ASM Presentation/Q1 FY22 Growth Metrics
29 July 2021
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PACIFIC EDGE 2021 ANNUAL SHAREHOLDERS MEETING
CHAIR AND CEO SPEECHES
CHAIRMAN’S PRESENTATION : CHRIS GALLAHER
BOARD OF DIRECTORS
I’m pleased to welcome the majority of our directors to Dunedin today, after we gathered online only last
year, with Bryan Williams and I joining you from Melbourne.
Over the last 12 months, we have continued a rejuvenation of the Board, and have been pleased to
welcome two new directors in recent months – Anna Stove and Mark Green. 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 today and you will have an opportunity to hear from them later in the meeting.
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 take this opportunity to thank David for his valued
contribution to our company over his five years as a director.
Other directors in Dunedin today are Sarah Park, chair of our Audit and Risk Committee; Anatole Masfen,
chair of our Capital Committee; and David Darling, our CEO. Anatole retires by rotation today and is
standing for re-election and you will have an opportunity to hear from him later as well.
I would like to thank all our Board members who have served during the year for their counsel and
support.
Also in attendance in Dunedin are, our legal advisers, Anderson Lloyd, and Pacific Edge’s auditors,
PricewaterhouseCoopers.
We also welcome other members of our senior leadership team and other staff members who are joining
us.
BOARD SKILLS MATRIX
The Board has a skills matrix which identifies the competencies and skills which we believe will add value
to the governance of Pacific Edge. Directors’ capabilities are considered against this skills matrix and it is
an important tool in our Board succession planning and appointment of new directors.
We believe that the current directors have the appropriate balance of independence, skills, knowledge,
experience and perspectives necessary to provide the governance for Pacific Edge as the company grows.
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We have identified several areas where we feel we can add further depth and any new appointments to
the board will take these into consideration.
OUR CONSISTENT LONG TERM GROWTH STRATEGY
Our strategy remains consistent – to attain global reach with our comprehensive suite of Cxbladder
products and to maximise the value of our technology for the benefit of our shareholders.
We will do this by:
• Commercialising all four of our Cxbladder tests with our focus on urothelial cancer in our targeted
markets around the world;
• Sustaining our first mover advantage and positioning Cxbladder as the preferred detection and
management test for urothelial cancer; and
• Growing the adoption of multiple Cxbladder products by large scale institutional healthcare
customers, for multiple clinical needs.
Underpinning all this is the commitment to building a profitable business and delivering superior value to
patients, physicians and our shareholders.
FY21 WAS A YEAR OF ACHIEVEMENT
FY21 was a year of positive progress against our strategy, despite the challenges of Covid-19. The major
highlights of the year were:
• The coverage from the Centres for Medicare and Medicaid services for Cxbladder Detect and
Cxbladder Monitor at the national CMS price of US$760 per test.
• Commercial agreement for all our Cxbladder tests nationally, with Kaiser Permanente, one of the
largest integrated healthcare organisations in the US; and
• The publication of additional clinical evidence highlighting the clinical utility of Cxbladder.
The market’s response to these events was very encouraging and pleasingly, Pacific Edge was included in
the NZX 50 index, which resulted in a re-rating of shares. I’m sure many of our long standing shareholders
will have been pleased with the significant uplift in share price in the last 12 months.
To leverage these major commercial milestones, we progressively scaled up our US operations in the
second half of the year, adding more resources to maximise the opportunities ahead of us. A $22m
placement to ANZ NZ Investments last year has provided the capital to fund this growth.
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This was a real financial vote of confidence in the company and its prospects by a substantial and reputable
NZ Institution and enabled us to broaden our institutional shareholding base and raise growth capital for
the company in a very cost effective manner.
STRONG IMPROVEMENT IN YEAR ON YEAR RESULTS
It was particularly pleasing in the pandemic environment to be able to report a stronger financial result,
with strong growth in operating revenue and operating cashflow, a 25% reduction in our net loss and a
significantly strengthened balance sheet.
The result included a nine month contribution from the CMS and also reflected the impact of Covid-19 on
our business, with our momentum at a slower pace than could have otherwise been expected in a ‘normal’
operating environment.
WE ARE POSITIONED FOR GROWTH
Our vision remains for Cxbladder to become the most trusted and preferred diagnostic test for the
detection and management of urothelial cancer.
