Annual Report & Shareholder Letter

20
ANNUAL
REPORT
FOR THE
YEAR ENDED
31 MARCH 2020

FY21 KEY DATES
2020 Annual Meeting 5 August 2020
End of FY21 Half Year 30 September 2020
FY21 Interim Results Announced By 30 November 2020
End of FY21 Financial Year 31 March 2021
The Board of Directors of Pacific Edge Limited is pleased to
present the Annual Report for the year ended 31 March 2020.
This provides a review of our performance in the last year and
our focus for the financial year ahead.
Digital versions of this report, and of our previous shareholder
reports, are available at www.pacificedgedx.com/investors/
shareholder-reports/. We are constantly looking for
improvement opportunities and would welcome feedback
on this report. Please address any questions, comments or
suggestions to investors@pacificedge.co.nz.
Chris Gallaher David Darling
Chairman Chief Executive Officer

CONTENTS
Our Business at a Glance 4
Progress in FY20 8
Key Metrics 9
Report from the Chair 10
Our Plan 12
Report from the Chief Executive Officer 14
Financial Commentary 20
Board Profiles 24
Executive Team 26
Advisory Boards 27
Consolidated Financial Statements 28
Notes to the Consolidated Financial Statements 33
Independent Auditors’ Report 63
Corporate Governance 67
Remuneration 74
Risk Analysis 77
Statutory Information 78
Glossary 83
Company Directory 84
WE’RE ON A JOURNEY TO BENEFIT GLOBAL
COMMUNITIES THROUGH THE DELIVERY OF
INNOVATIVE SOLUTIONS FOR THE EARLY
DIAGNOSIS AND BETTER MANAGEMENT
OF CANCER.
PACIFIC EDGE LIMITED ANNUAL REPORT 2020
3

OUR PRODUCTS
Our suite of four Cxbladder tests span the urothelial cancer pathway
and offer better care for patients, better utility for urologists and savings
for the payers. Our Cxbladder tests remain the only new, commercially
available, molecular test for bladder cancer for more than 18 years.
OUR PEOPLE
We have a team of passionate and committed people with proven
perfornance delivering products that are creating a dramatic and positive
impact on the detection and management of bladder cancer.
OUR CUSTOMERS
We work with hundreds of urologists and healthcare payers in our
markets, enabling them to deliver better care for their patients, more
efficiently and more effectively.
OUR MARKETS
We have commercial operations in NZ, Australia, Singapore and the
USA. The USA provides us with an annual addressable market of
US$1.2 billion*.
OUR SUPPLY CHAIN
We own and operate two dedicated, accredited diagnostic laboratories –
in New Zealand and in the USA – and have networks of sales people in
our markets. Our test kits are manufactured and delivered directly to
urologist customers on an as needed basis.
OUR CLINICAL EVIDENCE
Our portfolio of peer-reviewed, published, clinical evidence drives
positive reimbursement decisions, inclusion in guidelines and wide
adoption by physicians.
WE ARE ON A JOURNEY
TO COMMERCIALISE
OUR WORLD LEADING
CANCER DIAGNOSTICS
TECHNOLOGY
OUR BUSINESS AT A GLANCE
* E Y Parthenon Report 2018
PACIFIC EDGE LIMITED ANNUAL REPORT 2020PACIFIC EDGE LIMITED ANNUAL REPORT 2020
54

Our suite of four
Cxbladder tests
span the bladder
cancer pathway and
are providing better
clinical solutions for
both patients and
physicians alike –
they are non-invasive,
highly accurate and
validated by world-
leading physicians and
healthcare providers.
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76

COMMERCIAL GROWTH: Increasing number of customers and urologists adopting and
using Cxbladder; 14% increase in Operating Revenue and 7% increase in Total Laboratory
Throughput.
PUBLICATION OF FURTHER PEER-REVIEWED PAPERS highlighting Cxbladder’s
outperformance and adding significant additional clinical utility evidence in support of
Cxbladder.
INCLUSION IN USA’S NATIONAL COMPREHENSIVE CANCER NETWORK (NCCN)
GUIDELINES as an approved clinical intervention for patients being monitored for
recurrence of urothelial cancer (UC).
USA: Growing recognition and adoption by the targeted large healthcare institutions in
the USA.
LCD PROGRESS: Updated dossier of clinical evidence accepted for formal review by the
Centers for Medicare and Medicaid Services (CMS) in the USA, as part of the process for
inclusion in the Local Coverage Determination (LCD).
NEW ZEALAND: Continuing adoption and increasing commercial use of Cxbladder by
New Zealand public healthcare providers (DHBs), consolidating New Zealand’s world
leading position.
SOUTH EAST ASIA: Continued progress in Southeast Asia with the five largest hospitals
concluding their User Programmes. Analysis to be completed in FY21.
FUNDING: Successfully raised $20.1m from existing and new investors through a fully
underwritten placement and rights issue.
POST-PERIOD END
Leading non-profit US healthcare provider, Kaiser Permanente, approved the commercial
use of Cxbladder by their urologists for patients being evaluated for bladder cancer.
PROGRESS IN FY20
We made good commercial progress in FY20 and all our key
performance metrics increased year on year, with increased
revenue and Laboratory Throughput and a growing number
of urologists using our Cxbladder tests.
KEY METRICS
FY20 TOTAL LABORATORY TEST THROUGHPUT
(COMMERCIAL TESTS AND USER PROGRAMMES)
TOTAL LABORATORY THROUGHPUT
+7% vs FY19 to 16,861 tests
5-year CAGR of 34%
UNITED STATES
+6% vs FY19
Strong 14% year on year increase in Q420
78% of Total Laboratory Throughput
REST OF WORLD
+12% vs FY19
CMS-RELATED TESTS
Accounted for approximately 43% of
US Commercial Tests in FY20 (45% in FY19)
COMMERCIAL TESTS
+6% vs FY19
Comprise 81% of Total Laboratory Throughput
TOTAL LABORATORY THROUGHPUT
TOTAL LABORATORY THROUGHPUT BY REGION
■ 1H ■ 2H
FY20 FINANCIAL SNAPSHOT
Revenue from test sales $4.4m, up 14% year
on year
Total Revenue $5.2m
Operating Expenses $24.1m, up 5% on prior year
Net Operating Cashflow Improved 12% on prior
year to $(15.4)m
Net Loss After Tax $(18.9)m
Cash, cash equivalents and short term deposits
of $14.8m as at 31 March 2020
78+17+5
USA
78%
ROW
5%
NZ
17%
FY17FY18
0
2000
4000
6000
8000
10000
12000
14000
FY15
(000s)
FY16FY17FY18
0
2
4
6
8
10
12
14
16
18
FY19FY20
PACIFIC EDGE LIMITED ANNUAL REPORT 2020
98
PACIFIC EDGE LIMITED ANNUAL REPORT 2020

REPORT FROM THE CHAIR
Chris Gallaher
The multiple benefits of Cxbladder became
more apparent during the Covid-19 period,
and were reflected in the recent agreement
with leading US healthcare provider, Kaiser
Permanente, which has approved the
commercial use of Cxbladder by their urologists
for patients being evaluated for bladder cancer.
This is a significant milestone achievement for
Pacific Edge.
The past few months have been an extraordinary
time for countries and businesses around the
globe, as together we have faced the challenges of
Covid-19. We have seen an acceleration of trends
that have been progressing slowly for many years,
such as the move to telehealth, and new ways of
doing things are quickly becoming the norm.
For Pacific Edge, these circumstances have
highlighted the benefits of our Cxbladder tests,
providing assurance to patients, simplifying the
diagnostic process and allowing for easy, non-
invasive in-home sample collection, all while
providing high quality results for clinicians. The
benefits of this additional utility was reflected in
the recent agreement with Kaiser Permanente and
we are delighted to be extending our relationship
with this recognised industry leader.
We continue to make progress in our journey
to commercialise our Cxbladder tests in the
global market. Operating Revenue, Laboratory
Throughput and Commercial Test volumes all
increased year on year as adoption and use of our
Cxbladder tests grows.
Our largest market opportunity, and the largest
investment of our capital and resources, remains
the USA. The pace at which we have been able
to achieve some of our key milestones in this
highly regulated market has taken longer than
we planned, a feature common to most who
commercialise medtech products here. To the
extent that we can control the pace of progress,
we are doing all that we can to achieve our
reimbursement and product goals in the USA.
In all our markets, our commercial focus remains on
the large scale, blue chip healthcare organisations
which can benefit from adopting Cxbladder and
which will also deliver greater scale and volumes
over the long term.
Multiple institutions in both the USA and our
other markets are currently using or evaluating
Cxbladder, including some of the most highly
recognised healthcare organisations in the world,
such as Johns Hopkins Medicine.
New Zealand is again a showcase for the world,
leading the way in the adoption of Cxbladder.
The majority of New Zealand’s public healthcare
providers are now using Cxbladder and many
have adopted it into their guidelines for both the
evaluation of haematuria and in the monitoring for
recurrence of urothelial cancer.
Our financial results reflect our passage of growth,
with increasing revenue and cash receipts from
customers and an improved Net Operating
Cashflow. Expenses were slightly up on the prior
year as we expanded our sales team in the USA
to take advantage of the market opportunity
and continued to invest in our commercialisation
journey. The reported Net Loss After Tax of $18.9m
was slightly up on the prior year but in line with
our expectations.
I would like to thank shareholders for their
continued support and patience as we draw
nearer to achieving our goals. The capital raising in
late-2019 has provided the financial resources for
our continued momentum, and we remain focused
on moving to a cashflow positive situation as soon
as possible.
We remain committed to realising the opportunity
that exists for Cxbladder, and we are progressing
in a number of areas which will help us achieve our
goals of growing our global reach, building and
strengthening our customer base and increasing
sales and adoption, all of which will drive greater
cash revenue.
On behalf of the Board, I would like to thank the
passionate and experienced people who work for
Pacific Edge in our markets around the world. It is
their expertise and commitment that have helped
us come this far in our journey. The milestones
they are helping us achieve are significant, and
their passion for our product and our company is
admirable.
We are confident we
have the right team, the
insights and the strategy
to achieve commercial
success, and we are
proud of our growing
contribution to enabling
better care, better
diagnosis and better
health outcomes for
patients being evaluated
for bladder cancer.
We look forward to providing a further update at
our annual meeting in August. Details of this will
be sent to shareholders in the near future.
Yours faithfully
Chris Gallaher
Chairman
Highlights for the period
include the publication
of three additional peer
reviewed papers in
support of Cxbladder;
inclusion in the National
Comprehensive Cancer
Network (NCCN)
guidelines in the US;
increased adoption and
commercial use by New
Zealand’s public healthcare
providers and growing
recognition and adoption
by urologists in the US and
New Zealand.
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1110

USA
Bring the USA business to a cash-flow positive position
• To conclude the national reimbursement process for CMS
patients, enabling an increase in cash contribution of more
than 40%
• Grow the number of tests used by existing customers
• Build on the recent commercial adoption of Cxbladder
by Kaiser Permanente to add other scale customers and
targeted institutions.
• Progress the adoption of Cxbladder across the more than
300 VA (Veterans Affairs) healthcare centers
NEW ZEALAND
Bring the New Zealand business to a cash-flow positive
position
• Extend the commercial coverage by public healthcare
providers in New Zealand from 65% to 100%
• Grow out the number of Cxbladder products in use with
each of the existing public healthcare customers
AUSTRALIA AND SOUTH EAST ASIA
• Transition the Australia and Singapore public health care
providers from their clinical studies to a commercial
customer model
• Facilitate commercial discussions with large scale South
East Asia (SEA) healthcare provider partners to grow
Pacific Edge’s SEA business
Launch and commercialise
all four Cxbladder
products in our targeted
markets around the world
to drive a profitable
business.
Sustain the global first
mover advantage with
Cxbladder becoming the
preferred go-to detection
and management tests
for urothelial cancers.
Grow the adoption
of Cxbladder by large
scale institutional
healthcare customers,
for multiple targeted
clinical needs.
OUR PURPOSE: WHY WE EXIST
To enable better care, better clinical decision making and better use
of healthcare resources by providing faster, more accurate and
less invasive diagnosis and management of cancer.
OUR VISION: WHO DO WE WANT TO BE
The most trusted and preferred solution for urothelial cancer
detection and management.
SUCCESS IS DELIVERING SUPERIOR VALUE
WITH CXBLADDER FOR
PATIENTS, HEALTHCARE PROVIDERS
AND STAKEHOLDERS ALIKE.
OUR
GROWTH STRATEGY
Attain global reach with
our comprehensive suite of
Cxbladder products, which
provide physicians with a
‘one-stop-shop’ for their
clinical needs.
OUR NEAR TERM GOALS
1312
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REPORT FROM THE
CHIEF EXECUTIVE OFFICER
David Darling
Our actions remain focused on building a strong
and profitable business through the delivery of
innovative solutions for the early diagnosis and
better management of cancer.
We are making good progress on our strategic
goals, although the pace of this in some areas
continues to challenge us. The progress we
have made with clinical evidence development,
reimbursement and regulatory approvals cannot
be underestimated. These underpin any successful
commercialisation of medtech products but are
also challenging and time consuming to achieve.
We would like to thank shareholders for your
patience and on-going support as we continue
to progress towards realising our full commercial
potential.
Our stated financial goal for FY20 was to continue
our commercial growth with a similar net
investment to the previous year, and we achieved
this goal.
Operating revenue from test sales for the year was
$4.4m, up 14% on the prior year, with cash receipts
from customers up 19%. Laboratory Throughput
1

increased 7% to 16,861 tests, with 81% of those
being commercial tests. Operating expenses were
$24.1m, up 5% on the prior year, primarily due
to the foreign exchange impact of a softer NZD
compared to USD and the increased sales team in
the US.
As at 31 March 2020, Pacific Edge had $14.8m in
cash, cash equivalents and short term deposits,
following a successful $20.1m capital raising
completed during the year. Net Operating
Cashflow was $(15.4)m, a 12% improvement on the
prior comparative period. The company reported a
Net Loss After Tax of $(18.9)m, up 5% on prior year.
Further details of our financial performance can
be read in the Financial Commentary section on
pages 20 to 21 of this report.
Growing Support for Cxbladder
Endorsement for our Cxbladder tests, through
inclusion in guidelines and adoption by reputable
healthcare organisations, is ahead of our
expectations. Inclusion in guidelines follows
significant adoption, and further empowers
urologists and organisations to adopt and use our
products. Published clinical evidence is the trading
currency for positive reimbursement decisions and
recognition in disease specific guidelines.
We have generated in excess of 10 years
of accumulated evidence showing the
outperformance of Cxbladder. This has been a
significant and time consuming investment for the
company and we are now seeing the fruits of this
investment in the reimbursement milestones in the
USA, increasing adoption in all our markets, and
inclusion in NZ and USA guidelines.
Our portfolio of peer reviewed published papers
continues to grow with three additional peer
reviewed papers published during the year, further
supporting Cxbladder’s outperformance and
clinical utility.
Another particularly important achievement for
us in FY20 was inclusion in the USA’s National
Comprehensive Cancer Network bladder cancer
guidelines for patients being monitored for
recurrence of urothelial cancer. This is a pivotal
commercial outcome with the NCCN guidelines
widely recognised and used as the standard for
clinical policy and practice in oncology by clinicians
and payers in the USA. To be considered for review
and inclusion requires an extensive portfolio of
clinical evidence, a track record of clinical use, and
broad adoption by physicians.
Most recently, we were very pleased to be
approved for commercial use by Kaiser
Permanente. This is a fantastic outcome after a
long period of consultation and working closely
with Kaiser Permanente to ascertain the best use of
Cxbladder in their particular healthcare setting.
Connecting with our Customers
We are taking advantage of multiple different
platforms to connect with our customers. These
include such things as our attendance at the South
East Asian Urofair conference, the premier annual
scientific conference organised by the Singapore
Urological Association which was attended by
more than 500 Urologists and medical practitioners
from across Asia and further afield. The conference
featured two presentations on Cxbladder from
internationally recognized urologists and was
another successful step in further raising the profile
of both Pacific Edge and Cxbladder in South East
Asia.
Key opinion leaders are often the early adopters
of our Cxbladder products and they help to build
awareness of Cxbladder. Recently we have seen
a number of video interviews, panel discussions
and presentations delivered by leading urologists
on some of the major urology media platforms,
providing in depth coverage of the compelling
evidence and findings in recent studies and their
conclusions and recommendations.
Our business continues to
progress, with particularly
strong growth in our
domestic market. We
have achieved some
significant milestones
that drive reimbursement
and, combined with the
strong clinical evidence
portfolio underpinning
the commercialisation of
Cxbladder, we are seeing
increased adoption and
commercial use of our
tests.
1
Laboratory Throughput: Total commercial and non-commercial tests
processed through Pacific Edge’s laboratories in the USA and New
Zealand, including tests for User Programmes.
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The US Market Opportunity
The USA remains our primary commercial focus
with an estimated annual market opportunity
for our Cxbladder products of approximately
US$1.2b.
2

Our tests can be used for the more than 3.4 million
people in the USA who present to the physician
with blood in their urine and are required to be
evaluated for bladder cancer each year. There are
also more than 800,000 who are living with the
disease and who require regular monitoring for
recurrence, up to 4x per year for up to five years,
giving rise to an approximate 3.2 million further
clinic visits. Approximately 4 million cystoscopies
were performed in 2018, many of which have now
been shown to be able to be safely replaced with
Cxbladder.
It was fantastic to be able to announce post year-
end, the commercial agreement reached with
Kaiser Permanente. Kaiser is the largest single
validation customer in the US and, apart from the
direct commercial sales, will also help us capture
other large healthcare institutions and convert
them to commercial customers.
We increased the number of US sales reps to
our planned number of 16 at year end to help
drive growth in this market, with a consequential
growing number of healthcare organisations
and urologists now using Cxbladder. We have
a targeted list of institutions in the US that are
currently using or evaluating Cxbladder, which
includes some of the most highly recognised
healthcare organisations in the world, such as
Johns Hopkins Medicine and Kaiser Permanente.
We remain very focused on concluding the process
to gain reimbursement for the many patients
insured by the Centers for Medicare and Medicaid
Services (the CMS) who use our Cxbladder tests.
To achieve reimbursement for these CMS patients,
we require three things - product specific codes, a
national price and coverage under the CMS’s Local
Coverage Determination (LCD). We completed the
first two in 2018 and we now have inclusion in the
LCD left to complete.
To achieve the reimbursement goal of inclusion
in the CMS’s LCD requires sign-off on three
levels of peer reviewed published evidence
covering analytical validity, clinical validity
and clinical utility. The first two have been
successfully signed off and we have the clinical
utility component to complete. To that end, we
submitted an updated dossier of peer reviewed
published evidence for Cxbladder’s clinical
utility to the CMS’s contractor, Novitas, for
formal review in August 2019; and in February
this year, we were able to add our latest
compelling clinical evidence into the dossier,
portraying the significant gains in clinical utility
from the commercial adoption of Cxbladder
Monitor by three different public healthcare
providers in NZ.
A successful LCD decision would result in
reimbursement for all CMS patients treated
or managed using our Cxbladder tests at the
already determined national CMS price for
Cxbladder of US$760 per test. Currently 43% of
our US Commercial Tests are for CMS patients.
At the time of LCD inclusion, we will also seek
reimbursement for the 21,789 Cxbladder
tests that have been completed
and invoiced to the CMS as at
31 March 2020.
2
2018 Report by E Y Parthenon
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1716

