Annual Report and Shareholder Letter 2021

21
ANNUAL
REPORT
FOR THE
YEAR ENDED
31 MARCH 2021

THIS HAS BEEN A YEAR OF ACHIEVEMENT
AND DELIVERY OF COMMERCIAL MILESTONES
FOR PACIFIC EDGE. WE ARE NOW WELL
POSITIONED TO LEVERAGE OUR PLATFORM
AND GROW OUR BUSINESS.
The Board of Directors of Pacific Edge Limited is
pleased to present the Annual Report and Financial
Statements for the year ended 31 March 2021
(FY21). This provides a review of our performance
during the year and our focus for the year ahead.
Our aim is to provide easily understood, transparent
and engaging disclosures for our shareholders that
describe our business, what we do and why.
You can read this report online at https://www.
pacificedgedx.com/investors/shareholder-reports/.
Signed on behalf of the Board by:
Chris Gallaher David Darling
Chairman Chief Executive Officer

Progress in FY21 4
Chairman’s Report 6
Chief Executive Officer’s Report 8
Driving Our Success 13
Our Products 14
Our Customers 16
A Robust Commercial Platform 17
Our People 18
Financial Commentary 20
Board Profiles 22
Executive Team 24
Advisory Boards 26
Consolidated Financial Statements 27
Notes to the Consolidated Financial Statements 32
Independent Auditors’ Report 63
Corporate Governance 68
Remuneration 77
Risk Analysis 80
Statutory Information 82
Glossary 87
Company Directory 88
PACIFIC EDGE LIMITED ANNUAL REPORT 2021
3

Pacific Edge has reported
accelerating revenue growth
in its key markets as it starts
to benefit from the major
commercial milestones
achieved in FY21, despite
the ongoing challenges
and headwinds of Covid-19
experienced throughout
the year.
COMMERCIAL MILESTONES
• Coverage by the Centres for Medicare and Medicaid
Services (CMS) for Cxbladder Detect and Cxbladder
Monitor at the national CMS price of US$760 per test.
Nine month contribution from the CMS reflected in FY21
result
• Commercial agreement with Kaiser Permanente. Uptake
commenced initially with Cxbladder Monitor in late Q3
and volumes are growing. Anticipated timeline for uptake
pushed out due to Covid-19, driven by internal resource
allocations and restricted access to clinics for patients
• Publication of additional clinical evidence highlighting the
clinical utility of Cxbladder
• Scale up of US sales operations and senior leadership
team to accelerate revenue growth, with positive benefits
starting to flow through in late Q4 FY21
• Placement of ordinary shares to raise $22 million of
additional growth capital
• Inclusion in S&P/NZX 50 Index.
FINANCIAL SNAPSHOT
• Strong growth in operating revenue and
cash reimbursement from July 2020 driven
by CMS coverage and growing commercial
adoption of Cxbladder
• Total revenue increased 101% to $10.4m
• Operating revenue from test sales up 76%
to $7.7m
• Cash receipts from customers increased
52% on pcp to $6.7m
• Total operating expenses increased 2%
on pcp to $24.7m
• Significant reduction in Net Loss, down
25% to $(14.2)m
• Strengthened balance sheet following
$22m placement to ANZ NZ Investments
in July 2020
• Net cash, cash equivalents and short-term
deposits increased 56% to $23.1m as at
31 March 2021
TEST VOLUMES
Total Laboratory Throughput (TLT)
• TLT decreased 6% on pcp to 15,814 tests
- Rest of World TLT up 9% to 3,956 tests
- US TLT down 10% to 11,858 tests
- 57% of TLT occurred over 2H21
Record month in March 2021
(69% higher than FY21 11-month average)
Commercial Tests (CT)
• Total CT down 5% on pcp
to 12,976 tests
- Rest of World CT up 25% to 3,264 tests
- US CT down 12% on pcp to 9,712 tests
Record month in March 2021
(58% higher than FY21 11-month average)
PROGRESS IN FY21
Positive results from the scale-up of US commercial
operations are now starting to be seen, with record
growth in test volumes and US cash receipts
recorded in March FY21 and FY22 year to date.
TEST VOLUMES
0
FY17
■

TOTAL LABORATORY THROUGHPUT
■
COMMERCIAL TESTS
TEST NUMBERS
FY18FY19FY20FY21
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
COVID-19
IMPACT
TOTAL OPERATING REVENUE
PACIFIC EDGE LIMITED ANNUAL REPORT 2021
54
PACIFIC EDGE LIMITED ANNUAL REPORT 2021
0.0
FY17
■

1H
■
2H
NZD MILLIONS
FY18FY19FY20FY21
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
2H21 INCREASED 32% ON 1H21
AND WAS 110% HIGHER THAN PCP

CHAIRMAN’S REPORT
FY21 was a year of
achievement for Pacific
Edge with two significant
milestones being attained.
We have been pleased with our progress
during a year that will be remembered for the
unforeseen challenges created by the Covid-19
pandemic which impacted all aspects of our
business.
Like many businesses and communities around
the world, our people rallied around to support
our customers, patients and each other.
They went above and beyond to ensure our
Cxbladder tests were accessible to patients in
an environment where access to urologists and
testing was at best restricted, and at times, not
possible.
Bladder cancer is one of the most expensive
diseases to treat due to its high recurrence.
By detecting the disease early, the ability for
urologists to diagnose and manage bladder
cancer is increased significantly. It was in the
restrictive pandemic environment that the
value of Pacific Edge’s Patient In-Home Sample
System became evident, providing a simple and
effective way for patients to provide a urine
sample to our laboratories and ensuring that
patient health was not compromised.
Pacific Edge’s sales team also adapted quickly
to the new environment, moving to virtual
sales channels as access to clinics and face to
face meetings with urologists were prohibited.
While our laboratory staff already work in a
highly regulated workplace, health and safety
protocols became ever more important during
the pandemic months. Our support staff
and executive team also responded to the
challenges, continuing to deliver on commercial
milestones and growing the business, despite
the impact of the pandemic throughout the
year.
On behalf of the Board, our thanks go to all
our people who remain committed to enabling
better diagnosis and management of bladder
cancer for people around the world.
Delivering on our Strategy
It was particularly pleasing in this pandemic
environment to be able to report revenue
growth in FY21, as we continue to commercialise
our Cxbladder tests, particularly in the US
market.
The major highlights of the year were the
commercial agreement with Kaiser Permanente
and gaining coverage from the Centers for
Medicare and Medicaid Services (CMS) for
Cxbladder Monitor and Detect, at the national
price of US$760 per test.
Our largest market, and the largest investment
of our capital and resources, remains the US.
We are well positioned to capitalise on the
milestones achieved and progressively scaled
up our US commercial operations during
the second half of the year, expanding and
strengthening the sales and leadership teams.
We have also strengthened our executive team
in both New Zealand and the US to support
Pacific Edge’s global growth aspirations.
Our vision remains for Cxbladder to become
the most trusted and preferred diagnostic test
for the detection and management of urothelial
cancer. Our commercial priority remains on
growing adoption and reimbursement of
Cxbladder by Medicare (the CMS), the Veterans
Administration, Kaiser Permanente and other
large healthcare institutions and private payers
in the US.
We have a very strong competitive advantage in
our validated suite of Cxbladder products – the
time and resources it would take to develop a
better test than Cxbladder gives Pacific Edge its
key competitive advantage.
Our strong financial results in FY21 reflect the
key events of the year – the achievement of
significant commercial milestones and the ramp
up in momentum, albeit at a slower pace due
to Covid-19 than could have otherwise been
expected in a ‘normal’ operating environment.
We delivered strong growth in operating
revenue and operating cashflow, a reduction in
our net loss and a significantly strengthened
balance sheet. The $22m placement to ANZ
New Zealand Investments in July 2020 was
a positive endorsement of our strategy and
provided the capacity to scale up our US
commercial operations.
Welcoming new Directors
We continued to progress our Board
rejuvenation which has seen two new Directors
appointed during the year – Anna Stove in
March 2021 and Mark Green in May 2021 after
year-end. Both have skills, experience and
capabilities which bring strength to our Board
and they have already provided valuable insights
in the short time they have been a part of our
company. Anna and Mark will be standing for
election by shareholders at our upcoming
shareholder meeting and you will have an
opportunity to hear from them at that time.
We also farewelled David Levison from the
Board in November 2020 when he agreed to
move into the role of Executive Chairman,
PEDUSA.
I would like to thank all our Board members who
have served during the year for their counsel
and support. I would also like to thank and
acknowledge the efforts of our staff who have
coped remarkably well during a very difficult
year and in a testing operating environment.
Positioned for growth
We have a strong outlook for FY22 and beyond
and are 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 US remaining
the primary focus.
Peer reviewed and published clinical evidence
continues to support the outperformance of
our Cxbladder tests and a growing number
of urologists and healthcare organisations are
adopting and using our tests. Momentum is
building and we now have the catalysts in place
to advance our positioning as the preferred
diagnostic test for detecting and managing
bladder cancer globally.
We are focussed on building scale as quicky as
possible to deliver revenue growth and value
creation for our shareholders in FY22 and
beyond. It has been pleasing to have our efforts
recognised with a significant increase in our
share price over the 12 months and inclusion in
the S&P/NZX 50 index.
We look forward to providing a further update
on our progress at our annual meeting on
29 July 2021 (which will be held in Dunedin and
accessible online) to which all shareholders are
cordially invited.
Chris Gallaher
Chairman
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CHIEF EXECUTIVE OFFICER’S REPORT
We are now well positioned to realise the
rewards of our long term growth strategy and
vision, as significant commercial milestones
achieved during the year provide the platform
for escalating adoption and use of our
Cxbladder tests.
We delivered a strong financial result in FY21
with a lift in momentum in our target markets,
despite the impact that Covid-19 had on our
business throughout the year.
The strong result included growth in operating
revenue and operating cashflow, a reduction in
our net loss and a significantly strengthened
balance sheet, which supported the scale up of
our US commercial operations.
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 US.
Achieving these commercial milestones has
had, and is expected to 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
US. This has been highlighted by the recent
coverage decisions from Facey Medical Group
and United Healthcare, announced after year-
end.
Commercial operations in the US 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 US cash
receipts recorded in March 2021. These results
have been achieved despite the ongoing stay at
home restrictions impacting patient access to
medical centres in most US states.
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 progressing 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 recently
announced it intended to commence the
commercial use of a second product, Cxbladder
Triage, from early July 2021. This is a great
endorsement of our products and services from
a leading healthcare provider.
Outside the US, the New Zealand business
continued to grow strongly in FY21, despite
the pandemic disruptions which particularly
impacted Q1 FY21. Southeast Asia and Australia
are both at an early stage in their commercial
uptake, 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.
Pacific Edge is playing a key
role in the management of
Kaiser Permanente’s patients
who have been scheduled
for Cxbladder as part of their
management regime. Pacific
Edge’s In-Home Sample
System makes it easy for
physicians and patients, with
Pacific Edge managing the
collection and analysis of
samples.
FY21 Financial Performance
The FY21 result included a nine month
contribution from the CMS. We delivered
improvements in all key financial metrics, with
a small increase in operating expenses as
expected. This was a pleasing outcome in a
challenging operational environment that has
adversely affected many companies.
Total revenue increased 101% to $10.4m, with
operating revenue from test sales up 76% to
$7.7m. Cash receipts from customers increased
52% on the prior year to $6.7m, with total
operating expenses up 2% to $24.7m. Both
operating revenue and cash receipts benefited
from reimbursement coverage by the CMS for
Cxbladder Detect and Cxbladder Monitor from
1 July 2020.
Pacific Edge reported a net loss after tax
of $(14.2)m, an improvement of 25% on the
prior year. As at 31 March 2021, net cash, cash
equivalents and short-term deposits increased
56% to $23.1m.
Further details on our financial performance
and test volumes can be read in the Financial
Commentary section on pages 20 to 21 of this
report.
Platform from which to drive growth
We are well positioned to capitalise on the
opportunities available to the company as a
result of our strong balance sheet, a proven
team of people and a very strong competitive
advantage from our validated suite of Cxbladder
products.
There are a number of catalysts that we believe
will drive our growth over the next few years,
including:
• Scaled up US commercial operations
providing capacity and resource to drive
revenue growth
• An expected ramp up in demand from
Kaiser Permanente
• Commercial agreements with other
healthcare institutions of scale
• Expansion of reimbursement coverage with
other private payers in the US
• Publication of additional clinical evidence
supporting additional US guideline inclusion
and greater adoption of Cxbladder
• Publication of the increased advantages
from using multiple Cxbladder products in
clinical evaluation of haematuria to support
adoption
“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.”
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98

