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

 

Statistics: Dairy And Travel Still Our Largest Export Earners

New Zealand earned $2.3 billion more from exports than we spent on imports during the year ended June 2015... total exports of goods and services were $67.5 billion, while total imports were $65.1 billion. More>>

ALSO:

Approval: Air New Zealand And Air China Launch New Alliance Route

Air New Zealand and Air China have today launched joint sales for a new daily direct service between Auckland and Beijing after receiving approval from New Zealand Minister of Transport Hon Simon Bridges to form a strategic alliance. More>>

ALSO:

Money Trading: FX Trader Jin Yuan Finance Warned Over Lack Of Monitoring

Jin Yuan Finance, an Auckland-based foreign exchange trader, has been warned over its lack of anti-money laundering processes in place in the first public notification by the Department of Internal Affairs. More>>

ALSO:

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news