Cxbladder Test Volumes Steady in Q1 25

Pacific Edge today announces tests processed at its laboratories in the three months to the end of June 2024 were steady on the prior quarter (Q4 24) as we continued to benefit from improved performance from a lean sales force in the US, an acceleration of demand in New Zealand and sustained growth from Kaiser Permanente.

Volumes in Q1 25 flattened to 7,188 tests, a figure down 0.3% on the 7,210 tests in Q4 24. US volumes were 5,905 tests down 3.2% on the 6,099 in Q4 24. The result follows from a further reduction in our direct sales team and previously reported improvements in sales force efficiency alongside a growing contribution from Kaiser Permanente following the incorporation of Cxbladder into its electronic medical records system.

Q1 25 saw another reduction in US account executives, down to an average of 15 FTEs across the quarter from 16 FTEs in Q4 24. This drop follows a decision to limit backfilling of commercial staff while Medicare reimbursement uncertainty continues.

The combination of fewer FTEs and the increased Kaiser Permanente volumes has lifted our sales force efficiency metric (403 tests per average sales FTE in Q1 25 vs 381 in Q4 24 and 288 in the same period a year ago). In the US, tests per ordering clinician (our preferred metric for measuring customer commitment to Cxbladder) increased to 6.8 in Q1 25, from 6.7 in Q4 24 reflecting ongoing efficiency improvements, our enhanced sales messaging, which focuses on the clinical value of Cxbladder in the evaluation of hematuria, and again the impact of the increased Kaiser Permanente volumes.

Asia Pacific volumes were up 15.5% on Q4 24 to 1,283 tests. The region benefited from an increase in demand from New Zealand for surveillance evaluations in particular (Cxbladder Monitor volumes were up 17%). The result also benefited from demand from new regions in the South Island delivering samples. Volumes from Australia and Asia reached a new quarterly record although totals remain small.

Further details on test volumes and other developments in the quarter are included in the investor update released today.

View the Investor Update.