CFO
Singer Capital Markets (Nominated Adviser Tel: 020 7496 3000
and Broker)
Aubrey Powell / Jennifer Boorer (Corporate
Finance)
Walbrook PR Limited Tel: +44 (0) 20 7933 8780 or trellus @walbrookpr.com
Paul McManus / Sam Allen Mob: +44 (0) 7980 541 893 / +44 (0)7502
558 258
About Trellus Health plc ( www.trellushealth.com )
Trellus Health (LSE: TRLS) is the first digital health company
focused on the intersection of chronic physical conditions and
mental health. Trellus Health integrates its proprietary
resilience-based methodology with the technology, tools and team to
deliver a whole-person technology-enhanced experience that results
in relieving disease burden and promoting individual health
behaviors that enable thriving in the face of a chronic condition.
Through its TrellusElevate(TM) connected care platform and
companion App, the company addresses both clinical and behavioral
health together, in context, to improve outcomes and reduce
healthcare costs for patients, employers, and the healthcare
system.
The Company is initially focused on Inflammatory bowel disease
("IBD"), which includes the chronic incurable conditions of Crohn's
Disease and ulcerative colitis, but considers its approach to have
potential utility and demand across many chronic conditions,
including Irritable Bowel Syndrome ("IBS").
The TrellusElevate(TM) platform is the Company's proprietary
connected health platform that incorporates the GRITT(TM)
methodology and learnings on resilience from clinical research and
practice conducted at the Mount Sinai IBD Center for more than five
years. This proprietary, resilience-driven methodology has been
scientifically validated to demonstrate meaningful improvements in
patient outcomes, 71% reduction in Emergency Department (A&E)
visits, and 94% reduction in unplanned hospitalisations, which the
directors of the Company believe indicates the potential for
significant cost savings for healthcare payers. IBD patients
treated using the methodology also experienced a 49% reduction in
required opioid use and a 73% reduction in corticosteroid use 12
months following program completion (source:
https://www.sciencedirect.com/science/article/pii/S1542356521012258
).
The Company was founded by Mount Sinai faculty members Dr. Marla
C. Dubinsky, MD and Dr. Laurie Keefer, PhD, both with decades of
combined experience in IBD and psychogastroenterology,
respectively. Trellus Health's patent-pending GRITT(TM) resilience
assessment and personalized treatment methodology was developed and
validated at the Mount Sinai Health System to build resilience and
wellness for improved outcomes at lower cost.
Shares in Trellus Health were admitted to trading on AIM in May
2021, under the ticker TRLS. For more information on Trellus
Health, visit: www.trellushealth.com
Forward-Looking Statements
Certain statements made in this announcement are forward-looking
statements. These forward-looking statements are not historical
facts but rather are based on the Company's current expectations,
estimates, and projections about its industry; its beliefs; and
assumptions. Words such as 'anticipates,' 'expects,' 'intends,'
'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions
are intended to identify forward-looking statements. These
statements are not guarantees of future performance and are subject
to known and unknown risks, uncertainties, and other factors, some
of which are beyond the Company's control, are difficult to
predict, and could cause actual results to differ materially from
those expressed or forecasted in the forward-looking statements.
The Company cautions security holders and prospective security
holders not to place undue reliance on these forward-looking
statements, which reflect the view of the Company only as of the
date of this announcement. The forward-looking statements made in
this announcement relate only to events as of the date on which the
statements are made. The Company will not undertake any obligation
to release publicly any revisions or updates to these
forward-looking statements to reflect events, circumstances, or
unanticipated events occurring after the date of this announcement
except as required by law or by any appropriate regulatory
authority.
CHAIRMAN'S STATEMENT
I am delighted to provide shareholders with our first full year
report following our successful admission to AIM in May 2021, which
has provided the ongoing funding necessary to invest in our
technology platform development and execute our commercialisation
strategy.
Our aim is to commercialise digital chronic condition management
solutions for individual patients, employers and health plans,
using our proprietary technology platform, TrellusElevate(TM), in
combination with a scientifically validated, resilience-based
methodology based on more than five years of clinical research and
practice conducted on hundreds of patients at the Mount Sinai IBD
Center, in New York. We believe our solution can be used across
many chronic conditions to deliver meaningfully improved healthcare
outcomes as well as reducing expensive, unplanned care, such as
emergency department visits and hospitalisations.
