Pacific Edge Reports Continued Growth Momentum into Q1 FY22
Pacific Edge is pleased to report a continuation of the positive growth momentum seen in the second half of the prior financial year, with sales of our Cxbladder tests continuing their strong growth.
With our Annual Meeting scheduled in Dunedin today, the company has delivered a record quarter in both test throughput and cash receipts for the three months from 1 April to 30 June 2021.
Laboratory throughput has risen consistently over the last five quarters
- 179% on the same time last year
- 109% on the preceding quarter (Q4 FY21)
Cash Receipts from Customers also continue to grow as reimbursement success and volumes grow
- 242% on the same time last year
- 121% on the preceding quarter (Q4 FY21)
Pacific Edge has a positive growth outlook, with opportunities being addressed in each of its key markets. The priorities going forward are to firstly encourage commercial use of Cxbladder by large scale institutional healthcare organisations in each market; and secondly, to encourage customers to include multiple products from the Cxbladder suite of tests in their standard of care and mainstream commercial use.
The US remains the primary focus, with an annual addressable market of US$3.5 billion . With the Company’s recent commercial milestones achieved in reimbursement for tests, Pacific Edge has scaled up its sales team and resources in the US. An increasing number of commercial tests from the CMS, Kaiser Permanente and other scale payers such as United Healthcare are expected to underpin revenue and operating cashflow growth in FY22 and beyond. The company notes that the impact of the Covid-19 pandemic is still being felt, particularly restricted access to clinics and urologists for Pacific Edge’s sales team.
The focus in New Zealand is expanding the coverage by New Zealand’s public healthcare providers and continuing the evolution towards mainstream commercial use of more than one Cxbladder product. Australia and South East Asia are at an earlier stage in their commercial journey, with the goal being to transition the large scale public healthcare providers from clinical trials to a commercial customer model.
CEO David Darling said: “Our recent progress and commercial achievements over FY21 underpin our future growth. We are now seeing the commercial benefits of our efforts and the resources that have gone into the development and commercialisation of our Cxbladder technology, rolling into the company’s performance in the first quarter of FY22.”« Back