PEB Financial Results for the 12 months to 31 March 2021

Company Announcement
27 May 2021

1

PACIFIC EDGE FINANCIAL RESULTS FOR THE 12 MONTHS TO 31 MARCH 2021
Pacific Edge reports strong growth momentum despite COVID-19

Summary of performance for the period (% changes compared to prior comparative period (pcp)):

• Total revenue increased 101% to $10.4m, with operating revenue from test sales up 76% to $7.7m, despite
the negative impact from COVID-19 on test volumes
• Cash receipts from customers increased 52% on pcp to $6.7m
• Total operating expenses increased 2% on pcp to $24.7m
• Net Loss After Tax improved 25% to $(14.2)m
• Net cash, cash equivalents and short-term deposits increased 56% to $23.1m as at 31 March 2021
• Operating revenue and cash receipts benefited from reimbursement coverage by Centers for Medicare and
Medicaid Services (CMS) for Cxbladder Detect and Cxbladder Monitor from 1 July 2020
• Strong performance in 2H21 driven by CMS reimbursement coverage from 1 July 2020 and growing
commercial adoption of Cxbladder following a significant negative impact on test volumes from COVID-19
pandemic in 1H21
• Commercial test use by Kaiser Permanente commenced in late 2020 at a slower rate than initially expected
due to COVID-19 challenges and demands on physicians; demand is now starting to lift as restrictions ease
• Positive results from the scale-up of US commercial operations starting to be seen in late Q4 FY21 with
record test volumes and U.S. cash receipts recorded in March 2021
• Positive growth outlook with opportunities being deployed in all target markets, particularly the U.S.
• Increasing test volumes expected to underpin strong revenue and operating cashflow growth in FY22 and
beyond

Cancer diagnostics company, Pacific Edge Limited (NZX: PEB) is pleased to report accelerating revenue growth in its
key markets as it starts to benefit from the major commercial milestones achieved in FY21 and despite the ongoing
challenges and headwinds of COVID-19 throughout the year.

The company continues its focus on leveraging the key commercial milestones achieved during the year, particularly
reimbursement coverage from the CMS from 1 July 2020 and commercial agreement with Kaiser Permanente, one
of the largest integrated healthcare organisations in the U.S. Attaining these commercial milestones has had, and
will continue to have, a significant positive impact on the Company’s financial position and is also paving the way
for the expansion of Cxbladder’s reimbursement coverage with other private payers in the U.S. This has been
highlighted by the recently announced coverage decisions from Facey Medical Group and United Healthcare,
announced post-period end.

Commercial operations in the U.S. have been scaled up with an expanded sales team and a strengthened
commercial leadership team. The value of this investment is now starting to be seen with record test volumes and
U.S. cash receipts recorded in March 2021. These results have been achieved despite the ongoing stay at home
restrictions impacting access to medical centres in certain states of the U.S.

Company Announcement
27 May 2021

2

COVID-19 has also impacted the speed of the rollout across the Kaiser Permanente network as California has been
swamped with successive waves of new outbreaks. However, test demand from Kaiser Permanente is now starting
to scale up as restrictions begin to ease and patient access to medical centres improves. Kaiser Permanente has
commenced with commercial use of Cxbladder Monitor for monitoring their bladder cancer patients for recurrence
of the disease and remain positive about expanding their commercial use to include additional Cxbladder products
in the near future.

Outside the U.S., the New Zealand business continued to grow strongly in FY21, despite the impact from COVID-19
disruptions, particularly in Q1 FY21. Southeast Asia and Australia are both at an early stage in their commercial
uptake and growth, with completion of clinical trials in Singapore also delayed due to COVID-19. Progress is now
continuing and the goal remains to transition the public healthcare providers in these markets from their User
Programme clinical trials to become commercial customers.

CEO of Pacific Edge, David Darling, commented: “Pacific Edge has delivered a strong result with a lift in momentum
in our targeted markets, despite the impact that COVID-19 had on our business throughout the year. We delivered
strong growth in operating revenue and operating cashflow, a reduction in our net loss and a significantly
strengthened balance sheet, supporting the scale up of our U.S. commercial operations. We have strengthened our
executive team in both New Zealand and the US to support Pacific Edge’s global growth aspirations. We are now
seeing the benefits and monetisation from the significant effort and investment that has gone into commercialising
Cxbladder and we believe this is just the start of a strong growth trajectory for our company.”

FY21 Financial Result Summary (audited results for the year ending 31 March 2021)

NZ$m FY21 FY20 % change
Total Revenue 10.4 5.2 101%
Operating Revenue (test sales) 7.7 4.4 76%
Operating Expenses 24.7 24.1 2%
Net Loss After Tax (14.2) (18.9) (25%)
Cash Receipts from Customers 6.7 4.4 52%
Net Operating Cashflow (13.6) (15.4) (12%)
Cash, cash equivalents and short term deposits 23.1 14.8 56%

Total Revenue increased 101% on pcp to $10.4m, which included $2.7m of COVID-19 related support payments,
grant revenue, research rebates and interest income.

Operating revenue from test sales increased 76% on pcp to $7.7m. The strong revenue growth was primarily driven
by reimbursement of CMS tests from 1 July 2020 onwards (9 month revenue contribution in FY21). The strong
second half result, up 110% on pcp, reflected the easing of COVID restrictions, progressive commercial adoption of
Cxbladder and growing reimbursement of CMS tests from 1 July 2020 onwards.

U.S. operating revenue increased 82% on pcp to $6.9m and accounted for 89% of total operating revenue. CMS
related tests (Medicare and Medicare Advantage) accounted for approximately 67% of total U.S. commercial test
volumes.

Company Announcement
27 May 2021

3

Rest of World operating revenue increased 37% to $0.8m, primarily driven by increasing adoption by public
healthcare providers in New Zealand.

Total Laboratory Throughput (TLT) reduced by 6% on pcp to 15,814 tests as COVID-19 restrictions affected access
to urologists and testing for patients, particularly in 1H21. A good recovery was seen from June 2020 as stay at
home restrictions eased in some locations and commercial adoption of Cxbladder continued to grow. TLT in the
second half of the year increased 30% on 1H21 and 3% on pcp, which was a strong result considering it was achieved
in an environment where many COVID-19 restrictions were still in place in the U.S, Pacific Edge’s largest market. A
record month was reported in March 2021 with TLT 37% higher than pcp.

Commercial test volumes reduced 5% on pcp to 12,976 tests but were up slightly as a percentage of TLT. Despite
the Covid19 challenges, strong volume growth from New Zealand customers (up 21% on pcp) who switched to
mutliple Cxbladder products and saw restrictions ease earlier than the US, partially offset the decline in test
volumes from the U.S. (down 12% on pcp). The US market continued in FY21 to suffer from restrictions by patients
to access clinics.

Total operating expenses increased 2% on pcp to $24.7m. Operating expenses in 1H21 were lower than normal
because of the COVID-19 related impact on levels of business activity. Operating expenses increased in 2H21,
primarily driven by the investment in our expanded U.S. sales team and increased marketing activity. Research and
Development expenses increased 17% on pcp to $4.6m as a result of our ongoing investment in clinical studies to
support Cxbladder’s inclusion in U.S. guidelines and wider adoption. We expect total operating expenses to increase
marginally in FY22 as we continue to invest in scaling up our U.S. commercial operations to take advantage of our
growth opportunities.

Cash receipts increased 52% on pcp to $6.7m, with strong receipts in the second half of the year up 64% on the
first six months of the year, and up 102% on the pcp. Net operating cashflow improved 12% to $(13.6)m. The
positive impact of cash reimbursement from the CMS from 1 July 2020 saw the average monthly cash burn reduce
by 10% on pcp.

Strengthened balance sheet: The $22m placement to ANZ New Zealand Investments in July 2020 significantly
strengthened the Company’s balance sheet. As a result, net cash, cash equivalents and short term deposits
increased to $23.1m as at 31 March 2021.

Outlook

Pacific Edge has a strong outlook for FY22 and beyond and is well positioned to capitalise on the opportunities
available to the company. Growth initiatives are being deployed in all Pacific Edge’s target markets, with the U.S.
remaining the primary focus.

The focus for FY22 is on growing the commercial adoption of Cxbladder by Kaiser Permanente and other large
healthcare organisations, further increasing reimbursement coverage from private payers, like United Healthcare,
and achieving a positive shift in guideline inclusion language following the publication of new clinical evidence
further supporting the clinical utility of Cxbladder. The scaled up U.S. commercial operations provide the capacity

Company Announcement
27 May 2021

4
and resource to drive growth opportunities and positive results from this investment are now starting to be seen.
An increasing number of commercial tests from the CMS and Kaiser Permanente are expected to underpin strong
revenue and operating cashflow growth in FY22 and beyond.

New Zealand continues to be an important growth market for Pacific Edge. The continued adoption and increasing
test use by New Zealand public healthcare providers is driving growth and momentum is expected to continue.
With more than 65% of New Zealand’s population covered through contracts with the public healthcare providers,
Cxbladder products, with their proven clinical utility and performance benefits for patients, are well positioned for
wider adoption under New Zealand’s proposed new nationwide health service (Health NZ).

The published results from the clinical trials in Singapore will form the basis of Pacific Edge’s planned commercial
rollout in Southeast Asia, which is expected to become a market of scale for Cxbladder over time with an accessible
population base larger than the U.S. In Australia, customers have continued their User Programmes during FY21,
post-Covid restrictions, with the expectation that on successful conclusion, they will progress to commercial
customers.

Chair of Pacific Edge, Chris Gallaher, said: “The strong revenue growth we have reported for FY21 highlights the
value we are now starting to see as we advance the positioning of Cxbladder products as the preferred diagnostic
tests for detecting and managing bladder cancer globally. The recent commercial reimbursement milestones
concluded by the company in FY21 provide the strong foundations for growth in the U.S. and we are focussed on
building scale as quicky as possible to deliver revenue growth and value creation for our shareholders in FY22 and
beyond.”

