Pacific Edge Annual Report & Review Letter 2021
Pacific Edge’s Annual Report for the year ended 31 March 2021 is now available to view. We invite you to read this, along with our Annual Review Letter.
This has been a year of achievement for Pacific Edge, with the delivery of two significant milestones - commercial agreement with Kaiser Permanente and gaining coverage from the Centers for Medicare and Medicaid Services (CMS) for Cxbladder Monitor and Detect, at the national price of US$760 per test.
Our largest market, and the largest investment of our capital and resources, remains the US. We are well positioned to capitalise on the milestones achieved and progressively scaled up our US commercial operations during the second half of the year. Positive results are now starting to be seen from this investment, with record growth in test volumes and US cash receipts in March FY21 and the FY22 year to date.
Our strong financial results in FY21 reflect the ramp up in momentum, albeit at a slower pace due to Covid-19, than could have been expected in a ‘normal’ operating environment. We delivered strong growth in operating revenue and operating cashflow, a reduction in our net loss and a significantly strengthened balance sheet.
Our vision remains for Cxbladder to become the most trusted and preferred diagnostic test for the detection and management of urothelial cancer. We are well positioned to capitalise on the opportunities available to the company. Growth initiatives are being deployed in all Pacific Edge’s target markets, with the US remaining the primary focus.
Our commercial priority remains on growing adoption and reimbursement of Cxbladder by Medicare, the Veterans Administration, Kaiser Permanente and other large healthcare institutions and private payers in the US.
We are focussed on building scale as quickly as possible to deliver revenue growth and value creation for our shareholders in FY22 and beyond. It has been pleasing to have our efforts recognised by a significant increase in share price over the 12 months and inclusion in the S&P/NZX 50 index.
Regards, Pacific Edge Limited
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