I am very pleased that during the last financial year we have
expanded the scope of our commercialization strategy beyond our
original intentions when we received material funding on admission
to AIM. We believe this will allow us to scale the business more
quickly , accelerating customer acquisition and revenue growth by
combining our Business-to-Business ("B2B") approach and newly
launched Direct-to-Consumer ("DTC") offering, but also accelerating
our expansion into additional chronic diseases. It is particularly
noteworthy that this expansion has been done alongside very careful
cash management, and therefore delivered without increasing our
cash burn forecasts. As a result, we maintained a very healthy cash
balance of $32m at the year end, providing us with a significant
cash runway as we move towards commercial success.
Board Changes
At the end of the year Niyum Gandhi stood down as Non-executive
Director to take on his new role as Chief Financial Officer and
Treasurer at Mass General Brigham (Boston, MA). We are incredibly
grateful to Niyum Gandhi for his contribution to the Company and
the insights that he provided us during his time as Chief
Population Health Officer at the Mount Sinai Health System. We are
in the advanced stages of appointing an appropriate replacement as
Non-executive Director and will update shareholders in due
course.
Post-period end we also announced the appointment of Richard
Evans as Interim Chief Financial Officer, replacing Salim Hamir who
had been fulfilling the role on a part-time basis and who continues
as Company Secretary. A s we advance commercially, we expect to
recruit a permanent Chief Financial Officer.
Outlook
Our progress and achievements for the year, as well as more
detail on our expanded strategy, are covered in the Chief Executive
Officer's Review below.
I am very proud that the team have delivered against our key
milestones set out at the time of our Admission to AIM,
particularly during very challenging market conditions, and to do
so whilst maintaining tight control over cash. The evolution of
strategy gives us much greater scope to scale the business more
profitably over the longer term. With improved digitization and
automation, we expand our customer base beyond B2B customers to
individual patients directly via our DTC offering, reaching more
patients, in more US states, more quickly. In addition, it
accelerates our expansion into other chronic diseases such as IBS,
which impacts a much larger healthcare population in the US, around
30 million people.
We expect our expanded B2B and DTC strategy to deliver a
significant number of additional patients in Q4 2022, with further
multi-year contracts with payers , such as regional and national
health plans, employers, health systems, GI provider networks, and
pharmaceutical companies, from 2023 onwards.
We look forward to updating our shareholders as we make further
progress in commercialization, and I thank you again for your
continued support.
Julian Baines, MBE
Non-Executive Chairman
10 May 2022
CHIEF EXECUTIVE OFFICER'S REVIEW
2021 was an exciting and progressive year for Trellus Health
which saw a number of major milestones achieved for the business:
we completed our successful IPO on AIM in May; we launched our
TrellusElevate(TM) Platform and App; and we established our
clinical operations with the vision of digitizing and rapidly
scaling the Trellus Method of Resilience Assessment, personalized
care management and remote patient monitoring for all patients
living with IBD.
We accomplished a tremendous amount over the financial year to
December from both a technology and operational perspective:
- We now have an established organization, operations and a
clinical team licensed in New York, New Jersey and Connecticut and
credentialed in the Mount Sinai Clinical Integrated Network;
- We secured out First B2B demonstration contract with Mount
Sinai Health System, one of the largest self-insured employers in
New York State; and
- We signed a Managed Services Organization agreement with
Connected Health Medicine PC, a Professional Corporation that
provides multidisciplinary patient care services via
telehealth.
In addition, post the year end, we commenced implementation of a
DTC business model, allowing us to begin managing patients
directly. Following the launch of our DTC offering alongside our
original B2B strategy, we have now evolved to a more scalable
service delivery model utilizing an integrated resilience team.
This is better suited to accelerating patient roll-out, enables
swifter expansion into other relevant conditions, and is expected
to enhance profitability by reducing significantly the amount of
variable cost (personnel) needed to support greater numbers of
individuals using the Trellus platform.