• US commercial launch to be initiated with
key customers for the fourth Cxbladder test
(Cxbladder Resolve).
The US Market
The US market offers an addressable market
size of more than US$3.5 billion and remains our
primary focus.
To support our growth, in November 2020
we strengthened our leadership team with
David Levison stepping down from the Board
and taking up the role as Executive Chairman
PEDUSA. David has spent 25 years in the
healthcare industry, working across a range of
sectors from pharmaceuticals to services and
diagnostics. Having founded and led several
high growth medical and medical technology
businesses in the US, he is acutely aware of the
challenges and opportunities we face in growing
our business in the US market.
During the last quarter of FY21, we scaled
up our US commercial operations to provide
the capacity and resource to drive growth
opportunities and leverage milestone
achievements. As part of this, we also bolstered
our clinical and customer liaison resources
and have a dedicated team of reimbursement
specialists to carry out negotiations with the
targeted private payers to gain coverage and
reimbursement where needed. Positive results
from this investment are now starting to be seen.
Despite our successes in the US, this market
continues to be dominated by changes in
physician and healthcare provider behaviours
as they come to grips with the ongoing impact
of the Covid-19 pandemic. We look forward
to these challenging conditions changing
favourably to aid our growth.
Advances in telemedicine look to be providing a
new paradigm for healthcare and Cxbladder is
well positioned to continue as an integral part in
the detection and management of patients with
urothelial cancer.
The focus for FY22 is on:
• Growing the commercial adoption of
Cxbladder by Kaiser Permanente and other
large healthcare organisations
many of whom have commercial businesses
across South East Asia.
The published results from the clinical trials in
Singapore will form the basis of Pacific Edge’s
planned commercial rollout in South East Asia,
which is expected over time to become a
market of significant scale with an accessible
commercial population equivalent to the US.
In Australia, customers have continued their
User Programmes during FY21, post-Covid-19
restrictions, with the expectation that on
successful conclusion, they will progress to
commercial customers.
Positive Outlook
Our recent progress and commercial
achievements in FY21 provide a strong
foundation for our future growth and we
are now starting to see the benefits from
the resources that have been invested in the
development and commercialisation of our
Cxbladder technology. Our people, products,
business model and growth strategy are well
proven.
Pacific Edge continues to enjoy first-mover
advantages. The ability for our suite of
Cxbladder products to be used across the entire
clinical pathway, the consistent performance
of Cxbladder and the ease of transfer of urine
samples from the patient to the lab, continue to
support our competitive advantage.
We have identified scale opportunities for
growth in each of our targeted markets and
have deployed resources to capitalise on these.
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 and language following the
publication of new clinical evidence further
supporting the clinical utility of Cxbladder. Our
scaled up US commercial operations provide
the capacity and resource to drive growth
opportunities and positive results from this
investment are now starting to be seen.
• Targeting of specific customer market
segments and utilising patient pull to drive
increasing adoption
• Progressing our existing customers to use
more than one Cxbladder product
• Further increasing reimbursement coverage
from targeted private payers, like United
Healthcare
• Achieving stronger guideline inclusion
language following the publication of new
clinical evidence further supporting the
clinical utility of Cxbladder.
New Zealand
The New Zealand market remains the global
leader for the adoption and use of our
Cxbladder technology. The business continued
to grow strongly in FY21, despite the impact
from Covid-19 disruptions, which particularly
impacted in Q1 FY21.
The continued adoption and increasing test use
by New Zealand public healthcare providers
is driving growth and momentum is expected
to continue. Currently more than 67% of New
Zealand’s population are covered through
contracts with the public healthcare providers.
Our focus remains on bringing the remaining
public healthcare providers into contract,
expanding the use of Cxbladder tests and
increasing the number of Cxbladder products
being actively used by existing customers.
Cxbladder products, with their proven clinical
utility and performance benefits for physicians
and patients, are well positioned for wider
adoption under New Zealand’s proposed new
nationwide health service (Health New Zealand).
Australia and South East Asia
Both South East Asia and Australia are at an
earlier stage in the commercial journey, with our
goal being to transition the large scale public
healthcare providers from clinical trials to a
commercial customer model. We have had some
early success contracting with private healthcare
providers such as the Raffles Medical Group in
Singapore and we will be moving to consolidate
this early start and grow the opportunity to
other private healthcare providers of scale,
An increasing number of commercial tests from
the CMS, Kaiser Permanente and other scale
payers such as United Healthcare are expected
to underpin strong revenue and operating
cashflow growth in FY22 and beyond.
We are well positioned to capitalise on the
growth opportunities available to our company
and remain focused on building scale as quickly
as possible to deliver ongoing revenue growth
and value creation for our shareholders.
I would like to thank all of our staff for standing
up and delivering such strong results in an
extraordinary year of challenges.
David Darling
Chief Executive Officer
“We have a strong outlook
for our company and expect
accelerating momentum as
we capitalise on our multiple
products, the Cxbladder
patient in-home sample
collection system and exploit
the first mover advantage in
markets of scale.”
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1110