ENDS

For more information contact: David Darling, Chief Executive Officer, Pacific Edge Ltd, P: +64 (3) 479 5800

For media assistance, please contact: Jackie Ellis, P: +64 27 246 2505 E: jackie@ellisandco.co.nz

OVERVIEW www.pacificedge.co.nz www.pacificedgedx.com
Pacific Edge Limited (NZX: PEB) is a New Zealand publicly listed, cancer diagnostic company specialising in the
discovery and commercialisation of diagnostic and prognostic tests for better detection and management of cancer.
Its Cxbladder suite of non-invasive, simple to use and accurate diagnostic tests provide actionable results, and
better detection and management of urothelial cancer. The company is developing and commercialising its range
of Cxbladder bladder cancer tests globally through its wholly owned central laboratories in New Zealand and the
USA. The company’s products have been tested and validated in international multi-centre clinical studies.

ABOUT Cxbladder Triage www.cxbladder.com
Cxbladder Triage combines the power of the genomic biomarkers with additional phenotypic and clinical risk factors
to accurately identify patients with haematuria who have a low probability of bladder cancer and may not require
a more extensive urological evaluation. Cxbladder Triage is a tool for use by clinicians and physicians in primary
evaluation of patients with haematuria and is intended to reduce the need for an expensive and invasive work-up
in patients who have a low probability of having urothelial carcinoma.

Company Announcement
27 May 2021

5
ABOUT Cxbladder Detect www.cxbladder.com
Cxbladder Detect enables the non-invasive detection of bladder and other urinary tract cancers from a small volume
of a patients’ urine. Cxbladder Detect provides clinicians with a quick, cost effective and accurate measure of the
presence of the cancer as an effective adjunct to cystoscopy.

ABOUT Cxbladder Monitor www.cxbladder.com
Cxbladder Monitor allows urologists to monitor bladder cancer patients for recurrence of the disease. Bladder
cancer has a recurrence rate of 50-80% and requires life-long surveillance. Cxbladder Monitor accurately identifies
patients with a prior history of urothelial cancer (UC) whose Cxbladder Monitor score shows that they have a low
probability of recurrent urothelial carcinoma. Cxbladder Monitor is designed to be used as the preferred adjunct
test to cystoscopy in the management of patients for ongoing evaluation of recurrent bladder cancer.

ABOUT Cxbladder Resolve www.cxbladder.com
Cxbladder Resolve identifies those patients who are likely to have aggressive or more advanced bladder cancer.
Cxbladder Resolve, when used as part of the primary evaluation of haematuria and/or in conjunction with other
Cxbladder tests (Triage, Detect), is designed to assist clinicians by accurately identifying patients with a high
probability of having high grade or late stage bladder cancer, for whom alternative or expedited treatment options
may be warranted, or who can be prioritised for further investigation in high throughput settings.

Refer to www.cxbladder.com for more information.

---

PACIFIC EDGE
FULL YEAR FY21
RESULTS PRESENTATION
FOR THE 12 MONTHS ENDED
31 MARCH 2021

DISCLAIMER
Important Notice
This presentation has been prepared by Pacific Edge Limited (PEL) solely to provide interested parties with
further information about PEL and its activities at the date of this presentation.
Information of a general nature
The information in this presentation is of a general nature and does not purport to be complete nor does it
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Financial Markets Conduct Act 2013 (FMCA). PEL is subject to a disclosure obligation that requires it to
notify certain material information to NZX Limited (NZX) for the purpose of that information being made
available to participants in the market and that information can be found by visiting
www.nzx.com/companies/PEB. This presentation should be read in conjunction with PEL’s other periodic
and continuous disclosure announcements released to NZX.
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This presentation is for information purposes only and is not an invitation or offer of securities for
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Not financial product advice
This presentation does not constitute legal, financial, tax, financial product advice or investment advice or
a recommendation to acquire PEL securities, and has been prepared without taking into account the
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Many of those risks and uncertainties are matters which are beyond PEL’s control and could cause actual
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All dollar values are in New Zealand dollars unless otherwise stated.
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outlook on market conditions, earnings and activities given in the announcements relating to the results, and
annual report, for the year ended 31 March 2021.
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We are a global cancer diagnostics
company which specialises in
developing and commercialising
molecular diagnostic tests that
address large unmet needs in the
detection and management
of cancer

FY21 WAS A CHALLENGING BUT SUCCESSFUL YEAR
DESPITE COVID-19
•CMS coverage for Cxbladder
Detect and Cxbladder Monitor
•Commercial agreement with Kaiser
Permanente for all four Cxbladder
tests
•Publication of additional clinical
evidence highlighting the clinical
utility of Cxbladder
•Scale up of US operations to
accelerate revenue growth
•Inclusion in S&P/NZX50 Index
•Strong growth in operating
revenue
•Significant increase in cash
reimbursement
•Significant reduction in Net Loss
•Strengthened balance sheet
Financial milestonesCommercial milestones

FY21 PERFORMANCE SNAPSHOT
•COVID-19 had a significant negative impact on test volumes in April and May 2020
•COVID-19 restrictions eased, strong recovery in test volumes from June 2020 onwards
•Strong growth in operating revenue and cash reimbursement from July 2020 driven by CMS coverage and
growing commercial adoption of Cxbladder
•Nine month contribution from the CMS reflected in full year result
•Strengthened balance sheet following $22m placement to ANZ NZ Investments in July 2020
•Kaiser Permanente commercial relationship concluded, commercial uptake of Cxbladderstarted in late Q3 –
uptake growing however anticipated timeline for uptake pushed out due to COVID-19 restrictions in the US
•Positive results from the scale-up of US commercial operations now starting to be seen with record test
volumesand US cash receipts recorded in March 2021 and strong April results

STRONG FINANCIAL RESULT
IN A COVID-19 IMPACTED YEAR
NZ$mFY21
1
FY20% change
Total Revenue
10.45.2101%
Operating Revenue
2
(test sales)
7.74.476%
Operating Expenses
24.724.12%
Net Loss After Tax
(14.2)(18.9)(25)%
Cash Receipts from Customers
6.74.452%
Net Operating Cashflow
(13.6)(15.4)(12)%
Cash, cash equivalents and short term
deposits
23.114.856%
1. Full Year ended 31 March
2 The Group has included in Operating Revenue an accrual for tests performed from 1 July 2020 (date at which Cxbladder was included within the LCD and reimbursement commenced) to 31 March 2021 for which payment has not been received by
31 March 2021. The accrual included in both Operating Revenue in the Statement of Comprehensive Income and in Receivables inthe Balance Sheet is NZ$1.0m.

TOTAL LABORATORY THROUGHPUT (TLT)
FY21 Total Laboratory Throughput (TLT):
•GROUP TLT decreased 6% on pcpto 15,814 tests.
•ROW TLT: 3,956 tests, up 9% on pcp
•U.S. TLT: 11,858 tests, down 10% on pcp
COVID-19
Impact
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
FY17FY18FY19FY20FY21
Total Laboratory
Throughput
•COVID-19 restrictions affected access to urologist and testing for
patients, particularly in April and May 2020
•Strong recovery seen from June 2020, driven by easing COVID-19
restrictions and growing commercial adoption
•Expansion of U.S. sales team starting to positively impact TLT and
commercial test volumes.
Record month in March 2021 (69% higher than FY21 11-month average)
2H21:
57% of
TLT
1H21: 43
% of TLT

COMMERCIAL TEST VOLUMES
•Total Commercial Test volumes accounted for
82% of TLT (FY20: 81%)
•CMS Medicare tests accounted for 42% of US
Commercial Test volumes (FY20: 43%)
•CMS Medicare plus Medicare Advantage
account for 68% of U.S. commercial test volumes
COVID-19
Impact
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
FY17FY18FY19FY20FY21
Test Numbers
TLTCo mmercial Tests
Commercial Tests (CT):
•GROUP Total CT down 5% on pcpto 12,976 tests
•ROW CT up 25% to 3,264 tests
•US CT down 12% on pcpto 9,712 tests

9
USA
75%
Rest of World
25%
TLT by Region
(as at 31 March 2021)
Triage
24%
Detect
53%
Monitor
23%
TLT by Test Type
(as at 31 March 2021)
TOTAL LABORATORY THROUGPUT
BY REGION AND TEST TYPE

ACCELERATING REVENUE GROWTH
DRIVEN BY INCREASING REIMBURSEMENT AND ADOPTION
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
FY17FY18FY19FY20FY21
NZD Millions
Operating Revenue
1H212H21
2H21 increased 32% on 1H21
and was 110% higher than pcp
RevenueNZ$m% change
Operating Revenue$7.7m+ 76%
Other Revenue
COVID-19 support, grant revenue and research rebates
$2.4m+309%
Interest and forex income$0.3m+41%
TOTAL REVENUE$10.4m+101%
Operating revenue: Up 76% to $7.7m
•Growth primarily driven by reimbursement of CMS tests from 1
July 2020 onwards (9 month revenue contribution in FY21)
•Strong second half –up 32% on 1H21 and 110% higher than pcp
•Revenue accruals in FY21 added $1.0m to Operating Revenue
Total Revenue: Up 101% to $10.4m

11
OPERATING REVENUE
BY REGION
U.S. operating revenue up 82% to $6.9m:
•Accounted for 89% of total operating revenue
•Growth driven primarily by reimbursement of CMS tests from 1
July 2020 onwards
•Demand from Kaiser Permanente now starting to scale up –
anticipated timeline for uptake pushed out due to COVID-19
restrictions in the US
ROW operating revenue up 37% to $0.8m:
•Accounted for 11% of total operating revenue
•Growth driven by increasing adoption by public healthcare
providers in New Zealand
0
1
2
3
4
5
1H202H201H212H21
NZD Millions
USAROW
US accounted for 89% of FY21
operating revenue

OPERATING EXPENSES
•Total operating expenses increased 2% on pcpto
$24.7m
•1H21 costs were lower than normal run-rate due to
COVID-19 restrictions impacting on business activity
•Increase in 2H21 primarily driving by investment into
expanded sales team and marketing activity
•Six sales reps added to U.S sales team -22 sales reps as
at 31 March 2021
•Increased Research and Development costs -further
clinical studies to grow Cxbladder adoption, usage and
provide evidence for inclusion in US guidelines
•Expect US costs to increase marginally as business
slowly re-opens and Pacific Edge continues to add sales
resources and expand commercial operations to
leverage growth opportunities
12
(NZ$M)
FY21FY20% Change
Laboratory Operations
5.55.26%
Research
4.63.917%
Sales and Marketing
9.28.67%
General and Administration
5.46.4(16)%
TOTAL
24.724.12%