Furthermore, we have begun to enrol IBD patients and generate
initial revenues, and continue to build up important data whilst
assessing the feasibility, engagement and satisfaction of our
digital chronic condition management solution in real-life
settings.
The evolution of a more scalable service delivery model in
context
Our initial strategy was to deliver the Trellus Methodology via
the TrellusElevate(TM) platform with remote access to a licensed
multidisciplinary care team targeting B2B payers (i.e. regional and
national health plans, employers, health systems, GI provider
networks, and pharmaceutical companies).
As we announced in our December trading update, we experienced a
protracted B2B contracting process with longer lead times and
processes to negotiate and conclude than originally anticipated. We
also met challenges due to the complexity and timescales associated
with the differing state-by-state licensure requirements, and
credentialing of licensed healthcare providers (the process whereby
a licensed care provider's qualifications and licensure are
verified as accurate and in good standing prior to being approved
to perform professional medical services for a health plan,
hospital or health system), especially with Medicare and Medicaid
facing significant credentialing backlogs due to COVID.
It was clear that, while the clinical need that we are
addressing was not going away, if anything it's only getting worse,
the challenges associated with licensing and credentialing of
healthcare providers required an evolution of our delivery model to
accelerate customer acquisition.
It was within this context that we launched our DTC offering in
Q1 2022, allowing us to engage patients more proactively outside of
B2B contracts, and to gain valuable real-world evidence on the
health and economic outcomes of the Trellus Method. It has also
allowed us to commence evaluation of alternative service delivery
models which avoid regulatory challenges, costs and delays. The new
service delivery model will underpin both our DTC and BTB value
propositions, and we still expect to convert B2B opportunities from
both our existing pipeline and other prospects in due course.
The benefits of the new Trellus Health Service Delivery
Model
We have invested approximately $4.3m of capital in our
technology platform development to date and the evolution to a new
service delivery model with increasing automation addresses the
challenges associated with establishing our licensed clinical care
management operation and expands our customer base beyond B2B to
patients directly. We believe this new delivery model positions
Trellus Health well for successful commercial roll-out and rapid
upscaling of the business, providing the following benefits:
- Avoids significant time delays associated with healthcare
provider licensing and credentialing
- Accelerates customer acquisition and delivery of revenue growth
- Accelerates geographic expansion across 50 US states
- Increases capacity through enhanced digitization and automation
- Improves profitability by reducing incrementally increasing personnel costs
- Accelerates expansion into opportunities beyond IBD
Following the launch of DTC, we are already in advanced
discussions with numerous large pharmaceutical companies and
patient advocacy groups to sponsor patient access to Trellus. We
are also in advanced discussions with a large US gastroenterology
association for distribution and promotion of Trellus to thousands
of US GI physicians. This organization values the scientific rigor
and reputation behind the Trellus Method, and also recognizes the
significant unmet need for access to psychosocial support and
patient education that are not delivered effectively in our
traditional healthcare system.
Expansion beyond IBD - targeting IBS in H1 2023
In 2021, we initiated research into versioning
TrellusElevate(TM) into IBS, another chronic GI condition that has
significant similarities with IBD from a symptom burden and
emotional perspective. The major difference from IBD is that IBS
has a much higher population prevalence, impacting c. 10% of the US
population (c. 30m patients for IBS compared to c. 3m for IBD).
Whilst the annual healthcare spend on IBS is higher at c. $61 bn
(IBD c $25 bn), this is significantly lower than IBD on a "per
patient" basis. We expect to launch the Trellus Method for IBS in
H1 2023.
We expect this versioning research and increasing platform
automation will enable us to expand more easily into other high
prevalence chronic conditions with a high degree of mental health
burden, including autoimmune diseases, chronic kidney disease,
heart disease and cancer to name a few.
Clinical Data Reinforce Economic and Health Outcomes of
Resilience-Driven methodology
Clinical research conducted by Trellus Health co-founders Laurie
Keefer, PhD, and Marla Dubinsky, MD, was published in November 2021
showing that the GRITT(TM) methodology significantly reduced
healthcare utilization and opioid use in IBD patients. Results
showed a 71% reduction in Emergency Department visits (equivalent
to A&E in the UK), and a 94% reduction in unplanned
hospitalizations. Participants in the study also showed a 49%
decrease in opioid use and a 73% reduction in corticosteroid use at
12 months following the study.
