Q1 24 Investor Update – Test Volumes Reach New Heights
Pacific Edge has today released its Shareholder Update showing test volumes processed in its laboratories rising to a new record in the first quarter of the 2024 financial year (Q1 24) of 9,706. The figure represents a 9% rise on the 8,877 tests in the prior quarter (Q4 23).
The volume processed in Q1 24 also represents a 38% increase on the 7,056 tests processed in the same quarter of the prior year (Q1 23). US volumes led the growth rising to 8,627 in Q1 24, a 10% increase on the 7,816 tests in Q4 23. The figure also represents a 42% increase on the 6,073 tests processed in Q1 23.
The continued growth in test volumes comes despite Novitas’1 June 2023 release of the latest iteration of the ‘Genetic Testing for Oncology’ Local Coverage Determination (LCD, L39365) and its subsequent stay earlier this month. The still to be finalized LCD has the potential to end Medicare coverage of Cxbladder in the US.
The number of unique ordering clinicians in the US has continued to grow through the quarter to 1,232 at the end of Q1 24, a figure that represents more than 10% of the 12,2532 actively practicing urologists in the US. The figure is, up 7% on the 1,150 ordering in Q4 23 and up 38% on the 895 clinicians who ordered tests in Q1 23.
Asia Pacific volumes in Q1 24 were 1,079, up 2% on the 1,061 tests processed in Q4 23, and up 10% on the 983 tests processed in Q1 23. The volume trends in APAC reflect the maturity of the New Zealand market and the region’s ongoing healthcare reforms.
The update also details Pacific Edge’s success in gaining a stay on L39365, the strategic moves the company has made since the publication of the LCD’s latest iteration and other important contextual information for shareholders.
View the Investor Update.
1 Novitas is the Medicare Administrative Contractor (MAC) with responsibility for Pacific Edge’s US laboratory.
2 American Urological Association (AUA) 2022 Census.
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