STRONG GROWTH
IN CASH RECEIPTS FROM CUSTOMERS
•Cash receipts from customers
increased 52% on pcpto $6.7m
•Net operating cash outflow improved
12% on pcpto $(13.6)m
•CMS tests paid in approximately 30
days
•Other U.S. customers average 1 to 3
months
•Average monthly cash burn for the
full year reduced 10% on pcp
•Strong cash receipts have continued
in 1H FY22
(Up to
30 June 2020)
(1 July 2020
onwards)
0
20
40
60
80
100
Pre-LCDPost-LCD
Days
Average Days to Payment on U.S. Tests

STRONG BALANCE SHEET
•Cash and cash equivalents of $23.1m as at 31
March 2021
•Successful $22m placement to ANZ
Investments, providing additional growth
capital to accelerate global growth initiatives
0
5
10
15
20
25
FY17FY18FY19FY20FY21
NZD Millions
Net Cash and Cash Equivalents

GROWTH CATALYSTS
AND OUTLOOK

CATALYSTS TO DRIVE GROWTH
IN FY22 AND BEYOND
•Scaled up U.S. commercial operations providing
capacity and resource to drive revenue growth
•Ramp up in demand from Kaiser Permanente
•Commercial agreements completed with other
healthcare institutions of scale
•Expansion of reimbursement coverage with other
private payers in the U.S.
•Publication of new clinical evidence supporting
additional US guideline inclusion and greater
adoption of Cxbladder
•Publication of the increased advantage from using
multiple Cxbladder products in clinical evaluation of
haematuria to support adoption
•U.S. commercial launch initiated with key customers
for the fourth Cxbladdertest (CxbladderResolve)

THE US MARKET: A SCALE OPPORTUNITY
IN BOTH THE EVALUATION OF HEMATURIA AND MONITORING FOR UC RECURRENCE
MULTIPLE CXBLADDER
PRODUCTS ADD DEPTH TO
OUR MARKET

•Strengthened leadership team: David Levison moved across from the Board to take up the role of
Executive Chair PEDUSA
•Additional 6 sales reps added to total 22 sales reps as at end-March 2021. Target of 25 sales reps in total
by end of FY22
•Continued focus by specialist sales executives to focus on converting other large healthcare institutions
into customers
•Dedicated team of reimbursement specialists to carry out negotiations with the top private payers to gain
coverage and reimbursement
•Expansion of customer services liaison team to support Kaiser Permanente and others who are using the
Cxbladderpatient in-home sampling program
•Sufficient US lab capacity exists to support the expected increase in demand for Cxbladderwith a design
capacity of 260,000 test per annum
SCALE-UP OF U.S. COMMERCIAL OPERATIONS
Strengthened senior management and sales team to accelerate adoption of Cxbladder

UNITED HEALTHCARE
COVERAGE IS A SIGNIFICANT
REIMBURSEMENT MILESTONE
Coverage has facilitated reimbursement
for Cxbladder Detect and Cxbladder
Monitor tests performed on United
Healthcare patients* from 1 April 2021
at US$760 per test
*Medicare Advantage policy holders
•United Healthcare is the largest private health insurer in
the U.S.
•United Healthcare partners with 6,500 hospitals and
care facilities nationwide, and more than 1.3 million
physicians and other providers
•United Healthcare has over 50 million members with
more than 5.7 million Medicare Advantage members
•Coverage is for Cxbladder tests with CPT codes
(currently Detect and Monitor) for Medicare Advantage
policy holders
•Cxbladder is being covered as a ‘medically necessary
bladder tumor marker test’
•Coverage effective from 1 April 2021

CONTINUING OUR PROGRESS IN REST OF WORLD
20
New Zealand going forward
•Increasing number of Cxbladder tests used by
each public healthcare provider customer and
expanded coverage
•Position Cxbladder for use as preferred bladder
cancer diagnostic tool in proposed new single
nationwide health service (Health NZ)
•Publication of additional clinical evidence
supporting the clinical utility of Cxbladder to
drive further reimbursement
•Increase the number of urologist providers to
use multiple Cxbladder products
Australia and Southeast Asia (SEA)
•Growth into these markets has been delayed
due to COVID-19 limiting ability to complete
clinical trials and user testing, but progress is
now continuing.
•Transition public healthcare providers in
Australia and Singapore from user programs to
commercial customers
•Facilitate commercial discussions with large
healthcare providers to grow Pacific Edge’s SEA
business
•Publication of a white paper summarisingthe
recently completed user programs from five
public hospitals in Singapore

POSITIVE GROWTH OUTLOOK
•Opportunities for growth being deployed in all target markets with
the U.S. our primary focus
•Strengthened balance sheet provides additional growth capital to
scale-up the U.S. business
•Increasing number of commercial tests from CMS and Kaiser
Permanente expected to underpin strong revenue and operating
cashflow growth in FY22 and beyond
•Continued leverage of positive reimbursement across to other
targeted institutional customers of scale
•Positive coverage decision from United Healthcare provides
opportunity to grow adoption of Cxbladderwith United Healthcare
and other private payers in the U.S.
•Strong growth continues in New Zealand with customers moving to
multiple Cxbladderproducts in mainstream use
•Southeast Asia expected to become a market of scale over time with
an accessible population base larger than the U.S.
•Australia expected to start significant positive commercial use of
Cxbladder

www.pacificedge.co.nz
www.cxbladder.com
www.pacificedgedx.com
P+64 3 479 5802
M+64 21 797981
Edavid.darling@pelnz.com
Enquiries to:
David Darling
CEO
Pacific Edge Limited

GLOSSARY
•Commercial Tests arethose tests for which the Company is actively seeking reimbursement and cash
receipts, and tests performed at no charge in order to gain new customers.
•Total laboratory throughput (TLT) includes commercial tests and non-commercial tests related to customer’s
start-up User.
•CMS-Centersfor Medicare and Medicaid Services.
•Medicare–the federal health insurance programme for people who are 65 or older administered by the
CMS or CMS’s contractors
•Medicare Advantage –part of the Medicare programme. A type of Medicare health plan offered by
Medicare-approved private insurance companies, rather than the federal government. Often includes policy
advantages over the standard Medicare policy
•Changes to CMS test revenue recognition: LCD inclusion has allowed Pacific Edge to start accruing revenue
(under NZ IFRS 15) for tests that are performed on CMS patients (Medicare and Medicare Advantage) in the
U.S. CMS tests performed after 1 July 2020 have been recognised on an accrual basis based on expected
future cash receipts (previously cash basis). Tests for other non-CMS payers continue to be accounted for on
a cash basis. The accrual included in the FY21 result was $0.973m.

---

21
CONSOLIDATED
FINANCIAL
STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2021

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
2
Consolidated Financial Information
Statement of Comprehensive Income 3
Statement of Changes in Equity 4
Balance Sheet 5
Statement of Cash Flows 6
Notes to the Consolidated Financial Statements 7
Independent Auditors’ Report 38
Company Directory 43
Contents

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
3
Statement of Comprehensive Income
For the year ended 31 March 2021
Note: These Financial Statements are to be read in conjunction with the Notes to the Financial Statements
Notes
2021
($000)
2020
($000)
REVENUE
Operating Revenue 5 7,701 4,370
Total Operating Revenue 7,701 4,370
Other Income5 2,386 584
Interest Income9 351 249
Foreign Exchange Gain (Loss) 1 (5)
Total Revenue and Other Income 10,439 5,198
OPERATING EXPENSES
Laboratory Operations 5,466 5,181
Research6 4,584 3,916
Sales and Marketing 9,202 8,571
General and Administration7 5,410 6,416
Total Operating Expenses5 24,662 24,084
NET (LOSS) BEFORE TAX (14,223) (18,886)
Income Tax Expense16 - -
(LOSS) FOR THE YEAR AFTER TAX (14,223) (18,886)
Items that may be reclassified to profit or loss:
Translation of Foreign Operations 46 (96)
TOTAL COMPREHENSIVE (LOSS) attributable to
equity holders of the Company
(14,177) (18,982)
Earnings per share for profit attributable to the equity
holders of the Company during the year
Basic and Diluted Earnings per share3 (0.020) (0.032)

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
4
Share
Capital
Accumulated
Losses
Share
Based
Payments
Reserve
Foreign
Currency
Translation
Reserve
Total
Equity
Notes($000)($000)($000)($000)($000)
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
Balance as at 31 March 2020 165,423 (156,242) 4,542 781 14,504
(Loss) after tax - (14,223) - - (14,223)
Other Comprehensive Income - - - 46 46
TOTAL COMPREHENSIVE (LOSS)
attributable to equity holders of the
Company
- (14,223) - 46 (14,177)
Transactions with owners in their
capacity as owners:
Issue of Share Capital18 21,962 - - - 21,962
Share Based Payments - Employee
Remuneration
8 284 - - - 284
Share Based Payment - Employee
Share Options
8 2,636 404 (504) - 2,536
Balance as at 31 March 2021 190,305 (170,061) 4,038 827 25,109
Statement of Changes in Equity
For the year ended 31 March 2021
Note: These Financial Statements are to be read in conjunction with the Notes to the Financial Statements

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
5
Balance Sheet
As at 31 March 2021
Notes
2021
($000)
2020
($000)
CURRENT ASSETS
Cash and Cash Equivalents9 4,129 1,755
Short Term Deposits9 19,000 13,029
Receivables10 2,866 642
Inventory11 790 796
Other Assets12 557 694
Total Current Assets 27,342 16,916
NON-CURRENT ASSETS
Property, Plant and Equipment13 688 652
Right of Use Assets23 2,977 1,581
Intangible Assets14 177 179
Total Non-Current Assets 3,842 2,412
TOTAL ASSETS 31,184 19,328
CURRENT LIABILITIES
Payables and Accruals17 3,197 3,270
Lease Liabilities23 1,098 983
Total Current Liabilities 4,295 4,253
NON-CURRENT LIABILITIES
Lease Liabilities23 1,780 571
Total Current Liabilities 1,780 571
TOTAL LIABILITIES 6,075 4,824
NET ASSETS 25,109 14,504
Represented by:
EQUITY
Share Capital18 190,305 165,423
Accumulated Losses (170,061) (156,242)
Share Based Payments Reserve 4,038 4,542
Foreign Translation Reserve 827 781
TOTAL EQUITY 25,109 14,504
FURTHER INFORMATION
Net Tangible Assets per share ($)27 0.034 0.021
For and on behalf of the Board of Directors dated the 26th day of May 2021:
Director Director
Note: These Financial Statements are to be read in conjunction with the Notes to the Financial Statements