(Source:
https://www.sciencedirect.com/science/article/pii/S1542356521012258
).
Income Statement
As the Company is in development phase, the only revenue it has
generated through 31 December 2021 is from implementation services
and has not yet started generating revenues from its operating
activities. The main components of the Administrative expenses
totalling US $5.7m (2020 - US $0.8m) were employee related costs of
US $4.3m (2020 - US $0.5m) (excluding the share-based payment
charge of US $0.14m (2020 - US $Nil), professional costs of US
$1.3m (2020 - US $0.2m), other operating expenses totalling US
$0.4m (2020 - US $0.04). Total depreciation and amortisation was US
$0.03m.
Disclosed separately is the share-based payments charge of US
$0.14m. The full benefit will be spread over the vesting periods,
which is a weighted average of 2.3 years.
Statement of Financial Position and Cash Flow Statement
The principal asset of the Group is the exclusive licence
acquired from Mount Sinai for the GRITT(TM) technology and software
development costs relating to the TrellusElevate(TM) technology
platform, purchased for US $0.5m and US $3.8m, respectively,
together with related equipment.
The net proceeds from the IPO were US $38.5m, after accounting
for those IPO costs charged to the Income Statement, from which the
total spend on operations and investing activities was US $8.5m
(2020 - US GBP1.3m). Due to the depreciation in the value of
sterling against the US dollar in the time from IPO to year end,
and the substantial funds held in sterling at year end, a foreign
exchange loss of US $1.6m decreased the year end cash balance to US
$32m (2020 - US $3.7m).
Maintained strong cash position and effective cash
management
Despite the licensing and credentialing process delays
experienced under our original B2B model, we have carefully managed
cash within the business and maintained a healthy net cash position
of $32m, providing sufficient cash resource for the business as we
accelerate revenue generation. We have now started to implement and
enrol patients in the Mount Sinai Health System programme and we
expect to add a significant number of B2B and DTC patients by the
end of the current year.
Outlook
2021 proved to be another difficult year for many people across
the world, and I'm glad that against this background Trellus Health
was able to build and launch its TrellusElevate(TM) platform,
business and clinical operation. The remote-first structure of our
business helped avoid problems with the pandemic and enabled us to
recruit geographically dispersed talent amidst a challenging hiring
environment.
If we've learned anything from the last three years of the COVID
pandemic, it's that everyone could benefit from a resilience-driven
connected health solution.
Our strategy for 2022 is to use our new service delivery model
to offer the Trellus Method at scale across the US for IBD and to
begin to expand into IBS and other chronic conditions that can
benefit from a disease-agnostic approach to assessing and building
resilience. We look forward to servicing many new patients, payers
and industry partners in the years ahead.
Monique Fayad
Chief Executive Officer
10 May 2022
Consolidated Income Statement and Other Comprehensive Income
for the year ended 31 December 2021
2021 2020
Notes $'000 $'000
Revenue 25 -
Cost of Sales - -
Gross Profit 25 -
Administrative Expenses (5,927) (762)
Operating loss (5,902) (762)
Depreciation and amortization 32 1
Share-based payments 139 -
EBITDA before exceptional items and share-based
payments (5,731) (761)
Finance Income - -
Finance Costs - -
Loss before Income
Tax (5,902) (762)
Income Tax Charge 3 - -
Loss for the Year (5,902) (762)
Loss Per
Share 4
Basic and Diluted ($) (0.04) (0.01)
The results reflected above relate to continuing operations. The
comparative period reflect from the period of incorporation on 15
July 2020 to 31 December 2020.
