Pacific Edge Limited Analysis

Overview

Pacific Edge Limited (NZX: PEB) is a New Zealand publicly listed, cancer diagnostic company specialising in the discovery and

commercialisation of diagnostic and prognostic tests for better detection and management of cancer. Its Cxbladder suite of

non-invasive, simple to use and accurate diagnostic tests provide actionable results, and better detection and management of

urothelial cancer. The company is developing and commercialising its range of Cxbladder bladder cancer tests globally through

its wholly owned central laboratories in New Zealand and the USA. The company’s products have been tested and validated in

international multi-centre clinical studies.

Performance

The following information was extracted from Pacific Edge Limited's Full year results, released on 25 May 2025

AUDITED FY26 FINANCIAL PERFORMANCE

Our audited financial results for FY 26 are largely unchanged from the unaudited results we announced on Monday 11 May 2026 ahead of the ongoing ~$31.4 million capital raising. For further details please refer to the audited FY 26 financial statements released to the NZX and ASX today with this announcement.

• Operating revenue of $11.5 million (FY 25, $21.8 million), reflecting the loss of Medicare coverage from April 2025 and continued pressure on US test volumes after coverage loss and cost containment measures. Total revenue $13.6 million (FY 25, $24.6 million)

• Total laboratory throughput (TLT) of Cxbladder tests down 16.3% to 24,190 tests (FY 25; 28,894 tests); commercial tests down 23.8% to 18,783 tests (FY 25; 24,642 tests)

• Volumes supported by growth at the Southern California Permanente Medical Group and growth in the APAC region

• Net loss after tax $35.8 million (FY 25, $29.9 million); 2H 26 net loss $16.7 million, lower than 1H 26, $19.1 million. Lower revenue following Medicare non-coverage was partly offset by disciplined cost control with a 9.5% reduction in expenses for FY 26 compared to FY 25, aided by a reduction in US sales force

• Cash, cash equivalents and short-term deposits of $7.8 million at the end of FY 26; monthly cash burn reduced through the year; 2H 26 average monthly cash burn of $2.4 million in 2H 26 vs $3.3 million on 1H 26 as Pacific Edge maintained a prudent approach to preserving capital

• Placement in May 2026 raises $25.4 million; retail offer to raise up to $6 million (with discretion to accept oversubscriptions) closes 28 May 2026; provides support to ongoing operations and growth to achieve Medicare recovery, and continue evidence generation, product development and innovation