Continuing Success in the New Zealand Market
While the New Zealand market is small relative
to the US, it remains very active and continues to
grow. New Zealand’s public healthcare providers
(DHBs) continue to lead the global adoption of
Cxbladder and the majority have now added
Cxbladder into their standard of care, and in some
cases, into clinical guidelines, replacing the gold
standard cystoscopy in both the evaluation of
haematuria and in the monitoring for recurrence of
urothelial cancer. In Q420 and Q121, two of New
Zealand’s public healthcare providers added an
additional Cxbladder product to their mainstream
commercial use.
New Zealand is a great example of what our
tests can achieve in terms of better patient
care, better outcomes and better use of limited
healthcare resources. The addition of Cxbladder
to mainstream clinical use has been disruptive
to healthcare protocols and today, with these
changes, most urologists in New Zealand no
longer practice urology as they did 18 months
earlier.
The actions being taken here and their
demonstrable benefits are being watched carefully
by large healthcare institutions and leading
urologists around the world, and are another step
towards gaining wider adoption for Cxbladder.
Rest of World
The clinical trials in Singapore are nearing
completion and the results from these will form the
basis for a proposed Singapore-wide commercial
programme.
In Australia, we are focusing on the large public
healthcare providers, replicating our New Zealand-
proven sales and marketing model to drive sales.
Changing Clinical Practice
Helping to improve outcomes and reduce costs
by contributing to changing clinical practice
takes time. Clinical validation from research, trials
and studies is a key component to this. These
range from short term User Programmes through
to longer-term studies and commercial look-
backs which demonstrate the clinical utility and
effectiveness of our tests.
The precedent has now been set, and with the
recent supportive statements by the FDA and
CMS, we expect that tele-consultations will
become more common practise going forward. In
line with this, in-home sampling is also expected
to become an accepted option for patients and
physicians, even once the Covid-19 restrictions are
eased.
Our People
We have a team of passionate, expert and
experienced professionals who work collaboratively
to help us achieve our goals. Earlier this year, we
were pleased to welcome Grant Gibson as our new
Chief Financial Officer, and we have also welcomed
several new highly experienced sales people to
the team in the US. We are proud of our people
and the professionalism and expertise they bring
to their roles every day. In particular, we recognise
and thank them for their efforts during the recent
Covid-19 pandemic, during which we continued
to operate as an essential business but in a
significantly different and challenging environment.
We are working hard to create a workplace where
the value and efforts of our people is recognised
and rewarded. We recognise that work-life balance
is important and the recent Covid-19 environment
has demonstrated that different and more flexible
forms of working are possible. The safety and
wellness of people remains a priority, and we
are continually looking for ways to improve and
support our teams.
Catalysts to Drive Growth through FY21
We have identified opportunities for growth in
all our targeted markets and will be directing our
resources towards achieving commercial contracts
with large institutional healthcare customers and
growing sales to existing customers.
In the US, we continue to work closely with Novitas
to gain inclusion in the LCD. A successful outcome
will unlock access to the CMS revenue which
currently represents approximately 40% of Pacific
Edge’s current commercial sales in the US and is
expected to positively impact on demand from
other healthcare organisations as well.
At any one time, we will have a variety of User
Programmes and commercial trials underway as
healthcare organisations determine how Cxbladder
can be best used in their particular healthcare
setting.
Responding to Covid-19
We continued to operate as an essential business
during the Covid-19 restrictions in both New
Zealand and the USA.
While March test numbers remained strong across
our markets, we felt the impact of Covid-19 in
the first two weeks of April (post-period end) with
urologists struggling with the conflicting demands
of Covid-19 restrictions and managing bladder
cancer patients, all of whom are deemed at-risk
patients. This led initially to lower test numbers as
patient visits were deferred and clinicians moved
to telehealth options, with test numbers approx.
51% of the prior year in April for both New Zealand
and the USA. An uplift was seen in the second half
of April in New Zealand following the easing of
Covid-19 related restrictions and we are starting to
see a similar trend in the US as restrictions eased
in May.
We were able to reduce costs to offset income
reductions and also received financial support in the
form of Covid-19 relief packages from Governments
in New Zealand, Australia and the US.
During this period, we have seen an increase in
telehealth with some organisations reporting up to
90% of the consultations being tele-consultations,
up from around 30% prior to Covid-19.
Cxbladder’s unique sample collection device
was recognised by physicians in both the US and
New Zealand as an enabling deivce that would
help drive and sustain their shift to telehealth for
bladder cancer patients. The Cxbladder sample
collection system is being sent to patients at
home for an in-home sample collection, and then
collected by courier, for delivery to a Pacific Edge
laboratory, providing diagnosis and assurance even
when face to face consultations are not possible.
Given that many urology patients are in the +65
years age bracket and therefore at higher risk
from Covid-19, it also helps to maintain social
distancing, removing the need to visit busy
medical centres or collection points.
In New Zealand, we are looking to bring the
remaining public healthcare providers into contract
and expand the use of Cxbladder tests by existing
customers.
The focus for South East Asia is to complete the
User Programmes in Singapore and transition
these institutions into commercial customers,
as well as progress discussions with potential
strategic partners in the region.
Clinical evidence remains key and we will continue
to build out the evidence portfolio to drive further
positive reimbursement decisions.
Cash management remains a priority and we
expect FY21 total operating expenses to remain in
line with FY20.
Outlook
Pacific Edge is in a unique global position, with a
first mover advantage, a large addressable market,
a proven model and products with compelling and
repeatable performance. Cxbladder provides the
only commercially available, non-invasive, accurate,
clinically validated diagnostic solution across the
bladder cancer pathway. Our tests deliver better
care for patients, better utility for urologists and
savings for the payers.
We are continuing to build scale in the US, through
the signing of commercial agreements with large
scale healthcare organisations, as well as achieving
inclusion in the CMS’s LCD. Upon successful
completion, these will provide a significant positive
impact on the company’s financial position.
We remain focused on achieving our key strategic
objectives and commercial momentum is
increasing. The benefits and value our Cxbladder
tests offer and the opportunities for our company
are huge. As we progress with our key objectives,
we expect demand and commercial use of our
tests to gather pace.
David Darling
Chief Executive Officer
PACIFIC EDGE LIMITED ANNUAL REPORT 2020PACIFIC EDGE LIMITED ANNUAL REPORT 2020
1918

The key metrics used by Pacific Edge to measure
our progress are Operating Revenue, Laboratory
Throughput and Commercial Tests. These all
increased year on year.
LABORATORY THROUGHPUT
Laboratory Throughput is the measure of the
overall adoption of the Cxbladder products
and includes Commercial Tests as well as User
Programmes.
Since commencing commercial sales in 2015,
Laboratory Throughput has grown at a compound
annual growth rate (CAGR) of 34%.
In FY20, Laboratory Throughput increased 7% year
on year.
By Market
The US remains our biggest market and comprised
78% of Total Laboratory Throughput in FY20.
US Throughput increased 6% year on year.
Momentum is growing and we saw a strong uplift
of 14% in Throughput in the final quarter of this
year, compared to the same period last year.
New Zealand has been actively growing and now
makes up 17% of Total Laboratory Throughput.
New Zealand Laboratory Throughput increased
12% year on year.
By Test
Cxbladder test usage in the respective markets
depends on the length of time a specific product
has been available in-market and the specific
clinical issue that the urologist or institute is
interested in. We have a rollout strategy where
new tests are first launched in New Zealand before
being progressively rolled out in the USA and
other markets. This can sometimes take many
months before broad coverage is achieved.
In the US, Cxbladder Detect was the first product
launched in 2015, and as expected, it has the
highest adoption, followed by Cxbladder Monitor.
In New Zealand, Cxbladder Triage test has the
highest usage followed by Cxbladder Monitor.
FINANCIAL COMMENTARY
COMMERCIAL TESTS
Commercial Tests are tests that have been
analysed by Pacific Edge, for a specific customer,
including the User Programmes run by customers
as part of their adoption process but excluding any
tests run for clinical studies.
Commercial Tests increased 6% and comprised
81% of Total Laboratory Throughput in FY20.
Commercial Tests also include tests for CMS
patients, which are all invoiced to CMS but for
which revenue is not yet recognised or cash
payment received. CMS related tests accounted
for approximately 43% of US Commercial Tests in
FY20 and as at 31 March 2020, we had cumulatively
completed and invoiced a total of 21,789 tests
for CMS patients, for which we are yet to be
reimbursed.
We will seek reimbursement for these tests when
we achieve inclusion in the Local Coverage
Determination.
OPERATING REVENUE
Group Operating Revenue (or test sales) increased
14% to $4.4m in FY20.
US Operating Revenue accounted for 86% of
Group Operating Revenue and increased 15% year
on year (+9% in USD terms).
Under NZ IFRS 15 revenue in the US is currently
recognised on a cash only basis and excludes tests
sold in the US for which cash payment has yet to
be received, as well as tests completed for patients
covered by the CMS.
Rest of the World Operating Revenue increased
14% year on year, mainly driven by the increasing
adoption and use by New Zealand’s DHBs.
OPERATING CASHFLOW
Our continued focus on disciplined cash
management saw Net Operating Cashflow reduce
by 12% to $(15.4)m for the year.
Cash receipts from customers increased 19% year
on year to $4.4m.
The introduction of national product specific
CPT codes for Cxbladder Detect and Cxbladder
Monitor in the USA from January 2019 has had
a positive impact on cash collection rates and
US payment terms currently average around 5
months from completion of test to payment by
relevant US payer (insurer).
As at 31 March 2020, Pacific Edge had $14.8m in
cash, cash equivalents and short term deposits,
following a successful $20.1m capital raising
completed during the year.
OPERATING EXPENSES
Operating Expenses were $24.1m, up 5% on the
prior year, primarily due to the foreign exchange
impact of a weaker NZD compared to USD.
US Operating Expenses account for 60% of
the total Operating Expenses and were down
2% in local currency, however, 3% higher when
converted to NZD
In Q420, the US business increased the number
of sales representatives selling Cxbladder to 16
individuals, compared to 11 at the start of the
financial year.



FY18
0
1
2
3
4
5
FY19
$NZD Millions
Test Numbers
Test Numbers
NZ 000s
FY20
Lab ThroughputRevenue
Q419Q420
0
500
0
100
200
300
400
500
600
1,000
1,500
2,000
2,500
3,000
3,500
4,000
3,000
3,100
3,200
3,300
3,400
3,500
3,600
3,700
3,800
+14%
+14% growth
+12%+11%



FY18
0
1
2
3
4
5
FY19
$NZD Millions
Test Numbers
Test Numbers
NZ 000s
FY20
Lab ThroughputRevenue
Q419Q420
0
500
0
100
200
300
400
500
600
1,000
1,500
2,000
2,500
3,000
3,500
4,000
3,000
3,100
3,200
3,300
3,400
3,500
3,600
3,700
3,800
+14%
+14% growth
+12%+11%



FY18
0
1
2
3
4
5
FY19
$NZD Millions
Test Numbers
Test Numbers
NZ 000s
FY20
Lab ThroughputRevenue
Q419Q420
0
500
0
100
200
300
400
500
600
1,000
1,500
2,000
2,500
3,000
3,500
4,000
3,000
3,100
3,200
3,300
3,400
3,500
3,600
3,700
3,800
+14%
+14% growth
+12%+11%
OPERATING REVENUE
NZ GROWTH
USA Q4 LABORATORY THROUGHPUT
■ USA ■ ROW
■ FY19 ■ FY20
2120
PACIFIC EDGE LIMITED ANNUAL REPORT 2020PACIFIC EDGE LIMITED ANNUAL REPORT 2020

Telehealth has become a key part of the delivery of life-saving cancer care while protecting
vulnerable oncology patients and providers alike. The number of urologists using telehealth has
been growing as the world has grappled with the Covid-19 pandemic.
Cxbladder plays an important role in this new environment, allowing patient evaluation and assessment
to be managed remotely, with the Cxbladder in-home urine sample process incorporating the delivery
and collection of sample kits direct to patients homes, and the delivery to Pacific Edge laboratories for
analysis.
In a recent editorial in the American Society of Clinical Oncology journal, Kaiser Permanente commented
on their use of telehealth for the management of oncology patients. Excerpts from the editorial are
below:
• Kaiser Permanente rapidly expanded its telehealth offer during the Covid-19 pandemic, and
believe that the oncology telehealth innovations made during the current crisis could lead to lasting
changes in oncology care delivery, entrenching telehealth as an integral component of cancer care.
• In the current landscape of a viral pandemic, coordination of tests, imaging, and virtual visits for
patients is more necessary than before, as social distancing may cause additional distress and loss
of control for patients.
• Published data on patient satisfaction and recall of recommendations suggest that cancer
survivorship visits can be effectively delivered by telehealth. This is particularly relevant in cases
where formal assessment, such as scans and/or laboratory results indicate continued remission.
• For many patients, in-person care may not be easily avoided. This includes imaging, procedures,
and sample collection for laboratory work. However, technologies for some remote evaluation are
emerging and should be considered if available.
• Kaiser’s goal is to transition all oncology patients, irrespective of disease site, stage, or phase in
their care continuum, to telehealth as much as feasible. In the current environment of the Covid-19
outbreak, with shelter in-place orders and an increasing number of local positive Covid-19 cases, we
are finding that the vast majority of patients welcome telehealth options, and many request virtual
visits on a daily basis.
CXBLADDER AND TELEHEALTH
DELIVERING CARE AND ASSURANCE DURING A PANDEMIC
“It is almost inevitable that the telehealth utilisation
post Covid-19 will settle down at a level higher relative
to pre-covid.”
Credit Suisse, Equity Research, United States
REAL-LIFE CASE STUDY
Bladder cancer has a very high rate of recurrence and as such,
patients that have been treated are required to return to the
clinic for regular evaluations for the recurrence of the disease.
Cxbladder Monitor allows urologists to monitor bladder cancer
patients for recurrence of the disease. Compared to invasive
and often uncomfortable surveillance tests such as cystoscopy,
Cxbladder Monitor can provide accurate results with a
single urine sample, and the test is often used to reduce the
frequency of cystoscopy.
A US patient presenting to clinic at the
University of Florida as part of his regular
monitoring for recurrence showed a
significant increase in his Cxbladder
Monitor Score.
The follow-up investigation by the
physician identified an aggressive CIS
(Carcinoma In Situ). A confirmatory
investigation at Johns Hopkins found
an early stage and small tumour and
treatment started immediately.
The patient wrote to Pacific Edge and
stated: “Cxbladder Monitor has been
life changing for me. While diagnosis
of a tumour wasn’t news I was hoping
to get, I am happy that Cxbladder
Monitor aided in the early detection
and allowed me to get treatment
quickly.”
iStock image
“Without Cxbladder
Monitor, we may not
have found this right
away. “
PACIFIC EDGE LIMITED ANNUAL REPORT 2020PACIFIC EDGE LIMITED ANNUAL REPORT 2020
2322

BOARD PROFILES
Chris Gallaher, Chairman and Independent Director (Appointed 2016)
Chris joined the Board in 2016 and was appointed as Chairman in August 2016. A New Zealand citizen
resident in Melbourne, Chris has held senior positions in both CEO and CFO roles with a number of large
international companies and was a partner in Arthur Young, Chartered Accountants. Prior to retiring from
full time corporate life, he was CFO of Fulton Hogan, a large NZ resources based civil contractor. Chris
holds a BCom from Otago University and is a Chartered Accountant and a member of the Australian
Institute of Company Directors.
David Darling, Executive Director and CEO (Appointed 2014)
Dave has over 30 years’ business experience in life sciences and biotechnology and was appointed to
the Board as Executive Director in 2014. In his capacity as Chief Executive Officer he has led Pacific Edge
from its early inception, and has significant executive and leadership experience in the development and
international commercialisation of biomedical and biotechnology businesses and products. During his
career, Dave has held a number of positions in governance, executive and senior management, joining
Pacific Edge from Fletcher Challenge.
David Levison, Independent Director (Appointed 2016)
David has spent 25 years in the healthcare industry, working across a range of sectors from pharmaceuticals
to services to diagnostics. He has been the founder and CEO of a number of high growth medical and
medical technology businesses in the USA as well as working in private equity. David received his MBA
from Stanford University and BS from Williams College.
Anatole Masfen, Independent Director (Appointed 2008)
Anatole is the co-founder of Artemis Capital, a private equity investment firm based in Auckland. He
graduated from the University of Auckland with an MCom (Hons) in Finance and Economics. Following
that he spent eight years with Air New Zealand / Ansett, holding senior positions in Pricing, Revenue
Management and Systems implementation. He holds directorships in numerous private companies and
and has significant knowledge of financial capital markets.
Sarah Park, Independent Director (Appointed 2018)
Sarah brings international corporate finance experience to Pacific Edge after a professional career with
PricewaterhouseCoopers in New Zealand and HSBC Investment Bank in London. During her executive
career, Sarah has worked in mergers and acquisitions, equity capital markets and equity research. She also
had a lead role in investor relations and venture capital raisings in Asia, the Middle East and Europe for US
based biopharmaceutical companies. Sarah has a degree in Economics from the University of Edinburgh.
Bryan Williams, Independent Director (Appointed 2013)
Bryan is an internationally recognised cancer researcher and research administrator, with significant
business experience. He has held a number of governance roles, including with a NASDAQ listed biotech
company. Bryan was a Director of Cancer Trials Australia, Director of the Monash Institute of Medical
Research, and Director and CEO of the Hudson Institute of Medical Research. He is currently Emeritus
Director and Distinguished Scientist at the Hudson Institute in Melbourne. He has a BSc (Hons) and PhD in
Microbiology from the University of Otago.
From L to R: David Levison, Chris Gallaher, Sarah Park, Bryan Williams, David Darling, Anatole Masfen
Pacific Edge is led by an experienced and
knowledgeable Board of Directors who
offer a range of complementary skills and
expertise.
PACIFIC EDGE LIMITED ANNUAL REPORT 2020PACIFIC EDGE LIMITED ANNUAL REPORT 2020
2524

PACIFIC EDGE LIMITED ANNUAL REPORT 2020
EXECUTIVE TEAM
David Darling, Managing Director and CEO
See profile on page 25.
Grant Gibson, Chief Financial Officer, Pacific Edge
Grant is an experienced financial executive and chartered accountant, who brings significant financial
experience to the role. Prior to joining Pacific Edge in late 2019, Grant was Chief Financial and Operating
Officer for Dunedin-based company, TracMap, where he was responsible for leading the financial
management and operations across the company. Prior to that, Grant worked in executive finance roles at
Westpac, including as Head of Finance for Westpac New Zealand. During his time with Westpac, he headed
the finance team for New Zealand’s largest financial transaction, the local incorporation of Westpac New
Zealand.
Jimmy Suttie, Senior Vice President Global Operations, Pacific Edge
Jimmy has vast experience, as an executive, with the management of science and technology in New
Zealand’s primary industry sector, particularly the development and application of science and technology
for commercialisation. Jimmy manages the Pacific Edge Operations Group with responsibilities for clinical
testing, product improvement, product support and new product development.
Parry Guilford, Chief Scientific Officer, Pacific Edge
Parry has led the science, research and development at Pacific Edge from its early days. As one of the
founding scientists and a member of the Scientific Advisory Board of the Company, Parry is the architect of
many of the Company’s product prototypes. Parry’s focus today and going forward is to bring his world class
skills and experience on the step change in biotechnology for the Company’s next generation of products.
Tony Lough, Vice President Clinical Science & Product Performance, Pacific Edge
Tony joined Pacific Edge in 2016 and brings research management experience to the senior management
team. His most recent role was Chief Executive of a government-university funded project to provide a
national genomics infrastructure to the research sector. Prior to that he was a team leader at the Auckland-
based biotechnology company, Genesis Research and Development Corporation, leading projects in the
commercialisation of macromolecular signaling.
Brent Pownall, Vice President Commercial & Franchise, Pacific Edge
Brent brings significant strategic marketing, business development and commercialisation experience,
including sales and marketing of biologics and biomedical products in New Zealand, Australia, Asia and
the United States. Brent joined Pacific Edge in 2013 to lead the commercial and business development
activities of the Pacific Edge franchise and its commercial arm, Pacific Edge Diagnostics New Zealand,
serving the New Zealand, Singapore and Australian markets.
Jackie Walker, Chief Executive Officer, Pacific Edge Diagnostics USA
Jackie brings to the company over 25 years of extensive leadership experience in commercialising medical
technologies in the US and a strong general management background. Prior to joining Pacific Edge
Diagnostics USA, Jackie held senior executive positions at OSspray Ltd, Ondine Biomedical, Dentsply
Sirona, a NASDAQ-100 company, and Ohmeda Medical. Jackie has led the establishment and growth of the
USA subsidiary since 2012.
Jack Atchason, Senior Vice President of Sales & Customer Service, Pacific Edge Diagnostics USA
Jack brings over 25 years of successful experience in sales, sales leadership, and commercial operations,
with large and small pharmaceutical organisations in the US. A proven leader in start-up organisations and
product launches, Jack held roles of increasing responsibility for Abbott Laboratories, Amgen, Cytogen,
Idenix, Millenium, and Targanta. Jack has led the growth of US sales and customer acquisition since 2013.
SCIENTIFIC ADVISORY BOARD
NamePositionOrganisationCountry
M. Brennan
Oncologic Surgeon Scientist
Senior Vice President for
International Programs
Professor
Chair in Clinical Oncology
Memorial Sloan Kettering Cancer CenterUSA
P. Guilford
Chief Scientific OfficerPacific Edge LimitedNew Zealand
ProfessorUniversity of OtagoNew Zealand
N. Kasabov
DirectorKnowledge Engineering & Discovery
Research Institute (KEDRI)
New Zealand
Professor
Computer Science
Auckland University of TechnologyNew Zealand
O. Ogawa
Professor and
Chairman
Department of Urology, Kyoto School
of Medicine
Japan
P. Spence
Managing DirectorPaul Spence ConsultantsUnited Kingdom
M. Sullivan
Professor
Consultant
Paediatric Oncologist
The University of Melbourne Royal
Children’s Hospital
Australia
B. Williams
Emeritus Director and
Distinguished Scientist
Hudson Institute of Medical ResearchAustralia
DirectorPacific Edge LimitedNew Zealand
CINICAL ADVISORY BOARD
NamePositionOrganisationCountry
P. Cozzi
Associate Professor University of Notre DameAustralia
UrologistVMO at St George Public and Private,
Mater Private, Sutherland, Kareena, Prince
of Wales and Hurstville Private Hospitals
Australia
M. Fraundorfer
Consultant UrologistTauranga Hospital
Urology BOP Ltd
New Zealand
R. Getzenberg
Executive Associate Dean of
Research, Professor/Medicine
Nova Southeastern University – College of
Allopathic Medicine (NSU – MD)
USA
P. Gilling
Consultant Urologist Tauranga HospitalNew Zealand
Head of Urology DepartmentUrology BOP Ltd New Zealand
Professor of SurgeryUniversity of Auckland School of MedicineNew Zealand
J. Masters
UrologistAuckland City Hospital
Manukau Superclinic
New Zealand
J. Raman
Professor and Chief of
Urology
Penn State Hershey Surgical Specialties,
Milton S. Hershey Medical Center,
Hershey, Pennsylvania
USA
S. Shariat
Professor and ChairmanMedical University of Vienna, Vienna
General Hospital
Austria
Adjunct ProfessorWeill Cornell Medical Center, New YorkUSA
Adjunct ProfessorUniversity of Texas Southwestern Medical
Center
USA
ADVISORY BOARDS
2627
PACIFIC EDGE LIMITED ANNUAL REPORT 2020

