Pacific Edge Reports Resilient Performance In FY25

AUDITED FINANCIAL RESULTS FOR THE YEAR TO 31 MARCH
2025

30 May 2025

Pacific Edge today reports a
resilient financial result for the year to the end of March
2025. Improvements in the performance of the sales force,
operating efficiencies and cash collection gains over the
financial year have positioned the company well as it works
towards regaining Medicare coverage of its
tests.

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
PERFORMANCE2

• 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 throughput3 (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; ASP4 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

NOTE: PEB HAS RELEASED THIS UPDATE TO
THE NZX AND ASX AS PER LISTING RULES [1]

1 PEB has released the information
contained in this update to the NZX and ASX as it regards it
to be material, as defined in the NZX Listing Rules and
Section 231 of the FMC Act.
2 All comparisons are to the
same period of the prior financial year unless otherwise
stated. 
3 Total Laboratory Throughput (TLT)
includes commercial, pre-commercial and clinical studies
testing.
4 ASP: US Average Sales Price (US Operating
Revenue in USD / US Commercial Test
Volumes)

© Scoop Media