Consolidated Statement of Comprehensive Income
for the year ended 31 December 2021
2021 2020
Notes $'000 $'000
Loss for the
year (5,902) (762)
Items that may be subsequently reclassified
to profit and loss
Currency translation differences (1,725) -
Total comprehensive loss for the
year (7,627) (762)
Consolidated Statement of Financial Position
as at 31 December 2021
2021 2020
Notes $'000 $'000
Assets
Non-Current Assets
Property, plant and equipment 5 82 11
Intangible Assets 6 4,280 662
Total Non-Current Assets 4,362 673
Current Assets
Trade receivables and prepaids 451 11
Cash and cash equivalents 31,982 3,684
Total Current Assets 32,433 3,695
Total Assets 36,795 4,368
Share Capital and Equity
Share Capital 7 137 12
Share Premium 43,387 4,996
Other Reserve 139 -
Foreign Currency Reserves (1,725) -
Retained Earnings (6,664) (762)
Total Equity 35,274 4,246
Liabilities
Current Liabilities
Trade and other payables 1,521 122
Total Liabilities 1,521 122
Total Equity and Liabilities 36,795 4,368
Consolidated Statement of Cash Flows
for the year ended 31 December 2021
2021 2020
Notes $'000 $'000
Cash Flow from Operating Activities
Loss for the period (5,902) (762)
Adjustments for:
Depreciation and amortisation 5 32 1
Share-based payment expense 139 -
(5,731) (761)
Increase in trade and other receivables (440) (11)
Increase in trade and other payables 1,401 122
Net cash outflow from operating activities (4,772) (650)
Cash Flow from Investing Activities
Purchases of plant, property and equipment 5 (81) (12)
Purchases of intangible assets 6 (3,640) (662)
Net cash outflow from investing activities (3,721) (674)
Cash Flow from Financing Activities
Net proceeds from Issue of ordinary shares 7 38,516 5,008
Net cash outflow from financing activities 38,516 5,008
Net Increase in Cash and Cash Equivalents 30,023 3,684
Cash and Equivalents - Beginning of
the Year 3,684 -
Exchange loss on Cash and Cash Equivalents (1,725) -
Cash and Cash Equivalents - End of the
Year 31,982 3,684
The comparative period reflect from the period of incorporation
on 15 July 2020 to 31 December 2020.
Consolidated Statement of Changes in Equity
Share Foreign
Share Premium Other Currency Retained
Notes Capital Account Reserves Reserve Earnings Total
$'000 $'000 $'000 $'000 $'000 $'000
At 15 July 2020 - - - - - -
Comprehensive Income
Loss for the year - - - - (762) (762)
Total Comprehensive Loss
for the Period - - - - (762) (762)
Issue of Share Capital 7 12 4,996 - - - 5,008
Balance at 31 December 2020
and At 1 January 2021 12 4,996 - - (762) 4,246
Comprehensive Income
Loss for the year - - - - (5,902) (5,902)
Currency translation differences - - - (1,725) - (1,725)
Total Comprehensive Loss
for the Year - - - (1,725) (5,902) (7,627)
Issue of Share Capital 7 61 38,455 - - - 38,516
Share capital reconstruction 64 (64) - - - -
Share Based Payment Reserve
Charge - - 139 - - 139
Balance at 31 December 2021 137 43,387 139 (1,725) (6,664) 35,274
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2021
1. General information and basis of presentation
Trellus Health plc is a public limited company incorporated in
the United Kingdom (Registration Number 12743489), which is listed
on the AIM market of the London Stock Exchange. The address of the
registered office is Avon House, 19 Stanwell Road, Penarth, CF64
2EZ. The Company was incorporated as Trellus Health Limited on 15
July 2020 as a private company and on 28 May 2021 the Company was
re-registered as a public company and changed its name to Trellus
Health plc.
The principal activity of the Company is the delivery of
resilience-driven care for complex chronic conditions.
The financial information within this preliminary announcement
is extracted from the Group's consolidated financial statements for
the year ended 31 December 2021, which were approved by the Board
of Directors on 10 May 2022. This financial information does not
constitute statutory accounts within the meaning of sections 434(3)
and 435(3) of the Companies Act 2006 or contain sufficient
information to comply with the disclosure requirements of UK
adopted International Accounting Standards (IFRS).