CONSOLIDATED
FINANCIAL
STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2020
20
PACIFIC EDGE LIMITED ANNUAL REPORT 2020
2928
PACIFIC EDGE LIMITED ANNUAL REPORT 2020
Statement of Comprehensive Income
For the year ended 31 March 2020
Note: These Financial Statements are to be read in conjunction with the Notes to the Financial Statements
Notes
2020
($000)
2019
($000)
REVENUE
Operating Revenue 5 4,370 3,817
Total Operating Revenue 4,370 3,817
Other Income5 584 990
Interest Income9 249 323
Foreign Exchange Gain (Loss) (5) (1)
Total Revenue and Other Income 5,198 5,129
OPERATING EXPENSES
Laboratory Operations 5,181 4,594
Research6 3,916 3,532
Sales and Marketing 8,571 8,236
General and Administration7 6,416 6,676
Total Operating Expenses 24,084 23,038
NET (LOSS) BEFORE TAX (18,886) (17,909)
Income Tax Expense16 - 9
(LOSS) FOR THE YEAR AFTER TAX (18,886) (17,918)
Items that may be reclassified to profit or loss:
Translation of Foreign Operations (96) (3)
TOTAL COMPREHENSIVE (LOSS) attributable to
equity holders of the Company
(18,982) (17,921)
Earnings per share for profit attributable to the equity
holders of the Company during the year
Basic and Diluted Earnings per share3 (0.032) (0.036)

PACIFIC EDGE LIMITED ANNUAL REPORT 2020PACIFIC EDGE LIMITED ANNUAL REPORT 2020
3130
Share
Capital
Retained
Earnings
Share
Based
Payments
Reserve
Foreign
Currency
Translation
Reserve
Total
Equity
Notes($000)($000)($000)($000)($000)
Balance as at 31 March 2018 131,824 (120,119) 4,055 880 16,640
(Loss) after tax - (17,918) - - (17,918)
Other Comprehensive Income - - - (3) (3)
TOTAL COMPREHENSIVE (LOSS)
attributable to equity holders of the
Company
- (17,918) - (3) (17,921)
Transactions with owners in their
capacity as owners:
Issue of Share Capital18 14,391 - - - 14,391
Share Based Payments - Employee
Remuneration
8 188 188
Share Based Payment - Employee
Share Options
8 - 160 452 - 612
Balance as at 31 March 2019 146,403 (137,877) 4,507 877 13,910
Balance as at 31 March 2019 146,403 (137,877) 4,507 877 13,910
(Loss) after tax - (18,886) - - (18,886)
Other Comprehensive Income - - - (96) (96)
TOTAL COMPREHENSIVE (LOSS)
attributable to equity holders of the
Company
- (18,886) - (96) (18,982)
Transactions with owners in their
capacity as owners:
Issue of Share Capital18 18,857 - - - 18,857
Share Based Payments - Employee
Remuneration
8 163 - - - 163
Share Based Payment - Employee
Share Options
8 - 521 35 - 556
Balance as at 31 March 2020 165,423 (156,242) 4,542 781 14,504
Statement of Changes in Equity
For the year ended 31 March 2020
Note: These Financial Statements are to be read in conjunction with the Notes to the Financial Statements
Balance Sheet
As at 31 March 2020
Notes
2020
($000)
2019
($000)
CURRENT ASSETS
Cash and Cash Equivalents9 1,755 4,847
Short Term Deposits9 13,029 8,000
Receivables10 642 1,265
Inventory11 796 842
Other Assets12 694 610
Total Current Assets 16,916 15,564
NON-CURRENT ASSETS
Property, Plant and Equipment13 652 769
Right-of-Use Assets23 1,581 -
Intangible Assets14 179 233
Total Non-Current Assets 2,412 1,002
TOTAL ASSETS 19,328 16,566
CURRENT LIABILITIES
Payables and Accruals17 3,270 2,572
Lease Liabilities23 983 52
Total Current Liabilities 4,253 2,624
NON-CURRENT LIABILITIES
Lease Liabilities23 571 32
Total Current Liabilities 571 32
TOTAL LIABILITIES 4,824 2,656
NET ASSETS 14,504 13,910
Represented by:
EQUITY
Share Capital18 165,423 146,403
Accumulated Losses (156,242) (137,877)
Share Based Payments Reserve 4,542 4,507
Foreign Translation Reserve 781 877
TOTAL EQUITY 14,504 13,910
For and on behalf of the Board of Directors dated the 28th Day of May 2020:
Director Director
Note: These Financial Statements are to be read in conjunction with the Notes to the Financial Statements

PACIFIC EDGE LIMITED ANNUAL REPORT 2020PACIFIC EDGE LIMITED ANNUAL REPORT 2020
3332
Notes to the Consolidated Financial Statements
For the year ended 31 March 2020
1. SUMMARY OF ACCOUNTING POLICIES
Reporting Entity
The consolidated financial statements (hereafter referred to as the ‘financial statements’) presented for the year
ended 31 March 2020 are for Pacific Edge Limited (the ‘Company’) and its subsidiaries (collectively referred to as
the ‘Group’). The Group’s purpose is to research, develop and commercialise new diagnostic and prognostic tools
for the early detection and management of cancers.
Pacific Edge Limited is registered in New Zealand under the Companies Act 1993 and is a Financial Markets
Conduct (FMC) reporting entity under Part 7 of the Financial Markets Conduct Act 2013. The financial statements
of the Group have been prepared in accordance with the requirements of the Financial Markets Conduct Act 2013
and the NZX Listing Rules. The financial statements presented are those of the Group, consisting of the Parent
entity, Pacific Edge Limited, and its subsidiaries. The reporting entity is listed on the New Zealand Stock Exchange
(NZX).
These financial statements have been approved for issue by the Board of Directors on 28th May 2020.
Basis of Preparation
These financial statements of the Group have been prepared in accordance with Generally Accepted Accounting
Practice in New Zealand (NZ GAAP). The Group is a for-profit entity for the purposes of complying with NZ GAAP.
The financial statements comply with New Zealand equivalents to International Financial Reporting Standards (NZ
IFRS), other New Zealand accounting standards and authoritative notices that are applicable to entities that apply
NZ IFRS. The financial statements also comply with International Financial Reporting Standards.
The financial statements are presented in New Zealand Dollars, which is the Company’s functional currency and
Group’s presentation currency, and all values are rounded to the nearest thousand dollars ($000). The accounting
principles recognised as appropriate for the measurement and reporting of earnings, cash flows and financial
position on a historical cost basis have been used.
The Statement of Comprehensive Income and Statement of Cash Flows have been prepared so that all
components are stated net of GST. All items in the Balance Sheet are stated net of GST, with the exception of
receivables and payables.
Management of Capital
The capital structure of the Group consists of equity raised by the issue of ordinary shares in the Company. The
Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going
concern in order to provide returns for shareholders, benefit for other stakeholders and to maintain an optimal
capital structure to support the development of its business. The Company meets these objectives through closely
managing revenue and expenditure, and where required issues new shares. As part of meeting these objectives, the
Company completed a Share Placement in November 2019 and a Rights Issue in December 2019, issuing a further
178,026,769 shares at an average of $0.11 per share. Refer to Note 18 for further details on the capital raising activity
during FY20.
Going Concern
The 2020 financial statements have been prepared on the going concern basis which assumes that the Company
will have sufficient cash to pay its debts as they fall due for a minimum of 12 months from the date of signing the
financial statements.
As at 31 March 2020, the Company has $14.784m of cash, cash equivalents and short term deposits (2019:
$12.847m) and net assets of $14.504m (2019: $13.910m). Operating cash receipts totalling $5.856m were received in
the 12 month period to 31 March 2020 (2019: $4.865m) along with additional capital of $20.136m (2019: $14.569m)
prior to issue expenses. Net cash outflows from operating activities for the 12 month period to 31 March 2020 were
$15.385m (2019: $17.507m).
While the Company continues to incur operating losses, the Company continues to meet its debts as they fall due.
The Company continues to progress commercial negotiations with targeted large scale health organisations in the
USA. The new contracts that will result from these commercial negotiations will have a significant positive impact
on the Company’s financial position when concluded. Although these negotiations are progressing, the likely
outcome and the timing of completion is uncertain.
The Company has prepared cash flow forecasts for the 2021 financial year which indicate that if these commercial
negotiations continue to be delayed the Company may not have sufficient cash to meet its minimum expenditure
commitments and support its current levels of activity. The Company may need to manage costs or raise additional
Statement of Cash Flows
For the year ended 31 March 2020
Note: These Financial Statements are to be read in conjunction with the Notes to the Financial Statements
Notes
2020
($000)
2019
($000)
CASH FLOWS TO OPERATING ACTIVITIES
Cash was provided from:
Receipts from Customers 4,431 3,734
Receipts from Grant Providers 1,184 755
Interest Received 241 376
5,856 4,865
Cash was disbursed to:
Payments to Suppliers and Employees 21,190 22,431
Net GST cash outflow (inflow) 51 (59)
21,241 22,372
Net Cash Flows to Operating Activities20 (15,385) (17,507)
CASH FLOWS (TO)/FROM INVESTING ACTIVITIES:
Cash was provided from:
Proceeds from Short Term Deposits 8,000 11,000
8,000 11,000
Cash was disbursed to:
Purchase of Short Term Deposits 13,029 8,000
Capital Expenditure on Plant and Equipment 116 50
Capital Expenditure on Intangible Assets 67 106
13,212 8,156
Net Cash Flows (to)/from Investing Activities (5,212) 2,844
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash was received from:
Ordinary Shares Issued18 20,136 14,569
20,136 14,569
Cash was disbursed to:
Repayment of Leases23 1,211 97
Issue Expenses18 1,280 178
2,491 275
Net Cash Flows From Financing Activities 17,645 14,294
Net increase (decrease) in Cash Held (2,952) (369)
Add Opening Cash Brought Forward 4,847 5,242
Effect of exchange rate changes on net cash (140) (26)
Ending Cash Carried Forward9 1,755 4,847

PACIFIC EDGE LIMITED ANNUAL REPORT 2020PACIFIC EDGE LIMITED ANNUAL REPORT 2020
3534
Notes to the Consolidated Financial Statements
For the year ended 31 March 2020
funds to continue as a going concern. The Company has been able to successfully raise additional capital in the
past. The healthcare industry continues to see strong support in global markets and the value proposition for
non-invasive cancer diagnostic treatments is well suited to an environment supporting telehealth services. It is
acknowledged that the increase in capital raising activity due to the COVID-19 pandemic may create greater
uncertainty regarding the Company’s ability to raise capital.
These matters indicate a material uncertainty that may cast significant doubt on the Company’s ability to continue
as a going concern and, therefore, that the Company may be unable to realise its assets and discharge its liabilities
in the normal course of business. To further address the future additional funding requirements, the Company
continues to actively manage the ongoing working capital requirements, including focusing on ensuring an
appropriate level of expenditure in line with the Company’s available cash resources. However, as noted above,
unless new contracts are successfully negotiated, the Company may need to raise additional capital.
The financial statements do not include any adjustments that might be required if the Company is unable to
continue as a going concern.   
Basis of Consolidation
The following entities and the basis of their inclusion for consolidation in these financial statements are as follows:
Name of Subsidiary
Place of
Incorporation
(or registration)
& Operation
Principal Activity
Ownership Interests
& Voting Rights
31 March
2020
%
31 March
2019
%
Pacific Edge Diagnostics New Zealand
Limited
New Zealand
Commercial Laboratory
Operation
100100
Pacific Edge Pty LimitedAustralia
Biotechnology Research
& Development
100100
Pacific Edge Diagnostics USA LimitedUSA
Commercial Laboratory
Operation
100100
Pacific Edge Diagnostics Singapore
Pte Limited
Singapore
Commercial Sales and
Biotechnology Research
& Development
100100
Pacific Edge Analytical Services
Limited
New ZealandDormant Company100100
The financial statements incorporate the assets, liabilities and results of all subsidiaries of Pacific Edge Limited as at
31 March 2020 and for the year then ended. All subsidiaries have the same balance date as the Company of 31 March.
Pacific Edge Limited consolidates all entities over which Pacific Edge Limited has control. Control is achieved when
the Group:
• Has power to direct the activities of the entity;
• Is exposed, or has rights, to variable returns from involvement with the entity; and
• Has the ability to use its power to affect its returns.
Subsidiaries which form part of the Group are consolidated from the date on which control is transferred to the
Group. They are de-consolidated from the date that control ceases.
The acquisition method of accounting is used to account for business combinations by the Group. The
consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities
incurred and the equity interest issued by the Group.
The consideration transferred includes the fair value of any asset or liability resulting from a contingent
consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and
liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values
at the acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest
in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net
assets. Inter-company transactions, balances and unrealised gains on transactions between Group companies are
eliminated. Unrealised losses are also eliminated. Accounting policies of subsidiaries have been changed where
necessary to ensure consistency with the policies adopted by the Group.
Notes to the Consolidated Financial Statements
For the year ended 31 March 2020
Critical Accounting Estimates and Assumptions
In preparing these financial statements, the Group made estimates and assumptions concerning the future.
These estimates and assumptions may differ from the subsequent actual results. Estimates and assumptions are
continually evaluated and are based on historical experience and other factors including expectations or future
events that are believed to be reasonable under the circumstances.
The main estimates and assumptions used are in relation to revenue from Cxbladder tests in the US detailed in
Note 5, and the going concern assumption which is further assessed in Note 1 above.
2. NEW AND AMENDED STANDARDS ADOPTED BY THE GROUP
New Standards
NZ IFRS 16: Leases (Effective date: periods beginning on or after 1 January 2019):
NZ IFRS 16 replaces NZ IAS 17. The effective date of this new standard is 1 April 2019 and the Group has applied this
standard for the first time in this current financial year.
The Group has applied NZ IFRS 16 using the modified retrospective method. There is no restatement of
comparative financial information or impact on opening equity, the comparative period continues to be reported
under NZ IAS 17 and NZ IFRIC 4 which are detailed in the accounting policies (note 23).
As a lessee, the Group previously classified leases as operating or finance leases based on its assessment of
whether the lease transferred significantly all the risks and rewards incidental to ownership of the underlying asset
to the Group. Under NZ IFRS 16, the Group recognises Right-of-Use assets and lease liabilities on balance sheet for
most leases.
At transition date (1 April 2019), lease liabilities were measured at the present value of the remaining lease
payments, discounted at the Group’s incremental borrowing rate. As at 1 April 2019, this ranged between 5.5% and
7.0%. Right-of-Use assets were measured at an amount equal to the lease liability. The Group applied this approach
to all leases.
The Right-of-Use asset is subsequently depreciated using the straight-line method over the shorter of the
estimated useful life of the Right-of-Use asset or the remaining estimated lease term. The estimated useful lives of
Right-of-Use assets are determined on the same basis as those of property, plant and equipment. The impact on
the statement of comprehensive income is that costs previously recorded as operating expenses will be recorded
as depreciation and finance costs.
The following practical expedients were used when applying NZ IFRS 16 to leases previously classified as operating
leases under NZ IAS 17:
• Applied a single discount rate to a portfolio of leases with similar characteristics; and
• Applied the exemption not to recognise Right-of-Use assets and liabilities for leases with less than 12 months of
lease term remaining.
On transition to NZ IFRS 16, the Group recognised Right-of-Use assets of $1,598,000 and a corresponding lease
liability of $1,598,000.
The impact of the profit and loss statement for the year ended 31 March 2020 was an increase in depreciation of
$1,074,000, an increase in interest of $57,000 and a decrease in operating costs of $1,115,000. The overall impact on
profit and loss was a $16,000 decrease in profit and has had no significant impact on Earnings per Share.
There is no significant impact on banking covenants or other reporting requirements.
Please refer to Note 23 for further details on lease accounting.
2020
($000)
Operating lease commitments as at 31 March 2019 1,923
Present value impact of incremental borrowing rate at 1 April 2019 (60)
Impact of changes to leases identified under NZ IFRS 16 criteria and remeasurements (265)
Discounted operating lease commitments as at 1 April 2019 1,598

PACIFIC EDGE LIMITED ANNUAL REPORT 2020PACIFIC EDGE LIMITED ANNUAL REPORT 2020
3736
Notes to the Consolidated Financial Statements
For the year ended 31 March 2020
3. EARNINGS PER SHARE
(a) Basic
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the
weighted average number of ordinary shares on issue during the year excluding ordinary shares purchased by the
Company (Note 18).
GROUP
2020
($000)
2019
($000)
Loss attributable to equity holders of the Company (18,886) (17,918)
Weighted average number of ordinary shares on issue 581,344 504,426
Earnings per share (0.032) (0.036)
(b) Diluted
Diluted earnings per share is calculated by adjusting the weighted average number of shares outstanding to
assume conversion of all dilutive potential ordinary shares. The Group’s dilutive potential ordinary shares are in the
form of share options. As the Group made a loss during the current year and losses cannot be diluted, basic and
diluted earnings per share are the same.
4. LABORATORY THROUGHPUT AND COMMERCIAL TESTS
Laboratory Throughput is a key metric for the Group: Laboratory Throughput provides evidence of the
increasing usage of Cxbladder products globally and the rates of adoption between different customer segments.
The inclusion of this non-GAAP reporting is considered helpful to readers of these accounts. Total Laboratory
Throughput includes Commercial Tests, which are invoiced to customers (including tests for patients covered
by the US government’s medical program through the Centers for Medicare and Medicaid Services (CMS)), and
tests which are not considered to be Commercial as these tests relate to user programs (research tests) or other
nonchargeable activities.
Commercial Test numbers are also a key metric for the Group: Commercial Tests are those tests for which the
Company is actively seeking reimbursement and cash receipts, and tests performed at no charge in order to gain
new customers. The inclusion of this non-GAAP reporting is considered helpful to readers of these accounts. Given
the time lag in the US between processing a Cxbladder test and receiving the associated cash receipts, reported
revenue based on the application of our accounting policy and Commercial Tests do not typically arise in the same
reporting period as each other. Commercial Test numbers also include CMS tests which are all invoiced to CMS
but for which revenue is not being recognised. Further detail on the accounting policy for revenue recognition is
included in Note 5.
Laboratory Throughput and Commercial Tests per financial year are shown below.
FY20FY19
Total Laboratory Throughput (tests) 16,861 15,697
Increase in Total Laboratory Throughput (%)7%9%
Increase in Throughput from previous year (tests) (+) 1,164 (+) 1,249
Total Commercial Tests (tests) 13,627 12,830
Commercial Tests as a percentage of Total Laboratory
Throughput (%)
81%82%
Increase in Commercial Tests from previous year (%)6%7%
Notes to the Consolidated Financial Statements
For the year ended 31 March 2020
5. REVENUE
Background information on US customers and the payment process
A physician will order a Cxbladder test if a patient presents to them with symptoms that may indicate the
possibility of bladder cancer. One of the main symptoms is haematuria or blood in their urine. A urine sample
is taken from the patient and sent to the Group’s laboratory in the US in the Cxbladder Urine Sampling System.
The Group receives and processes the urine sample and returns the results of the test back to the physician who
originally ordered the test. The individual patient is the Group’s customer, however typically in the US market, the
patient’s insurer would pay the Group for the cost of the test.
When a physician orders a Cxbladder test, the Group has an obligation to perform the test and report the results to
the physician irrespective of the patient’s insurance circumstances. A patient may have private insurance cover, be
covered by the US government’s medical program through CMS, or have no insurance cover.
Once the Cxbladder test has been completed, all information required for insurance purposes is sent to the Group’s
billing and reimbursement company to begin the process to collect reimbursement from the applicable insurance
company/ies for the Cxbladder test performed.
For patients with private insurance cover, the relevant test information will be sent to their insurance provider.
When the Group does not have an individual agreement with that insurance provider to pay for Cxbladder tests
(“out of network”), the insurance provider will assess that individual patient’s test for medical necessity and the
level of insurance cover (if any) available to cover the cost of the test. This process of assessment can take many
months to work through before the Group receives payments from the insurance company. The Group does
have agreements with some insurance providers but these currently cover a small population of the Group’s
customers.
For patients covered by CMS, invoices are sent to CMS to demonstrate the validity of the Cxbladder test and support
the process for obtaining inclusion in the Local Coverage Determination (LCD). However, CMS will not normally pay
any amounts to the Group, nor permit the patient to be invoiced, until the LCD inclusion has been obtained.
For uninsured patients, the Group has no certainty of when or if the patient will pay.
Rest of World Customers
Revenue from Rest of World customers is primarily from the District Health Boards (DHBs) in New Zealand. In all
Rest of World locations, there is a clearly defined contract with the customer meeting the requirements of NZ IFRS
15. Pacific Edge Diagnostics New Zealand Limited has individual contracts with DHBs across New Zealand and
revenue is recognised as described on the following pages.
Critical Accounting Estimate
The application of NZ IFRS 15: Revenue from contracts with customers (NZ IFRS 15) requires the Directors to apply
significant judgement in determining whether revenue can be recognised in advance of the receipt of cash.
The significant judgements adopted by the Group in applying NZ IFRS 15 criteria include:
• Determining if a contract with the customer exists;
• Determining if the entity can identify the payment terms for the services; and
• Determining whether it is probable that the entity will collect the consideration to which it is entitled.
ACCOUNTING POLICY
Revenue from Cxbladder tests
NZ IFRS 15 provides five criteria which must be met before an entity accounts for a contract with a customer under
the revenue standard:
• The contract has been approved;
• The rights of each party are identified;
• Payment terms are identified;
• The contract has commercial substance; and
• It is probable that consideration will be collected for the goods or services transferred.
The Group performs Cxbladder tests when requested by a patient’s physician. At the point the test results are
returned to the physician, the Group has satisfied its performance obligation and has the right to issue an invoice.