PACIFIC EDGE
We specialise in developing
and commercialising
molecular diagnostic tests
that address large unmet
needs in the detection and
management of cancer.
DRIVING OUR SUCCESS
Our purpose is to enable better care, better clinical decision
making and better use of healthcare resources by providing
faster, more accurate and less invasive detection and
management of cancer.
We have always had a long term vision for our business, as we
look to become the most trusted and preferred solution for
urothelial cancer detection and management globally.
Our growth strategy is focused on:
• The launch and commercialisation of our suite of
Cxbladder tests in our targeted markets around the world
• Sustaining our first mover advantage and becoming the
preferred test for detection and management of urothelial
cancer
• Growing the adoption of Cxbladder by large scale,
institutional healthcare customers for multiple, targeted
clinical needs.
OUR
CULTURE
OUR PRODUCTS
World class, innovative
and leading edge cancer
diagnostic tests
OUR PEOPLE
Expert, experiencced
people that work
together, are passionate
about our business and
focused on success
OUR CUSTOMERS
Physicians, healthcare
payers and patients

in our targeted global
markets
A ROBUST

COMMERCIAL
PLATFORM
A robust business,
operational and
governance platform

that supports
our growth
d
d
d
d
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PACIFIC EDGE LIMITED ANNUAL REPORT 2021PACIFIC EDGE LIMITED ANNUAL REPORT 2021

OUR PRODUCTS
Suite of Cxbladder TestsOur suite of four Cxbladder tests span the urothelial cancer
pathway and address large, unmet needs in the detection and
management of cancer. They are non-invasive, highly accurate
and enable better care for patients, better utility for urologists
and savings for payers.
Intellectual PropertyOur molecular diagnostic tests are derived from our extensive
genomic database. We compile these biomarkers into gene
signatures for various cancers and we evaluate them when
they are expresssed in a patient’s urine. Our primary focus is on
urothelial cancer, including bladder cancer; however we have
intellectual property to build similar products in other cancers.
Proprietary Sample Collection
System
Pacific Edge has developed a proprietary urine sample
collection and buffer system which enables a patient’s urine
sample to be collected, and the genes preserved, for sending
to our laboratories for analysis. Our urine sample system is now
available to be sent to patients in their home. Our test kits are
manufactured and delivered directly to urologists and patients,
on an ‘as needed’ basis.
Clinical EvidenceThe superior performance of our tests is backed up by a
portfolio of peer reviewed and published clinical evidence.
This drives positive reimbursement decisions, inclusion in
clinical guidelines, wide adoption by physicians and patient
preference.
Commitment to Quality
As a medical diagnostic company, Pacific Edge
must comply with strict regulations regarding
the design, development, manufacture and
distribution of our products and services. We
undergo annual audits internally and with
external agencies to confirm compliance with
all applicable standards and regulations.
Pacific Edge operates two proprietary
molecular diagnostic laboratories. Our
laboratory operating facility in NZ is CLIA
certified and in the US, it is CLIA certified and
CAP accredited. Our most recent recertification
audits for CLIA were Oct 2019 for New Zealand
and Oct 2020 for the USA. Our business is ISO
9001 accredited and audited by TELARC. The
most recent recertification audit took place
in November 2020. Our Quality Management
System processes provide continuous
improvement and are subject to audit of
documented policies and procedures. Pacific
Edge is a member of the Medical Technology
Association of New Zealand (MTANZ) and is
a certified advocate of the MTANZ Code of
Practice.
Procurement and Supply Chain Logistics
To drive a highly repeatable user experience
for our Cxbladder products, we insist on high
product quality and safety at every level and
our procurement team work closely with our
key partner suppliers to ensure consistent high
product quality. We proactively monitor our
supply chain and have established relationships
with multiple alternative suppliers for key
materials and reagents. As part of our supplier
audits, Pacific Edge ensures that third parties
adhere to verifiable quality management
systems.
Pacific Edge transports hazardous materials
using internationally approved and regulated
systems, with defined quantities using
mandated packaging materials commensurate
with risk.
Research and Development and IP
Our research and development is focussed
on delivering products that add value and
improve health outcomes. R&D takes place to
extend the range and application of molecular
diagnostic products for cancer detection, to
improve the product performance, repeatability,
reproducability and analytical precision of
Cxbladder.
Intellectual property is a key asset underpinning
our capability and is important in maintaining
Pacific Edge’s global leadership position with
our molecular diagnostic tests for better
detection and management of bladder cancer.
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OUR CUSTOMERSA ROBUST COMMERCIAL PLATFORM
Enabling better careWe work with hundreds of urologists, healthcare providers
and healthcare payers in our markets, enabling them to deliver
better care for their patients, more efficiently and more
effectively.
Partnership approachWe have specialised, dedicated sales teams and customer
support teams in our markets, working with healthcare
providers to identify the best use of our Cxbladder tests in
their clinical setting. Our ‘white glove’ service manages the
patient testing process on behalf of our customers, arranging
the collection and analysis of a patient’s sample.
Our global platformWe have experienced teams and commercial operations in
New Zealand, Australia, Singapore and the US, with our head
office in New Zealand. We own and operate two dedicated,
accredited diagnostic laboratories located in New Zealand and
in the US.
Financial performanceWe are focused on delivering strong commercial growth
through multiple, novel, non-invasive diagnostic products that
drive increased sales and value for all stakeholders, including
our shareholders.
GovernancePacific Edge is governed by an experienced and knowledgeable
Board of Directors who provide a range of valuable skills
and expertise. We are committed to the highest standards of
governance.
SustainabilityWe conduct our business with care and respect for the
environment. We believe that sustainability initiatives that
benefit the environment will also benefit our business and that
even small changes can make a difference.
Scaling up our Commercial Operations
During the last quarter of FY21, we scaled
up our US commercial operations to provide
the capacity and resource to drive growth
opportunities. We also strengthened our
executive team in both New Zealand and the
US to support Pacific Edge’s global growth
aspirations. Positive results from this investment
are now starting to be seen.
As at June 2021, we have recruited an additional
nine sales representatives in new territories,
taking our US sales team to 25.
We have also bolstered our clinical and
customer liaison resources and have a
dedicated team of reimbursement specialists to
carry out negotiations with the targeted private
payers to gain coverage and reimbursement
where needed.
Our US laboratory has the capacity to process
260,000 tests per annum, which is sufficient to
support the expected increase in test demand
for some time yet.
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1716

OUR PEOPLE
Experienced, committed people
with proven performance
Our greatest asset is our team of 78 passionate, committed
and expert people who operate in a number of places in the
world and who are essential to the delivery of products and
services that are creating a dramatic and positive impact on
the detection and management of bladder cancer.
Rewarding workplace with an
engaging culture
We are committed to fostering a diverse and inclusive culture
where all employees are valued and can grow and thrive. This
includes nurturing talent through our internship programmes
and training opportunities for existing staff.
Health, safety and wellbeingWe have a very strong Health & Safety culture and compliance
performance is at the highest level. We have processes and
protocols in place to ensure all our team go home safe and well
every day.
INVESTING IN TALENT
Pacific Edge offers between
three and five paid internships
every year within its research
department, in areas ranging
from biochemistry, genetics
and computer science through
to database management and
product development. These
internships are part-funded by
Callaghan Innovation as part of
their R&D Experience Grants.
This allows Pacific Edge to
bring smart, enthusiastic and
fresh thinking into our research
department.
Applicants are generally recent
Honours or Masters graduates
and every year up to 60
applications are received. The
internships offer students the
opportunity to work on real
world business problems and
gain commercial experience
and new skill sets. A number
of our interns have gone on
to full time employment with
Pacific Edge and have become
valuable members of our team.
Libby Willocks, BBiomedSc (Hons)
Product Development Technician
Libby was accepted for an internship at Pacific Edge in 2020
after completing her Honours year at the University of Otago.
She was drawn to Pacific Edge’s exciting, innovative science
and wanted to use the skills from her degree whilst improving
the lives of people affected by cancer. Libby says the internship
gave her the ability to approach science in an innovative way,
whilst also building on the skills she had learnt throughout her
study. She is now working full time at Pacific Edge.
This is allowing her to broaden her research and design her
own experiments, while collaborating with the team around her.
Rachel Hansen, BSc (Hons)
Product Development Scientist
Rachel was awarded an internship at Pacific Edge Limited in
2019 after completing an Honours degree in Genetics with a
minor in Pathology at the University of Otago. Rachel was an
outstanding student with valuable skills in qPCR, cell culture
and immunohistochemistry that she was able to develop
first as an intern and now in her permanent role as a product
development scientist at Pacific Edge. Rachel works in a very
challenging area of the product development programme and
brings an innovative, diligent and rigorous discipline to this
area.
Dr Megan Colonval, BSc (Hons), MSc, PhD
Megan joined Pacific Edge Limited as a Product Development Scientist in 2020, following successful
studies at the University of Liege in Belgium and the highly prestigious University of Aberdeen
in Scotland. Megan’s technical background is a perfect match for the skill needs of Pacific Edge.
She has highly relevant knowledge not only of molecular biology but also software coding and
bioinformatics. She has proved herself extremely capable both in the laboratory and also with
in silico analysis of cancer data. Megan has a strong future at Pacific Edge at the cutting edge of new
product development. She has also become an active member of the social committee.
Building talent: Dr Megan Colonval, Libby Willocks and Rachel Hansen
PACIFIC EDGE LIMITED ANNUAL REPORT 2021PACIFIC EDGE LIMITED ANNUAL REPORT 2021
1918