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
6
Statement of Cash Flows
For the year ended 31 March 2021
Note: These Financial Statements are to be read in conjunction with the Notes to the Financial Statements
Notes
2021
($000)
2020
($000)
CASH FLOWS TO OPERATING ACTIVITIES
Cash was provided from:
Receipts from Customers 6,747 4,431
Receipts from Grant Providers 1,059 1,184
Interest Received 271 241
8,077 5,856
Cash was disbursed to:
Payments to Suppliers and Employees 21,643 21,190
Net GST cash outflow (inflow) 4 51
21,647 21,241
Net Cash Flows to Operating Activities20 (13,570) (15,385)
CASH FLOWS TO INVESTING ACTIVITIES:
Cash was provided from:
Proceeds from Short Term Deposits 23,081 8,000
23,081 8,000
Cash was disbursed to:
Purchase of Short Term Deposits 29,052 13,029
Capital Expenditure on Plant and Equipment 270 116
Capital Expenditure on Intangible Assets 108 67
29,430 13,212
Net Cash Flows to Investing Activities (6,349) (5,212)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash was received from:
Ordinary Shares Issued18 22,000 20,136
Exercising of Share Options 1,500 -
23,500 20,136
Cash was disbursed to:
Repayment of Leases23 1,250 1,211
Issue Expenses18 38 1,280
1,288 2,491
Net Cash Flows From Financing Activities 22,212 17,645
Net increase (decrease) in Cash Held 2,293 (2,952)
Add Opening Cash Brought Forward 1,755 4,847
Effect of exchange rate changes on net cash 81 (140)
Ending Cash Carried Forward9 4,129 1,755

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
7
Notes to the Consolidated Financial Statements
For the year ended 31 March 2021
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 2021 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 26 May 2021.
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, provide 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 July 2020, issuing a further 33,846,154 shares at $0.65
per share. Refer to Note 18 for further details on the capital raising activity during FY21.
Going Concern
The 2021 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 2021, the Company has $23.129m of cash, cash equivalents and short term deposits (2020:
$14.784m) and net assets of $25.109m (2020: $14.504m). Operating cash receipts totalling $8.077m were received
in the 12 month period to 31 March 2021 (2020: $5.856m) along with additional capital of $23.500m (2020:
$20.136m) prior to issue expenses. Net cash outflows from operating activities for the 12 month period to 31 March
2021 were $13.570m (2020: $15.385m).
The Company obtained two significant commercial milestones during the period, which have increased Cash
Receipts from Customers for the twelve months to 31 March 2021, and will have a positive impact on future
revenues for the Company.
The first of these announced on 17th June 2020 was that the Company and US healthcare provider, Kaiser
Permanente, have reached agreement for the commercial use of Pacific Edge’s Cxbladder tests. Kaiser Permanente
is one of the largest non-profit healthcare providers in the United States of America (US), with over 12 million
members. It operates 39 hospitals and employs approximately 23,000 physicians, and is expected to drive
increased test numbers.

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
8
Notes to the Consolidated Financial Statements
For the year ended 31 March 2021
The second of these announced on 3rd July 2020 was the positive LCD decision, resulting in the Company
receiving reimbursement for all Cxbladder Monitor and Detect tests performed after 1 July 2020 for patients
covered by the Centers for Medicare and Medicaid Services (CMS) across the US that are deemed medically
necessary. Reimbursement for these tests is at the already determined national CMS price for Cxbladder of US
$760 per test. The CMS provides healthcare coverage for all US citizens over 65 years. CMS tests currently make
up approximately 42% of Pacific Edge’s current Commercial Tests in the US, with Medicare Advantage tests
comprising a further 25% of current Commercial Tests in the US.
The obtainment of these commercial milestones have had, and will continue to have a significant positive impact
on the Company’s financial position. The Company also continues to progress commercial negotiations with
targeted large scale health organisations in the US and whilst these negotiations are taking longer than expected
to complete, the Company continues to make good progress with these negotiations. The Board of Directors has
reviewed the forecasts of the Group and are satisfied that based on their review, there will be adequate cash flows
generated from operating and financing activities to meet the obligations of the Group for at least twelve months
from signing the financial statements.
 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
2021
%
31 March
2020
%
Pacific Edge Diagnostics New Zealand
Limited
New Zealand
Commercial Sales and
Diagnostic Laboratory
Operation
100100
Pacific Edge Pty LimitedAustralia
Biotechnology Research
& Development
100100
Pacific Edge Diagnostics USA LimitedUSA
Commercial Sales and
Diagnostic 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 2021 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.

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
9
Notes to the Consolidated Financial Statements
For the year ended 31 March 2021
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.
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.
There has been a change in a Critical Accounting Estimate for commercial test revenue recognised in the US, which
has resulted in Operating Revenue increasing by $973,000 for the reporting period ending 31 March 21. This is
detailed in Note 5.
All significant accounting policies have been applied on a basis consistent with those used in the audited financial
statements of Pacific Edge Limited for the year ended 31 March 2020.
2. NEW STANDARDS
New and Amended Standards Adopted by the Group
The Group has applied the following standards and amendments for the first time for their annual reporting period
commencing 1 April 2020. 
- Definition of Material - amendments to IAS 1 and IAS 8
- Definition of a Business - amendments to IFRS 3
- Interest Rate Benchmark Reform – amendments to NZ IFRS 9, NZ IAS 39 and NZ IFRS 7
- Revised New Zealand Equivalent for Financial Reporting
New Standards and Interpretations Not Yet Adopted by the Group
Certain new accounting standards and interpretations have been published that are not mandatory for 31 March
2021 reporting periods and have not been early adopted by the group. These standards are not expected to have a
material impact on the entity in the current or future reporting periods and on foreseeable future transactions.
3. EARNINGS PER SHARE
(a) Basic
Basic earnings per share is calculated by dividing the profit (or loss) 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
2021
($000)
2020
($000)
Loss attributable to equity holders of the Company (14,223) (18,886)
Weighted average number of ordinary shares on issue 714,031 581,344
Earnings per share (0.020) (0.032)
(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.

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
10
Notes to the Consolidated Financial Statements
For the year ended 31 March 2021
4. LABORATORY THROUGHPUT AND COMMERCIAL TESTS –
NON-GAAP REPORTING
Laboratory Throughput is a key metric for the Group: Laboratory Throughput provides evidence of the usage
of Cxbladder products globally. The inclusion of this non-GAAP reporting is considered helpful to readers of
these accounts, as it allows readers to compare the current period to prior periods and assess usage trends on a
consistent basis. 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 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 as it
allows readers to compare the current period to prior periods and assess trends on a consistent basis.
Laboratory Throughput and Commercial Tests per financial year are shown below.
FY21FY20
Total Laboratory Throughput (tests) 15,814 16,861
Change in Total Laboratory Throughput (%)-6%7%
Change in Throughput from previous year (tests) (-) 1,047 (+) 1,164
Total Commercial Tests (tests) 12,976 13,627
Commercial Tests as a percentage of Total Laboratory
Throughput (%)
82%81%
Change in Commercial Tests from previous year (%)-5%6%
Total Laboratory Throughput and Commercial Test numbers reduced during the year when compared to the prior
year due to the impact of Covid-19. The impact of this was seen in the first half of the year with volumes down
16% for both Total Laboratory Throughput and Commercial Tests when compared to the prior year, while Total
Laboratory Throughput and Commercial Test numbers were up up 3% and 6% respectively for the second half of
the year when compared to the prior corresponding period.
5. REVENUE
Background information on US customers and the payment process
A physician orders a Cxbladder test when a patient presents to their clinic with symptoms that indicate the
possibility of bladder cancer. The most common and significant symptom is haematuria or blood in their urine.
A urine sample is collected from the patient and sent in the Cxbladder Urine Sampling System to the Group’s
laboratory in the US or in New Zealand. The Group receives and processes the urine sample and returns the results
of the test back to the ordering physician. The individual patient is the Group’s customer, however typically in the
US market, the patient’s insurer may pay the Group for some or all of 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 ordering physician irrespective of the patient’s insurance contract. A patient may have private insurance cover,
be covered by the US government’s medical program through CMS, self cover 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 agent to begin the process to collect reimbursement from any applicable insurance
company/ies for the Cxbladder test performed.
For patients with private insurance cover, the relevant patient and test order 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.

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
11
Notes to the Consolidated Financial Statements
For the year ended 31 March 2021
This process of assessment can take many months to work through before the Group receives payments (if any)
from the insurance company. The Group does have agreements with some insurance providers but these currently
cover a small proportion of the Group’s customers.
For patients covered by CMS, invoices are sent to CMS. Prior to 3 July 2020, Pacific Edge was not included in the
Local Coverage Determination (LCD) and as a result, did not normally receive any amounts for tests performed
for patients covered by CMS. On 3 July 2020, Pacific Edge received notice of inclusion in the LCD, resulting in
the Company receiving reimbursement for Cxbladder Monitor and Detect tests performed after 1 July 2020 for
patients covered by the CMS across the US that are deemed medically necessary.
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 application of
significant judgement in determining whether the Group meets the five key criteria identified in NZ IFRS 15, which
allows revenue to be recognised as performance obligations are satisfied. For the Group this would result in some
revenue recognised in advance of the receipt of cash.
The significant judgements adopted by the Group relate to :
- Determining if a contract with the customer exists;
- Identifying the rights of each party;
- Identifying the payment terms;
- Ensuring the contract has commercial substance; and
- Determining whether it is probable that the Group will collect the consideration to which it is entitled.
Within the five criteria, significant judgement is applied in determining the Transaction Price to apply to the
transaction, and also the probability of payment. Further information on the Significant Judgements applied are
included in the Accounting Policy relating to Revenue from Cxbladder tests.
ACCOUNTING POLICY
Revenue from Cxbladder tests
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 has determined a contract exists, and payment terms are identified, the contract has commercial
substance and the rights of each party have been identified.
For the prior comparative period (31 March 2020) the Group had judged it is not probable that any consideration
will be received from CMS as inclusion in the LCD with the CMS had not at the time been obtained. For customers
covered by private insurance, or with no insurance cover, the Group could not reliably estimate both the probability
and size of payment to be received. The Group therefore recognised Operating Revenue from the US when cash
was received, with no revenue accrual for tests performed but unpaid at balance date.
On the 3 July 2020, Pacific Edge received notice of inclusion in the LCD, resulting in the Company receiving
reimbursement for Cxbladder Monitor and Detect tests performed after 1 July 2020 for patients covered by
the CMS across the US that are deemed medically necessary. Reimbursement for these tests is at the already
determined national CMS price for Cxbladder of US$760 per test.
Since Cxbladder’s inclusion in the LCD, based on historical data, the Group has been able to reliably estimate both
the probability and size of payment received from the CMS for patients with Medicare. The inclusion within the LCD
combined with the growing support for the use of Cxbladder within the US has also allowed the Group to reliably
estimate both the probability and size of payment received from customers covered by Medicare Advantage
policies provided by private insurers.