PACIFIC EDGE LIMITED ANNUAL REPORT 2020PACIFIC EDGE LIMITED ANNUAL REPORT 2020
3938
Notes to the Consolidated Financial Statements
For the year ended 31 March 2020
US customers – patients covered by CMS
The Group has judged it is not probable that any consideration will be received from CMS as inclusion in the Local
Coverage Determination (LCD) with the CMS has not yet been obtained. Therefore, no revenue is recognised for
any patients covered by CMS.
US customers – patients covered by private insurance/no insurance cover
The Group performs Cxbladder tests when requested by a patient’s physician. At the point the test results
are returned to the physician, the Group has satisfied its performance obligation and has the right to issue an
invoice.
The Group is out of network with almost all private insurers in the US market and so the Test Requisition Form
(TRF) signed by the patient is the key contract in this revenue stream. In assessing the information contained in the
TRF, the Group has concluded that the payment terms are unclear. This means that Cxbladder sales in the US do
not meet the required criteria under NZ IFRS 15 to enable revenue to be recognised when the test is undertaken
and the results are delivered to the ordering physician. The Group currently has a number of agreements signed
with private insurers, covering only a small percentage of the patient population which is currently deemed to be
immaterial for accounting purposes.
Revenue is recognised only when cash is received, and it is non-refundable. As new agreements are entered into
with private insurers, the Group will revisit this judgement to determine if the criteria to account for a contract in
accordance with NZ IFRS 15 are met.
Rest of World customers
The Group performs Cxbladder tests when requested by a patient’s physician in New Zealand, Australia and
Singapore. At the point the test results are returned to the physician, the Group has satisfied its performance
obligation and an invoice is issued to the customer, therefore revenue is recognised when the invoice is
issued.
OTHER INCOME
Grant Income
Government Grants are not recognised until there is reasonable assurance that the Group will comply with the
conditions attached to them and that the grants will be received. Government Grants are recognised in Other
Income in the Statement of Comprehensive Income, on a systematic basis over the periods in which the Group
recognises as expenses the related costs for which the grants are intended to compensate.
Callaghan Innovation has awarded the Company a Growth Grant, which commenced on 1 January 2014 and
ended on 31 March 2019. Callaghan Innovation reimbursed the Company for 20 percent of eligible expenditure
on the Company’s R&D programme. The eligible expenditure complies with NZ IAS 38: Intangible Assets and the
Ministerial Direction / New Zealand Gazette, No. 146.
The Company also receives grants from Callaghan Innovation for postgraduate internships and summer
students.
New Zealand Trade and Enterprise awarded the Company an International Growth Fund grant, to support the
startup of the Group’s operations in Singapore. The grant commenced on 14 May 2015 and ran until 30 April 2019.
New Zealand Trade and Enterprise reimbursed the Company for 50 percent of eligible expenditure relating to the
Singapore operations.
All conditions of the grants have been complied with.
Cxbladder Research Rebate
A Cxbladder research programme is administered by Pacific Edge Pty Limited and tax rebates are received as a
result of this programme.
The Cxbladder research rebate is recognised at its fair value where there is a reasonable assurance that the rebate
will be received and the Group will comply with all attached conditions.
All conditions of the research rebate have been complied with. Payment will be received after submission of each
annual research and development tax claim.
Notes to the Consolidated Financial Statements
For the year ended 31 March 2020
REVENUE AND OTHER INCOME
GROUP
2020
($000)
2019
($000)
Cxbladder Sales
- US 3,778 3,296
- Rest of World 592 521
Total Operating Revenue 4,370 3,817
Other Income
Grant Revenue 98 773
Research Rebate Received 486 217
Total Other Income 584 990
UNRECOGNISED REVENUE
Approximately 40% of all Cxbladder tests performed by the Group in the US relate to patients covered by CMS.
The Group presently invoices CMS tests performed for all US Medicare patients with CMS coverage, however no
revenue from these tests is recognised. Upon issuance of the LCD, the Group expects to be reimbursed at the
agreed rate for all US Medicare patients for tests performed after that date. The Group may also be reimbursed for
some tests completed prior to the issuance of the LCD. No contingent asset has been disclosed at 31 March 2020
as it is not certain when the LCD process will be completed, nor whether any backpayment will be received.
As at 31 March 2020, a total of 21,789 tests have been performed that relate to patients covered by CMS, for which
no payments have been received and no revenue recognised.
For patients with private insurance cover or no insurance cover, revenue has only been recognised when and
to the extent payment has been received, leaving a significant portion of invoiced amounts unrecognised. The
level of unrecognised revenue is expected to gradually decrease as the Group concludes firm agreements for
reimbursement with individual payers, principally the insurance companies. A contingent asset of $3,150,000 has
been estimated at 31 March 2020 for private insurance receivables as an inflow of economic benefits is considered
probable.
To date, a total of 5,355 tests have been performed and billed for which no payment has been received. These tests
are for patients covered by private insurance, and have not been written off and are being actively pursued for
payment.
6. RESEARCH AND DEVELOPMENT COSTS
ACCOUNTING POLICY
Research is the original and planned investigation undertaken with the prospect of gaining new scientific
knowledge and understanding. This includes: direct and overhead expenses for diagnostic and prognostic
biomarker discovery and research; pre-clinical trials; and costs associated with clinical trial activities. All research
costs are expensed when incurred.
Development is the application of research findings to a plan or design for the production of new or substantially
improved processes or products prior to the commencement of commercial production.
When a project reaches the stage where it is probable that future expenditure can be recovered through the
process or products produced, expenditure that is directly attributed or reasonably allocated to that project is
recognised as a development asset within intangible assets. If the expenditure also benefits processes or products
for which it cannot be recovered, it will be expensed. The asset will be amortised from the date of commencement
of commercial production of the product to which it relates on a straight-line basis over the period of expected
benefit. Development assets are reviewed annually for any impairment in their carrying value.

PACIFIC EDGE LIMITED ANNUAL REPORT 2020PACIFIC EDGE LIMITED ANNUAL REPORT 2020
4140
Notes to the Consolidated Financial Statements
For the year ended 31 March 2020
GROUP
Notes
2020
($000)
2019
($000)
Research Expenses 3,916 3,352
Includes:
Employee Benefits8 2,012 1,734
7. GENERAL AND ADMINISTRATION EXPENSES
GROUP
Notes
2020
($000)
2019
($000)
Amortisation1461 77
Auditors Remuneration: PricewaterhouseCoopers New Zealand
- Group year end financial statements
- Half year review of financial statements
- R&D review of Callaghan Innovation
- Singapore Statutory financial statements
129
21
-
11
1
67
21
3
-
Auditors Remuneration: PricewaterhouseCoopers Singapore
- Statutory financial statements 10 9
Depreciation13 86 119
Depreciation on Right-of-Use Assets23 261 -
Directors Fees 321 279
Employee Benefits8 2,857 2,695
Employee Share Scheme Expenses8 163 188
Employee Share Options8 148 562
Interest on Lease Liabilities23 27 -
Rental and Lease Expense* - 262
Other Operating Expenses 2,321 2,294
6,416 6,676
*Due to the adoption of NZ IFRS 16, this now only includes short term, low value and variable lease payments. The remaining
payments are now represented by depreciation on Right-of-Use assets and Interest on Lease Liabilities.
Note: Amounts displayed for Amortisation, Depreciation, Employee Benefits and Employee Share Options are only the General and
Administration Expense component of the total expense. Refer to relevant notes for full expense disclosure.
Employee Share Options
Employee Share Options are a non-cash expense. Refer to Note 8 for details of the accounting policy for
Employee Share Schemes.
Other Operating Expenses
The major categories of expenditure which make up operating expenses, but are not disclosed separately above
are Information Technology costs, Compliance and Regulatory costs, NZX and Registry fees, Investor Relations
costs, Consultants and Contractors.
Notes to the Consolidated Financial Statements
For the year ended 31 March 2020
8. EMPLOYEE BENEFITS
GROUP
Notes
2020
($000)
2019
($000)
Represented by:
Employee Benefits in Research6 2,012 1,734
Employee Benefits in General & Administration7 2,857 2,695
Short Term Salaries, Wages and Other Employee Benefits 6,359 6,271
11,228 10,700
Non-Cash Employee Benefits:
Employee Share Scheme Expenses18 163 188
Share Option Expense 556 612
719 800
Total Employee Benefits 11,947 11,500
Employee Share Scheme
The Company has an Employee Share Scheme where ordinary shares in the Company may be issued to selected
employees to recognise performance or a significant contribution to the Company. These shares may be issued
in lieu of a cash bonus or in addition to the employee’s remuneration. The ordinary shares are issued directly to
the employee and the Company accounts for the cost of the shares. The shares are allocated to the employee on
the date that the Board approves the issue of the share capital. All employees who hold ordinary shares in the
Company must comply with the Company’s Share Trading Policy.
The issuance of ordinary shares to employees is treated as equity settled share-based payments. Equity-settled
share-based payments to employees are measured at the fair value of the equity instruments at the grant date
based on the market price at the time of issuance. The fair value of shares granted is recognised as an employee
expense in the Statement of Comprehensive Income when the shares are issued. During the 2020 financial year,
754,000 (2019: 561,000) ordinary shares were issued to employees as part of the Employee Share Scheme. The
associated non-cash cost of these shares was $163,000 (2019: $188,000). Refer to Note 18 for further details on the
shares issued during the financial year.

Employee Share Option Scheme
The Board believes that the issue of share options provides an appropriate incentive for participating employees
to grow the total shareholder return of the Company. Share options are issued to selected employees to recognise
performance or contribution to the Company or as a long-term component of remuneration in accordance with the
Group’s remuneration policy.
The Company has two categories of Share Options which are outlined below:

Performance Options
Performance Options are issued to selected employees to recognise performance or a significant contribution
to the Company. Performance Options entitle the holder, on payment of the exercise price, to one ordinary share
in the capital of the Company. The exercise price of the granted options is determined using the fair value of the
Company’s share price at the time of the options being granted. Performance Options vest immediately and there
is no service requirement linked to the options or any other vesting conditions. The term in which options may be
exercised, and ultimately lapse if not exercised, is 10 years.

Incentive Options
Incentive Options are issued to selected employees as a long-term component of remuneration in accordance
with the Group’s remuneration policy. Incentive Options entitle the holder, on payment of the exercise price, to one
ordinary share in the capital of the Company.

PACIFIC EDGE LIMITED ANNUAL REPORT 2020PACIFIC EDGE LIMITED ANNUAL REPORT 2020
4342
Notes to the Consolidated Financial Statements
For the year ended 31 March 2020
The exercise price of the granted options is determined using the fair value of the Company’s share price at the
time of the options being granted. Incentive Options vest over three years and there is a requirement to remain
as an employee of the Company in order for the options to vest. Tranches of options are exercisable over four to
ten years from the relevant vesting date. No options can be exercised later than the tenth anniversary of the final
vesting date.
ACCOUNTING POLICY
All options are accounted for as equity settled share based payments as the Group has no legal or constructive
obligation to repurchase or settle either the Performance Options or the Incentive Options in cash. The fair value
of all options granted is recognised as an expense in the Statement of Comprehensive Income over their vesting
period, with a corresponding increase in the employee share option reserve.
The fair value is determined at the grant date of the options and expensed on a straight-line basis over the vesting
period, based on the Group’s estimate of equity instruments that will eventually vest, with a corresponding increase
in equity. At the end of each reporting period, the Group revisits its estimate of the number of equity instruments
expected to vest. The impact of the revision of the original estimates, if any, is recognised in the Statement of
Comprehensive Income such that the cumulative expense reflects the revised estimate, with a corresponding
adjustment to the share based payments reserve.
During the year, no share options were exercised resulting in an increase in share capital (2019: Nil).
Movements in the number of options outstanding and their related weighted average exercise prices are as follows:
GROUP
20202019
Weighted average
exercise price
$
Options
#
Weighted average
exercise price
$
Options
#
Outstanding at 1 April 0.61 10,712,368 0.59 11,221,944
Granted 0.23 10,360,000 0.28 152,500
Forfeited 0.25 (1,621,853) 0.37 (46,159)
Exercised - - - -
Expired 0.65 (1,312,917) 0.45 (615,918)
Outstanding at 31 March 0.42 18,137,598 0.60 10,712,367
Exercisable at 31 March 0.52 11,350,318 0.61 9,953,937
The significant inputs into the Black-Scholes valuation model were the market share price at grant date, the
exercise price shown below, the expected annualised volatility of 50-60%, a dividend yield of 0%, an expected
option life of between one and ten years and an annual risk-free interest rate of between 1.1% and 4.71%.
The volatility measured is the standard deviation of continuously compounded share returns and is based on a
statistical analysis of daily share prices in the past one to 10 years.

Notes to the Consolidated Financial Statements
For the year ended 31 March 2020
Share options outstanding at the end of the reporting periods have the following expiry dates, vesting dates and
exercise prices:
Expiry MonthVesting Date
Exercise
Price
$
31 March 20
Options
#
31 March 19
Options
#
April 2019April 20150.36 - 259,585
June 2019June 20150.69 - 13,333
July 2019July 20150.69 - 6,666
August 2019August 20150.54 - 83,333
September 2019September 20150.80 - 750,000
November 2019November 20150.54 - 200,000
June 2020June 20160.69 13,077 13,077
July 2020July 20160.69 2,740 2,740
August 2020August 20160.54 83,334 83,334
September 2020September 20160.80 750,000 750,000
November 2020November 20160.54 200,000 200,000
September 2021September 20170.80 750,000 750,000
September 2024September 20140.69 310,000 310,000 *
April 2025April 20150.69 6,666 6,666
July 2025July 20150.69 345,831 345,831
August 2025August 20150.72 4,166 4,166
September 2025September 20150.50 270,000 270,000 *
September 2025September 20150.69 15,000 15,000
September 2025September 20150.72 14,998 14,998
November 2025November 20150.72 83,333 83,333
January 2026January 20160.72 17,498 17,498
April 2026April 20160.69 6,667 6,667
July 2026July 20160.50 8,332 8,332
July 2026July 20160.69 345,834 345,834
August 2026August 20160.50 8,332 8,332
August 2026August 20160.72 2,866 2,866
September 2026September 20160.50 85,333 85,333
September 2026September 20160.69 15,000 15,000
September 2026September 20160.72 15,001 15,001
November 2026November 20160.50 50,000 50,000 *
November 2026November 20160.60 14,998 14,998
November 2026November 20160.72 83,333 83,333
December 2026December 20160.60 4,166 4,166
January 2027January 20170.72 10,834 10,834
February 2027February 20170.60 10,000 10,000
March 2027March 20170.60 4,166 4,166

PACIFIC EDGE LIMITED ANNUAL REPORT 2020PACIFIC EDGE LIMITED ANNUAL REPORT 2020
4544
Notes to the Consolidated Financial Statements
For the year ended 31 March 2020
Expiry MonthVesting Date
Exercise
Price
$
31 March 20
Options
#
31 March 19
Options
#
April 2027April 20170.60 75,000 75,000
April 2027April 20170.69 6,667 6,667
July 2027July 20170.50 4,190 4,190
July 2027July 20170.69 343,346 343,346
August 2027August 20170.48 4,166 4,166
August 2027August 20170.50 8,334 8,334
September 2027September 20170.48 6,666 6,666
September 2027September 20170.50 79,169 79,169
September 2027September 20170.69 15,000 15,000
September 2027September 20170.72 10,594 10,594
October 2027October 20170.48 20,000 20,000
November 2027November 20170.60 10,252 10,252
November 2027November 20170.72 83,334 83,334
December 2027December 20170.60 1,872 1,872
December 2027December 20170.51 4,166 4,166
January 2028January 20180.72 7,473 7,473
January 2028January 20180.51 12,498 12,498
February 2028February 20180.60 10,000 10,000
March 2028March 20180.60 4,167 4,167
April 2028April 20180.60 75,000 75,000
May 2028May 20180.51 1,587,492 1,587,492
May 2028May 20180.28 6,666 6,666
July 2028July 20180.50 2,671 2,671
August 2028August 20180.48 3,916 3,916
August 2028August 20180.50 4,315 4,315
September 2028September 20180.48 4,128 4,128
September 2028September 20180.50 219 219
October 2028October 20180.48 30,000 30,000
October 2028October 20180.28 4,166 4,166
November 2028November 20180.60 6,816 6,816
December 2028December 20180.51 4,167 4,167
January 2029January 20190.51 6,416 6,416
January 2029January 20190.28 16,666 16,666
February 2029February 20190.6 10,000 10,000
February 2029February 20190.28 6,666 6,666
March 2029March 20190.60 68 68
April 2029April 20190.60 75,000 75,000
May 2029May 20190.51 1,581,749 1,587,502
Notes to the Consolidated Financial Statements
For the year ended 31 March 2020
Expiry MonthVesting Date
Exercise
Price
$
31 March 20
Options
#
31 March 19
Options
#
May 2029May 20190.28 6,667 6,667
June 2029June 20190.28 4,166 4,166
July 2029July 20190.28 4,166 4,166
August 2029August 20190.23 4,166
October 2029October 20190.48 40,000 40,000
October 2029October 20190.28 4,167 4,167
October 2029October 20190.23 4,166 -
November 2029November 20190.23 8,332 -
December 2029December 20190.51 2,717 4,167
January 2030January 20200.51 3,767 4,167
January 2030January 20200.28 16,667 16,667
February 2030February 20200.28 6,667 6,667
May 2030May 20200.51 1,490,492 1,587,506
May 2030May 20200.28 5,334 6,667
June 2030June 20200.28 2,432 4,167
July 2030July 20200.28 4,167 4,167
August 2030August 20200.23 2,937,483 -
October 2030October 20200.28 4,167 4,167
October 2030October 20200.23 4,167 -
November 2030November 20200.23 8,334 -
January 2031January 20210.28 16,667 16,667
February 2031February 20210.28 6,667 6,667
June 2031June 20210.28 - 4,167
July 2031July 20210.28 4,167 4,167
August 2031August 20210.23 2,937,506 -
October 2031October 20210.23 4,167 -
November 2031November 20210.23 8,334 -
August 2032August 20220.23 2,933,345 -
18,137,598 10,712,367
* Included within these tranches are 580,000 options (2019: 630,000 options) that vested immediately.