The key metrics used by Pacific Edge to
measure progress are Operating Revenue,
Total Laboratory Throughput and Commercial
Test volumes. Operating Revenue increased
significantly year on year (up 76%), despite a
reduction in test volumes due to the impact of
Covid-19, particularly in 1H21.
TEST VOLUMES
Covid-19 affected test volumes throughout
FY21, with restrictions on access to urologist
and testing for patients, particularly in April
and May 2020, with volumes down 43% on the
prior corresponding period (pcp). A strong
recovery was seen starting from June 2020, as
restrictions are slowly eased.
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 US, Pacific Edge’s
largest market.
A record month was reported in March 2021
with TLT 37% higher than pcp and 69% higher
than the previous 11-month average.
This positive trend continued in April and May
2021, with TLT significantly above FY21 averages.
Commercial Test volumes reduced 5% on pcp to
12,976 tests but were up slightly as a percentage
of TLT.
Strong volume growth was seen from New
Zealand customers (up 21% on pcp) who
switched to multiple Cxbladder products and
saw restrictions ease earlier than the US. This
partially offset the decline in test volumes from
the US (down 12% on pcp), which continued to
suffer from Covid-19 restrictions throughout the
year.
FINANCIAL COMMENTARY
The CMS coverage is having a positive impact,
with Medicare tests accounting for 42% of total
US volumes. Medicare plus Medicare Advantage,
a hybrid plan that combines Medicare with an
increased policy offering from private payers,
increases the percentage of CMS related tests in
the US to 68% of Pacific Edge’s commercial tests.
BY REGION AND TEST TYPE
The US market provided 75% of Pacific Edge’s
TLT during the year, with the Rest of World
being mainly New Zealand test volumes with
some throughput related to User Programmes in
Singapore and Australia.
The volumes of each test processed in each
market annually are relative to how long these
tests have been in the market. Cxbladder
Detect, the first product to launch in the US,
still represents the largest volume of tests, with
growing use of Cxbladder Monitor and Triage. In
New Zealand, Cxbladder Triage usage dominates
followed closely by Cxbladder Monitor.
ACCELERATING REVENUE GROWTH
Operating revenue grew strongly and was up
76% to $7.7m.
This included nine months of cash
contribution from CMS tests, as well as a
NZ$1m accrual for tests which had been
performed, but not yet paid as at balance
date.
As of 1 July 2021, our Cxbladder Detect and
Cxbladder Monitor tests are covered by the
CMS and paid at the national price of US$760
per test.
These two tests made up 95% of US
commercial test volume in FY21, with 68%
of these being for Medicare and Medicare
Advantage patients.
The strong second half revenue result, up
110% on pcp, reflected the easing of Covid-19
restrictions, progressive commercial adoption
of Cxbladder and growing reimbursement of
CMS tests from 1 July 2020 onwards.
Total revenue increased by 101% to $10.4m,
and included grant revenue, research rebates
and Covid-19 support payments.
OPERATING REVENUE BY REGION
US operating revenue was up 82% to $6.9m
with multiple consecutive months of record
revenue achieved.
Growth was primarily driven by CMS
reimbursement. We remain very positive
about the progression of the uptake by Kaiser
Permanente; however, our expectations on the
timing for this growth has been pushed out
due to the covid pandemic related issues as
outlined.
Rest of world revenue is largely from New
Zealand and was up 37% to $0.8m. This
growth was driven in the post-Covid-19
window with the increasing adoption of
multiple Cxbladder products by several large
public healthcare providers and the overall
commercial growth in New Zealand.
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
the expanded US sales team and increased
marketing activity. Research and Development
expenses increased 17% on pcp to $4.6m as
a result of the ongoing investment in clinical
studies to support Cxbladder’s inclusion in US
guidelines and wider adoption. Total operating
expenses are expected to increase marginally
in FY22 as investment continues into scaling
up Pacific Edge’s US commercial operations to
take advantage of 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% on pcp 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.
PACIFIC EDGE LIMITED ANNUAL REPORT 2021PACIFIC EDGE LIMITED ANNUAL REPORT 2021
2120
TOTAL LABORATORY THROUGHPUT BY REGION
7575++2525
ROW
25%
US
75%
TOTAL LABORATORY THROUGHPUT BY TEST
5353++2323++2424
TRIAGE
24%
DETECT
53%
MONITOR
23%
0.0
1H20
■

USA
■
ROW
NZD MILLIONS
2H201H212H21
1.0
2.0
3.0
4.0
5.0
US ACCOUNTED FOR 89%
OF FY21 OPERATING REVENUE

BOARD PROFILES
CHRIS GALLAHER
Chairman and Independent Director (Appointed 2016)
Chris joined the Board in 2016 and was appointed as Chairman in August
2016. A New Zealand citizen resident in Melbourne, Chris has held senior
positions in both CEO and CFO roles with a number of large international
companies and was a partner in Arthur Young, Chartered Accountants.
Prior to retiring from full time corporate life, he was CFO of Fulton Hogan,
a large NZ resources based civil contractor. Chris is also Chairman of
Mariposa Holdings, a charitable organisation.
Chris holds a BCom from Otago University and is a Chartered Accountant
and a member of the Australian Institute of Company Directors.
DAVID DARLING
Executive Director and CEO (Appointed 2014)
Dave has over 30 years’ business experience in life sciences and
biotechnology and was appointed to the Board as Executive Director in
2014. In his capacity as Chief Executive Officer he has led Pacific Edge
from its early inception, and has significant executive and leadership
experience in the development and international commercialisation of
biomedical and biotechnology businesses and products. During his career,
Dave has held a number of positions in governance, executive and senior
management, joining Pacific Edge from Fletcher Challenge.
ANATOLE MASFEN
Independent Director (Appointed 2008)
Anatole is the co-founder of Artemis Capital, a private equity investment
firm based in Auckland. He graduated from the University of Auckland
with an MCom (Hons) in Finance and Economics. Following that he spent
eight years with Air New Zealand (and later the merged entity with Ansett
Australia) holding senior positions in Pricing, Revenue Management and
Systems implementation. He holds directorships in numerous private
companies and has significant knowledge of financial capital markets.
As a long standing Director of Pacific Edge and investor in numerous
medical and tech companies, Anatole has a detailed knowledge of the
medical sector and future trends. In particular human sciences and
disruptive technologies.
SARAH PARK
Independent Director and Chair of Audit and Risk Committee
(Appointed 2018)
Sarah brings international corporate finance experience to Pacific Edge
after a professional career with PricewaterhouseCoopers in New Zealand
and HSBC Investment Bank in London. During her executive career, Sarah
worked in M&A, equity capital markets and was previously an Equity
Research Analyst. She also had a lead role in seeking private capital from
Asia, the Middle East and Europe for early-stage US biopharmaceutical
companies. Sarah is a Director of National Provident Fund and Hawke’s
Bay Airport. She has a focus on providing her Audit & Risk capability and
experience to her directorship portfolio.
Sarah has a MA(Hons) in Economics from the University of Edinburgh.
BRYAN WILLIAMS
Independent Director (Appointed 2013)
Bryan is an internationally recognised cancer researcher and research
administrator, with significant business experience. He has held a number
of governance roles, including with a NASDAQ listed biotech company.
Presently, he serves on the Board of two privately held Australian
biotechnology companies. Bryan was Director and CEO of the Hudson
Institute of Medical Research. He is currently Emeritus Director and
Distinguished Scientist at the Hudson Institute in Melbourne.
Bryan has a BSc (Hons) and PhD in Microbiology from the University
of Otago.
ANNA STOVE
Independent Director (Appointed 2021)
Anna has a successful 25+ year track record in leading and driving
transformational change within the pharmaceutical sector. She has
significant Global business experience having held a variety of senior
executive roles within NZ, Asia Pacific and Europe. Anna recently
retired from being NZ General Manager at GlaxoSmthKline & she is now
committed to growing businesses through best practice governance.
Anna is currently the Chair of Global Women, Director of TAB NZ &
Director of Rua Bioscience.
MARK GREEN
Independent Director (Appointed 2021)
Mark is an experienced corporate finance professional, with 25 years of
experience in the Australasian capital, corporate and financial markets.
He was an Executive Director for Investment Banking at Goldman Sachs
where he worked for nearly 20 years and has been involved in many large
prominent New Zealand transactions including the IPOs of Meridian,
Mighty River Power and Vector. Mark is a Director of a number of entities
including being Chair of Astrolab VC Investment Committee and a
Director of Mariposa Holdings (a charitable organisation).
Mark has a BCom and LLB from the University of Auckland.
PACIFIC EDGE LIMITED ANNUAL REPORT 2021PACIFIC EDGE LIMITED ANNUAL REPORT 2021
2322