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
12
Notes to the Consolidated Financial Statements
For the year ended 31 March 2021
Tests performed for patients covered by other private policies, or tests performed for those with no insurance
cover continue to be recognised as revenue when cash is received due to not being able to reliably estimate both
probability and size of payment received.
The Group has concluded that the contracts with the CMS and customers covered by Medicare Advantage include
variable consideration. The amounts paid by Medicare may be subject to a refund if the Group was subject to an
audit by CMS in the future and tests were identified which were not medically necessary. The commercial health
insurance carriers that provide Medicare Advantage may pay an amount less than our standard rates if a patient
has an unused deductible limit, or may not pay at all if the insurer identifies the test was not medically necessary.
Variable consideration attributable to these price concessions is measured at the expected value, and is determined
by using historical average collection rates by test type and payor category taking into consideration the range of
possible outcomes and the predictive value of our past experience. Such variable consideration is included in the
transaction price only to the extent it is probable that a significant reversal in the amount of cumulative revenue
recognised will not occur.
A refund liability of $29,000 has been recognised to allow for tests that have been paid to the Group which are
subsequently required to be refunded as a result of internal reviews undertaken by that payer. The estimation of the
appropriate allowance has been made by reviewing historical data of the Group.
As a result of the Significant Judgements applied, the Group have determined the criteria under NZ IFRS 15 which
allows revenue to be recognised in advance of the receipt of cash have been met, and the Group has recognised
revenue for tests which were performed between 1 July 2020 and 31 March 2021 for CMS and Medicare Advantage
at the point in time the tests were completed. This has resulted in an increase to operating revenue and receivables
of $973,000.
Rest of World revenue recognition from tests performed
There has been no change in accounting policy or estimates for Operating Revenue for the Rest of World. 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 obligations have
been met and an invoice is issued to the customer. 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 the related costs as expenses, for which the grants are intended to compensate.
The Company 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
growth of the Group’s commercial and marketing operations in the US. The grant commenced on 17 August 2020
and runs until 16 August 2023. New Zealand Trade and Enterprise reimburses the Company for 50 percent of
eligible expenditure up to a maximum of NZ$600,000.
All conditions of the grants have been complied with.
Research Rebates and Tax Incentives
- New Zealand R&D Tax Incentive (RDTI)
The New Zealand RDTI is a 15% tax credit on the money invested in eligible research and development (R&D) that
has occurred in New Zealand. As the New Zealand companies are in a tax loss position, the Group is eligible for the
Tax Incentive to be refunded.
The RDTI is recognised at its fair value where there is a reasonable assurance that the credit will be received and
the Group will comply with all attached conditions.
All conditions of the New Zealand RDTI have been complied with. Payment will be received after submission of
each annual research and development tax claim.

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
13
Notes to the Consolidated Financial Statements
For the year ended 31 March 2021
- 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.
Covid-19 Support
During the year ended 31 March 2021, the Group received Covid-19 support in the countries in which it operates.
This support included Pacific Edge Diagnostics USA Limited receiving US$530,000 (NZ$790,000) which was
recognised as Other Income after the application for forgiveness of the loan was approved, support in New Zealand
from the Covid-19 Wage Subsidy (NZ$168,000), and in Australia with support from JobKeeper and Cash Flow
Boost payments (NZ$139,000).
REVENUE AND OTHER INCOME
2021
($000)
2020
($000)
Cxbladder Sales
– US - Accrual Accounting 5,549 -
– US - Cash Accounting 1,339 3,778
– Total US Sales6,8883,778
– Rest Of World813592
Total Operating Revenue 7,701 4,370
Other Income
Grant Revenue 322 83
Research Rebate Received 952 486
Covid-19 Support 1,112 15
Total Other Income 2,386 584
UNRECOGNISED REVENUE
Approximately 40% of Cxbladder tests performed by the Group in the US up to 30 June 2020 relate to patients
covered by the Centers for Medicare and Medicaid Services (CMS). The Group invoiced CMS for tests performed
for all patients with CMS coverage, however no revenue from these tests has been recognised.
The Company is in discussion with Novitas Solutions Inc who administer the health insurance for the CMS seeking
reimbursement for tests performed prior to 30 June 2020 for patients covered by the CMS.
Tests performed for CMS since commencement of the Cxbladder test being used up to 30 June 2020 total 22,634.
While negotiations are in progress, there is no certainty that any payment will be received by the Group for these
tests and as a result, no revenue has been recognised for the tests performed prior to 30 June 2020.

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
14
Notes to the Consolidated Financial Statements
For the year ended 31 March 2021
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.
GROUP
Notes
2021
($000)
2020
($000)
Research Expenses 4,584 3,916
Includes:
Employee Benefits8 2,423 2,012
7. GENERAL AND ADMINISTRATION EXPENSES
GROUP
Notes
2021
($000)
2020
($000)
Amortisation14 55 61
Auditors Remuneration: PricewaterhouseCoopers New Zealand
- Group year end financial statements
- Half year review of financial statements
- Singapore Statutory financial statements
155
29
11
129
21
11
Auditors Remuneration: PricewaterhouseCoopers Singapore
- Statutory financial statements 12 10
Depreciation13 94 86
Depreciation on Right of Use Assets23 225 261
Directors Fees 278 321
Employee Benefits8 1,850 2,857
Employee Share Scheme Expenses8 284 163
Employee Share Options8 373 148
Interest on Lease Liabilities23 39 27
Rental and Lease Expense* 24 -
Other Operating Expenses 1,981 2,321
5,410 6,416
*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 Operating
Expenses component of the total expenses. Refer to relevant notes for full expense disclosure.

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
15
Notes to the Consolidated Financial Statements
For the year ended 31 March 2021
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.
8. EMPLOYEE BENEFITS
GROUP
Notes
2021
($000)
2020
($000)
Represented by:
Employee Benefits in Research6 2,423 2,012
Employee Benefits in General & Administration7 1,850 2,857
Short Term Salaries, Wages and Other Employee Benefits 7,833 6,359
12,106 11,228
Non-Cash Employee Benefits:
Employee Share Scheme Expenses18 284 163
Share Option Expense 1,035 556
1,319 719
Total Employee Benefits 13,425 11,947
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 2021 financial year,
645,000 (2020: 754,000) ordinary shares were issued to employees as part of the Employee Share Scheme. The
associated non-cash cost of these shares was $284,000 (2020: $163,000). 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

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
16
Notes to the Consolidated Financial Statements
For the year ended 31 March 2021
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 ten 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.
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, there were 3,636,000 share options exercised resulting in an increase in share capital of
$2,636,000 (2020: nil). Refer to note 18 for further details on the share options that were exercised.
Movements in the number of options outstanding and their related weighted average exercise prices are as follows:

GROUP
20212020
Weighted average
exercise price
$
Options
#
Weighted average
exercise price
$
Options
#
Outstanding at 1 April 0.42 18,137,598 0.61 10,712,368
Granted 0.30 2,493,836 0.23 10,360,000
Forfeited 0.23 (277,490) 0.25 (1,621,853)
Exercised*0.41 (3,635,838) - -
Expired 0.80 (765,817) 0.65 (1,312,917)
Outstanding at 31 March 0.39 15,952,289 0.42 18,137,598
Exercisable at 31 March 0.31 12,765,384 0.52 11,350,318
* The weighted average share price at the date of options exercised during the year ended 31 March 2021 was NZ$0.92
(2020 - not applicable)..
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 0.9% 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 ten years.

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
17
Notes to the Consolidated Financial Statements
For the year ended 31 March 2021
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 21
Options
#
31 March 20
Options
#
June 2020June 20160.69 13,077
July 2020July 20160.69 2,740
August 2020August 20160.54 83,334
September 2020September 20160.80 750,000
November 2020November 20160.54 200,000
September 2021September 20170.80 750,000 750,000
September 2024September 20140.69 180,000 310,000 *
April 2025April 20150.69 6,666 6,666
July 2025July 20150.69 12,498 345,831
August 2025August 20150.72 4,166 4,166
September 2025September 20150.50 190,000 270,000 *
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 20160.6912,501 345,834
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 20160.48 30,000 50,000 *
November 2026November 20160.60 8,332 14,998
November 2026November 20160.72 83,333 83,333
December 2026December 20160.60 10,832 4,166
January 2027January 20170.72 10,834 10,834
February 2027February 20170.60 10,000
March 2027March 20170.60 4,166 4,166
April 2027April 20170.60 75,000 75,000
April 2027April 20170.69 6,667 6,667
July 2027July 20170.50 4,190 4,190

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
18
Notes to the Consolidated Financial Statements
For the year ended 31 March 2021
Expiry MonthVesting Date
Exercise
Price
$
31 March 21
Options
#
31 March 20
Options
#
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 79,168 79,169
September 2027September 20170.69 15,000 15,000
September 2027September 20170.72 10,594 10,594
October 2027October 20170.48 - 20,000
November 2027November 20170.60 8,334 10,252
November 2027November 20170.72 83,334 83,334
December 2027December 20170.60 3,790 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
March 2028March 20180.60 4,167 4,167
April 2028April 20180.60 75,000 75,000
May 2028May 20180.51 1,319,994 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 8,332 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
February 2029February 20190.6 - 10,000
February 2029February 20190.28 6,666 6,666
March 2029March 20190.60 68 68
April 2029April 20190.60 75,000 75,000

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
19
Notes to the Consolidated Financial Statements
For the year ended 31 March 2021
Expiry MonthVesting Date
Exercise
Price
$
31 March 21
Options
#
31 March 20
Options
#
May 2029May 20190.51 1,414,249 1,581,749
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 4,166
October 2029October 20190.48 40,000 40,000
October 2029October 20190.28 8,334 4,167
October 2029October 20190.23 4,166 4,166
November 2029November 20190.23 8,332 8,332
December 2029December 20190.51 2,717 2,717
January 2030January 20200.51 3,767 3,767
January 2030January 20200.28 - 16,667
February 2030February 20200.28 6,667 6,667
May 2030May 20200.51 1,322,990 1,490,492
May 2030May 20200.28 5,334 5,334
June 2030June 20200.28 2,432 2,432
July 2030July 20200.28 4,167 4,167
August 2030August 20200.23 1,260,826 2,937,483
October 2030October 20200.28 8,334 4,167
October 2030October 20200.23 4,167 4,167
November 2030November 20200.23 8,334 8,334
January 2031January 20210.28 - 16,667
February 2031February 20210.28 6,667 6,667
June 2031June 20210.22 719,612 -
July 2031July 20210.28 4,167 4,167
August 2031August 20210.23 2,754,172 2,937,506
October 2031October 20210.23 4,167 4,167
November 2031November 20210.23 8,334 8,334
December 2031December 20210.80 335,000
June 2032June 20220.22 719,612
August 2032August 20220.23 2,750,009 2,933,345
June 2033June 20230.22 719,612
15,952,289 18,137,598
* Included within these tranches are 400,000 options (2020: 580,000 options) that vested immediately.