PACIFIC EDGE LIMITED ANNUAL REPORT 2020PACIFIC EDGE LIMITED ANNUAL REPORT 2020
4746
Notes to the Consolidated Financial Statements
For the year ended 31 March 2020
9. CASH, CASH EQUIVALENTS AND SHORT TERM DEPOSITS
ACCOUNTING POLICY
Cash and cash equivalents includes cash in hand, deposits held on call with banks, other short-term highly liquid
investments with original maturities of three months or less, and bank overdrafts.
Short Term Deposits are with ANZ, BNZ and Heartland Bank, with periods ranging from 120 to 240 days.
GROUP
2020
($000)
2019
($000)
Cash and Cash Equivalents1,7554,847
Short Term Deposits13,0298,000
Total Cash, Cash Equivalents and Short Term Deposits14,78412,847
NZD14,52511,927
USD154874
AUD9444
EUR51
SGD61
Total Cash, Cash Equivalents and Short Term Deposits14,78412,847
INTEREST INCOME
ACCOUNTING POLICY
Interest income is recognised using the effective interest method.
Interest on the bank balances ranges from 0% to 2.90% (2019: 0% to 3.45%) per annum. Funds held on term
deposit with ANZ, BNZ and Heartland Banks can be accessed with one month’s notice at the request of the
authorised bank signatories of Pacific Edge Limited.
10. RECEIVABLES
ACCOUNTING POLICY
Receivables are initially measured at fair value and subsequently measured at amortised cost using the effective
interest rate method, less any provision for impairment. An allowance for impairment is made up of expected
credit losses based on the assessment of the trade receivables debt at the individual level for impairment, plus an
additional allowance on the remaining balance for potential credit losses not yet identified.
GROUP
2020
($000)
2019
($000)
Trade Receivables 61 514
Sundry Debtors 470 699
Accrued Interest 72 64
GST Refund Due/(Payable) 39 (12)
Total Receivables 642 1,265
Notes to the Consolidated Financial Statements
For the year ended 31 March 2020
There is no provision for impairment relating to the revenue from Cxbladder sales. All outstanding sales are current
and there are no expected credit losses on the amounts outstanding at balance date.
Sundry debtors include accruals for grants and rebates that have not yet been paid. These are expected to be paid
once the relevant claims have been submitted. The Company has met all conditions of the claims and there is no
indication that there is impairment of these balances.
Included in trade receivables are the below amounts which were past due but not impaired. These relate to a
number of customers for whom there is no history of default.
2020
($000)
2019
($000)
3 to 6 Months
- 10
Over 6 Months - -
Total Overdue Trade Receivables - 10
The foreign currency split of Receivables is:
2020
($000)
2019
($000)
NZD 168 839
AUD 473 426
SGD
1 -
Total Receivables 642 1,265
11. INVENTORY
ACCOUNTING POLICY
Inventories are stated at the lower of cost and net realisable value. Cost is determined using the weighted average
formula.
GROUP
2020
($000)
2019
($000)
Laboratory Supplies796 842
Total Inventory796 842
The major items of Inventory are laboratory reagents, chemicals and Cxbladder urine sampling systems.
Laboratory supplies used during the year of $1,112,000 (2019: $1,012,000) are included within the Statement of
Comprehensive Income in Laboratory Operations and Research.
12. OTHER ASSETS
GROUP
2020
($000)
2019
($000)
Prepayments
509 445
Security Deposits
185 165
Total Other Assets
694 610
Prepayments are largely made up of insurance, subscriptions and travel not yet used. Security deposits are paid to
secure properties for lease in US and Singapore and to secure credit cards in the US.

PACIFIC EDGE LIMITED ANNUAL REPORT 2020PACIFIC EDGE LIMITED ANNUAL REPORT 2020
4948
Notes to the Consolidated Financial Statements
For the year ended 31 March 2020
13. PROPERTY, PLANT & EQUIPMENT
ACCOUNTING POLICY
Property, Plant and Equipment are those assets held by the Group for the purpose of carrying on its business
activities on an ongoing basis. All Property, Plant and Equipment is stated at cost less subsequent accumulated
depreciation and any accumulated impairment losses. The cost of purchased assets includes the original purchase
consideration given to acquire the assets, and the value of other directly attributable costs that have been
incurred in bringing the assets to the location and condition necessary for their intended service. This includes the
laboratory equipment for the establishment of the laboratories.
Gains and losses on disposals are determined by comparing the net proceeds with the carrying amount and are
recognised within the Statement of Comprehensive Income when they occur.
Depreciation
Depreciation of plant and equipment is based on writing off the assets over their useful lives, using the straight line
(SL) and diminishing value (DV) basis.
Main rates used are:
Plant and Laboratory Equipment 5% to 40% DV
Computer Equipment 5% to 60% DV
Leasehold Improvements 10% SL
Furniture and Fittings 5% to 25% DV
The assets’ useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.

Plant &
Laboratory
Equipment
($000)
Computer
Equipment
($000)
Leasehold
Improvements
($000)
Furniture
& Fittings
($000)
Total
($000)
Cost
Balance at 1 April 2018 2,165 631 270 316 3,382
Additions 89 39 - - 128
Disposals - - - - -
Foreign Translation Difference 53 18 7 10 88
Balance at 31 March 2019 2,307 688 277 326 3,598
Balance at 1 April 2019 2,307 688 277 326 3,598
Additions 44 35 37 - 116
Translation Difference 127 41 17 22 207
Transfer to/from Right-of-Use
Assets
- - - - -
Disposals (93) - - - (93)
Balance at 31 March 2020 2,385 764 331 348 3,828
Accumulated Depreciation
Balance at 1 April 2018 1,717 504 97 210 2,528
Depreciation Expense 125 66 21 25 237
Disposal - - - - -
Translation Difference 41 13 3 7 64
Balance at 31 March 2019 1,883 583 121 242 2,829
Notes to the Consolidated Financial Statements
For the year ended 31 March 2020

Plant &
Laboratory
Equipment
($000)
Computer
Equipment
($000)
Leasehold
Improvements
($000)
Furniture
& Fittings
($000)
Total
($000)
Balance at 1 April 2019 1,883 583 121 242 2,829
Depreciation Expense 79 59 20 15 173
Disposals (4) - - - (4)
Transfer to/from Right-of-Use
Assets
12 - - - 12
Translation Difference 103 35 8 20 166
Balance at 31 March 2020 2,073 677 149 277 3,176
Carrying Amounts
At 1 April 2018 448 127 173 106 854
At 31 March 2019 424 105 156 84 769
At 31 March 2020 312 87 182 71 652
14. INTANGIBLE ASSETS
ACCOUNTING POLICY
Intellectual Property
The costs of acquired Intellectual Property are recognised at cost. All Intellectual Property has a finite life.
The carrying value of Intellectual Property is reviewed for impairment, where indicators of impairment exist.
Amortisation is charged on a diminishing value basis over the estimated useful life of the intangible assets (1-20
years). The estimated useful life and amortisation method is reviewed at the end of each reporting period.
The following costs associated with Intellectual Property are expensed as incurred during the research phases of
a project and are only capitalised when incurred as part of the development phase of a process or product within
development assets: Internal Intellectual Property costs including the costs of patents and patent application.
Software Development Costs
Costs associated with the development of software are held at cost. Amortisation is charged on a diminishing value
basis over the estimated useful life of the intangible assets (2-10 years). The estimated useful life and amortisation
method is reviewed at the end of each reporting period.
Cxblader Development Costs
Costs associated with the development of Cxbladder products are held at cost. Amortisation is charged on a
diminishing value basis over the estimated useful life of the intangible assets (20 years). The estimated useful life
and amortisation method is reviewed at the end of each reporting period.

PACIFIC EDGE LIMITED ANNUAL REPORT 2020PACIFIC EDGE LIMITED ANNUAL REPORT 2020
5150
Notes to the Consolidated Financial Statements
For the year ended 31 March 2020
Software
Development
Costs
($000)
Patents
($000)
Cxbladder
Development
Costs
($000)
Total
($000)
Cost
Balance at 1 April 2018 798 253 33 1,084
Additions 65 41 - 106
Foreign Translation Difference 2 - - 2
Balance at 31 March 2019 865 294 33 1,192
Balance at 1 April 2019 865 294 33 1,192
Additions 15 53 - 68
Foreign Translation Difference 7 - - 7
Balance at 31 March 2020 887 347 33 1,267
Accumulated Amortisation
Balance at 1 April 2018 607 184 12 803
Amortisation Expense 110 42 2 154
Foreign Translation Difference 2 - - 2
Balance at 31 March 2019 719 226 14 959
Balance at 1 April 2019 719 226 14 959
Amortisation Expense 74 47 2 123
Foreign Translation Difference 6 - - 6
Balance at 31 March 2020 799 273 16 1,088
Carrying Amounts
At 1 April 2018 191 69 21 281
At 31 March 2019 146 68 19 233
At 31 March 2020 88 74 17 179
15. SEGMENT INFORMATION
ACCOUNTING POLICY
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing
performance of the operating segments, has been identified as the Chief Executive Officer who makes strategic
decisions.
There are two operating segments at balance date:
1. Commercial: The sales, marketing, laboratory and support operations to run the commercial businesses worldwide.
2. Research: The research and development of diagnostic and prognostic products for human cancer.
The reportable operating segment Commercial derives its revenue primarily from sales of Cxbladder tests and
the reportable operating segment Research derives its revenue primarily from grant income. The Chief Executive
Officer assesses the performance of the operating segments based on net (loss) for the period.
Segment income, expenses and profitability are presented on a gross basis excluding inter-segment eliminations
to best represent the performance of each segment operating as independent business units. The segment
information provided to the Chief Executive Officer for the reportable segment described above for the year ended
31 March 2020 is shown on the next page.
2020
Commercial
($000)
Research
($000)
Less:
Eliminations
($000)
Total
($000)
Income
Operating Revenue - External 4,370 - - 4,370
- Internal - - - -
Other Income 376 1,381 (1,173) 584
Interest Income 6 245 (2) 249
Foreign Exchange Gain - (5) - (5)
Total Income 4,752 1,621 (1,175) 5,198
Expenses
Expenses 15,093 8,740 (1,175) 22,658
Depreciation and Amortisation 1,015 411 - 1,426
Total Operating Expenses 16,108 9,151 (1,175) 24,084
Loss Before Tax (11,356) (7,530) - (18,886)
Income Tax Expense - - - -
Loss After Tax (11,356) (7,530) - (18,886)
Net Cash Flows to Operating Activities (9,910) (5,475) - (15,385)
2019
Commercial
($000)
Research
($000)
Less:
Eliminations
($000)
Total
($000)
Income
Operating Revenue - External 3,817 - - 3,817
- Internal 199 - (199) -
Other Income 213 1,669 (892) 990
Interest Income 4 368 (49) 323
Foreign Exchange Gain (1) 1 (1) (1)
Total Income 4,232 2,038 (1,141) 5,129
Expenses
Expenses 15,625 8,163 (1,141) 22,647
Depreciation and Amortisation 135 256 - 391
Total Operating Expenses 15,760 8,419 (1,141) 23,038
Loss Before Tax (11,528) (6,381) - (17,909)
Income Tax Expense 9 - - 9
Loss After Tax (11,537) (6,381) - (17,918)
Net Cash Flows to Operating Activities (11,709) (5,798) - (17,507)

Eliminations
These are the intercompany transactions between the subsidiaries and the Parent. These are eliminated on
consolidation of Group results.
Notes to the Consolidated Financial Statements
For the year ended 31 March 2020

PACIFIC EDGE LIMITED ANNUAL REPORT 2020PACIFIC EDGE LIMITED ANNUAL REPORT 2020
5352
Segment Assets and Liabilities Information
2020
Commercial
($000)
Research
($000)
Total
($000)
Total Assets 2,374 16,954 19,328
Total Liabilities 2,842 1,982 4,824

2019
Commercial
($000)
Research
($000)
Total
($000)
Total Assets 2,028 14,538 16,566
Total Liabilities 1,768 888 2,656
Additions to Non Current Assets for the period include:
Commercial
($000)
Research
($000)
Total
($000)
Property, Plant & Equipment 75 41 116
Right-of-Use Assets 1,588 1,088 2,676
Intangible Assets - 67 67
Total Additions to Non Current Assets 1,663 1,196 2,859
The amounts provided to the Chief Executive Officer with respect to total assets and total liabilities are measured
in a manner consistent with that of the financial statements. These assets and liabilities are allocated based on the
operation of the segment and the physical location of the asset.
There are no unallocated assets or liabilities.
Geographic Split of Revenue and Non-Current Assets
The Group generates most of the operating revenue from commercial tests from the US and New Zealand, and
also receives Grant revenue from Australia and New Zealand. Rest of World consists of Revenue from Australia and
Singapore.
2020
($000)
2019
($000)
Operating and Grant Revenue
US 3,778 3,296
New Zealand 675 1,292
Rest of World 501 219
Total Operating and Grant Revenue 4,954 4,807
The US accounted for 37% of non-current assets (2019: 37%). Non-current assets located in New Zealand account
for 61% of the Group’s total (2019: 63%), with Rest of World, consisting of non-current assets in Australia and
Singapore holding 2% (2019: 0%).
2020
($000)
2019
($000)
Non-Current Assets
US 885 375
New Zealand 1,478 626
Rest of World 49 1
Total Non-Current Assets 2,412 1,002
Notes to the Consolidated Financial Statements
For the year ended 31 March 2020
16. INCOME TAX
ACCOUNTING POLICY
The tax expense for the period comprises current and deferred tax. Tax is recognised in the Statement of
Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income
or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity,
respectively.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the
balance sheet date in the countries where the Company and its subsidiaries operate and generate taxable income.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable
tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts
expected to be paid to the tax authorities.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the
tax bases of assets and liabilities and their carrying amounts in the financial statements in accordance with NZ
IAS 12. Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be
available against which the temporary differences can be utilised.
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by
the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the
deferred income tax liability is settled.
The Company and Group has incurred an operating loss for the 2020 financial year and no income tax is payable.
GROUP
2020
($000)
2019
($000)
Income Tax recognised in the Statement of Comprehensive
Income

Current Tax Expense - 9
Deferred Tax in respect of the Current Year (2,931) (2,569)
Adjustments to Deferred Tax in respect to Prior Years (451) (521)
Deferred Tax Assets not recognised 3,382 3,090
Income Tax Expense - 9

The prima facie Income Tax on Pre-Tax Accounting Profit
from operations reconciles to:
Accounting Loss before Income Tax (18,887) (17,909)
At the statutory Income Tax rate of 28% (5,288) (5,015)
Non-Deductible Expenditure 2,530 1,642
Difference in US, Singapore and Australian Income Tax Rates 928 804
Prior Period Adjustment (451) (521)
Foreign Tax Forfeited - 9
Tax Losses Utilised (1,101) -
Deferred Tax Assets not recognised 3,382 3,090
Income Tax Expense reported in Statement of
Comprehensive Income
- 9
Notes to the Consolidated Financial Statements
For the year ended 31 March 2020

PACIFIC EDGE LIMITED ANNUAL REPORT 2020PACIFIC EDGE LIMITED ANNUAL REPORT 2020
5554
Tax Losses
The Group has losses to carry forward of approximately $84,000,000 (2019: $64,300,000) with a potential tax
benefit of $18,000,000 (2019: $14,200,000). The tax losses are split between the following jurisdictions:
Tax Losses
($000)
Tax Effect
($000)Rate
New Zealand 5,800 1,600 28%
Australia 500 100 30%
Singapore 1,000 200 17%
United States 76,700 16,100 21%
Tax losses are available to be carried forward and offset against future taxable income subject to the various
conditions required by income tax legislation being complied with.
Deferred Research and Development Tax Expenditure
The Group also has deferred research and development tax expenditure of $39,600,000 (2019: $38,200,000) to
carry forward and claim for income tax purposes in New Zealand in the future. This has a tax effect of $11,100,000
(2019: $10,800,000). The deferred research and development tax expenditure can either be carried forward and
offset against future income arising from the research and development, or subject to meeting the shareholder
continuity requirements can be offset against future other taxable income.
Deferred Tax Assets
The Group does not recognise a deferred tax asset in the Balance Sheet.
Imputation Credit Account
The Group has imputation credits of Nil (2019: Nil).
17. PAYABLES AND ACCRUALS
ACCOUNTING POLICY
Trade and Other Payables Due Within One Year
Trade payables are recognised at the value of the invoice received from a supplier. The carrying value of trade
payables is considered to approximate fair value as amounts are unsecured and are usually paid by the 30
th
of the
month following recognition.
GROUP
2020
($000)
2019
($000)
Trade Creditors 692 634
Accrued Expenses 380 304
Revenue Received in Advance 168
-
Employee Entitlements (refer below) 2,030 1,634
Total Payables and Accruals 3,270 2,572
Payables and accruals are non-interest bearing and are normally settled on 30 day terms, therefore their carrying
value approximates their fair value.
The foreign currency split for Payables and Accruals is:
GROUP
2020
($000)
2019
($000)
NZD 1,138 883
AUD 97 69
USD 1,981 1,562
SGD 54 58
3,270 2,572
Notes to the Consolidated Financial Statements
For the year ended 31 March 2020
Notes to the Consolidated Financial Statements
For the year ended 31 March 2020
Employee Entitlements
Employee entitlements are measured at values based on accrued entitlements at current rates of pay. These include
salaries and wages accrued up to balance date and annual leave earned to, but not yet taken at balance date.
GROUP
2020
($000)
2019
($000)
Income Tax 237 108
Holiday Pay 563 513
Accrued Wages 1,230 1,013
Total Employee Entitlements 2,030 1,634
18. SHARE CAPITAL
ACCOUNTING POLICY
Ordinary shares are described as equity.
Issue expenses, including commission paid, relating to the issue of ordinary share capital, have been written off
against the issued share price received and recorded in the Statement of Changes in Equity.
Equity-settled share-based payments to employees and others providing services are measured at the fair value
of the equity instruments at the grant date. Details regarding the determination of the fair value of equity-settled
share based transactions are set out in Note 8.
GROUP
2020
($000)
2019
($000)
Ordinary Shares 165,423 146,403
Total Share Capital 165,423 146,403
All fully paid shares in the Company have equal voting rights and equal rights to dividends. All Ordinary Shares are
fully paid and have no par value.
Share Capital Group
2020 Shares
(000)
2020
($000)
2019 Shares
(000)
2019
($000)
Opening Balance 510,871 146,403 466,322 131,824
Issue of Ordinary Shares
- Rights Issue and Direct Offers
1
178,027 20,136 43,988 15,044
Issue of Ordinary Shares
- Employee Remuneration
2
754 163 561 188
Less: Issue Expenses
3
- (1,279) - (653)
Movement 178,781 19,020 44,549 14,579
Closing Balance 689,652 165,423 510,871 146,403
1) During the period 178,026,769 shares were issued under private placements and a rights issue at an average price of $0.11 per
share. (2019: 43,988,000, $0.34)
2) During the period 753,994 shares were issued as part of employees remuneration in lieu of cash payments at an average price
of $0.22 per share. (2019: 561,000, $0.34)
3) No shares were issued to suppliers during the year. In 2019 $475,000 of issue expenses are non cash, suppliers were instead
issued 1,359,000 shares in the Company. This forms part of the total detailed within (1).

PACIFIC EDGE LIMITED ANNUAL REPORT 2020PACIFIC EDGE LIMITED ANNUAL REPORT 2020
5756
Notes to the Consolidated Financial Statements
For the year ended 31 March 2020
19. FOREIGN CURRENCY
ACCOUNTING POLICIES
Foreign Currency Transactions
The individual financial statements of the Group are presented in the currency of the primary economic
environment in which the entity operates (its functional currency). For the purpose of the Group financial
statements, the results and financial position of the Group entity are expressed in New Zealand dollars (‘NZ$’),
which is the functional currency of the Parent and the presentation currency for the Group financial statements.
In preparing the financial statements of the individual entities, transactions in currencies other than the entity’s
functional currency (foreign currencies) are recorded at the rates of exchange prevailing at the dates of the
transactions. At the end of each reporting period, monetary items denominated in foreign currencies are
retranslated at the rates prevailing at the end of the reporting period. Non monetary items denominated in foreign
currencies are translated at the rates prevailing on the date the transaction occurs.
Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise.
Foreign Operations
For the purpose of presenting the Group financial statements, the assets and liabilities of the Group’s foreign
operations are expressed in New Zealand dollars using exchange rates prevailing at the end of the reporting
period. Income and expense items are translated at the average exchange rates for the period, unless exchange
rates fluctuated significantly during that period, in which case the exchange rates at the dates of the transactions
are used. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated as
a separate component of equity in the Group’s foreign currency translation reserve. Such exchange differences
are reclassified from equity to profit or loss (as a reclassification adjustment) in the period in which the foreign
operation is disposed of.
Foreign Currency Translation Reserve
Exchange differences relating to the translation from the functional currencies of the Group’s foreign subsidiaries into
New Zealand dollars are brought to account by entries made directly to the Foreign Currency Translation Reserve.
20. RECONCILIATION OF CASH USED FROM OPERATING ACTIVITIES WITH OPERATING NET LOSS
GROUP
2020
($000)
2019
$000
Net Loss for the Period (18,886) (17,918)
Add Non Cash Items:
Depreciation 173 237
Amortisation 123 154
Employee Share Options 556 612
Employee Bonuses paid in shares in lieu of cash 163 188
Depreciation on Right-of-Use Assets 1,131 -
Interest on finance leases shown in lease repayments 65 -
Total Non Cash Items 2,211 1,191
Add Movements in Other Working Capital items:
Decrease (Increase) in Receivables and Other Assets 539 (341)
Decrease (Increase) in Inventory 46 (90)
Increase (Decrease) in Payables and Accruals 698 (353)
Effect of exchange rates on net cash 7 4
Total Movement in Other Working Capital 1,290 (780)
Net Cash Flows to Operating Activities (15,385) (17,507)
Notes to the Consolidated Financial Statements
For the year ended 31 March 2020
21. FINANCIAL INSTRUMENTS
ACCOUNTING POLICY
Foreign Currency Transactions
Financial instruments include cash and cash equivalents, short term deposits, receivables, security deposits, finance
lease liabilities and trade creditors. The particular recognition methods adopted are disclosed in the individual
policy statements associated with each item.
Managing Financial Risk
The Group’s activities expose it to the financial risks of changes in interest rate risk, credit risk, liquidity risk and
foreign currency risk.
Management is of the opinion that the Company and Group’s exposure to market risk during the period and at
balance date is defined as:
Risk FactorDescription
(i) Currency riskFinancial assets and financial liabilities are denominated in NZD, USD, AUD, SGD and
EUR currencies
(ii) Interest rate risk Exposure to changes in Bank interest rates resulting in cashflow interest rate risk
(iii) Other price riskNot applicable as no securities are bought, sold or traded
(i) Foreign Currency Risk
The Group faces the risk of movements in foreign currency exchange rates in relation to the New Zealand dollar.
The Group has significant operations in US Dollars and less significant operations in Australian dollars, Euros and
Singapore dollars. As a result of this, the financial performance and financial position are impacted by movements
in exchange rates.
The Group manages foreign currency risk by purchasing overseas goods only when necessary and when foreign
exchanges are favourable. It will also purchase foreign currency to fund overseas operations based on cash flow
forecasts where it can maximise value. There are no formal foreign currency hedges entered into.
A 10% increase or decrease in the foreign currency against the NZD will reduce/increase the loss reported by
approximately $40,000 (2019: $35,000) and increase/reduce equity by the same amount.
(ii) Interest Rate Risk
The Group’s interest rate risk arises from its cash and equivalents, and short term deposits. Cash and equivalents
comprise cash on hand and deposits at call with banks. Short term deposits comprise of term deposits placed with
New Zealand banks on fixed rates for different periods of time.
Management regularly review its banking arrangements to ensure it achieves the best returns on its funds while
maintaining access to necessary liquidity levels to service the Group’s day-to-day activities. The mixture of bank
deposits at floating interest rates and short term deposits at different rates over various periods of time mitigate
the risk of interest rates being received at less than market rates. The Group does not enter into interest rate
hedges.
A 1% increase or decrease in bank deposit interest rates will reduce/increase the loss reported by approximately
$131,000 and increase/reduce equity by the same amount (2019: $130,000).
Credit Risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to
meet its contractual obligations.
The Group incurs credit risk from:
a) Cash and short term deposits;
b) Receivables in the normal course of its business; and
c) Other assets.