PACIFIC EDGE LIMITED ANNUAL REPORT 2021
EXECUTIVE TEAM PROFILES
DAVID DARLING
CEO and Executive Director
See profile on page 22.
PARRY GUILFORD
Chief Scientific Officer, Pacific Edge
Parry has led the science, research and development at Pacific Edge from its early days. As one of
the founding scientists and a member of the Scientific Advisory Board of the Company, Parry is the
architect of many of the Company’s product prototypes. Parry’s focus is to bring his world class skills
and experience in the step change in biotechnology to the Company’s next generation of products.
JIMMY SUTTIE
Senior Vice President Global Operations, Pacific Edge
Jimmy has wide experience, as an executive, with the management of science and technology in
New Zealand’s primary industry sector, particularly the development and application of science
and technology for commercialisation. Jimmy manages the Pacific Edge Operations Group with
responsibilities for clinical testing, product improvement, product support and new product
development.
GRANT GIBSON
Chief Financial Officer, Pacific Edge
Grant is a proven financial executive and Chartered Accountant, who brings significant financial
experience to the role. Prior to joining Pacific Edge in late 2019, Grant was Chief Financial and
Operating Officer for Dunedin-based company, TracMap, where he was responsible for leading the
financial management and operations across the company. Prior to that Grant worked in executive
finance roles at Westpac including as Head of Finance for Westpac New Zealand. During his time
with Westpac, he headed the finance team for New Zealand’s largest financial transaction, the local
incorporation of Westpac New Zealand.
BRENT POWNALL
Vice President Commercial & Franchise, Pacific Edge
Brent brings significant strategic marketing, business development and commercialisation experience,
including sales and marketing of biologics and biomedical products in New Zealand, Australia,
Asia and the United States. Brent joined Pacific Edge in 2013 to lead the commercial and business
development activities of the Pacific Edge franchise and its commercial arm, Pacific Edge Diagnostics
New Zealand, successfully establishing Cxbladder in the standard of care for New Zealand’s public
healthcare system and serving developing markets in Australia and Singapore.
TONY LOUGH
Vice President Clinical Science & Product Performance, Pacific Edge
Tony joined Pacific Edge in 2016 and brings research management experience to the senior
management team. His most recent role was Chief Executive of a government-university funded
project to provide a national genomics infrastructure to the research sector. Prior to that he was a
team leader at the Auckland-based biotechnology company, Genesis Research and Development
Corporation, leading projects in the commercialisation of macromolecular signaling.
ANDY MCINTOSH
Chief of Information Systems & Decision Support
Andy is an experienced executive leader with strengths across digital transformation, strategy
development and delivery, product management and people leadership. His focus is on creating
a more sustainable future for business through digital technology, and in developing technology
capability and services. Andy has worked in a number of senior roles including General Manager
Technology and Fleet at Citycare Group in Christchurch, Global Commercial Manager for Tait
Communications in New Zealand, UK and Houston, and for Vodafone New Zealand.
DEMI STEFANOVA
Chief Operating Officer
Demi is a senior executive with experience in establishing and optimising operations in highly
regulated environments. She has specific expertise in Cancer Medical Research Operations,
Biotechnology, Supply Chain & Logistics and Pharmaceutical and GMP Engineering Design and
Construction. Demi has worked for several international companies, leading multi-cultural teams and
driving global change and business transformation programmes. She is an innovative thinker and
leader known for crafting strategic transformations that target and deliver sustainable operating
models that target improved performance, customers, partners, and employees experience.
US EXECUTIVE TEAM
DAVID LEVISON
Executive Chairman, Pacific Edge Diagnostics USA
David has spent more than 25 years in the healthcare industry, working across a range of sectors from
pharmaceuticals to services and diagnostics. He has been the founder and CEO of a number of high
growth medical and medical technology businesses in the US as well as working in private equity.
David stepped down from the Pacific Edge Board in November 2020, after four years as a director, to
take up the role of Executive Chairman of PED USA.
JACKIE WALKER
Chief Executive Officer, Pacific Edge Diagnostics USA
Jackie brings to the company over 30 years of extensive leadership and general management
experience in life sciences organisations, successfully leading teams and commercialising medical
technologies in the US and globally. Prior to joining Pacific Edge Diagnostics USA, Jackie held senior
executive positions at OSspray Ltd, Ondine Biomedical, Dentsply Sirona, and Ohmeda Medical. Jackie
has led the establishment and growth of the USA subsidiary since 2012.
JACK ATCHASON
Senior Vice President of Sales & Customer Service, Pacific Edge Diagnostics USA
Jack brings over 25 years of successful experience in sales, sales leadership, and commercial
operations, with large and small pharmaceutical organisations in the US. A proven leader in start-
up organisations and product launches, Jack held roles of increasing responsibility for Abbott
Laboratories, Amgen, Cytogen, Idenix, Millenium, and Targanta. Jack has led the growth of US sales
and customer acquisition since 2013.
PACIFIC EDGE LIMITED ANNUAL REPORT 2021
2524

SCIENTIFIC ADVISORY BOARD
NamePositionOrganisationCountry
M. BrennanOncologic Surgeon Scientist
Senior Vice President for
International Programs
Professor
Chair in Clinical Oncology
Memorial Sloan Kettering Cancer CenterUSA
P. GuilfordChief Scientific OfficerPacific Edge LimitedNew Zealand
ProfessorUniversity of OtagoNew Zealand
N. KasabovDirectorKnowledge Engineering & Discovery
Research Institute (KEDRI)
New Zealand
Professor
Computer Science
Auckland University of TechnologyNew Zealand
O. OgawaProfessor and
Chairman
Department of Urology, Kyoto School
of Medicine
Japan
P. SpenceManaging DirectorPaul Spence ConsultantsUnited Kingdom
M. SullivanProfessor
Consultant
Paediatric Oncologist
The University of Melbourne Royal
Children’s Hospital
Australia
B. WilliamsPast Emeritus Director and
Distinguished Scientist
Hudson Institute of Medical ResearchAustralia
DirectorPacific Edge LimitedNew Zealand
CINICAL ADVISORY BOARD
NamePositionOrganisationCountry
P. CozziAssociate Professor University of Notre DameAustralia
UrologistVMO at St George Public and Private,
Mater Private, Sutherland, Kareena, Prince
of Wales and Hurstville Private Hospitals
Australia
M. FraundorferConsultant UrologistTauranga Hospital
Urology BOP Ltd
New Zealand
R. GetzenbergExecutive Associate Dean of
Research, Professor/Medicine
Nova Southeastern University – College of
Allopathic Medicine (NSU – MD)
USA
P. GillingConsultant Urologist Tauranga HospitalNew Zealand
Head of Urology DepartmentUrology BOP Ltd New Zealand
Professor of SurgeryUniversity of Auckland School of MedicineNew Zealand
J. MastersUrologistAuckland City Hospital
Manukau Superclinic
New Zealand
J. RamanProfessor and Chief of UrologyPenn State Hershey Surgical Specialties,
Milton S. Hershey Medical Center, Hershey,
Pennsylvania
USA
S. ShariatProfessor and ChairmanMedical University of Vienna, Vienna
General Hospital
Austria
Adjunct ProfessorWeill Cornell Medical Center, New YorkUSA
Adjunct ProfessorUniversity of Texas Southwestern Medical
Center
USA
ADVISORY BOARDS
CONSOLIDATED
FINANCIAL
STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2021
21
PACIFIC EDGE LIMITED ANNUAL REPORT 2021PACIFIC EDGE LIMITED ANNUAL REPORT 2021
2726

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)
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 ANNUAL REPORT 2021PACIFIC EDGE LIMITED ANNUAL REPORT 2021
2928

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
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 ANNUAL REPORT 2021PACIFIC EDGE LIMITED ANNUAL REPORT 2021
3130

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.
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
• 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 ANNUAL REPORT 2021PACIFIC EDGE LIMITED ANNUAL REPORT 2021
3332

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.
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 ANNUAL REPORT 2021PACIFIC EDGE LIMITED ANNUAL REPORT 2021
3534

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.
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 ANNUAL REPORT 2021PACIFIC EDGE LIMITED ANNUAL REPORT 2021
3736

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.
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 ANNUAL REPORT 2021PACIFIC EDGE LIMITED ANNUAL REPORT 2021
3938

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
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 ANNUAL REPORT 2021PACIFIC EDGE LIMITED ANNUAL REPORT 2021
4140

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
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 ANNUAL REPORT 2021PACIFIC EDGE LIMITED ANNUAL REPORT 2021
4342

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.
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 ANNUAL REPORT 2021PACIFIC EDGE LIMITED ANNUAL REPORT 2021
4544

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.
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 ANNUAL REPORT 2021PACIFIC EDGE LIMITED ANNUAL REPORT 2021
4746

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.
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 ANNUAL REPORT 2021PACIFIC EDGE LIMITED ANNUAL REPORT 2021
4948

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
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 ANNUAL REPORT 2021PACIFIC EDGE LIMITED ANNUAL REPORT 2021
5150

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
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 ANNUAL REPORT 2021PACIFIC EDGE LIMITED ANNUAL REPORT 2021
5352

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, $0.22)
Notes to the Consolidated Financial Statements
For the year ended 31 March 2021
19. FOREIGN CURRENCY
ACCOUNTING POLICIES
Foreign Currency Transactions
The individual financial statements of the Group are presented in the currency of the primary economic
environment in which the entity operates (its functional currency). For the purpose of the Group financial
statements, the results and financial position of the Group entity are expressed in New Zealand dollars (‘NZ$’),
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 ANNUAL REPORT 2021PACIFIC EDGE LIMITED ANNUAL REPORT 2021
5554

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.
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 ANNUAL REPORT 2021PACIFIC EDGE LIMITED ANNUAL REPORT 2021
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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.
Notes to the Consolidated Financial Statements
For the year ended 31 March 2021
Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is
available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance
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
• 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
• 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
• 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 ANNUAL REPORT 2021PACIFIC EDGE LIMITED ANNUAL REPORT 2021
5958

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
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 ANNUAL REPORT 2021PACIFIC EDGE LIMITED ANNUAL REPORT 2021
6160

26. OTHER SUBSEQUENT EVENTS
There are no other subsequent events.
Notes to the Consolidated Financial Statements
For the year ended 31 March 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.