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
20
Notes to the Consolidated Financial Statements
For the year ended 31 March 2021
9. CASH, CASH EQUIVALENTS AND SHORT TERM DEPOSITS
ACCOUNTING POLICY
Cash and cash equivalents includes cash in hand, deposits held on call with banks, and bank overdrafts.
Short Term Deposits are Term Deposits and other short-term investments with ANZ, BNZ and Heartland Bank,
with periods ranging up to 365 days.
GROUP
2021
($000)
2020
($000)
Cash and Cash Equivalents4,1291,755
Short Term Deposits19,00013,029
Total Cash, Cash Equivalents and Short Term Deposits23,12914,784
NZD22,51314,525
USD578154
AUD2594
EUR15
SGD126
Total Cash, Cash Equivalents and Short Term Deposits23,12914,784
INTEREST INCOME
ACCOUNTING POLICY
Interest income is recognised using the effective interest method.
Interest on the bank balances ranges from 0% to 1.70% (2020: 0% to 2.90%) per annum. Funds held on term
deposit with ANZ, BNZ and Heartland Bank 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
2021
($000)
2020
($000)
Trade Receivables 1,016 61
Sundry Debtors 1,655 470
Accrued Interest 152 72
GST Refund Due / (Payable) 43 39
Total Receivables 2,866 642

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
21
Notes to the Consolidated Financial Statements
For the year ended 31 March 2021
There is no provision for impairment relating to the revenue from Cxbladder sales in New Zealand. All outstanding
sales are current and there are no expected credit losses on the amounts outstanding at balance date. US Trade
Receivables includes a provision for future refunds of $29,000.
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.
2021
($000)
2020
($000)
3 to 6 Months27-
Over 6 Months - -
Total Overdue Trade Receivables27-
The foreign currency split of Receivables is:
2021
($000)
2020
($000)
NZD 1,310 168
USD 935 -
AUD 621 473
SGD - 1
Total Receivables 2,866 642
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
2021
($000)
2020
($000)
Laboratory Supplies790796
Total Inventory790796
The major items of Inventory are laboratory reagents, chemicals and Cxbladder urine sampling systems.
Laboratory supplies used during the year of $1,261,000 (2020: $1,112,000) are included within the Statement of
Comprehensive Income in Laboratory Operations and Research.
12. OTHER ASSETS
GROUP
2021
($000)
2020
($000)
Prepayments
398 509
Security Deposits
159 185
Total Other Assets
557 694
Prepayments are largely made up of insurance, events, subscriptions and travel not 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 CONSOLIDATED FINANCIAL STATEMENTS 2021
22
Notes to the Consolidated Financial Statements
For the year ended 31 March 2021
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 2019 2,307 688 277 326 3,598
Additions 44 35 37 - 116
Disposals (93) - - - (93)
Translation Difference 127 41 17 22 207
Balance at 31 March 2020 2,385 764 331 348 3,828
Balance at 1 April 2020 2,385 764 331 348 3,828
Additions 195 46 29 - 270
Disposals (244) (246) (1) (22) (513)
Translation Difference (143) (52) (22) (27) (244)
Balance at 31 March 2021 2,193 512 337 299 3,341
Accumulated Depreciation
Balance at 1 April 2019 1,883 583 121 242 2,829
Depreciation Expense 79 59 20 15 173
Disposals (4) - - - (4)
Translation Difference 103 35 8 20 166
Transfer to/from Right of Use
Assets
12 - - - 12
Balance at 31 March 2020 2,073 677 149 277 3,176

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
23
Notes to the Consolidated Financial Statements
For the year ended 31 March 2021

Plant &
Laboratory
Equipment
($000)
Computer
Equipment
($000)
Leasehold
Improvements
($000)
Furniture
& Fittings
($000)
Total
($000)
Balance at 1 April 2020 2,073 677 149 277 3,176
Depreciation Expense 118 49 18 4 189
Disposals (237) (241) (1) (20) (499)
Translation Difference (130) (46) (11) (26) (213)
Balance at 31 March 2021 1,824 439 155 235 2,653
Carrying Amounts
At 1 April 2019 424 105 156 84 769
At 31 March 2020 312 87 182 71 652
At 31 March 2021 369 73 182 64 688
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 CONSOLIDATED FINANCIAL STATEMENTS 2021
24
Notes to the Consolidated Financial Statements
For the year ended 31 March 2021
Software
Development
Costs
($000)
Patents
($000)
Cxbladder
Development
Costs
($000)
Total
($000)
Cost
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
Balance at 1 April 2020 887 347 33 1,267
Additions 40 68 - 108
Foreign Translation Difference (6) - - (6)
Balance at 31 March 2021 921 415 33 1,369
Accumulated Amortisation
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
Balance at 1 April 2020 799 273 16 1,088
Amortisation Expense 53 55 2 110
Foreign Translation Difference (6) - - (6)
Balance at 31 March 2021 846 328 18 1,192
Carrying Amounts
At 1 April 2019 146 68 19 233
At 31 March 2020 88 74 17 179
At 31 March 2021 75 87 15 177
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 2021 is shown on the next page.

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
25
2021
Commercial
($000)
Research
($000)
Less:
Eliminations
($000)
Total
($000)
Income
Operating Revenue - External 7,701 - - 7,701
- Internal - - - -
Other Income 1,224 2,130 (968) 2,386
Interest Income 1 350 - 351
Foreign Exchange Gain / (Loss) 3 (2) - 1
Total Income 8,929 2,478 (968) 10,439
Expenses
Expenses 14,529 9,730 (968) 23,291
Depreciation and Amortisation 934 437 - 1,371
Total Operating Expenses 15,463 10,167 (968) 24,662
Loss Before Tax (6,534) (7,689) - (14,223)
Income Tax Expense - - - -
Loss After Tax (6,534) (7,689) - (14,223)
Net Cash Flows to Operating Activities (6,438) (7,132) - (13,570)
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 / (Loss) - (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)
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 2021

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
26
Segment Assets and Liabilities Information
2021
Commercial
($000)
Research
($000)
Total
($000)
Total Assets 5,477 25,707 31,184
Total Liabilities 4,529 1,546 6,075

2020
Commercial
($000)
Research
($000)
Total
($000)
Total Assets 2,374 16,954 19,328
Total Liabilities 2,842 1,982 4,824
Additions to Non Current Assets for the period include:
Commercial
($000)
Research
($000)
Total
($000)
Property, Plant & Equipment 190 80 270
Right-of-Use Assets 2,586 1 2,587
Intangible Assets 40 68 108
Total Additions to Non Current Assets 2,816 149 2,965
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 the US, Australia, Singapore and New Zealand. Rest of World consists of Revenue
from Australia and Singapore.
2021
($000)
2020
($000)
Operating and Grant Revenue
US 7,677 3,778
New Zealand 2,133 675
Rest of World 277 501
Total Operating and Grant Revenue 10,087 4,954
The US accounted for 57% of non-current assets (2020: 37%). Non-current assets located in New Zealand
accounted for 42% of the Group’s total (2020: 61%), with Rest of World consisting of non-current assets in Australia
and Singapore, holding 1% of the Group’s total (2020: 2%).
2021
($000)
2020
($000)
Non-Current Assets
US 2,201 885
New Zealand 1,618 1,478
Rest of World 23 49
Total Non-Current Assets 3,842 2,412
Notes to the Consolidated Financial Statements
For the year ended 31 March 2021

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
27
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.
GROUP
2021
($000)
2020
($000)
Income Tax recognised in the Statement of Comprehensive
Income

Current Tax Expense - -
Deferred Tax in respect of the Current Year (6,291) (2,931)
Adjustments to Deferred Tax in respect to Prior Years 512 (451)
Deferred Tax Assets not recognised 5,779 3,382
Income Tax Expense - -

The prima facie Income Tax on Pre-Tax Accounting Profit
from operations reconciles to:
Accounting Loss before Income Tax (14,223) (18,887)
At the statutory Income Tax rate of 28% (3,982) (5,288)
(Non-assessable Income)/Non-deductible Expenses (2,760) 2,530
Difference in US, Singapore and Australian Income Tax Rates 451 928
Prior Period Adjustment 512 (451)
Tax Losses Utilised - (1,101)
Deferred Tax Assets not recognised 5,779 3,382
Income tax expense reported in Income Statement - -
Notes to the Consolidated Financial Statements
For the year ended 31 March 2021

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
28
Tax Losses
The group has losses to carry forward of approximately $94,400,000 (2020: $84,000,000) with a potential tax
benefit of $21,500,000 (2020: $18,000,000). The tax losses are split between the following jurisdictions:
Tax Losses
($000)
Tax Effect
($000)Rate
New Zealand 21,800 6,100 28%
Australia 1,800 500 30%
Singapore 1,000 200 17%
United States 69,800 14,700 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 $42,200,000 (2020: $39,600,000) to
carry forward and claim for income tax purposes in New Zealand in the future. This has a tax effect of $11,900,000
(2020: $11,100,000). 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 (2020: 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 30th of the
month following recognition.
GROUP
2021
($000)
2020
($000)
Trade Creditors 818 692
Accrued Expenses 411 380
Revenue Received in Advance -
168
Employee Entitlements (refer below) 1,968 2,030
Total Payables and Accruals 3,197 3,270
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
2021
($000)
2020
($000)
NZD 1,025 1,138
AUD 126 97
USD 2,013 1,981
SGD 33 54
3,197 3,270
Notes to the Consolidated Financial Statements
For the year ended 31 March 2021