PACIFIC EDGE LIMITED ANNUAL REPORT 2020PACIFIC EDGE LIMITED ANNUAL REPORT 2020
5958
Notes to the Consolidated Financial Statements
For the year ended 31 March 2020
The Group has no significant concentration of credit risk other than bank deposits with 31.3% of total assets at the
Bank of New Zealand, 26.0% at Heartland Bank, 18.5% at ANZ, and 0.7% at Wells Fargo. The Group’s cash and short
term deposits are placed with high credit quality financial institutions including major banks who have at least a
BBB credit rating.
Regular monitoring of receivables is undertaken to ensure that the credit exposure remains within the Group’s
normal terms of trade. These receivables balances mainly relate to New Zealand customers, and the Australian
Government. Refer to note 10 for further details on expected credit losses for receivables.
While there are no trade receivables recognised for US customers, the Group continues to invoice for every billable
test completed in the US, and the billing and reimbursement process continues to maximise the cash that is
received by the Group.
Regular monitoring of other assets is undertaken to ensure that the credit exposure is limited. This is firstly done
by determining the credit risk before making security deposits on leased properties and ensuring suppliers are not
paid in advance where there is uncertainty in relation to their credit worthiness.
The carrying values of financial assets represent the maximum exposure to credit risk as represented below:
GROUP
Notes
2020
($000)
2019
($000)
Cash and Cash Equivalents91,7554,847
Short Term Deposits913,0298,000
Trade and Other Receivables (excludes GST)106031,277
Other Assets (excludes prepayments)12185165
15,57214,289
Liquidity Risk
Liquidity risk is the risk that the Group may encounter difficulty in raising funds at short notice to meet its
commitments as they fall due. Management maintains sufficient cash balances and uses cash flow forecasts to
determine future cash flow requirements. The Group does not have any external loans but does have four finance
leases.
Payables and Accruals totaling $3,276,000 are due within 3 months of balance date (2019: $2,143,000).
Fair Values
In the opinion of the Directors, the carrying amount of financial assets and financial liabilities approximate their fair
values at balance date.
Notes to the Consolidated Financial Statements
For the year ended 31 March 2020
22. RELATED PARTIES
A shareholder, the University of Otago, provided services, including rental space and car parking, to the Group to
the value of $276,000 (2019: $272,000). The Group has commitments totaling $208,000 (2019: $194,000) with the
University of Otago in the next financial year.
Key Management Compensation
Key management personnel comprise of Directors and the Chief Executive Officers of Pacific Edge Limited and
Pacific Edge Diagnostics USA Limited.
Refer to Note 8 for details of the Incentive Plan that includes key management remuneration.
GROUP
2020
($000)
2019
($000)
Salaries and Other Short Term Employee Benefits1,3321,319
Share Options Benefits193320
Total Employee Entitlements1,5251,639
Directors’ Fees
The current total Directors’ fee pool for non-executive Directors of Pacific Edge Limited, approved by the
shareholders at the Annual Shareholders Meeting on the 16th August 2018 is $302,000 per annum. During the
year ended 31 March 2020, the number of non-executive Directors of Pacific Edge increased by one to six with
the addition of J. Duncan to the Board in April 2019. J. Duncan ceased to be a Director during the year ended
31 March 2020. The group relied on NZX Listing Rule 2.11.3 for the period J. Duncan was added to the Board.
The total amount of fees paid to Directors for the year ended 31 March 2020 was $321,000.
The table below sets out the total fees payable to the non-executive Directors of Pacific Edge Limited for the year
ended 31 March 2020 based on the positions held:
PositionQuantityTotal Fees
Payable
Chair1$80,000
Deputy Chair 1$50,000
Non-executive Directors2$88,000
US-based non-executive Director1$79,000
Chair Audit & Risk Committee1$5,000
Total Fee Pool$302,000
23. FINANCE AND OPERATING LEASE COMMITMENTS
ACCOUNTING POLICY
The Group has changed its accounting policy for leases and has adopted NZ IFRS 16 Leases.
The Group leases various properties and equipment. Rental contracts vary depending on the type of asset
being leases. Lease terms are negotiated on an individual basis and contain a wide range of different terms and
conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for
borrowing purposes.
Contracts may contain both lease and non-lease components. The Group allocates the consideration in the
contract to the lease and non-lease components based on their relative stand-alone prices.
Leases are recognised as a Right-of-Use asset and a corresponding liability at the date at which the leased asset is
available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance

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Notes to the Consolidated Financial Statements
For the year ended 31 March 2020
cost is charged to the Statement of Comprehensive Income over the lease period to produce a constant periodic
rate of interest on the remaining balance of the liability for each period. The Right-of-Use asset is depreciated over
the shorter of the asset’s useful life and the lease term on a straight-line basis.
(i) Measurement basis
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the
net present value of the following lease payments:
• Fixed payments (including in-substance fixed payments), less any lease incentives receivable;
• Variable lease payments that are based on an index or a rate;
• Amounts expected to be payable by the lessee under residual value guarantees;
• The exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and
• Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.
Lease payments to be made under reasonably certain extension options are also included in the measurement of
the liability.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily
determined, which is generally the case for leases in the Group, the lessee’s incremental borrowing rate is used.
The incremental borrowing rate is the rate that the individual lessee would have to pay to borrow the funds
necessary to obtain an asset of similar value to the Right-of-Use asset in a similar economic environment with
similar terms, security and conditions.
To determine the incremental borrowing rate, the Group:
• Where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to
reflect changes in financing conditions since third-party financing was received;
• Uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by Pacific
Edge Limited, which does not have recent third-party financing; and
• Makes adjustments specific to the lease, e.g. term, country, currency and security.
The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are
not included in the lease liability until they take effect. When adjustments to lease payments based on an index or
rate take effect, the lease liability is reassessed and adjusted against the Right-of-Use asset.
Lease payments are allocated between principal and finance cost. The finance cost is charged to the Statement
of Comprehensive Income over the lease period to produce a constant periodic rate of interest on the remaining
balance of the liability for each period.
Right-of-use assets are measured at cost comprising the following:
• The amount of the initial measurement of lease liability;
• Any lease payments made at or before the commencement date;
• Any initial direct costs; and
• Restoration costs.
Right-of-use assets are generally depreciated over the shorter of the asset’s useful life and the lease term on
a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the Right-of-Use asset
is depreciated over the underlying asset’s useful life. While the Group revalues its land and buildings that are
presented within property, plant and equipment, it has chosen not to do so for the Right-of-Use buildings held by
the Group.
Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis
as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets
include IT equipment and small items of office furniture.
(ii) Accounting policies applied until 31 March 2019
Until 31 March 2019, leases in which a significant portion of the risks and rewards of ownership are retained by the
lessor were classified as operating leases. Payments made under operating leases (net of any incentives received
from the lessor) were charged to the Operating Expenses component of the Statement of Comprehensive Income
on a straight line basis over the period of the lease.
Notes to the Consolidated Financial Statements
For the year ended 31 March 2020
Right-of-Use Assets
GROUP
2020
($000)
2019
($000)
Cost
Assets recognised on Initial Transition
- previously Operating Assets
1,598 -
Assets recognised on Initial Transition
- previously under a Finance Lease
223 -
Additions 1,078 -
Transfers to Plant, Property and Equipment (155)-
Foreign Currency Translation (226)-
2,518 -

Accumulated Depreciation
Depreciation 1,131 -
Transfers to Plant, Property and Equipment (24)-
Foreign Currency Translation (170)-
937 -
Net Right-of-Use Assets Balance 1,581 -
Right-of-Use Assets Net Book Value
Buildings 1,148 -
Computer Equipment 16 -
Plant and Equipment 417 -
1,581 -
Depreciation
Buildings 1,009 -
Computer Equipment 28 -
Plant and Equipment 94 -
1,131 -
Expenses relating to Short Term and Low Value Leases22-
Total Cash Outflow relating to Leases1,21197

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Notes to the Consolidated Financial Statements
For the year ended 31 March 2020
GROUP
Lease Liability
2020
($000)
2019
($000)
Liabilities Recognised on Initial Transition 1,598 -
Lease Liabilities previously recognised as Finance Leases 84 -
Additions 1,078 -
Lease Repayments (1,210)-
Interest Charged 65 -
Foreign Currency Translation (61)-
1,554 -
Split by:
Current Liability 983 52
Non-Current Liability 571 32
1,554 84
The maturity of the Lease Liabilities is as follows:
Less than one year 983 -
One to two years 340 -
Two to three years 200 -
More than four years 31 -
1,554 -
24. OTHER COMMITMENTS AND CONTINGENT LIABILITIES
a) Contingent Liabilities
There were no known contingent liabilities at 31 March 2020 (March 2019: Nil). The Group has not granted any
securities in respect of liabilities payable by any other party whatsoever.
b) Capital Commitments
There are no capital commitments at 31 March 2020 (March 2019: Nil).
25. SUBSEQUENT EVENT – COVID-19
At the date of signing, there has been an impact on the throughput, revenue and expenses of the Group as a result
of Covid-19. 
In the markets the Group operates in, measures have been employed by Governments in an attempt to limit the
spread of the virus. This restricted the ability for people to visit clinics and have tests performed for the occurrence
of bladder cancer. This has resulted in reduced throughput numbers seen by the group in April and May 2020. 
Tests performed in the US and New Zealand laboratories for the month of April 2020 were approximately 51% of
April 2019 levels. This is expected to be seen in reduced income from the US in particular in coming months.
Offsetting the reduced throughput from patients visiting clinics has been increased adoption of the unique in-
home sampling system which allows patients to perform tests at home, with the results provided to their urologist. 
The Group has also seen increased sales activity with institutions as they seek alternative methods to treat their
patients remotely.
The Group has been able to reduce costs to offset income reductions, and has also received support in the form of
Covid-19 relief packages from the Governments in New Zealand, Australia, Singapore and the US.  
26. OTHER SUBSEQUENT EVENTS
There are no other subsequent events.
PricewaterhouseCoopers, Westpac Building, 106 George Street, PO Box 5848, Dunedin 9058, New Zealand
T: +64 3 470 3600, F: +64 3 470 3601, pwc.co.nz
Independent auditor’s report
To the Shareholders of Pacific Edge Limited
We have audited the consolidated financial statements which comprise:
the balance sheet as at 31 March 2020;
the statement of comprehensive income for the year then ended;
the statement of changes in equity for the year then ended;
the statement of cash flows for the year then ended; and
the notes to the consolidated financial statements, which include a summary of accounting
policies.
Our opinion
In our opinion, the accompanying consolidated financial statements of Pacific Edge Limited (the
Company), including its subsidiaries (the Group), present fairly, in all material respects, the financial
position of the Group as at 31 March 2020, its financial performance and its cash flows for the year
then ended in accordance with New Zealand Equivalents to International Financial Reporting
Standards (NZ IFRS) and International Financial Reporting Standards (IFRS).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs
(NZ)) and International Standards on Auditing (ISAs). Our responsibilities under those standards are
further described in theAuditor’s responsibilities for the audit of the consolidated financial
statementssection of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
We are independent of the Group in accordance with Professional and Ethical Standard 1 (Revised)
Code of Ethics for Assurance Practitioners(PES 1) issued by the New Zealand Auditing and Assurance
Standards Board and the International Ethics Standards Board for Accountants’Code of Ethics for
Professional Accountants(IESBA Code), and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
Our firm carries out other services for the Group in the area of half year review procedures. The
provision of these other services has not impaired our independence as auditor of the Group.
Material uncertainty related to going concern
We draw attention to the disclosures in Note 1 to the financial statements, which indicates that the
Company continued to have net cash outflows from operations in the 2020 financial year and is
forecast to do so during the 2021 financial year. The Company continues to progress commercial
negotiations with targeted large-scale health organisations in the USA, however the likely outcome and
timing of completion is uncertain. The Company has prepared cash flow forecasts which indicate that
if these commercial negotiations continue to be delayed, the Company may not have sufficient cash to
meet its minimum expenditure commitments and support its current levels of activity. As a result, the
Company may need to raise additional funds to continue as a going concern. As stated in Note 1, these
matters, together with the other matters set out in Note 1, indicate that a material uncertainty
exists that may cast significant doubt on the Company’s ability to continue as a going concern. Our
opinion is not modified in respect of this matter.
PricewaterhouseCoopers, Westpac Building, 106 George Street, PO Box 5848, Dunedin 9058, New Zealand
T: +64 3 470 3600, F: +64 3 470 3601, pwc.co.nz
Independent auditor’s report
To the Shareholders of Pacific Edge Limited
We have audited the consolidated financial statements which comprise:
the balance sheet as at 31 March 2020;
the statement of comprehensive income for the year then ended;
the statement of changes in equity for the year then ended;
the statement of cash flows for the year then ended; and
the notes to the consolidated financial statements, which include a summary of accounting
policies.
Our opinion
In our opinion, the accompanying consolidated financial statements of Pacific Edge Limited (the
Company), including its subsidiaries (the Group), present fairly, in all material respects, the financial
position of the Group as at 31 March 2020, its financial performance and its cash flows for the year
then ended in accordance with New Zealand Equivalents to International Financial Reporting
Standards (NZ IFRS) and International Financial Reporting Standards (IFRS).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs
(NZ)) and International Standards on Auditing (ISAs). Our responsibilities under those standards are
further described in theAuditor’s responsibilities for the audit of the consolidated financial
statementssection of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
We are independent of the Group in accordance with Professional and Ethical Standard 1 (Revised)
Code of Ethics for Assurance Practitioners(PES 1) issued by the New Zealand Auditing and Assurance
Standards Board and the International Ethics Standards Board for Accountants’Code of Ethics for
Professional Accountants(IESBA Code), and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
Our firm carries out other services for the Group in the area of half year review procedures. The
provision of these other services has not impaired our independence as auditor of the Group.
Material uncertainty related to going concern
We draw attention to the disclosures in Note 1 to the financial statements, which indicates that the
Company continued to have net cash outflows from operations in the 2020 financial year and is
forecast to do so during the 2021 financial year. The Company continues to progress commercial
negotiations with targeted large-scale health organisations in the USA, however the likely outcome and
timing of completion is uncertain. The Company has prepared cash flow forecasts which indicate that
if these commercial negotiations continue to be delayed, the Company may not have sufficient cash to
meet its minimum expenditure commitments and support its current levels of activity. As a result, the
Company may need to raise additional funds to continue as a going concern. As stated in Note 1, these
matters, together with the other matters set out in Note 1, indicate that a material uncertainty
exists that may cast significant doubt on the Company’s ability to continue as a going concern. Our
opinion is not modified in respect of this matter.