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 ANNUAL REPORT 2021PACIFIC EDGE LIMITED ANNUAL REPORT 2021
6362

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.


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 ANNUAL REPORT 2021PACIFIC EDGE LIMITED ANNUAL REPORT 2021
6564

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.


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.

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Strong governance is fundamental to the performance of Pacific Edge Limited (Company or Pacific Edge)
and Pacific Edge’s Board is ultimately responsible for ensuring that the Company and its subsidiaries (the
Group) maintain high ethical standards and corporate governance practices.
Pacific Edge is committed to maintaining the highest standards of governance. It does this by ensuring that
its corporate governance practices are in line with best practice and the NZX Corporate Governance Code
(NZX Code). The Board believes that during FY21, Pacific Edge’s governance practices are appropriately
aligned with the NZX Code. Any exceptions are identified where appropriate under Principles 1 to 8 below.
The key corporate governance documents referred to in this report are available on Pacific Edge’s website
https://www.pacificedgedx.com/investors/governance/.
PRINCIPLE 1: CODE OF ETHICAL BEHAVIOUR
“Directors should set high standards of ethical behaviour, model this behaviour and hold management
accountable for these standards being followed throughout the organisation.”
Pacific Edge maintains high standards of ethical behaviour and has both a Directors’ Code of Ethics and
an Ethical Behaviour Policy for employees of the Company, setting out the standards that each Director or
employee must adhere to whilst conducting their duties. The Code and Policy are reviewed every two years.
Code of Ethics
General principles within both Policies include (but are not limited to) requiring all Directors and employees to:
• Act honestly and with personal integrity in all actions
• In the case of Directors, give proper attention to the matters before them and exercise their powers and
duties with a due degree of care and diligence
• Not make improper use of information acquired as a Director or employee, or of assets or resources of
the Company
• Comply with Company policies at all times.
In particular, the Code and Policy cover conflicts of interest, gifts, confidentiality, behaviour and proper use
of assets and information. Pacific Edge’s policy is that donations are not made to any political parties.
Employees are encouraged to report any breaches. Pacific Edge has a Speak Up Policy that is designed
to ensure its employees and contractors are aware and encouraged to raise concerns regarding actual or
suspected wrong doing with regards to ethical, clinical, professional and legal standards in a safe, supported
and protected environment.
Processes have been established to ensure all employees and contractors are aware of and understand
these Policies.
Share Trading Policy
Pacific Edge’s Board and management are committed to ensuring compliance with all regulatory market
requirements. Pacific Edge’s Share Trading Policy, which applies to all employees and Directors but has
additional trading restrictions applying to Directors and Senior Managers, is a core component of this
commitment. Details of Directors’ share dealings are set out on page 83 of this report.
These policies were most recently reviewed and updated in 2020.
PRINCIPLE 2: BOARD COMPOSITION & PERFORMANCE
“To ensure an effective Board, there should be a balance of independence, skills, knowledge, experience and
perspectives.”
Pacific Edge’s Board operates under a written Board of Directors’ Charter (Charter) which sets out the
roles and responsibilities of the Board (and clearly distinguishes and discloses the respective roles and
responsibilities of the Board and management). The focus of the Board is the creation of company and
shareholder value and ensuring the Company is committed to best practice. The Charter is reviewed at least
every two years and was last reviewed by the Board in June 2020.
Responsibility for the day-to-day management of Pacific Edge has been delegated to the Chief Executive
Officer (CEO) and other Senior Management. Management is responsible for implementing the objectives
and strategies approved by the Board, through a set of delegated authorities.
CORPORATE GOVERNANCE
The primary responsibilities of the Board include:
• Overall governance and providing strategic leadership
• Ensuring compliance with the Company’s constitution
• Setting clear goals for the Company, ensuring that there are appropriate strategies in place for achieving
those goals
• Monitoring the Company’s performance against its approved strategic, business and financial plans
• Aappointment of the Chair and CEO
• Eensuring that the Company follows high standards of ethical and corporate behaviour
• Ensuring that the Company has appropriate risk management policies in place
• Appointing the Company auditors and setting the annual auditor’s fees.
As at 31 March 2021, the Board was comprised of five non-executive independent Directors as well as the
CEO. David Levison stepped down from the Board on 19 November 2020 to take up the role as Executive
Chair of PEDUSA; and Anna Stove was appointed as an independent Director on 15 March 2021. Subsequent
to year end, Mark Green was appointed as an independent Director on 10 May 2021.
The Chairman is an independent Director who is elected by the Directors. The Chairman and the CEO roles
are not executed by the same individual.
All Directors have written agreements with the Company, setting out the terms of their appointment.
Directors are selected on the basis of the diversity of skills needed as defined by the Company’s skills
matrix taking into account the composition of the Board in relation to the Company’s needs and
operating environment. The Board considers that its members currently have the appropriate balance of
independence, skills, knowledge, experience and perspectives necessary to lead Pacific Edge.
Focus for future
Board Appointments
Medicine/Science
Financial Acumen/Risk
Sales/Marketing/Distribution
Legal/Regulatory
Corporate Governance
New Market Development
Capital & Financial Markets
Health, Safety, Sustainability
■ High Capability ■ Moderate Capability
Details of each Director, along with their experience, length of service, independence and ownership
interests and attendance at Board meetings is included in this Annual Report. Director Profiles are available
on the Company’s website.
Nomination and Appointment of Directors
The procedure for the nomination and appointment of Directors to the Board is sent out in the Charter.
While the nomination process for new Director appointments is the responsibility of the Board as a whole,
the Nomination Committee is responsible for identifying, reviewing and recommending candidates to the
full Board. The Board may engage consultants to assist in the identification, recruitment and appointment
of suitable candidates. The Company undertakes proper checks before appointing a Director and putting
forward a candidate for election as a Director. Key information is provided to shareholders when a Director
stands for election or re-election.
Directors will retire and may stand for re-election by shareholders at least every three years, in accordance
with the NZX Listing Rules. A Director appointed since the previous annual meeting holds office only until
the next annual meeting but is eligible for re-election at that meeting.
CORPORATE GOVERNANCE
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The Board asks for Director nominations each year prior to the Annual Shareholders Meeting, in accordance
with the constitution of the Company and the NZX Listing Rules.
Induction and Professional Development
Newly elected Directors undergo a formal induction programme to ensure they have working knowledge of
our business. This includes one-on-one meetings with management and a tour of the laboratory and R&D
facilities. They are expected to familiarise themselves with their obligations under the Constitution, Board
Charter, Committee Charters, other key governance policies and the NZX Listing Rules. Training is also
provided to new and existing Directors where required to enable Directors to understand their obligations.
The Company encourages all Directors to undertake appropriate training and education so that they
may best perform their duties. This includes attending presentations on changes in governance, legal
and regulatory frameworks; attending technical and professional development courses; and attending
presentations from industry experts and key advisers. Additional industry related training is provided by
Pacific Edge on a regular basis.
Board Performance
The performance of the Board is reviewed periodically to assess the performance of each Director, each
Committee and the Board as a whole. The most recent evaluation of Board performance was undertaken
in March 2019, with a review planned for the FY22 year. The Chair of the Board also regularly engages with
individual Directors to evaluate and discuss performance and professional development. A review of the
performance of the Audit and Risk Committee was completed during FY21.
Diversity
Pacific Edge is committed to bringing diversity to life in its employment practices and across all aspects of
the business.
The Board and Company believe in providing equality of opportunity in employment, irrespective of age,
ethnic or national origin, gender, sexual orientation, family circumstances, disability, religious or ethical belief,
or economic background.
The Diversity Policy was reviewed and updated in FY21. It outlines Pacific Edge’s approach towards diversity.
While no measurable targets have been set for diversity, there is a clear commitment to take affirmative
action to increase diversity across a number of factors. During 2020 and to date 2021, this commitment to
achieving increased diversity was demonstrated in:
• Increased female representation on the Board from 16% (one of six) at March 2020 to 29% (two of
seven) by May 2021
• Supported diversity of gender and ethnicity amongst employees. Out of the 13 new staff appointed in
New Zealand in FY21:
- 7 Female
- 6 Male
- 8 different nationalities
• Improved gender ratio at the leadership level with the addition of Demi Stefanova to the Senior
Leadership team as Chief Operating Officer (effective from 21 June 2021).
The Board has oversight of employment practices and HR processes and practices and is comfortable that
these are in line with the intent of the Diversity Policy.
The Officers of the Company (as defined by the NZX Listing Rules) are the CEO and specific direct reports
of the CEO having key functional responsibility. As at 31 March 2021, females represented 33% of Directors
and Officers of the Company (FY20: 22%).
As at 31 March 2021
FY21
Male
FY21
Female
FY20
Male
FY20
Female