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.
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,
particularly in the USA and in New Zealand.
We now have the reimbursement milestones, the clinical evidence, the infrastructure and the resources
to build on our achievements.
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.
This is an exciting time in Pacific Edge’s journey. 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 focused on building scale as quickly as possible to deliver revenue growth and value for
shareholders.
The progress and achievements gained in the last year are a reflection of the hard work, passion and
efforts of our experienced team, who stepped up to the plate during a very difficult year and in a testing
operating environment.
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On behalf of the Board, my thanks go to the Pacific Edge team for their contributions over the last year. I
would also like to acknowledge and thank our shareholders who have supported us as we have rolled out
our strategy.
CEO’S PRESENTATION: DAVE DARLING
OUR CHANGING WORLD
The Covid-19 pandemic has had a transformational effect on traditional healthcare and presented
challenges and opportunities for Pacific Edge.
One of the key themes to emerge over the last year has been the value of a robust and enduring
healthcare system. The pandemic has accelerated the use of novel technologies and platforms, and in
particular telemedicine. This has been further aided by the lifting of barriers to telehealth and, in the US,
the raising of the CMS reimbursement rate for medical consultations. For some existing and new US
customers, Cxbladder played an important, enabling role in the new telehealth environment, allowing
patient evaluation and assessment to be managed remotely.
OUR PRODUCTS ARE CENTRAL TO THE TELEHEALTH MODEL
We were at the perfect stage in our commercial evolution when Covid-19 took hold, with reimbursement
milestones in place, an existing system that allowed for patient in-home sampling and a commercial
agreement with the largest single validation customer in the US, Kaiser Permanente. Serendipitously,
Kaiser had recently completed their study of Cxbladder, using the Cxbladder urine sampling system as the
mechanism to collect samples from patients in their own home and therefore were well positioned to
capitalise on its performance and benefits.
As they have done for a number of years, New Zealand urologists have led the way in the adoption of
Cxbladder and integration into the standard of care. So too they led the way with the use of in-home
sampling and for some, the addition of a second product to their mainstream use. During the Covid lock-
down, three of New Zealand’s large public healthcare providers were actively using Cxbladder for in-home
sample collection and two public healthcare providers moved to add another Cxbladder product to their
mainstream commercial use. This has obvious benefits for patients and frees up essential healthcare
capacity.
Over the last year, some organisations have reported up to 90% of their consultations being tele-
consultations due to Covid-19 restricting access to clinics. While this percentage is expected to level out,
it is also expected to remain significantly higher than pre-pandemic. The global precedent has now been
locked in place and telehealth is expected to become an accepted and more usual channel for the delivery
of healthcare in the future.
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PROGRESS AGAINST STRATEGIC GOALS
As Chris has outlined, we have made good progress against our strategic goals in FY21 and are now
building on our achievements with growth firmly in our sights.
OUR COMMERCIAL FOCUS REMAINS TO...
Our primary focus going forward is to firstly encourage commercial use of Cxbladder by large scale
institutional healthcare organisations in each market; and secondly, to encourage our customers to
include multiple products from the Cxbladder suite of tests in their standard of care and mainstream
commercial use.
LAUNCH AND COMMERCIALISE ALL FOUR CXBLADDER PRODUCTS
Our first strategic goal is to launch and commercialise all four Cxbladder products in our targeted markets
around the world.
CXBLADDER A GLOBAL FIRST
We know of no other company which has created a suite of commercial molecular diagnostic products
that positively impact clinical decision making across the entire pathway in a single cancer.
Cxbladder remains the only suite of products which can be used across the full clinical pathway, from
evaluation through to ongoing monitoring for recurrence of cancer, to address the many clinical
challenges that physicians have identified for us.
All four of our products are commercially available in New Zealand and three are currently available in the
US; and we are planning to initiate the launch our fourth product, Cxbladder Resolve, in the US in this
financial year following the successful publication of its performance in the tier one journal, The Journal
of Urology.
PRIMARY FOCUS REMAINS THE US
We are commercialising our suite of tests in four targeted markets – the US, New Zealand, Australia and
South East Asia. These are markets of scale and markets that have a clear path to reimbursement with a
high propensity to pay strong reimbursement rates for our tests.