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PwC
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the consolidated financial statements of the current year. These matters were addressed in
the context of our audit of the consolidated financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters. In addition to the matter
described in theMaterial uncertainty related to going concernsection, we have determined the
matter described below to be the key audit matter to be communicated in our report.
Key audit matterHow our audit addressed the key audit matter
US Revenue Recognition
The application of NZ IFRS 15: Revenue
from contracts with customers (NZ IFRS
15) requires the Directors to apply
significant judgement in determining
whether revenue can be recognised in
advance of the receipt of cash.
The Company has two material United
States (US) revenue streams:
1. Coverage via Centers for Medicare and
Medicaid Services (CMS), and
2. Private Insurance.
The significant judgements adopted by the
Directors in applying NZ IFRS 15 criteria
include:
Determining if a contract with the
customer exists;
Determining if the entity can identify
the payment terms for the services;
and
Determining whether it is probable
that the entity will collect the
consideration to which it is entitled.
Based on management’s assessment, US
derived revenue is accounted for on a cash
receipts basis as disclosed in Note 5.
Due to the significant audit effort required
to understand the revenue recognition
process and considering the significance of
the judgements applied by the Directors,
we determined this area to be a key audit
matter.
Our audit procedures included the following:
We obtained an understanding of management’s
analysis of the CMS and Private Insurance US revenue
streams to identify the significant judgements.
We evaluated management’s determination of whether
a contract with customers existed by:
Inspecting documentation supporting the
contractual process and basis for engagement of
patients (customers) in the US; and
Discussing the process for engaging patients with
New Zealand and US based management to
reconfirm the facts that support a cash based
revenue recognition conclusion.
Assessing the supporting documentation provided by
management to illustrate the variation in payment
terms by customer.
Considering the payment terms and the probability of
recovery of outstanding balances based on the history
of past collections. This included assessing
management’s conclusions on whether it is probable
that the entity will collect the consideration. We
normally visit the Group's external billing
reimbursement agent to confirm our understanding of
the process and monthly report. Due to COVID-19 we
were unable to perform this visit physically. However,
we held video conference meetings to obtain this
understanding.
We have no matters to report from the procedures
performed above.
PwC
Our audit approach
Overview
An audit is designed to obtain reasonable assurance whether the financial
statements are free from material misstatement.
Overall Group materiality: $240,000, which represents 1% of total expenses.
We chose total expenses as the benchmark because, the Company is in a loss
making position. The Company’s focus is on achieving revenue growth. In
our judgement, total expenses provides a more stable basis for calculating
materiality.
We have determined that there is one key audit matter:
US Revenue Recognition.
Materiality
The scope of our audit was influenced by our application of materiality.
Based on our professional judgement, we determined certain quantitative thresholds for materiality,
including the overall Group materiality for the consolidated financial statements as a whole as set out
above. These, together with qualitative considerations, helped us to determine the scope of our audit,
the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both
individually and in aggregate on the consolidated financial statements as a whole.
Audit scope
We designed our audit by assessing the risks of material misstatement in the consolidated financial
statements and our application of materiality. As in all of our audits, we also addressed the risk of
management override of internal controls including among other matters, consideration of whether
there was evidence of bias that represented a risk of material misstatement due to fraud.
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an
opinion on the consolidated financial statements as a whole, taking into account the structure of the
Group, the accounting processes and controls, and the industry in which the Group operates.
Information other than the consolidated financial statements and auditor’s report
The Directors are responsible for the annual report. Our opinion on the consolidated financial
statements does not cover the other information included in the annual report and we do not and will
not express any form of assurance conclusion on the other information. At the time of our audit, there
was no other information available to us.
In connection with our audit of the consolidated financial statements, if other information is included
in the annual report, our responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the consolidated financial statements or
our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the
work we have performed on the other information that we obtained prior to the date of this auditor’s
report, we conclude that there is a material misstatement of this other information, we are required to
report that fact.
PricewaterhouseCoopers, Westpac Building, 106 George Street, PO Box 5848, Dunedin 9058, New Zealand
T: +64 3 470 3600, F: +64 3 470 3601, pwc.co.nz
Independent auditor’s report
To the Shareholders of Pacific Edge Limited
We have audited the consolidated financial statements which comprise:
the balance sheet as at 31 March 2020;
the statement of comprehensive income for the year then ended;
the statement of changes in equity for the year then ended;
the statement of cash flows for the year then ended; and
the notes to the consolidated financial statements, which include a summary of accounting
policies.
Our opinion
In our opinion, the accompanying consolidated financial statements of Pacific Edge Limited (the
Company), including its subsidiaries (the Group), present fairly, in all material respects, the financial
position of the Group as at 31 March 2020, its financial performance and its cash flows for the year
then ended in accordance with New Zealand Equivalents to International Financial Reporting
Standards (NZ IFRS) and International Financial Reporting Standards (IFRS).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs
(NZ)) and International Standards on Auditing (ISAs). Our responsibilities under those standards are
further described in theAuditor’s responsibilities for the audit of the consolidated financial
statementssection of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
We are independent of the Group in accordance with Professional and Ethical Standard 1 (Revised)
Code of Ethics for Assurance Practitioners(PES 1) issued by the New Zealand Auditing and Assurance
Standards Board and the International Ethics Standards Board for Accountants’Code of Ethics for
Professional Accountants(IESBA Code), and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
Our firm carries out other services for the Group in the area of half year review procedures. The
provision of these other services has not impaired our independence as auditor of the Group.
Material uncertainty related to going concern
We draw attention to the disclosures in Note 1 to the financial statements, which indicates that the
Company continued to have net cash outflows from operations in the 2020 financial year and is
forecast to do so during the 2021 financial year. The Company continues to progress commercial
negotiations with targeted large-scale health organisations in the USA, however the likely outcome and
timing of completion is uncertain. The Company has prepared cash flow forecasts which indicate that
if these commercial negotiations continue to be delayed, the Company may not have sufficient cash to
meet its minimum expenditure commitments and support its current levels of activity. As a result, the
Company may need to raise additional funds to continue as a going concern. As stated in Note 1, these
matters, together with the other matters set out in Note 1, indicate that a material uncertainty
exists that may cast significant doubt on the Company’s ability to continue as a going concern. Our
opinion is not modified in respect of this matter.
PricewaterhouseCoopers, Westpac Building, 106 George Street, PO Box 5848, Dunedin 9058, New Zealand
T: +64 3 470 3600, F: +64 3 470 3601, pwc.co.nz
Independent auditor’s report
To the Shareholders of Pacific Edge Limited
We have audited the consolidated financial statements which comprise:
the balance sheet as at 31 March 2020;
the statement of comprehensive income for the year then ended;
the statement of changes in equity for the year then ended;
the statement of cash flows for the year then ended; and
the notes to the consolidated financial statements, which include a summary of accounting
policies.
Our opinion
In our opinion, the accompanying consolidated financial statements of Pacific Edge Limited (the
Company), including its subsidiaries (the Group), present fairly, in all material respects, the financial
position of the Group as at 31 March 2020, its financial performance and its cash flows for the year
then ended in accordance with New Zealand Equivalents to International Financial Reporting
Standards (NZ IFRS) and International Financial Reporting Standards (IFRS).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs
(NZ)) and International Standards on Auditing (ISAs). Our responsibilities under those standards are
further described in theAuditor’s responsibilities for the audit of the consolidated financial
statementssection of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
We are independent of the Group in accordance with Professional and Ethical Standard 1 (Revised)
Code of Ethics for Assurance Practitioners(PES 1) issued by the New Zealand Auditing and Assurance
Standards Board and the International Ethics Standards Board for Accountants’Code of Ethics for
Professional Accountants(IESBA Code), and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
Our firm carries out other services for the Group in the area of half year review procedures. The
provision of these other services has not impaired our independence as auditor of the Group.
Material uncertainty related to going concern
We draw attention to the disclosures in Note 1 to the financial statements, which indicates that the
Company continued to have net cash outflows from operations in the 2020 financial year and is
forecast to do so during the 2021 financial year. The Company continues to progress commercial
negotiations with targeted large-scale health organisations in the USA, however the likely outcome and
timing of completion is uncertain. The Company has prepared cash flow forecasts which indicate that
if these commercial negotiations continue to be delayed, the Company may not have sufficient cash to
meet its minimum expenditure commitments and support its current levels of activity. As a result, the
Company may need to raise additional funds to continue as a going concern. As stated in Note 1, these
matters, together with the other matters set out in Note 1, indicate that a material uncertainty
exists that may cast significant doubt on the Company’s ability to continue as a going concern. Our
opinion is not modified in respect of this matter.

OVERVIEW
Strong corporate governance is fundamental to the performance of Pacific Edge Limited (the Company or Pacific
Edge) and the Board is ultimately responsible for ensuring that the Company and its subsidiaries (the Group) maintain
high ethical standards and corporate governance practices. Pacific Edge is committed to ensuring that its corporate
governance practices are in line with best practice and the NZX Corporate Governance Code (NZX Code). The Board
believes that during FY20, Pacific Edge’s governance practices are appropriately aligned with the NZX Code. Any
exceptions are identified where appropriate under Principles 1 to 8 below.
The key corporate governance documents referred to in this report are available on Pacific Edge’s website https://www.
pacificedgedx.com/investors/governance/.
PRINCIPLE 1: CODE OF ETHICAL BEHAVIOUR
“Directors should set high standards of ethical behaviour, model this behaviour and hold management accountable for
these standards being followed throughout the organisation.”
The Company maintains high standards of ethical behaviour and has both a Directors’ Code of Ethics and an Ethical
Behaviour Policy for employees of the Company, setting out the standards that each Director or employee must adhere
to whilst conducting their duties.
General principles within both Policies include (but are not limited to) requiring all Directors and employees to:
• Act honestly and with personal integrity in all actions;
• In the case of Directors, give proper attention to the matters before them and exercise their powers and duties with a
due degree of care and diligence;
• Not make improper use of information acquired as a Director or employee, or of assets or resources of the Company;
• Comply with Company policies at all times.
Processes have been established to ensure all employees are aware of and understand these Policies. A review of the
Director’s Code of Ethics was completed in June 2020 and a review of the Ethical Behaviour Policy is underway.
Pacific Edge also has a Share Trading Policy, with additional trading restrictions applying to Directors and senior
managers. Details of Directors’ share dealings are set out on page 79 of this report.
PRINCIPLE 2: BOARD COMPOSITION & PERFORMANCE
“To ensure an effective Board, there should be a balance of independence, skills, knowledge, experience and
perspectives.”
The Board operates under a formal written Charter which sets out the roles and responsibilities of the Board (and clearly
distinguishes and discloses the respective roles and responsibilities of the Board and management). The focus of the
Board is the creation of company and shareholder value and ensuring the Company is committed to best practice.
Responsibility for the day-to-day management of Pacific Edge has been delegated to the Managing Director (CEO).and
other senior management. Management are responsible for implementing the objectives and strategies approved by
the Board, within the risk parameters set by the Board.
The primary responsibilities of the Board include:
• Overall governance and providing strategic leadership;
• Ensuring compliance with the Company’s constitution;
• Setting clear goals for the Company, ensuring that there are appropriate strategies in place for achieving those goals;
• Monitoring the company’s performance against its approved strategic, business and financial plans;
• Appointment of the Chair and CEO;
• Ensuring that the Company follows high standards of ethical and corporate behaviour; and
• Ensuring that the Company has appropriate risk management policies in place.
Newly elected Directors are expected to familiarise themselves with their obligations under the constitution, Board
Charter and the NZX Listing Rules. Training is also provided to new and existing Directors where required to enable
Directors to understand their obligations.
CORPORATE GOVERNANCE
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PwC
Responsibilities of the Directors for the consolidated financial statements
The Directors are responsible, on behalf of the Company, for the preparation and fair presentation of
the consolidated financial statements in accordance with NZ IFRS and IFRS, and for such internal
control as the Directors determine is necessary to enable the preparation of consolidated financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the Directors are responsible for assessing the
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the Directors either intend to liquidate
the Group or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial
statements, as a whole, are free from material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with ISAs (NZ) and ISAs will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements is
located at the External Reporting Board’s website at:
https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-
report-1/
This description forms part of our auditor’s report.
Who we report to
This report is made solely to the Company’s Shareholders, as a body. Our audit work has been
undertaken so that we might state those matters which we are required to state to them in an auditor’s
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the Company’s Shareholders, as a body, for our
audit work, for this report or for the opinions we have formed.
The engagement partner on the audit resulting in this independent auditor’s report is Nathan Wylie.
Chartered Accountants
28 May 2020
Dunedin
PricewaterhouseCoopers, Westpac Building, 106 George Street, PO Box 5848, Dunedin 9058, New Zealand
T: +64 3 470 3600, F: +64 3 470 3601, pwc.co.nz
Independent auditor’s report
To the Shareholders of Pacific Edge Limited
We have audited the consolidated financial statements which comprise:
the balance sheet as at 31 March 2020;
the statement of comprehensive income for the year then ended;
the statement of changes in equity for the year then ended;
the statement of cash flows for the year then ended; and
the notes to the consolidated financial statements, which include a summary of accounting
policies.
Our opinion
In our opinion, the accompanying consolidated financial statements of Pacific Edge Limited (the
Company), including its subsidiaries (the Group), present fairly, in all material respects, the financial
position of the Group as at 31 March 2020, its financial performance and its cash flows for the year
then ended in accordance with New Zealand Equivalents to International Financial Reporting
Standards (NZ IFRS) and International Financial Reporting Standards (IFRS).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs
(NZ)) and International Standards on Auditing (ISAs). Our responsibilities under those standards are
further described in theAuditor’s responsibilities for the audit of the consolidated financial
statementssection of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
We are independent of the Group in accordance with Professional and Ethical Standard 1 (Revised)
Code of Ethics for Assurance Practitioners(PES 1) issued by the New Zealand Auditing and Assurance
Standards Board and the International Ethics Standards Board for Accountants’Code of Ethics for
Professional Accountants(IESBA Code), and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
Our firm carries out other services for the Group in the area of half year review procedures. The
provision of these other services has not impaired our independence as auditor of the Group.
Material uncertainty related to going concern
We draw attention to the disclosures in Note 1 to the financial statements, which indicates that the
Company continued to have net cash outflows from operations in the 2020 financial year and is
forecast to do so during the 2021 financial year. The Company continues to progress commercial
negotiations with targeted large-scale health organisations in the USA, however the likely outcome and
timing of completion is uncertain. The Company has prepared cash flow forecasts which indicate that
if these commercial negotiations continue to be delayed, the Company may not have sufficient cash to
meet its minimum expenditure commitments and support its current levels of activity. As a result, the
Company may need to raise additional funds to continue as a going concern. As stated in Note 1, these
matters, together with the other matters set out in Note 1, indicate that a material uncertainty
exists that may cast significant doubt on the Company’s ability to continue as a going concern. Our
opinion is not modified in respect of this matter.