Directors excluding the CEO3241
Officers* including the CEO5231
*Officer (NZX): Under the Listing Rules “officer” means a person who is concerned or takes part in the
management of an Issuer and either reports directly to the Board of the issuer or reports directly to a
person who reports directly to the Board of the Issuer.
CORPORATE GOVERNANCE
PRINCIPLE 3: BOARD COMMITTEES
“The Board should use Committees where this will enhance its effectiveness in key areas, while still retaining
Board responsibility.”
The Board has delegated a number of its responsibilities to Committees to assist in the execution of the
Board’s responsibilities. These Committees review and analyse policies and strategies which are within their
terms of reference.
Committee members are appointed from members of the Board with membership reviewed on an annual
basis. Committees examine proposals and, where appropriate, make recommendations to the full Board.
Committees do not take action or make decisions on behalf of the Board unless specifically mandated by
prior Board authority to do so.
Management may only attend Committee meetings at the invitation of the Committee.
The current Committees of the Board are the Audit & Risk Committee, Nomination Committee,
Remuneration Committee and Capital Committee.
The Committees have terms of reference (Charters), which are reviewed and approved by the Board.
All Charters are reviewed at least every two years. These are available on the Company’s website.
Committee Membership as at 31 March 2021
Audit & Risk CommitteeRemuneration
Committee
Capital CommitteeNominations Committee
Sarah Park (Chair)
Anatole Masfen
Chris Gallaher
Bryan Williams (Chair)
Chris Gallaher
Anatole Masfen (Chair)
Chris Gallaher
Sarah Park
Dave Darling
Chris Gallaher (Chair)
Bryan Williams
Sarah Park
David Levison stepped down from the Audit & Risk Committee and Remuneration Committee on
19 November 2020.
Subsequent to 31 March 2021: Anna Stove was formally appointed to the Remuneration Committee and
Nominations Committee on 21 April 2021. Sarah Park stood down from the Nomination Committee on
21 April 2021. Mark Green was appointed to the Capital Committee and the Audit & Risk Committee on
1 June 2021.
Director Meeting Attendance
The Board meets as often as it deems appropriate including sessions to consider the strategic direction of
Pacific Edge and forward-looking business plans. Video and/or phone conferences are also used as required.
The table below sets out Director attendance at Board and Committee meetings during FY21.
Board
Audit & Risk
Committee
Nomination
Committee
Remuneration
Committee
Capital
Committee
Chris Gallaher
12/126/61/12/37/ 7
Dave Darling11/126/6-1/37/ 7
David Levison
1
9 /92 /3-3/31 /5
Anatole Masfen12/126/6--7/ 7
Bryan Williams12/126/61/13/32/7
Sarah Park12/126/61/1-7/ 7
Anna Stove
2
1 /1-1/1--
1
David Levison stepped down from the Board on 19 November 2020 to take up the role of Executive Chair of PEDUSA
2
Anna Stove was appointed to the Board on 15 March 2021.
CORPORATE GOVERNANCE
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Audit & Risk Committee
Pacific Edge’s Audit & Risk Committee is comprised solely of Directors of the Company, with all members
being independent Directors. As at 31 March 2021, there were three members of the Audit & Risk Committee
with all having an accounting or financial background. The Chair of the Audit and Risk Committee is not the
Chair of the Board.
As per the Audit & Risk Committee Charter, the responsibilities of the Audit & Risk Committee include
providing oversight in four distinct areas (Governance, Financial Reporting, Audit Functions and Risk
Management Functions) and include as a minimum:
• Ensuring that management has established a risk management framework which includes policies and
procedures to effectively identify, treat, monitor and report key business risks
• Ensuring that the processes are in place and monitoring of those processes so that the Board is properly
and regularly informed and updated on corporate financial matters
• Recommending annually to the Board the appointment of the independent auditor
• Monitoring and reviewing the independent and internal auditing practices
• Having direct communication with and unrestricted access to the independent auditors and any internal
auditors or accountants
• Ensuring the integrity of financial reporting, including reviewing the financial statements and advising all
Directors whether they comply with the appropriate laws and regulations
• Ensuring that the external auditor or lead audit partner is changed at least every five years.
Directors who are not members of the Committee are able to attend Audit & Risk Committee meetings as
they wish. Employees may only attend those meetings at the invitation of the Audit & Risk Committee.
Nomination Committee
The Board has established a Nomination Committee to recommend Director appointments to the Board.
The Nomination Committee operates under a written Charter. All members of the Nomination Committee
are independent Directors.
Remuneration Committee
The Board has a Remuneration Committee to recommend the remuneration for Directors to the
shareholders and the remuneration of the CEO and Officers/Senior Managers of the Company. The
Remuneration Committee operates under a written Charter. All members of the Remuneration Committee
are independent Directors. The CEO has a standing invitation to attend meetings but does not participate
in any discussions concerning the CEO’s remuneration. Management other than the CEO only attend
Remuneration Committee meetings at the invitation of the Committee.
The Remuneration Committee is responsible for ensuring that the Company has a sound Remuneration
Policy to attract and retain high performing individuals. The Remuneration Policy is available on the
Company’s website.
Capital Committee
The Board has a Capital Committee to provide direction and oversight; and make recommendations to the
Board and to act on matters pertaining to the Company’s capital position. The Capital Committee operates
under a written Charter.
Other Committees and Takeover Protocol
The Board establishes other Committees as required. In the case of a takeover offer, Pacific Edge will
form an Independent Takeover Committee to oversee disclosure and response, and engage expert legal
and financial advisors to provide advice on procedure. The Board has established appropriate processes
and protocols that set out the procedures to be followed if there was to be a takeover offer made for the
Company.
CORPORATE GOVERNANCE
PRINCIPLE 4: REPORTING & DISCLOSURE
“The Board should demand integrity in financial and non-financial reporting, and in the timeliness and
balance of corporate disclosures.”
Continuous Disclosure
The Board focuses on providing accurate, adequate and timely information both to its shareholders and
to the market generally. This enables all investors to make informed decisions about the Company. All
significant announcements made to NZX, and reports issued, are posted on the Company’s website.
The Company has procedures in place to ensure that it complies with its continuous disclosure requirements
under the NZX Listing Rules. The Continuous Disclosure Policy governs the release to the market of all
material information that may affect the value of the Company.
Company Policies
Copies of the key governance documents, including the Continuous Disclosure Policy, Ethical Behaviour
Policy, Share Trading Policy, Board and Committee Charters and Diversity Policy are available on the
Company’s website.
https://www.pacificedgedx.com/investors/governance
Financial Reporting
Pacific Edge’s management team is responsible for implementing and maintaining appropriate accounting
and financial reporting principles, policies, and internal controls. These are designed to ensure compliance
with accounting standards and applicable laws and regulations.
The Audit & Risk Committee oversees the quality and integrity of external financial reporting, including the
accuracy, completeness, balance and timeliness of financial statements. It reviews Pacific Edge’s full and
half year financial statements and makes recommendations to the Board concerning accounting policies,
areas of judgement, compliance with accounting standards, stock exchange and legal requirements, and the
results of the external audit.
All matters required to be addressed, and for which the Committee has responsibility, were addressed
during the reporting period.
The CEO and CFO have confirmed in writing to the Board that Pacific Edge’s external financial reports
present a true and fair view in all material aspects. Pacific Edge’s full and half year financial statements are
available on the Company’s website.
The Chief Financial Officer holds the role of Company Secretary. In all accounting and secretarial matters,
the Board ensures that the Secretary’s reports are objective and that the Secretary has unfettered access to
the Chair and the Audit and Risk Committee, without reference to the CEO.
Non-Financial Reporting
Non-financial information is provided on a regular basis to shareholders to allow them to measure the
progress of the company. Pacific Edge’s Board and management have commenced a project focused on
identifying areas which are of primary importance to creating a sustainable business, achieving strategic
goals and meeting the expectations of key stakeholders.
Pacific Edge discusses its strategic objectives and its progress against these in the Chair and CEO’s
commentary in shareholder reports. Key non-financial metrics used by Pacific Edge to demonstrate its
progress are Laboratory Test Throughput and Commercial Test volumes.
CORPORATE GOVERNANCE
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PRINCIPLE 5: REMUNERATION
“The remuneration of Directors and Executives should be transparent, fair and reasonable.”
Directors’ Remuneration
The Company has a Remuneration Policy which outlines the processes and framework for remuneration
of the Chairperson, the Directors, the CEO and management. The Remuneration Committee is responsible
for recommending to the Board the remuneration for the Chair, Directors and Officers. Shareholders fix the
total remuneration available for Directors. Approval is sought for any increase in the pool available to pay
Directors’ fees, and any recommendations to shareholders regarding Director remuneration are provided for
approval in a transparent manner.
External advice is sought on a regular basis to ensure remuneration is benchmarked to the market for
senior management positions, Directors and Board positions. The last review of Director remuneration was
undertaken in July 2018.
Further details on remuneration are included in the Remuneration Section of this Annual Report, including
the remuneration arrangements in place for the CEO, on pages 77 to 79.
While there is no formal requirement to do so, the majority of Pacific Edge’s Directors own shares in the
