Pacific Edge Reports Continued Growth in FY19
Cancer diagnostics company, Pacific Edge (NZX: PEB) has today released its audited financial results for the year ended 31 March 2019, reporting accelerating demand from new and existing customers in the second half of the financial year, particularly from New Zealand customers in the final quarter of the year.
Pacific Edge’s Cxbladder tests continue to provide a compelling value proposition for healthcare providers, patients and clinicians alike. Test adoption, coverage and reimbursement is expected to grow in FY20 as clinical evidence continues to accumulate in favour of Cxbladder.
CEO of Pacific Edge, David Darling, said: “Many of the foundations for commercial success have now been completed. We have a proven business model and a growing list of compelling clinical evidence published in toptier international journals. This published evidence is the key ingredient in driving widespread reimbursement and adoption of Cxbladder with customers globally.
“Adoption of Cxbladder is growing and commercial sales are increasing. We remain focused on further accelerating the adoption of Cxbladder by large healthcare organisations in New Zealand and internationally. Gaining inclusion in the Local Coverage Determination remains a priority.”
Audited Financial results for the year ended 31 March 2019
• Adoption of Cxbladder continues and sales
are increasing, with accelerating commercial progress being
noted, particularly in Q419.
• Operating revenue from test sales was up 12% to $3.8m, with total revenue for the period of $5.1m.
• Total laboratory throughput (which includes commercial sales as well as tests from User Programmes) grew to 15,697 tests in FY19, a 9% increase on FY18.
• Total billable tests grew to 12,744 tests in FY19, a 7% increase on FY18.
• Total operating expenses reduced to $(23.0)m for the year, a 7% improvement on FY18.
• Net operating cash outflow reduced to $(17.5)m for the year, a 3% improvement on FY18.
• Overall, the Company reported a net loss of $(17.9)m for the year, an improvement of 9% on FY18.
• Pacific Edge had cash, cash equivalents and short term deposits of $12.9m as at 31 March 2019.