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
29
Notes to the Consolidated Financial Statements
For the year ended 31 March 2021
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
2021
($000)
2020
($000)
Income Tax 361 237
Holiday Pay 261 563
Accrued Wages 1,346 1,230
Total Employee Entitlements 1,968 2,030
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
2021
($000)
2020
($000)
Authorised Ordinary Shares 190,305 165,423
Total Share Capital 190,305 165,423
All fully paid shares in the Group are Authorised and have equal voting rights and equal rights to dividends. All
Ordinary Shares are fully paid and have no par value.
Share Capital Group
2021 Shares
(000)
2021
($000)
2020 Shares
(000)
2020
($000)
Opening Balance 689,652 165,423 510,871 146,403
Issue of Ordinary Shares
- Rights Issue and Direct Offers
1
33,846 22,000 178,027 20,136
Issue of Ordinary Shares
- Exercise of share options
2
3,636 2,636
-
-
Issue of Ordinary Shares
- Employee Remuneration
3
645 284 754 163
Less: Issue Expenses
- (38) - (1,279)
Movement 38,127 24,882 178,781 19,020
Closing Balance 727,779 190,305 689,652 165,423
1) During the period 33,846,154 shares were issued under private placements at an average price of $0.65 per share.
(2020: 178,026,769, $0.11)
2) During the period 3,635,835 share options were exercised at an average price of $0.41 per share (2020: Nil)
3) During the period 645,182 shares were issued as part of employees remuneration in lieu of cash payments at an average price
of $0.44 per share. (2020: 753,994, $0.22)

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
30
Notes to the Consolidated Financial Statements
For the year ended 31 March 2021
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
2021
($000)
2020
$000
Net Loss for the Period (14,223) (18,886)
Add Non Cash Items:
Depreciation 189 173
Loss on disposal of Property, Plant and Equipment 13 -
Amortisation 110 123
Employee Share Options 1,035 556
Employee Bonuses paid in shares in lieu of cash 284 163
Depreciation on Right of Use Assets 1,073 1,131
Interest on finance leases shown in lease repayments 103 65
Total Non Cash Items 2,807 2,211
Add Movements in Other Working Capital items:
(Increase) in Receivables and Other Assets (2,088) 539
Decrease in Inventory 6 46
Increase (Decrease) in Payables and Accruals (71) 698
Effect of exchange rates on net cash (1) 7
Total Movement in Other Working Capital (2,154) 1,290
Net Cash Flows to Operating Activities (13,570) (15,385)

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
31
Notes to the Consolidated Financial Statements
For the year ended 31 March 2021
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 United States 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 $130,000 (2020: $40,000) 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
$219,000 and increase/reduce equity by the same amount (2020: $131,000).
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 CONSOLIDATED FINANCIAL STATEMENTS 2021
32
Notes to the Consolidated Financial Statements
For the year ended 31 March 2021
The Group has no significant concentration of credit risk other than bank deposits with 43.7% of total assets at the
ANZ, 19.0% at Heartland Bank, 10.3% at Bank of New Zealand , and 2.6% 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.
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. The Group has included an accrual for
tests performed from 1 July 2020 (date at which Cxbladder was included within the LCD and reimbursement
commenced) to 31 March 2021 for which payment has not been received by 31 March 2020.
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
2021
($000)
2020
($000)
Cash and Cash Equivalents94,1291,755
Short Term Deposits919,00013,029
Trade and Other Receivables (excludes GST)102,824603
Other Assets (excludes prepayments)12159185
26,11215,572
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 $3,197,000 are due within 3 months of balance date (2020: $3,276,000).
Fair Values
In the opinion of the Directors, the carrying amount of financial assets and financial liabilities approximate their fair
values at balance date.

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
33
Notes to the Consolidated Financial Statements
For the year ended 31 March 2021
22. RELATED PARTIES
A shareholder, the University of Otago, provided services, including rental space and car parking, to the Group to
the value of $340,000 (2020: $276,000). The Group has commitments totaling $267,000 (2020: $208,000) 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. Also included in the 2021 Year is the Executive Chairman of Pacific Edge
Diagnostics USA Limited.
Refer to Note 8 for details of the Incentive Plan that includes key management remuneration.
GROUP
2021
($000)
2020
($000)
Salaries and Other Short Term Employee Benefits1,8611,332
Share Options Benefits 313 193
Total Employee Entitlements2,1741,525
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 2021, David Levison retired from the Board in November 2020, and Anna Stove was appointed
to the Board in March 2021. The total amount of fees paid to Directors for the year ended 31 March 2021 was
$278,000.
The table below sets out the total fees approved for non-executive Directors of Pacific Edge Limited for the year
ended 31 March 2021 based on the positions held:
PositionQuantity
2021
Total Fees
Approved
2021
Quantity
2020
Total Fees
Approved
2020
Chair1$80,0001$80,000
Deputy Chair 1$50,0001$50,000
Non-executive Directors2$88,0002$88,000
US-based non-executive Director1$79,0001$79,000
Chair Audit & Risk Committee1$5,0001$5,000
Total Fee Pool$302,000$302,000
23. FINANCE AND OPERATING LEASE COMMITMENTS
ACCOUNTING POLICY
In 2020, the Group has changed its accounting policy for leases and has adopted NZ IFRS 16 Leases.
The group leased 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

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
34
Notes to the Consolidated Financial Statements
For the year ended 31 March 2021
available for use by the Group. Each lease payment is allocated between the liability 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. 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.

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
35
Notes to the Consolidated Financial Statements
For the year ended 31 March 2021
Right of Use Assets
GROUP
2021
($000)
2020
($000)
Cost
Opening Balance 2,518
Assets recognised on Initial Transition
- previously Operating Assets
- 1,598
Assets recognised on Initial Transition
- previously under a Finance Lease
- 223
Additions 2,588 1,078
Removals (Leases Completed) (1,227)
Transfers to Plant, Property and Equipment - (155)
Foreign Currency Translation 35 (226)
Closing Balance 3,914 2,518

Accumulated Depreciation
Opening Balance 937 -
Depreciation 1,083 1,131
Transfers to Plant, Property and Equipment - (24)
Reversal of Accumulated Depreciation (Leases Completed) (1,204)
Foreign Currency Translation 121 (170)
Closing Balance 937 937
Net Right-of-Use Assets Balance 2,977 1,581
Right-of-Use Assets Net Book Value
Buildings 2,624 1,148
Computer Equipment 62 16
Plant and Equipment 291 417
2,977 1,581
Depreciation
Buildings 966 1,009
Computer Equipment 18 28
Plant and Equipment 99 94
1,083 1,131
Expenses relating to Short Term and Low Value Leases 24 22
Total Cash Outflow relating to Leases 1,250 1,211

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
36
Notes to the Consolidated Financial Statements
For the year ended 31 March 2021
GROUP
Lease Liability
2021
($000)
2020
($000)
Opening Balance 1,554 -
Liabilities Recognised on Initial Transition- 1,598
Lease Liabilities previously recognised as Finance Leases- 84
Additions 2,587 1,078
Lease Terminated - Liability Reversed (26)
Lease Repayments (1,262) (1,210)
Interest Charged 107 65
Foreign Currency Translation (82) (61)
Closing Balance 2,878 1,554
Split by:
Current Liability 1,098 983
Non-Current Liability 1,780 571
2,878 1,554
The maturity of the Lease Liabilities is as follows:
Less than one year 1,103 983
One to two years 999 340
Two to three years 595 200
More than three years 181 31
2,878 1,554
24. OTHER COMMITMENTS AND CONTINGENT LIABILITIES
a) Contingent Liabilities
There were no known contingent liabilities at 31 March 2021 (March 2020: 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 2021 (March 2020: Nil).
25. COVID-19
Covid-19 has had an impact on the throughput, revenue and expenses of the Group. 
In the markets the Group operates in, measures have been employed by Governments in an attempt to limit
the spread of the virus. This has restricted the ability for people to visit clinics and have tests performed for
the occurrence of bladder cancer.  This resulted in reduced throughput quantities for the Group for the twelve
months ended 31 March 2021 (94% of the prior corresponding twelve months ended 31 March 2020). The most
significant reduction in throughput was seen in the six months to 30 September 2020, with throughput 84% of the
throughput for the six months to 30 September 2019. The six months to 31 March 2021 has shown an improvement,
with throughput numbers 103% of the prior corresponding six months to 31 March 2020.
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.   

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
37
26. OTHER SUBSEQUENT EVENTS
There are no other subsequent events.
Notes to the Consolidated Financial Statements
For the year ended 31 March 2021

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
38

PricewaterhouseCoopers, Westpac Building, 106 George Street, PO Box 5848, Dunedin 9058 New Zealand
T: +64 3 470 3600, www.pwc.co.nz
Independent auditor’s report
To the Shareholders of Pacific Edge Limited


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 2021, 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).
What we have audited
The Group's consolidated financial statements comprise:
 the balance sheet as at 31 March 2021;
 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 significant accounting policies
and other explanatory information.
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 the Auditor’s responsibilities for the audit of the consolidated financial statements
section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Independence
We are independent of the Group in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International Independence
Standards) (New Zealand) (PES 1) issued by the New Zealand Auditing and Assurance Standards
Board and the International Code of Ethics for Professional Accountants (including International
Independence Standards) issued by the International Ethics Standards Board for 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.
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.


PricewaterhouseCoopers, Westpac Building, 106 George Street, PO Box 5848, Dunedin 9058 New Zealand
T: +64 3 470 3600, www.pwc.co.nz
Independent auditor’s report
To the Shareholders of Pacific Edge Limited


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 2021, 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).
What we have audited
The Group's consolidated financial statements comprise:
 the balance sheet as at 31 March 2021;
 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 significant accounting policies
and other explanatory information.
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 the Auditor’s responsibilities for the audit of the consolidated financial statements
section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Independence
We are independent of the Group in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International Independence
Standards) (New Zealand) (PES 1) issued by the New Zealand Auditing and Assurance Standards
Board and the International Code of Ethics for Professional Accountants (including International
Independence Standards) issued by the International Ethics Standards Board for 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.
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.


