Pacific Edge Limited Analysis

Overview

Pacific Edge Limited (NZX: PEB) is a New Zealand publicly listed, cancer diagnostic company specialising in the discovery and

commercialisation of diagnostic and prognostic tests for better detection and management of cancer. Its Cxbladder suite of

non-invasive, simple to use and accurate diagnostic tests provide actionable results, and better detection and management of

urothelial cancer. The company is developing and commercialising its range of Cxbladder bladder cancer tests globally through

its wholly owned central laboratories in New Zealand and the USA. The company’s products have been tested and validated in

international multi-centre clinical studies.

Performance

The following information was extracted from Pacific Edge Limited's full year results, released on 30 May 2025:

Pacific Edge today also announces a NZ$20 million equity raising to capitalize on recent clinical and commercial milestones, grow in non-Medicare channels and regain Medicare coverage. The details of the capital raising are covered in a separate announcement to the NZX and ASX today.

FY25 FINANCIAL PERFORMANCE

• Operating revenue down 8.6% on FY 24 to $21.8 million, reflecting Medicare uncertainty. Total revenue is down 16% on FY 24 to $24.6 million

• Total laboratory throughput (TLT) of Cxbladder tests fell 11.5% on FY 24 to 28,894; commercial tests fell 9.9% on FY 24 to 26,42 tests

• Tests/Sales FTE in the US for Q4 25 were reported at 405.6, up 6.4% on Q4 24; ASP for all commercial tests in the US increases to US$594 in FY 25 vs US$584 in FY 24 as operating efficiencies and cash collection gains continue to improve

• Strong performance from the Southern California Permanente Medical Group, increased APAC volume and sustained sales force efficiencies reduce the impact of Medicare uncertainty and the reduced sales team reach

• Net loss after tax +1.4% on FY 24 to $29.9 million, 2H 25 net loss +6.4% on 1H 25 led by increased expenditure on clinical research, Triage Plus commercialization and legal fees

• Cash, cash equivalents and short-term deposits of $22.6 million at the end of FY25; cash burn of $13.4 million in 2H 25 down 6.7% on 1H 25

FY 25 STRATEGIC PERFORMANCE

• Cxbladder Triage included in the American Urological Association (AUA) guidelines with a ‘Grade A’ evidence rating, the only biomarker to achieve this status

• Triage Plus achieves a draft Medicare price of US$1,018.44, a significant premium to the current US$760 per test; full scale commercial launch is now contingent on re-coverage

• Medicare coverage discontinued following Genetic Tests for Oncology (Specific Tests) (L39365) becoming effective after balance date (24 April 2025); Pacific Edge is now focused on regaining coverage for Triage and Monitor and obtaining coverage and launch of new products Triage Plus and Monitor Plus

• Commercial team focused on profitable territories, non-Medicare revenue streams and selling the clinical and economic value of Cxbladder; Cxbladder Detect discontinued

• FY25 Climate Disclosures released in compliance with NZCS