Board Membership
The Board is selected on individual skills and contribution to the Company. As at 31 March 2020, the Board was
comprised of five non-executive independent Directors as well as the CEO.
The Chairman is an independent Director who is elected by the Directors.
The Chairman and the CEO are different people.
While the nomination process for new Director appointments is the responsibility of the Board as a whole, the
Nomination Committee is responsible for identifying, reviewing and recommending candidates to the full Board. In
doing this, the Committee takes into account the composition of the Board in relation to the Company’s needs and
operating environment to ensure relevant skills and experience. The Board may engage consultants to assist in the
identification, recruitment and appointment of suitable candidates.
Directors will retire and may stand for re-election by shareholders every three years, in accordance with the NZX Listing
Rules. A Director appointed since the previous annual meeting holds office only until the next annual meeting but is
eligible for re-election at that meeting.
The Board asks for Director nominations each year prior to the Annual Shareholders Meeting, in accordance with the
constitution of the Company and the NZX Listing Rules.
All Directors have written agreements with the Company, setting out the terms of their appointment.
The Company encourages all Directors to undertake appropriate training and education so that they may best perform
their duties. This includes attending presentations on changes in governance, legal and regulatory frameworks;
attending technical and professional development courses; and attending presentations from industry experts and key
advisers. Additional training is provided by Pacific Edge on a regular basis. Specific Health & Safety and Compliance
training sessions were held in 2019.
Details of each Director, along with their experience, length of service, independence and ownership interests and
attendance at Board meetings is included in the Annual Report and Director Profiles are available on the Company’s
website.
Board Performance
The performance of the Board is reviewed periodically to assess the performance of each Director, each Committee
and the Board as a whole. The most recent evaluation of Board performance was undertaken in March 2019. The Chair
of the Board also regularly engages with individual Directors to evaluate and discuss performance and professional
development.
Diversity
Pacific Edge is committed to bringing diversity to life in its employment practices and across all aspects of the business.
The Board and Company believe in providing equality of opportunity in employment, irrespective of age, ethnic or
national origin, gender, sexual orientation, family circumstances, disability, religious or ethical belief, or economic
background.
The Company’s Diversity Policy outlines Pacific Edge’s approach towards diversity. While no measurable targets have
been set for achieving diversity, the Remuneration Committee provides oversight of employment practices and HR
processes and practices and is comfortable that these are in line with the intent of the Diversity Policy.
The Officers of the Company (as defined by the NZX Listing Rules) are the CEO and specific direct reports of the CEO
having key functional responsibility. As at 31 March 2020, females represented 17% of Directors and Officers of the
Company (FY19: 27%).
As at 31 March 2020
FY20
Male
FY20
Female
FY19
Male
FY19
Female
Directors excluding the CEO4151
Officers including the CEO3132
During the FY20 year, Kate Rankin resigned as Chief Financial Officer (CFO) and was replaced by Grant Gibson.
CORPORATE GOVERNANCE
Board Meetings and Attendance
The Board meets as often as it deems appropriate including sessions to consider the strategic direction of Pacific Edge
and forward-looking business plans. Video and/or phone conferences are also used as required.
The table below sets out Director attendance at Board and Committee meetings during FY20. No Nomination
Committee meetings were held in FY20.
Board
Audit & Risk
Committee
Remuneration
Committee
Capital
Committee
Total number of meetings
held
10218
Chris Gallaher
10218
Dave Darling10218
David Levison
102-1
Anatole Masfen102-8
Bryan Williams911-
Sarah Park9214
John Duncan* 41-6
*John Duncan was appointed to the Board on 30 April 2019 and resigned on 2 October 2019.
PRINCIPLE 3: BOARD COMMITTEES
“The Board should use Committees where this will enhance its effectiveness in key areas, while still retaining Board
responsibility.”
The Board has delegated a number of its responsibilities to Committees to assist in the execution of the Board’s
responsibilities. These Committees review and analyse policies and strategies which are within their terms of reference.
Committee members are appointed from members of the Board with membership reviewed on an annual basis.
They examine proposals and, where appropriate, make recommendations to the full Board. Committees do not take
action or make decisions on behalf of the Board unless specifically mandated by prior Board authority to do so.
Management may only attend committee meetings at the invitation of the Committee.
The current Committees of the Board are the Audit & Risk Committee, Nomination Committee, Remuneration
Committee and Capital Committee. A review of the Committee Charters was completed in June 2020.
The Committees have terms of reference (Charters), which are reviewed and approved by the Board. These are available
on the Company’s website.
Audit & Risk Committee
Members as at 31 March 2020: Sarah Park (Chair), Anatole Masfen, Chris Gallaher, David Levison
The NZX Listing Rules require the Company to have an Audit & Risk Committee comprised solely of Directors of the
Company, with the majority of members being independent Directors. There must be at least three members in the
Audit & Risk Committee and at least one member must have an accounting or financial background.
As per the Board Charter, the responsibilities of the Audit & Risk Committee include as a minimum:
• Ensuring that management has established a risk management framework which includes policies and procedures to
effectively identify, treat, monitor and report key business risks;
• Ensuring that the processes are in place and monitoring of those processes so that the Board is properly and
regularly informed and updated on corporate financial matters;
• Recommending the appointment and removal of the independent auditor;
• Monitoring and reviewing the independent and internal auditing practices;
• Having direct communication with and unrestricted access to the independent auditors and any internal auditors or
accountants;
• Reviewing the financial reports and advising all Directors whether they comply with the appropriate laws and
regulations; and
• Ensuring that the external auditor or lead audit partner is changed at least every five years.
CORPORATE GOVERNANCE
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Members of the Audit & Risk Committee are all independent Directors. The Audit & Risk Committee Chair is not the
Chair of the Board.
Directors who are not members of the Committee are able to attend Audit & Risk Committee meetings as they wish.
Employees may only attend those meetings at the invitation of the Audit & Risk Committee.
Nomination Committee
Members as at 31 March 2020: Chris Gallaher (Chair), Sarah Park, Bryan Williams
The Board has established a Nomination Committee to recommend Director appointments to the Board. The
Nomination committee operates under a written Charter. All members of the Nomination Committee are independent
Directors.
Remuneration Committee
Members as at 31 March 2020: Bryan Williams (Chair), David Darling, David Levison
The Board has a Remuneration Committee to recommend the remuneration for Directors to the shareholders and to
oversee the remuneration of the Officers/senior managers of the Company. The Remuneration Committee operates
under a written Charter. A majority of the members of the Remuneration Committee are independent Directors. The
CEO does not participate in any discussions concerning the CEO’s remuneration.
Capital Committee
Members as at 31 March 2020: Anatole Masfen (Chair), Chris Gallaher, Sarah Park, David Darling
The Board has a Capital Committee to provide direction and oversight, and make recommendations to the Board and
act on matters pertaining to the Company’s capital position. The Capital Committee operates under a written Charter.
Other Committees
The Board establishes other Committees as required. In the case of a takeover offer, Pacific Edge will form an
Independent Takeover Committee to oversee disclosure and response, and engage expert legal and financial advisors
to provide advice on procedure. The Board has established appropriate protocols that set out the procedures to be
followed if there was to be a takeover of the Company.
PRINCIPLE 4: REPORTING & DISCLOSURE
“The Board should demand integrity in financial and non-financial reporting, and in the timeliness and balance of
corporate disclosures.”
The Board focuses on providing accurate, adequate and timely information both to its shareholders and to the market
generally. This enables all investors to make informed decisions about the Company. All significant announcements
made to NZX, and reports issued, are posted on the Company’s website.
The Company has procedures in place to ensure that it complies with its continuous disclosure requirements under the
NZX Listing Rules. The Continuous Disclosure Policy governs the release to the market of all material information that
may affect the value of the Company.
Copies of the key governance documents, including the Continuous Disclosure Policy, Ethical Behaviour Policy, Share
Trading Policy, Board and Committee Charters and Diversity Policy are available on the Company’s website.
Financial Reporting
Pacific Edge’s management team is responsible for implementing and maintaining appropriate accounting and financial
reporting principles, policies, and internal controls. These are designed to ensure compliance with accounting standards
and applicable laws and regulations.
The Board’s Audit & Risk Committee oversees the quality and integrity of external financial reporting, including the
accuracy, completeness, balance and timeliness of financial statements. It reviews Pacific Edge’s full and half year
financial statements and makes recommendations to the Board concerning accounting policies, areas of judgement,
compliance with accounting standards, stock exchange and legal requirements, and the results of the external audit.
All matters required to be addressed, and for which the Committee has responsibility, were addressed during the
reporting period. NZ IFRS 16 was adopted in FY20 and does not have a material impact on the Company’s financial
statements.
For FY20, the Directors believe that proper accounting records have been kept which enable, with reasonable accuracy,
the determination of the financial position of the Company and facilitate compliance of the financial statements with the
Financial Markets Conduct Act 2013.
The CEO and CFO have confirmed in writing to the Board that Pacific Edge’s external financial reports present a true
and fair view in all material aspects. Pacific Edge’s full and half year financial statements are available on the Company’s
website.
Non-Financial Reporting
Non-financial disclosure is provided annually in the Company’s Annual Report. The Company’s activities are focused on
developing cancer diagnostic tests that will benefit patients, physicians and the healthcare ecosystem, in a commercially
sound manner.
Pacific Edge discusses its strategic objectives and its progress against these in the Chair and CEO’s commentary in
shareholder reports. An analysis of key risks is outlined on page 77.
Laboratory Test Throughput and Commercial Tests are key non-financial measures for the Company and are included in
the Annual Report.
Health and safety information is also an important metric and is included in the Annual Report. Pacific Edge is
committed to adopting sustainable business practices where possible.
All R&D is focussed on developing services that benefit people. R&D takes place to extend the range and application
of molecular diagnostic products for cancer detection, to improve the sensitivity and specificity of the products and to
improve the analytical precision of the products.
The outcome from the use of Pacific Edge’s Cxbladder tests is better clinical decision making, better care for patients
and better use of healthcare resources.
PRINCIPLE 5: REMUNERATION
“The remuneration of Directors and Executives should be transparent, fair and reasonable.”
The Remuneration Committee is responsible for ensuring that the Company has a sound Remuneration Policy to attract
and retain high performing individuals. The Remuneration Policy is available on the Company’s website and outlines the
relative weightings of remuneration components and relevant performance criteria.
The Committee makes recommendations to the Board on remuneration packages for the CEO. Any recommendations
to shareholders regarding Director remuneration are provided for approval in a transparent manner.
Directors’ remuneration is also considered by the Remuneration Committee, within the limits that have been approved
by the shareholders of the Company. Shareholder approval is sought for any increase in the pool available to pay
Directors’ fees, and any recommendations to shareholders regarding Director remuneration are provided for approval in
a transparent manner.
External advice is sought on a regular basis to ensure remuneration is benchmarked to the market for senior
management positions, Directors and Board positions. The last review of Director remuneration was undertaken in July
2018.
Further details on remuneration are included in the Remuneration Section of this Annual Report, including the
remuneration arrangements in place for the CEO, on pages 74 to 76.
PRINCIPLE 6: RISK MANAGEMENT
“Directors should have a sound understanding of the material risks faced by the issuer and how to manage them.
The Board should regularly verify that the issuer has appropriate processes that identify and manage potential and
material risks.”
The Board is responsible for ensuring that appropriate policies and procedures are in place to identify and manage the
key risks of the Company, which is managed through the Audit & Risk Committee. The Audit & Risk Committee operates
in line with its Charter, which sets out its responsibilities for identifying, monitoring, treating and reporting on key
business risks.
A comprehensive review of the risk register was completed in 2020 and incorporated risk mitigation strategies,
processes and policies. Management continue to monitor individual risks, as do the Board. Any changes in risk are
brought to the attention of and discussed by the Board.
Further details on risks are set out in the Risk Analysis on page 77.
CORPORATE GOVERNANCECORPORATE GOVERNANCE
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Health and Safety
The Company takes responsibility, so far as is reasonably practicable, at all its sites to protect the health, safety and
welfare of staff and people on site, including contractors; and to act in compliance with all of its legal obligations.
Pacific Edge aims to effectively manage hazards arising from its facilities and activities. The Company’s health and safety
performance is monitored and reviewed regularly by management and audited externally. The Company maintains a
fundamentally safe environment and takes its duty of care to staff, contractors and visitors very seriously.
During the Covid-19 pandemic, Pacific Edge continued to operate as an essential business, with the health and safety
of employees a priority during this time. Pacific Edge’s laboratories are controlled access, clean molecular-diagnostic
environments and additional safety protocols were put in place to enhance the operating environment safety for staff.
This included two separate operations teams with only one team on site at a time, safe distancing, extra cleaning and
sanitisation. Remote working was enabled for all other employees.
There were no serious harm incidents reported during FY20 and no days lost to work place incidents at any Company
site. In addition, there were no serious hazards identified across the Group.
PRINCIPLE 7: AUDITORS
“The Board should ensure the quality and independence of the external audit process.”
External Auditors
The Board’s relationship with its external auditors is governed by the Audit & Risk Committee Charter. The Charter sets
out the Audit & Risk Committee’s responsibilities in relation to corporate accounting and reporting practices of the
Company, along with the quality and integrity of financial reports. It is the responsibility of the Audit & Risk Committee
to maintain free and open communication between the Directors and external auditors and to approve any non-audit
engagements performed by the audit firm.
For FY20, PricewaterhouseCoopers (PwC) was the external auditor for Pacific Edge Limited. PwC was re-appointed
under the Companies Act 1993 at the 2019 Annual Shareholders Meeting. The last audit partner rotation was in FY16
with rotation due in FY21.
All audit work at Pacific Edge is separated from non-audit services, to ensure that appropriate independence is
maintained. PwC only provided audit work in FY20. The amount of fees paid to PwC during FY20 are identified on
page 40.
PwC has provided the Audit & Risk Committee with written confirmation that, in their view, they were able to operate
independently during the year.
PwC attends each Annual Meeting of the Company, and the lead audit partner is available to answer questions from
shareholders at that Meeting. PwC attended the 2019 Annual Meeting.
Internal Audits
Internal audits are used as a tool for the systematic and independent examination of Pacific Edge’s operational
processes as they relate to product and service provision.
Pacific Edge conducts internal audits at planned intervals to verify that its Quality Management System is effectively
implemented and maintained. This ensures compliance with the requirements of its International Standard,
ISO9001:2015 certification, which was awarded in November 2017.
PRINCIPLE 8: SHAREHOLDER RIGHTS & RELATIONS
“The Board should respect the rights of shareholders and foster constructive relationships with shareholders that
encourage them to engage with the issuer.”
The Company is committed to ensuring that its shareholders are kept up to date with key activities and are provided
with relevant information about the Company and its performance.
The Company communicates with shareholders during the financial year through shareholder newsletters, annual and
half year reports and at the Annual Shareholders Meeting. The Annual Shareholders Meeting is streamed live and
is accessible worldwide. All written communications and reports are available on the Company’s website, as well as
emailed to shareholders who elect to be emailed.
In November/December 2019, Pacific Edge conducted a capital raise through a combination of a placement and
subsequent 1 for 4.25 pro-rata renounceable rights offer. The Board felt this was the most efficient way to generate
capital while preserving the existing shareholders’ opportunity to participate.
In accordance with the NZX Listing Rules, shareholders have the right to vote on major decisions which may change the
nature of the Company. Each shareholder has one vote per share and voting is conducted by polls.
The notice of the Annual Meeting is announced on the NZX, sent to shareholders and posted on to the Company’s
website at least 20 working days prior to the meeting each year.
All shareholders are given the option to elect to receive electronic communications from the Company.
In addition to shareholders, Pacific Edge has a wide range of stakeholders and maintains open channels of
communication for all audiences, including brokers, the investing community and the New Zealand Shareholders’
Association, as well as its staff, suppliers and customers.
CORPORATE GOVERNANCECORPORATE GOVERNANCE
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The Pacific Edge Limited Remuneration Committee operates as a sub-committee under the guidance of the Board
of Directors, to ensure the remuneration framework that is in place is appropriate to attract, retain and reward current
and future employees of the Pacific Edge Group. The Remuneration Committee ensures that individual employee
performance is aligned to the strategy and performance of the Company along with the interests of the shareholders.
DIRECTORS’ REMUNERATION
Remuneration of Directors and senior executives is the key responsibility of the Remuneration Committee.
The maximum total monetary sum payable by the Company by way of non-executive Directors’ fees is $302,000 per
annum, as approved by shareholders at the 2018 annual shareholders’ meeting. Executive Directors do not receive
Directors’ fees.
Any proposed increases in non-executive Director fees and remuneration will be put to shareholders for approval at
the Annual Shareholders Meeting by way of ordinary resolution. If independent advice is sought by the Board, it will be
disclosed to shareholders as part of the approval process.
The standard Directors’ fees per annum are as follows:
Board of DirectorsFY20
PositionTotal Allowable Fees
per annum (NZ$)
Chair80,000
Deputy Chair50,000
US Based Director79,000
Other Directors (x2)44,000
Chair Audit & Risk Committee 5,000
The Board recognises that there is a disparity between the market rates paid in the US and New Zealand for suitably
qualified Directors. Accordingly, in order to attract a suitably qualified US person, the Company needs to pay US market
rates. The Board has taken advice and determined that the appropriate fee for a US based Director is NZ$79,000 per
annum. Pacific Edge has one US based Director, David Levison.
Directors also receive reimbursement for reasonable travelling, accommodation and other expenses incurred in the
course of performing their duties. Other than as Chair of the Audit and Risk Committee, Directors do not receive any
additional fees for positions on Committees of the Board or subsidiary companies. Directors fees exclude GST, where
applicable.
During the year ended 31 March 2020, the number of non-executive Directors of Pacific edge increased by one to six,
with the addition of J. Duncan to the Board in April 2019. J. Duncan ceased to be a Director in October 2019. The group
relied on NZX Listing Rule 2.11.3 for the period J. Duncan was added to the Board.
Non-executive Directors received the following Directors’ fees from the Company in the year ended 31 March 2020:
Directors’ Fees
Directors’ Fees
FY20
(NZ$000)
Directors’ Fees
FY19
(NZ$000)
Pacific Edge Limited Board
C. Gallaher (Chair)8078
D. Levison (USA)7978
A. Masfen4446
S. Park (appointed 6 Dec 18)4915
B. Williams5046
D. Band (resigned 16 Aug 18)-16
J. Duncan (appointed 30 Apr 19; resigned 2 Oct 19)19-
Total321279
• D. Levison: David Levison was granted 225,000 share options when he joined the Board in 2016, at an exercise price
of $0.60 per option. The non-cash expense of these share options included within the 2020 financial statements was
$0 (2019: $12,000).
REMUNERATION
CHIEF EXECUTIVE OFFICER REMUNERATION
The review and approval of the CEO’s remuneration is the responsibility of the Board.
The CEO’s remuneration comprises:
• A fixed base salary, including Kiwisaver contributions by the Group;
• An at risk short term incentive (STI) payable annually of up to 40% of the base salary subject to agreed upon criteria
in the areas of health and safety, staff engagement, profitability and cashflow; and
• A long term incentive (LTI) which includes non-cash share options granted by the Company that will vest, based on
vesting criteria, over three years after the grant date.
The remuneration of the Chief Executive Officer (CEO) for the period ended 31 March 2020 has been broken down
between cash remuneration and non-cash remuneration, as follows:
Fixed remuneration
(salary and Kiwisaver)
(NZ$000)
STI Cash
(NZ$000)
STI
% achieved
Total cash
remuneration
(NZ$000)
FY2039339*50%432
FY1939075*50%465
*For FY19, it was agreed a STI payment of $75,000 was payable to the CEO. This was disclosed in the FY19 Annual Report but was not
paid in the FY19 year. The payment of the FY19 STI is included in the remuneration totals for FY20, with 50% cash and 50% shares. The
STI relating to FY20 is yet to be agreed.
Non-Cash Remuneration
During FY20, the CEO was granted 1,000,000 share options at $0.23 per share, which vest based on vesting criteria
between 2020 and 2022. The non-cash expenditure related to these share options, along with options issued prior to
FY19 which are continuing to vest, included in the FY20 financial statements is $140,000 (2019: $247,000). In order to
convert these options to ordinary shares, the CEO will be required to pay to Pacific Edge the price of $0.23 per share,
totalling $230,000, if all options are exercised.
During the FY20, the CEO was issued 174,419 ordinary shares for in consideration of performance as an employee of the
Company, in lieu of bonus and in addition to salary. These shares had a present value of $37,500 being $0.215 per share.
These shares relate to 50% of the $75,000 STI agreed for FY19 that were unpaid at the end of the FY19.
EMPLOYEE REMUNERATION
Employee Remuneration consists of a fixed salary and on an employee by employee basis may also include variable or
“at-risk” remuneration.
Fixed remuneration includes: an individual’s base salary, for core responsibilities, capability and performance, along
with any superannuation scheme contributions by the Group and any other health or disability benefits provided by the
Group. The base salary is benchmarked to the market.
Variable remuneration includes:
• short term incentives that are linked directly to the Company’s performance and designed to reward permanent
employees for Company successes and high performance across any given year. Short term incentives may be paid
out in either cash, share options and/or ordinary shares in the Company at the discretion of the Company.
• long term incentives for selected employees consist of share options, allowing the employee to obtain ordinary
shares in the Company. Incentive options vest over three years and there is a requirement to remain as an employee
of the Company in order for the options to vest. Tranches of options are exercisable over four to ten years from
vesting date. No options can be exercised later than the tenth anniversary of the final vesting date. Share options
are deemed non-cash remuneration and are accounted for accordingly.
The table on page 76 shows the number of employees and former employees of the Group, not being Directors of the
Group, who, in their capacity as employees, received remuneration and other benefits during the period ended
31 March 2020 totalling at least NZ$100,000.
This includes cash remuneration and expenditure related to ordinary shares paid in lieu of cash bonuses and excludes
the value of share options that have vested but have not been exercised.
The Group operates in New Zealand, Australia, Singapore and the United States where market remuneration levels
differ. Of the employees noted in the table below, 79% are employed by the Group outside New Zealand. The offshore
remuneration amounts are converted into New Zealand dollars.
REMUNERATION
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During the year, 33 employees or former employees of the Group, not being Directors of the Company, received
remuneration and other benefits that exceeded NZ$100,000 in value as follows:
Employee Remuneration
(NZ$000)20202019
620,000 - 630,0001-
590,000 - 600,000-1
500,000 - 510,0001-
490,000 - 500,000-1
460,000 - 470,000 1-
430,000 - 440,000 12
370,000 - 380,0001-
360,000 - 370,0001-
350,000 - 360,000-1
330,000 - 340,000 2-
320,000 - 330,000 12
310,000 - 320,000 21
300,000 - 310,000-1
290,000 - 300,0001-
280,000 - 290,000 12
270,000 - 280,000 21
260,000 - 270,000 11
250,000 - 260,0001-
240,000 - 250,000 11
230,000 - 240,0001-
220,000 - 230,00021
210,000 - 220,000 -1
200,000 - 210,000 -1
180,000 - 190,0001-
170,000 - 180,0001-
160,000 - 170,000-1
150,000 - 160,000 -4
140,000 - 150,0001-
130,000 - 140,00023
120,000 - 130,000 32
110,000 - 120,000 12
100,000 - 110,000 41
3430
The table above includes both fixed and variable cash remuneration as described above, including base salaries,
superannuation contributions, contributions to health and disability plans and cash-based short-term incentives.
The table above excludes any non-cash long-term incentives that have vested but have not been exercised.
DIRECTORS AND OFFICERS INSURANCE
In accordance with the Companies Act 1993 and the constitution of the Company, Pacific Edge indemnifies and insures
its Directors and Officers, including Directors and Officers of subsidiary companies within the Group, in respect of
liability incurred for any act or omission in their capacity as a Director or Officer of the Company. This insurance includes
defence costs. If an act or omission was to occur that was covered by this insurance, the Company would pay the liability
of the act or omission and be reimbursed by the insurer.
REMUNERATION
As a growth company, there are a number of risks associated with our business. We believe it is important for our
shareholders to have an understanding of these risks and the processes the Board and management have put in place
to mitigate these risks.
RiskMitigation
Market disruptionWe operate in a number of different international markets and as we introduce
additional products in new areas, we will limit our exposure to any potential market
disruption.
Addition of in-home-sampling enables continuation of tests during disruption
caused by inability of patients to visit clinics.
Dedicated supply chain logistics manager and alternative suppliers validated.
Key person riskWe have current succession plans for key staff.
Appropriate remuneration including share options.
Continuation of acceptance of our
products by the medical community
and funders/third party payers
Clinical studies have validated our test results.
Our User Programmes are a key ingredient in driving adoption by clinicians.
We have CLIA certified laboratories in USA and New Zealand.
Acceptance of our products by
funders and third party payers
We are building strong relationships and have negotiated a number of agreements
with third party payers and funders.
Dependence on franchise partners
to market and sell our products
Greater control in the key US market through our wholly owned subsidiary, Pacific
Edge Diagnostics USA Limited.
Close working relationships with franchise partners.
Competitor activityWe have yet to see any commercial competition in the bladder cancer diagnostic
field from new molecular diagnostics.
We hold the lead in clinical validation which has long lead times.
We are focused on building a strong and loyal customer base around a portfolio of
interdependent products.
Intellectual property related
opportunities and risks
We have made great progress in expanding our intellectual property portfolio and
having several key patents granted.
In some cases, we have taken forward looking licenses to hedge the event of other’s
intellectual property impacting on us.
Regulatory risksWe have sought advice from experts in the regulatory landscape.
We are aware of the risks and continuously monitor the regulatory environment for
changes that may affect our business.
We have a successful history of regulatory review and have strong systems and
processes that are regularly reviewed and audited in both operating laboratories in
New Zealand and the USA.
Reimbursement risksWe have dedicated specialists working in the area of Accounts and Payer
Relationships.
We have negotiated agreements in place with major payment facilitators.
We have negotiated agreements in place with Federal customers.
Financial risks$20.1m of capital was raised from New Zealand based investors in FY20.
The Company had $14.8m of cash and cash equivalents as at 31 March 2020.
We implement strong controls to ensure prudent cash management.
Revenue generationWe would reasonably expect revenue to grow as we expand our commercial
presence in the USA and gain momentum in New Zealand, Australia and Singapore.
Foreign exchange risks on
expected royalties
The Board and management monitor these risks regularly and evaluate whether
exposure can be reduced by hedging transactions.
A natural hedge exists with the USA generated revenue offsetting USA costs.
Other environmental, health and
safety, operational and statutory risks
These are monitored continuously. Functions and processes have been implemented
at each facility to reduce risks. We consult with external experts in our decision
making, policies and processes.
Share registry risksWe are aware of the risks associated with our shares, such as low levels of liquidity, a
number of large investors, high volatility in share price and external influences from
investor confidence.

RISK ANALYSIS
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DIRECTORS’ INTERESTS
The Company maintains an Interests Register in accordance with the Companies Act 1993 and the Financial Markets
Conduct Act 2013.
Directors disclosed interests, or cessation of interest, in the following entities pursuant to section 140 of the Companies
Act 1993 during the year ended 31 March 2020.
Director/EntityRelationship
C. Gallaher
Ashdown Group Pty LtdDirector
The Good Shepherd New Zealand Limited Director
The Good Shepherd Australia and New Zealand LimitedDirector
The Good Shepherd Microfinance Pty Ltd Director
Mariposa LtdChairman
D. Levison
CardioDxDirector & Shareholder
CareDxShareholder
Qlarity ImagingDirector & Shareholder
S. Park
Eurogrow Potatoes LimitedDirector
Focus Genetics LimitedDirector
Hawkes Bay Airport LimitedDirector
Hawkes Bay Airport Construction LimitedDirector
National Provident FundDirector
B. Williams
BioGrid AustraliaDirector
Cartherics Pty LtdDirector & Shareholder
Pacifik BiopharmaDirector
Cleveland ClinicConsultant & Advisor
EngeneIC Pty LtdAdvisor
A. Masfen
Albert Nominees LimitedDirector
Artemis Capital LimitedDirector
Masfen Securities LimitedDirector
Mill Creek LimitedDirector
Pure Food LimitedDirector and Sharerholder
TBL Trustees LimitedDirector
TBL Holdings LimitedDirector
TecTrax LimitedDirector
Vesper Marine LimitedDirector
Vesper Innovations LimitedDirector
Windfarm Group W2 LimitedDirector
STATUTORY INFORMATION
For the year ended 31 March 2020
DIRECTOR APPOINTMENT DATES
The dates below are the first appointment dates for all current Directors. Directors have been re-appointed at Annual
Shareholder Meetings, when retiring by rotation.
C. Gallaher 1 July 2016
D. Darling 21 August 2014
D. Levison 2 April 2016
A. Masfen 1 April 2008
S. Park 5 December 2018
B. Williams 1 June 2013
DIRECTORS’ SECURITY HOLDINGS
Securities in the Company in which each Director and associated person of each Director, has a relevant interest,
are specified in the table below as at 31 March 2020.
Number of Equity Securities20202019
D. Darling *9,609,3578,954,413
C. Gallaher547,058
-
D. Levison **225,000225,000
S. Park51,400-
B. Williams197,12737,341
* D. Darling has a current interest in a total of 9,609,357 equity securities, made up of 5,109,357 ordinary shares in the Company
and 4,500,000 options to acquire ordinary shares in the Company.
** D. Levision’s interest is options to acquire ordinary shares only.
SECURITY DEALINGS OF DIRECTORS
D. Darling received 174,419 shares in lieu of bonus during the year, and purchased 230,525 shares under the rights issue
during December 2019. D. Darling sold 895,972 rights to partake in the December 2019 rights Issue. D. Darling also
received 1,000,000 share options in August 2019, and had 750,000 share options lapse September 2019.
C. Gallaher purchased 200,000 shares on market during the year, purchased 300,000 rights to partake in the December
2019 rights issue, and purchased 347,058 shares under the rights issue during December 2019.
S. Park purchased 45,800 shares on market during the year and purchased 5,600 shares under the rights issue during
December 2019.
B. Williams purchased 151,000 shares on market during the year and purchased 8,786 shares under the rights issue
during December 2019.
J. Duncan purchased 500,000 shares on market while a Director, and a further 832,324 shares on market and 752,740
shares under the rights issue during December 2019 after his resignation as Director.
INFORMATION USED BY DIRECTORS
The Board of Directors received no notices from Directors wishing to use Company information received in their capacity
as Directors, which would not have ordinarily been available.
INDEPENDENCE
The following Directors are considered by the Board to be independent, as defined under the NZX Main Board Listing
Rules, as at 31 March 2019: C. Gallaher, B. Williams, A. Masfen, S. Park and D. Levison.
J. Duncan was appointed as a Director on 30 April 2019 and resigned on 2 October 2019 and was also considered to be
independent.
The following Director is considered by the Board not to be independent: D. Darling
STATUTORY INFORMATION
For the year ended 31 March 2020
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