PricewaterhouseCoopers, Westpac Building, 106 George Street, PO Box 5848, Dunedin 9058 New Zealand
T: +64 3 470 3600, www.pwc.co.nz
Independent auditor’s report
To the Shareholders of Pacific Edge Limited


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 2021, 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).
What we have audited
The Group's consolidated financial statements comprise:
 the balance sheet as at 31 March 2021;
 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 significant accounting policies
and other explanatory information.
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 the Auditor’s responsibilities for the audit of the consolidated financial statements
section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Independence
We are independent of the Group in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International Independence
Standards) (New Zealand) (PES 1) issued by the New Zealand Auditing and Assurance Standards
Board and the International Code of Ethics for Professional Accountants (including International
Independence Standards) issued by the International Ethics Standards Board for 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.
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.

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
39

PwC 2
Description of the key audit matter How our audit addressed the key audit matter
Determining if a transaction price
exists for 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;
 the rights of each party;
 payment terms;
 whether the contract has commercial
substance; and
 whether it is probable that the entity
will collect the consideration to which
it is entitled.
In 2020 the above criteria were not met in
full. The Company has previously
experienced significant variability in the
price it receives for its tests and has not
had sufficient certainty over whether it
would be paid for tests performed. Hence
US revenue was recognised upon receipt
of cash.
In July 2020, the Company received Local
Coverage Determination (“LCD”) for CMS.
This determination created a set price for
the Company’s tests of US$760 per test
from July 2020. This establishes a clear
transaction price for the tests. This
transaction price, along with a history of
payment, satisfies the NZ IFRS
requirements for revenue recognition.


Our audit procedures included the following:
We obtained an understanding of management's
processes and controls for the CMS and Private
Insurance US revenue streams.
To assist in our understanding, we obtained the SOC1
System and Organization Controls Report for the
external billing reimbursement service organisation.
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;
 Discussing the process for engaging patients with
New Zealand and US based management to
reconfirm the facts that support an accrual or
cash-based revenue recognition conclusion;
 Assessing the supporting documentation provided
by management to illustrate the variation in
payment terms by customer;
 Assessing the data supporting the change in
revenue recognition for CMS and Medicare
Advantage to confirm that the transaction price
can be determined, and collectability is probable;
 Performing subsequent receipt testing to validate
the probability of collection;
 Considering the payment terms and the probability
of recovery of outstanding balances based on the
history of past collections. This included assessing
management's conclusion on whether it is
probable that the entity will collect the
consideration; and
 Evaluating the application of NZ IFRS 15 against
technical guidance and the accounting standards.
We have no matters to report from the procedures
performed above.

PricewaterhouseCoopers, Westpac Building, 106 George Street, PO Box 5848, Dunedin 9058 New Zealand
T: +64 3 470 3600, www.pwc.co.nz
Independent auditor’s report
To the Shareholders of Pacific Edge Limited


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 2021, 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).
What we have audited
The Group's consolidated financial statements comprise:
 the balance sheet as at 31 March 2021;
 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 significant accounting policies
and other explanatory information.
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 the Auditor’s responsibilities for the audit of the consolidated financial statements
section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Independence
We are independent of the Group in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International Independence
Standards) (New Zealand) (PES 1) issued by the New Zealand Auditing and Assurance Standards
Board and the International Code of Ethics for Professional Accountants (including International
Independence Standards) issued by the International Ethics Standards Board for 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.
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.

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
40

PwC 3
Accordingly, US derived revenue for tests
performed from 1 July 2020 to 31 March
2021 for CMS and Medicare Advantage
has been recognised in advance of cash
being received. Revenue for these
customers is recognised when the tests
are performed.
All other US derived revenue is accounted
for on a cash receipts basis as disclosed
in Note 5.
Due to the significance of the judgements
applied by the Directors, we determined
this area to be a key audit matter.

Our audit approach
Overview

Overall group materiality: $240,000, which represents 1% of total
expenses.
We chose total expenses as the benchmark because, in our view, given
the losses incurred to date and the current focus on revenue growth, in
our judgement, total expenses provides a more stable basis for
calculating materiality, and is a generally accepted benchmark.
We selected transactions and balances to audit based on their materiality
to the Group rather than determining the scope of procedures to perform
by auditing only specific subsidiaries or business units.
As reported above, we have one key audit matter, being:
 Determining if a transaction price exists for US revenue recognition.

As part of designing our audit, we determined materiality and assessed the risks of material
misstatement in the consolidated financial statements. In particular, we considered where
management made subjective judgements; for example, in respect of significant accounting estimates
that involved making assumptions and considering future events that are inherently uncertain. 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.


PricewaterhouseCoopers, Westpac Building, 106 George Street, PO Box 5848, Dunedin 9058 New Zealand
T: +64 3 470 3600, www.pwc.co.nz
Independent auditor’s report
To the Shareholders of Pacific Edge Limited


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 2021, 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).
What we have audited
The Group's consolidated financial statements comprise:
 the balance sheet as at 31 March 2021;
 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 significant accounting policies
and other explanatory information.
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 the Auditor’s responsibilities for the audit of the consolidated financial statements
section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Independence
We are independent of the Group in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International Independence
Standards) (New Zealand) (PES 1) issued by the New Zealand Auditing and Assurance Standards
Board and the International Code of Ethics for Professional Accountants (including International
Independence Standards) issued by the International Ethics Standards Board for 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.
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.

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
41

PwC 4
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain
reasonable assurance about whether the consolidated financial statements are free from material
misstatement. Misstatements may arise due to fraud or error. They are considered material if,
individually or in aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of the consolidated financial statements.
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.
How we tailored our group audit scope
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.
Other information
The Directors are responsible for the other information. The other information comprises the
information included in the Annual report but does not include the consolidated financial statements
and our auditor's report thereon. The Annual report is expected to be made available to us after the
date of this auditor's report.
Our opinion on the consolidated financial statements does not cover the other information and we will
not express any form of audit opinion or assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, 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.
When we read the other information not yet received, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to the Directors and use our
professional judgement to determine the appropriate action to take.
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.


PricewaterhouseCoopers, Westpac Building, 106 George Street, PO Box 5848, Dunedin 9058 New Zealand
T: +64 3 470 3600, www.pwc.co.nz
Independent auditor’s report
To the Shareholders of Pacific Edge Limited


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 2021, 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).
What we have audited
The Group's consolidated financial statements comprise:
 the balance sheet as at 31 March 2021;
 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 significant accounting policies
and other explanatory information.
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 the Auditor’s responsibilities for the audit of the consolidated financial statements
section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Independence
We are independent of the Group in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International Independence
Standards) (New Zealand) (PES 1) issued by the New Zealand Auditing and Assurance Standards
Board and the International Code of Ethics for Professional Accountants (including International
Independence Standards) issued by the International Ethics Standards Board for 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.
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.

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
42

PwC 5
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/assurance-standards/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 Maxwell John
Dixon.

For and on behalf of:






Chartered Accountants
Dunedin, New Zealand
26 May 2021

PricewaterhouseCoopers, Westpac Building, 106 George Street, PO Box 5848, Dunedin 9058 New Zealand
T: +64 3 470 3600, www.pwc.co.nz
Independent auditor’s report
To the Shareholders of Pacific Edge Limited


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 2021, 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).
What we have audited
The Group's consolidated financial statements comprise:
 the balance sheet as at 31 March 2021;
 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 significant accounting policies
and other explanatory information.
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 the Auditor’s responsibilities for the audit of the consolidated financial statements
section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Independence
We are independent of the Group in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International Independence
Standards) (New Zealand) (PES 1) issued by the New Zealand Auditing and Assurance Standards
Board and the International Code of Ethics for Professional Accountants (including International
Independence Standards) issued by the International Ethics Standards Board for 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.
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.

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2021
43
COMPANY DIRECTORY
As at 31 March 2021
PACIFIC EDGE COMMUNICATIONS

Websites
www.pacificedgedx.com
www.cxbladder.com
www.bladdercancer.me
Facebook
www.facebook.com/PacificEdgeLtd
www.facebook.com/Cxbladder

Twitter
@PacificEdgeLtd
@Cxbladder

LinkedIn
www.linkedin.com/company/pacific-edge-ltd
Issued Capital
727,779,398 Ordinary Shares
Registered Office
Anderson Lloyd
Level 10, Otago House
Cnr Moray Place and Princes Street
Dunedin
Directors
C. Gallaher – Chairman
D. Darling
A. Masfen
S. Park
B. Williams
A. Stove (appointed 15 March 2021)
D. Levison (ceased 19 November 2020)
Chief Executive Officer
David Darling
Nature of Business
Research, develop and commercialise new
diagnostic and prognostic tools for the early
detection and management of cancers.
Auditors
PricewaterhouseCoopers
Dunedin
Bankers
Bank of New Zealand
Dunedin
ANZ
Dunedin
Heartland Bank
Dunedin
Solicitors
Anderson Lloyd
Level 10, Otago House
Cnr Moray Place and Princes Street
Dunedin
Securities Registrar
Link Market Services Limited
138 Tancred Street
Ashburton
Company Number
1119032
Date of Incorporation
27th February 2001

87 St David Street, PO Box 56, Dunedin, New Zealand
P +64 3 479 5800 F +64 3 479 5801
www.pacificedge.co.nz

---

Template
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 17 October 2019


Results for announcement to the market
Name of issuer Pacific Edge Limited
Reporting Period 12 months to 31 March 2021
Previous Reporting Period 12 months to 31 March 2020
Currency
Amount (000s) Percentage change
Revenue from continuing
operations
$7,701 76% Increase
Total Revenue $10,439 101% Increase
Net profit/(loss) from
continuing operations
($14,223) 25% Improvement
Total net profit/(loss) ($14,223) 25% Improvement
Interim/Final Dividend
Amount per Quoted Equity
Security
The Company does not propose to pay dividends to shareholders
Imputed amount per Quoted
Equity Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.034 $0.021
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
The Results Announcement should be read in conjunction with the
audited consolidated financial statements for the year ended 31 March
2021, the results presentation and commentary, all of which have been
released with this Results Announcement.
Authority for this announcement
Name of person authorised
to make this announcement
David Darling

Contact person for this
announcement
David Darling

Contact phone number
+64 (3) 479 5800

Contact email address dave.darling@pelnz.com
Date of release through MAP 27/05/2021

Audited financial statements accompany this announcement.