Adoption of Cxbladder is growing in NZ; with escalating momentum in US; and progression of User
Programmes in Singapore and Australia.
The market that offers us the largest and most accessible opportunity right now is the USA and it remains
our primary commercial focus. The annual addressable market size in the US for bladder cancer is
estimated to be more than 5 million test opportunities for all products, across all identified needs with an
estimated annual addressable revenue opportunity of approximately US$3.5b
1
.
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SUSTAIN THE GLOBAL FIRST MOVER ADVANTAGE
Our second pathway to achieve commercial success is through the leverage of our first mover advantage
and positioning Cxbladder as the preferred detection and management tests for urothelial cancer.
Pacific Edge owns world leading technology and intellectual property and we have a significant time based
competitive advantage. The ability for our tests to be used across the entire clinical pathway, the multiple
tests, the consistent performance and the ease of transfer of urine samples from the patient to the lab,
all enhance our competitive advantage.
Commercially, we are well ahead of any molecular diagnostic competitors, with a clinical evidence
portfolio of peer-reviewed published papers supporting the repeated outperformance of Cxbladder,
increasing coverage by insurers and achievement of major US reimbursement milestones. As we now
know well, these milestones take a long time and substantial investment to achieve.
ADOPTION OF MULTIPLE CXBLADDER PRODUCTS
As we have said, our primary focus is not just to move urologists to using Cxbladder but to encourage use
of multiple Cxbladder products from our suite and gain inclusion in the standards of care.
Urologists and healthcare providers are becoming increasingly aware of the benefits Cxbladder offers –
timely non-invasive detection, rule-out of patients who don’t have disease, better management of patient
and reduction in the number of patients coming into clinics.
New Zealand has been leading the way with many public healthcare providers now having more than one
Cxbladder product in their standards of care. Kaiser Permanente has also recently announced it will
commence commercial use of a second product, Cxbladder Triage.
The products used by physicians depends on their specific risk perspective, their specific clinical issues
and the length of time that a product has been in their market. In the US, the market uses Cxbladder
Detect and Cxbladder Monitor. In New Zealand, the predominant use is Cxbladder Triage and Cxbladder
Monitor.
NEW PAPER HIGHLIGHTS SIGNIFICANT BENEFIT FROM COMBINED USE OF CXBLADDER PRODUCTS
In the last few weeks, a new Cxbladder paper has been accepted for publication in the high profile urology
journal, The Journal of Urology. The paper is a world first and shows how the use of three Cxbladder
products can increase significantly the clinical resolution of a patient’s disease state.
The study evaluated the use of Cxbladder Resolve, alone and in combination with other products, to
correctly identify those with cancer and then to segregate those with high impact tumours for priority
investigation.
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The paper shows that the combined use of three of our Cxbladder tests, using a single patients urine
sample, can firstly rule out those who do not have cancer, then accurately identify those with cancer and
finally, segregate out those with high-impact tumours for priority investigation.
This provides significant benefit to both physicians and patients, significantly reducing the number of
patients requiring further work up while prioritising those patients with these high impact tumours.
This is a pivotal paper for urologists, outlining the significant increase in clinical resolution that can be
achieved from using the multiple Cxbladder products in this fashion. This is the first time the clinical
benefits of this novel approach have been demonstrated.
A significant outcome portrayed by this paper was the outperformance of our Cxbladder products used in
this fashion where combined use of the Cxbladder products provided a 4.8 times more effective outcome
than the new AUA (2020) guidelines. This is expected to be a big help in gaining recognition of the
Cxbladder products for inclusion in the AUA guidelines.
To get a paper published, the journal submits the paper to independent Key Opinion Leader (KOL)
urologists, who review the clinical science and the data and who provide their feedback to the Journal
editor. The reviewer feedback on the TxDxR paper was very positive with one reviewer highlighting the
potential for the study to “change the diagnostic paradigm for patients presenting with haematuria, better
identifying high-risk patients and decreasing the time to tumour diagnosis.”
Another reviewer commented: “This series of urine based tests appears to represent an exciting pathway
for hematuria workups, better stratifying risk of malignancy, and perhaps obviating the need for
cystoscopy in workup of many patients with haematuria”.