company, either directly or through related interests. There is provision for the Company to make a retirement
payment to a Director if approved by shareholders; however, no retirement payments were made in FY21.
PRINCIPLE 6: RISK MANAGEMENT
“Directors should have a sound understanding of the material risks faced by the issuer and how to manage
them. The Board should regularly verify that the issuer has appropriate processes that identify and manage
potential and material risks.”
The Board is responsible for ensuring that appropriate policies and procedures are in place to identify and
manage the key risks of the Company, which is managed through the Audit & Risk Committee. The Audit &
Risk Committee operates in line with its Charter, which sets out its responsibilities for identifying, monitoring,
treating and reporting on key business risks.
The executive team and senior management are required to regularly identify the major risks affecting the
business, record them in the risk register and develop structures, practices and processes to manage and
monitor these risks.
A comprehensive review of the risk register was completed in 2020 and incorporated risk mitigation
strategies, processes and policies. A review is scheduled to be completed annually. Management continue
to monitor individual risks, as do the Board, with the risk register discussed at scheduled Board meetings,
with a focus on any changes and emerging risks and opportunities.
Pacific Edge maintains insurance policies that it considers adequate and practicable to meet its insurable risks.
The Board is satisfied that Pacific Edge has in place a risk management framework to effectively identify,
manage and monitor Pacific Edge’s principal risks to the extent practicable.
Pacific Edge’s material risks and how these are being managed are outlined and discussed in the Risk
Analysis on pages 80 and 81.
Health and Safety
The Company takes responsibility, so far as is reasonably practicable, at all its sites to protect the health,
safety and welfare of all staff and people on Company sites, and acts in compliance with all of its legal and
ethical obligations.
Pacific Edge aims to proactively identify and manage all identified hazards across the Company. The
Company’s health and safety performance is monitored and reviewed regularly by management, the Board
and is audited externally. The Company’s goal is to maintain a safe and effective operating environment and
takes its duty of care to staff, contractors and visitors very seriously.
During Covid-19, the Company operated as an ‘Essential Business’. Covid-19 operating protocols utilised two
separate operations teams where only one team was on site at any one time, and required safe distancing,
additional cleaning and sanitisation of all operating surfaces on a regular basis. Remote working was
enabled for all other employees.
CORPORATE GOVERNANCE
There were no serious harm incidents reported during FY21 and no days lost to workplace incidents at any
Company site. In addition, there were no serious hazards identified across the Group.
PRINCIPLE 7: AUDITORS
“The Board should ensure the quality and independence of the external audit process.”
External Auditors
The Board’s relationship with its external auditors is governed by the Audit & Risk Committee Charter.
The Charter sets out the Audit & Risk Committee’s responsibilities in relation to corporate accounting
and reporting practices of the Company, along with the quality and integrity of financial reports. It is
the responsibility of the Audit & Risk Committee to maintain free and open communication between the
Directors and external auditors and to approve any non-audit engagements performed by the audit firm.
For FY21, PricewaterhouseCoopers (PwC) was the external auditor for Pacific Edge Limited. PwC was re-
appointed under the Companies Act 1993 at the 2020 Annual Shareholders Meeting. The last audit partner
rotation was in FY21 with the next rotation due no later than FY26.
All audit work at Pacific Edge is separated from non-audit services, to ensure that appropriate independence
is maintained. The Audit and Risk Committee review and approve the nature and scope of other professional
services (if any) provided to the Company by the external auditor and consider the relationship to the
auditor’s independence. PwC only provided audit work in FY21. The amount of fees paid to PwC during FY21
are identified on page 39.
The Audit and Risk Committee is responsible for monitoring the performance and independence of the
external auditor.
PwC has provided the Audit & Risk Committee with written confirmation that, in its view, it was able to
operate independently during the year.
PwC attends each Annual Meeting of the Company, and the lead audit partner is available to answer
questions from shareholders at that Meeting. PwC attended the 2020 Annual Meeting.
Internal Audits
Internal audits are used as a tool for the systematic and independent examination of Pacific Edge’s
operational processes as they relate to product and service provision.
Pacific Edge conducts internal audits at planned intervals to verify that its Quality Management System is
effectively implemented and maintained and provides continuous improvement opportunities in system
processes. This also ensures compliance with the requirements of its International Standard, ISO9001:2015
certification, which was awarded in November 2017 and reassessed annually by an external body for
continued certification.
PRINCIPLE 8: SHAREHOLDER RIGHTS & RELATIONS
“The Board should respect the rights of shareholders and foster constructive relationships with shareholders
that encourage them to engage with the issuer.”
Shareholder Communications
Pacific Edge is committed to ensuring that its shareholders are kept up to date with key activities and are
provided with relevant information about the Company and its performance.
The Company communicates with shareholders during the financial year through shareholder newsletters,
annual and half year reports and at the Annual Shareholders Meeting (ASM). All written communications and
reports are available on the Company’s website, as well as emailed to shareholders who elect to be emailed.
All shareholders are given the option to elect to receive electronic communications from the Company.
In addition to shareholders, Pacific Edge has a wide range of stakeholders and maintains open channels
of communication for all audiences, including brokers, the investing community and the New Zealand
Shareholders’ Association, as well as its staff, suppliers and customers.
CORPORATE GOVERNANCE
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Equity Capital Raise July 2020
All shareholders are given the option to elect to receive electronic communications from the Company.
In addition to shareholders, Pacific Edge has a wide range of stakeholders and maintains open channels
of communication for all audiences, including brokers, the investing community and the New Zealand
Shareholders’ Association, as well as its staff, suppliers and customers.
In July 2020, the Company accepted an investment offer of $22 million from ANZ New Zealand Investments.
The capital was preferred to a pro-rata issue as it added further depth to the Company’s share register
and was at a 14% premium to the VWAP calculated for the prior 5 day trading days. The funds provided
the Company with growth capital to accelerate commercial progress and allowed Pacific Edge to further
execute on its future growth opportunities, thereby adding value for all shareholders.
Shareholder Meetings
In accordance with the NZX Listing Rules, shareholders have the right to vote on major decisions which may
change the nature of the Company. Each shareholder has one vote per share and voting is conducted by polls.
The notice of the Annual Meeting is announced on the NZX, sent to shareholders and posted on to
the Company’s website at least 20 working days prior to the Meeting each year. Due to the Covid-19
environment, the Board took the prudent step to hold the 2020 ASM online only. The ASM is streamed live
and is accessible worldwide.
The Pacific Edge Limited Remuneration Committee operates as a sub-committee under the guidance of the
Board of Directors to ensure the remuneration framework that is in place is appropriate to attract, retain and
reward current and future employees of the Pacific Edge Group. The Remuneration Committee ensures that
individual employee performance is aligned to the strategy and performance of the Company along with the
interests of the shareholders.
DIRECTORS’ REMUNERATION
The maximum total monetary sum payable by the Company by way of non-executive Directors’ fees is
$302,000 per annum, as approved by shareholders at the 2018 annual shareholders’ meeting. Executive
Directors do not receive Directors’ fees. Any proposed increases in non-executive Director fees and
remuneration will be put to shareholders for approval at the Annual Shareholders Meeting by way of
ordinary resolution. If independent advice is sought by the Board, it will be disclosed to shareholders as part
of the approval process.
The approved Directors’ fees per annum are as follows:
Board of DirectorsFY21
PositionTotal Allowable Fees per annum (NZ$)
Chair80,000
Deputy Chair50,000
US Based Director79,000
Other Directors (x2)44,000
Chair Audit & Risk Committee 5,000
The Board recognised that there is a disparity between the market rates paid in the US and New Zealand
for suitably qualified Directors. Accordingly, to attract a suitably qualified US person, the Company needed
to pay US market rates. The Board took advice and determined that the appropriate fee for a US based
Director in 2018 was NZ$79,000 per annum. Pacific Edge had one US based Director, David Levison, who
stepped down from the Board on 19 November 2020 to take up the role as Executive Chair of PEDUSA.
Directors also receive reimbursement for reasonable travelling, accommodation and other expenses incurred
in the course of performing their duties. Other than as Chair of the Audit and Risk Committee, Directors do
not receive any additional fees for positions on Committees of the Board or subsidiary companies. Directors
fees exclude GST, where applicable.
During the year ended 31 March 2021, the number of non-executive Directors of Pacific Edge started and
ended at five, with David Levison stepping down in November 2020, and Anna Stove being appointed
to the Board in March 2021. Subsequent to 31 March 2021, Mark Green was appointed to the Board as an
independent Director on 10 May 2021.
Non-executive Directors received the following Directors’ fees from the Company in the year ended
31 March 2021:
Directors’ Fees
FY21
(NZ$000)
FY20
(NZ$000)
Pacific Edge Limited Board
C. Gallaher (Chair)8080
A. Masfen4444
A. Stove2-
S. Park (Chair Audit and Risk Committee)4949
B. Williams (Deputy Chair)5050
D. Levison (USA) (resigned 19 Nov 20)5379
J. Duncan (appointed 30 Apr 19; resigned 2 Oct 19)-19
Total278321
REMUNERATIONCORPORATE GOVERNANCE
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