The Group's consolidated financial statements for the year ended
31 December 2021 have been prepared in accordance with UK adopted
International Accounting Standards (IFRS) and with the requirements
of the Companies Act 2006 as applicable to companies reporting
under those standards. The Company's auditor, Crowe U.K. LLP, has
given an unqualified report on the consolidated financial
statements for the year ended 31 December 2021. The auditor's
report did not include reference to any matters to which the
auditor drew attention without qualifying its report and did not
contain any statement under section 498 of the Companies Act 2006.
The consolidated financial statements will be filed with the
Registrar of Companies, subject to their approval by the Company's
shareholders at the Company's next Annual General Meeting in June
2022.
Statutory accounts for the year to 31 December 2020 have been
delivered to the Registrar of Companies.
Certain statements in this announcement constitute
forward-looking statements. Any statement in this announcement that
is not a statement of historical fact including, without
limitation, those regarding the Company's future expectations,
operations, financial performance, financial condition and business
is a forward-looking statement. Such forward-looking statements are
subject to risks and uncertainties that may cause actual results to
differ materially. These risks and uncertainties include, amongst
other factors, changing economic, financial, business or other
market conditions. These and other factors could adversely affect
the outcome and financial effects of the plans and events described
in this announcement and the Company undertakes no obligation to
update its view of such risks and uncertainties or to update the
forward-looking statements contained herein. Nothing in this
announcement should be construed as a profit forecast.
2. Significant accounting policies - Going concern
The Group is in the development phase of its business and has
only generated revenues related to implementation services
totalling $25,000. At 31 December 2021 the Group had available cash
resources of $32m following its listing on AIM, a market operated
by the London Stock Exchange on 28 May 2021.
The Board has considered the impact of the ongoing COVID-19
pandemic. There has been minimal impact on the Company to date and
the Board anticipates minimal on-going impact, due to the nature of
the business.
The Directors have prepared cash flow forecasts for the Group
for a review period of over 12 months from the date of approval of
this historical financial information. These forecasts reflect an
assessment of current and future market conditions and their impact
on the Company's future cash flow performance.
The forecasts have been sensitised for additional costs which
may be incurred in the review period. In the sensitised scenario,
the forecasts indicate the Company would still have sufficient cash
to continue as a going concern.
Having considered the points above, the Directors remain
confident in the long-term future prospects for the Group, and
their ability to continue as a going concern for the foreseeable
future. They therefore adopt the going concern basis in preparing
the historical financial information of the Group.
While the financial information included in this preliminary
announcement has been prepared in accordance with the recognition
and measurement criteria of IFRS, this announcement does not itself
contain sufficient information to comply with IFRSs. The Company
will publish its full annual report containing financial statements
for the year ended 31 December 2021 before the end of May 2022,
together with a notice to shareholders of the Company's Annual
General Meeting ("AGM") which will be available on the Company's
website at www.trellushealth.com and at the Company's registered
office at Avon House, 19 Stanwell Road Penarth CF64 2EZ. The AGM
will be held in June 2022, with further information to be notified
at the time of the availability of the full annual report.
3. Tax expenses
2021 2020
$'000 $'000
Current tax:
Current tax on profit for the year - -
Adjustments for prior periods - -
Total current tax - -
Deferred tax
Origination and reversal of temporary differences - -
Total deferred tax - -
Income tax charge - -
The reasons for the difference between the actual tax charge for
the year and the standard rate of corporation tax in the United
Kingdom applied to profits for the year are as follows:
2021 2020
$'000 $'000
Loss for the period (5,902) (762)
Tax using the Company's domestic tax rate
of 19% (1,121) (145)
Expenses not deductible for tax purposes 76 -
Depreciation and amortisation 6 -
Unrecognised deferred tax assets 1,039 145
Total tax expense - -
The Finance Act 2015 which was substantively enacted in 2015
included legislation to reduce the main rate of UK corporation tax
to 19% from 1 April 2017 and the Finance Act 2016 which was
substantively enacted in 2016 included legislation to reduce the
main rate of UK corporation tax to 17% from 1 April 2020. On 18
November 2019, the government pledged to put the planned
corporation tax reduction from 19% to 17% on hold. This was
substantively enacted on 17 March 2020 .