INCLUSION IN NATIONAL GUIDELINES
Inclusion in medical guidelines is a progressive process, it takes time, requires compelling clinical evidence
and always follows significant adoption by healthcare providers. Inclusion in guidelines empowers
urologists and organisations to adopt and use our products by providing them with a clear medically
recognised mandate. Guidelines also help payers recognise their obligation to reimburse medical products
once incorporated into guidelines.
In the US, Cxbladder is specifically included in the NCCN guidelines for patients being monitored for
recurrence of urothelial cancer. These guidelines are widely recognised and used as the standard for
clinical policy and practice in oncology by clinicians and payers in the USA.
Several of New Zealand’s public healthcare providers have also integrated Cxbladder into clinical
guidelines, replacing the gold standard cystoscopy in both the evaluation of haematuria and in the
monitoring for recurrence of urothelial cancer.
We are seeing growing recognition of Cxbladder and reference to high performing biomarker technology
for inclusion in urology clinical guidelines and our focus is on gaining stronger inclusion language for
Cxbladder in the near future.
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Last year, we saw guideline language and process changes in both in the American Urology Association
guidelines and EAU guidelines for hematuria and for Non-Muscle Invasive Bladder Cancer including
specific references to Cxbladder studies and performance.
GROW THE ADOPTION OF CXBLADDER BY LARGE SCALE HEALTHCARE ORGANISATIONS
Our third strategic objective is to gain scale adoption by large healthcare institutions in all our targeted
markets, particularly the US.
While these large scale customers can take longer to bring to completion, once commercial agreement is
reached, they can provide significant volume, require lower sales maintenance and deliver more
sustainable, longer term growth opportunities.
Two big commercial achievements occurred over the last year which are important for us. Firstly,
reimbursement coverage by the Centres for Medicare and Medicaid Services or CMS as they are known
and secondly, the completion of four years of due diligence and the conclusion of the commercial
agreement with Kaiser Permanente.
The CMS coverage inclusion also supports our negotiations with the many private insurance payers in the
US who provide cover for approximately 60% of our current commercial tests performed in the US. The
impact of these payer negotiations will be to increase our coverage and therefore reimbursement, as well
as shortening the cycle time for claims payment, our receipt of the cash.
COMMERCIAL AGREEMENT WITH KAISER PERMANENTE
The commercial agreement with Kaiser Permanente was concluded in early June 2020 following
approximately four years of due diligence by Kaiser. The agreement covers all four Cxbladder products for
use in the Kaiser Permanente federation nationwide. Kaiser is one of the largest healthcare providers in
the US with over 12 million members. They chose to commence with Cxbladder Monitor and just recently,
have announced that they will also be starting commercial use of Cxbladder Triage. This is a great
endorsement of our products and services from a leading healthcare provider.
Our first priority last year was putting the systems, processes and training in place to ensure our gold-
standard service levels. The pandemic pushed out our anticipated timeline, as did the level of work
required to integrate our ordering and reporting systems into Kaiser’s IT infrastructure.
Despite the challenges that Kaiser has been enduring over the Covid19 pandemic, Cxbladder Monitor
launched and we are seeing test volumes starting to build. We expect to see volumes grow further,
following the start of the use of Cxbladder Triage in the second quarter of FY22 and as Covid-19
restrictions ease.
GROWING USE/EVALUATION OF CXBLADDER BY LARGE SCALE HEALTHCARE ORGANISATIONS
We have a long list of large scale customers that we like to call Institutional Customers in both the USA
and our other markets, who are currently starting their commercial use or evaluating Cxbladder products,
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including some of the most highly recognised healthcare organisations in the world, such as Johns Hopkins
Medicine and the Cleveland Clinic, to name a couple on our list.
Momentum is growing progressively and the new commercial relationships and agreements that will
result from these will have a significant positive impact on our financial position when concluded.
RECENT COMMERCIAL ACHIEVEMENTS IN THE US
Being covered for reimbursement by the CMS and having reached commercial agreement with Kaiser
Permanente is definitely assisting in our negotiations with other targeted large scale customers and
payers. Both of these commercial outcomes are seen by other healthcare providers and urologists in
general as being large validation ticks. In the last few months, we have announced coverage of Cxbladder
by United Healthcare for their Medicare Advantage policy holders. United Healthcare is the largest private
healthcare provider and insurer in the US. We have also announced a commercial agreement with Facey
Medical Group for the use of Cxbladder Detect and Monitor.
