Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Pacific Edge widens annual loss as sales start trickling in

Pacific Edge widens annual loss as sales start trickling in

By Suze Metherell

May 28 (BusinessDesk) - Pacific Edge widened its annual net loss by 35 percent after the bladder cancer test developer turned its first revenue from its primary US market.

The Dunedin-based company made a loss of $9.95 million, or 3.2 cents per share, in the 12 months ended March 31, compared to a loss of $6.92 million, or 2.5 cents, a year earlier, it said in a statement. Sales rose 63 percent to $838,000, while trading revenue more than doubled to $523,000. The company is targeting $100 million in gross revenue from the US market in the next five years.

The company has signed four deals with US national network healthcare managers to supply its diagnostic test to providers covering about 130.6 million people. The non-invasive bladder cancer test was adopted by New Zealand district health boards earlier this year.

"Whilst the New Zealand and Australian markets are important to us from a product development and commercialisation process perspective, it is the scale and accessibility of the American market that is paramount to the success of the company," said chairman Chris Swann. "Evaluating hematuria (blood in urine) in American patients for bladder cancer is a significant market of scale and could be worth up to $100 million in gross revenue for our company in five years' time."

Coinciding with the first announcements of the US deals the company raised $20 million from shareholders to fund its push into the world's biggest economy. Pacific Edge held cash and equivalents of $20.4 million as at March 31, up from $10.7 million the year earlier and is debt free.

The shares last traded at 97 cents, having soared 150 percent last year on news of its US deals. Since its mid-March debut on the NZX 50 Index the shares have dropped 58 percent amid a global sell off of growth-orientated tech stocks. No dividend for the stock will be paid this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

BusinessDesk: APN's NZME Sees Future In Paywalls, Growth In Digital Sales

APN News & Media has touted a single newsroom concept for its NZME unit in New Zealand, similar to what Germany's Die Welt uses, saying an 'integrated sales proposition' is helping it win market share, including ... More>>

Labour Party: Global Milk Prices Now Lowest In 6 Years

The latest fall in the global dairy price has brought it to the lowest level in six years and shows there must be meaningful action in tomorrow’s Budget to diversify the economy, says Labour’s Finance spokesperson Grant Robertson. “Dairy prices ... More>>

BusinessDesk: NZ Inflation Expectations Creep Higher In June Survey

May 19 (BusinessDesk) - New Zealand businesses lifted their expectations for inflation over the next two years, sapping any immediate pressure on the Reserve Bank to cut interest rates, and prompting the kiwi dollar to jump higher. More>>

BusinessDesk: Lower Fuel Costs Drive Down NZ Producer Input, Output Prices

May 19 - Producer input and output prices fell in the first quarter, mainly reflecting lower fuel costs and weakness in prices of meat and dairy products. More>>

Media: Fairfax Media NZ Announces Senior Editorial Team

Fairfax Media New Zealand has today confirmed its new editorial leadership team, as part of a transformation of its newsrooms aimed at enhancing local and national journalism across digital and print. More>>

Science: Flavonoids Reduce Cold And Cough Risk

Flavonoids reduce cold and cough risk Research from the University of Auckland shows eating flavonoids – found in green tea, apples, blueberries, cocoa, red wine and onions – can significantly reduce the risk of catching colds and coughs. The research, ... More>>


BusinessDesk: RBNZ House Alert Speech The Catalyst For Government Action

Prime Minister John Key all but conceded that pressure from the Reserve Bank of New Zealand for concerted action on rampant Auckland house prices was one of the main catalysts for the government's weekend announcements about tightly ... More>>

BusinessDesk: How To Fall Foul Of The New Housing Tax Rules: Tips From IRD

Just because you rented out your investment property doesn't absolve you from paying tax, says the Inland Revenue Department in a summary of commonly made mistakes by non-professional property investors when it comes to their tax liability.More>>

Legal: Superdiversity Law, Policy And Business Stocktake Announced

Mai Chen, Managing Partner at Chen Palmer New Zealand Public and Employment Law Specialists and Adjunct Professor of Law at the University of Auckland, today announced the establishment ... More>>

Housing: More House Price Gains Expected

House price expectations remain high, with a net 56% of respondents expecting house prices will increase. Fears of higher interest rates are fading, consistent with the RBNZ’s signals this year. Affordability and a lack of houses for ... More>>

TDDA: State-Of-The-Art Drug Testing Laboratory To Open In Auckland

World leading drug testing agencies, The Drug Detection Agency (TDDA) and Omega Laboratories, open New Zealand laboratory More>>

Network: Bigpipe Launches Ultra-Fast Broadband Into Wellington

Bigpipe Launches Ultra-Fast Broadband into Wellington Naked broadband provider Bigpipe has extended its national reach, announcing today, the launch of its unlimited UFB offering into Wellington. The Spark Venture business is giving Wellingtonians the ... More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news