The unrecognised deferred tax relates to two elements: the
unrecognised deferred tax arising on share-based payments of US
$139,000 and unrecognised deferred tax on taxable losses of US $10
million, based on total taxable losses carried forward of US $1.4
million. No deferred tax asset is recognised for these losses due
to early stage in the development of the Group's activities. The
losses do not expire but can only be used against trading profits
from the same trade
4. Loss per share
2021 2020
Numerator $'000 $'000
Loss for the period (5,902) (762)
Denominator Number Number
Weighted average # of shares 131,734,028 84,035,503
Resulting Loss per Share ($) (0.04) (0.01)
The Company has one category of potential ordinary share, being
share options . The potential shares were not dilutive in the
period as the Group made a loss per share in line with IAS 33.
5. Property, Plant and equipment
All assets are equipments
$'000
Cost
At 15 July 2020 -
Additions 12
At 31 December 2020 11
Depreciation
Charge of the year (1)
At 31 December 2020 (1)
Net Book Value at 31 December 2020 11
Cost
At 1 January 2021 12
Additions 81
At 31 December 2021 93
Depreciation
At 1 January 2021 (1)
Depreciation Charge (10)
At 31 December 2021 (11)
Net Book Value at 31 December 2021 82
6. Intangible assets
Group
Software Group Group
Development Licence Total
$'000 $'000 $'000
Cost
At 15 July 2020 - - -
Additions 662 - 662
At 31 December 2020 662 - 662
Depreciation
At 31 December 2020 - - -
Net Book Value at 31 December 2020 662 - 662
Cost
At 1 January 2021 662 - 662
Additions 3,140 500 3,640
At 31 December 2021 3,801 500 4,301
Depreciation
Charge of the year (22) - (22)
At 31 December 2021 (22) - (22)
Net Book Value at 31 December 2021 3,780 500 4,280
7. Share capital
2021 2021 2020
Number $'000 $'000
Ordinary Shares of GBP0.0006 each 161,508,333 137 12
The Company was incorporated with 62,000,000 ordinary shares of
GBP0.0001 each issued at nominal value. On 20 August 2020, a
further 27,999,999 A Shares of GBP0.0001 each and 1 Golden Share of
GBP0.0001 were issued at $5m.
On 5 March 2021, 225,000 ordinary shares of GBP0.0001 each where
issued at nominal value.
In order for the Company to comply with the share capital
requirements of the Companies Act to re-register as a public
limited company, the Directors and the shareholders resolved on 6
May 2021 to approve the issue of bonus shares to the holders of the
ordinary shares, the A Shares and the Golden Share of GBP0.0001
each, in each case on the basis of five additional shares for every
one share held by the shareholders on 6 May 2021 (the "Bonus
Issue"). Following the Bonus Issue, the issued share capital of the
Company consisted of 541,350,000 shares, comprising 373,350,000
ordinary shares, 167,999,994 A Shares, and 6 Golden Shares. As a
result of the Bonus Issue, the Company's share premium account
increased by GBP45,112.50 which, when capitalised and added to the
existing share capital, gave a total nominal value of
GBP54,135.
Following the Bonus Issue, the Company resolved to re-register
as a plc on 6 May 2021. On 24 May 2021, the 6 Golden Shares and the
167,999,994 A Shares were converted into ordinary shares, on a
one-for-one basis, resulting in a share capital of 541,350,000
ordinary shares of GBP0.0001 each ("Conversion").
The 541,350,000 ordinary shares of GBP0.0001 each were then
consolidated into 90,225,000 ordinary shares of GBP0.0006 each
("Ordinary Shares") on 24 May 2021.
On 28 May 2021 pursuant to the Company's shares being admitted
to AIM, a market operated by the London Stock Exchange, 71,250,000
new Ordinary Shares were issued at an issue price of GBP0.40 per
share raising gross proceeds of GBP28,500,000.
On 20 December 2021 33,333 Ordinary Shares were issued on
exercise of options at the exercise price of GBP0.15 per share.
8. Events after the reporting date
There have been no events subsequent to the period end that
require disclosure in these financial statements.
9. Dividends
There were no dividends paid or proposed by the Company in
either year.
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END
FR UKSKRUWUVRAR
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May 10, 2022 03:41 ET (07:41 GMT)
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