FY21 AND FY22 YTD PERFORMANCE
We have already provided a lot of detail on our FY21 performance, in our recent full year results
announcement, presentation and our annual report. The focus today is on our trajectory into this financial
year.
FY21 PERFORMANCE SNAPSHOT
Covid-19 had a significant impact on our performance in FY21, particularly in Q1 during the initial
lockdowns and then throughout the year, particularly in the US as infection rates continued to fluctuate
and states went in and out of covid restrictions.
Despite the challenges of operating in this environment, we were pleased to deliver a strong recovery to
our business and a strong financial result. It is opportune to recognise the great effort of the Pacific Edge
team for standing up, finding creative solutions and in making it happen.....Thank you!
For many of you, you will not know that our New Zealand scientists and front line team were set up to
provide Covid-19 testing services for New Zealand although we were not called upon by the Ministry of
Health to provide any test services. Thank you to the team.
Q1 FY22 PERFORMANCE
Our strong recovery from Covid-19 has continued into the first quarter of FY22 with test volumes ramping
up as the benefits start to be realised from our investment into growing the number of our US sales team
adding additional sales territories and as covid restrictions ease.
We’ve had a record quarter in both test throughput and cash receipts. Lab throughput has risen
consistently over the last five quarters and was 179% on the same time last year.
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Cash Receipts from Customers also continue to grow as reimbursement success and volumes grow, these
are 242% on the same time last year.
GROWTH CATALYSTS AND OUTLOOK
Our recent progress and commercial achievements in FY21 underpin our future growth and we are now
seeing the commercial benefits of our efforts and resources that have gone into the development and
commercialisation of our Cxbladder technology. Our people, products, business model and strategy are
well proven and adoption of Cxbladder and commercial sales are increasing.
We have identified scale opportunities for growth in each of our targeted markets and have deployed
resources to capitalise on them.
STRONG PLATFORM TO DRIVE GROWTH
We have a strong platform to grow our business with two certified labs; four class leading products
addressing a large unmet global need; key reimbursement milestones in place in the US; a commercial
agreement with the largest single validation customer in the US; and a proven model with healthcare
providers in New Zealand.
STRONG LEADERSHIP TEAM
Our growth will be driven and supported by our leadership team, all of whom are senior executives with
extensive experience in their areas of expertise. In the last year we have expanded the team, with the
appointment of a number of new roles that have become a necessity as we have accelerated our
commercial strategy. In particular, in this calendar year, we have added the new roles Chief Technical
Officer, Chief Information Officer and Chief Operational Officer and we are pleased to have Justin, Andy
and Demi here with us today, as well as other members of our leadership team.
SCALE UP OF US COMMERCIAL OPERATIONS
We also progressively scaled up our US commercial operations during the last quarter of FY21. Right now
we have a sales team of 24 specialised account managers, up from 16 last year and are looking to grow
this number out to 28 to 30 over this financial year. We also have a dedicated team of reimbursement
specialists to carry out negotiations with the targeted private payers to gain coverage and reimbursement
where needed; and have also bolstered our clinical and customer liaison resources.
An important driver for us is the ongoing education of urologists, to build awareness of Cxbladder and the
benefits it can provide in their particular clinical setting. This is a key role for all of our people and in
particular our specialised sales people, who are able to demonstrate the financial and clinical benefits that
existing customers are already receiving.
For many customers, the reduction in the number of patients requiring cystoscopes and full workups has
been more than offset by freeing up time to focus on higher value clinical care and delivering a better
patient experience.
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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.
GROWING COMMERCIAL ADOPTION IN NZ LEADS THE WORLD
The New Zealand market remains the global leader for the adoption and use of our Cxbladder technology
and acts as a model for other regions and healthcare providers.
New Zealand Urology Directors have added Cxbladder to national guidelines and in Canterbury they have
implemented new guidelines for all patients who present to the clinic with blood in their urine
(haematuria). The new guidelines consist of only Cxbladder Triage plus imaging and they replace the
previous gold standard cystoscopy and other tests and procedures used in this setting.
POSITIVE GROWTH OUTLOOK
We have a positive growth outlook for the company with opportunities being addressed in each of our
key markets.
GROWTH OUTLOOK: THE UNITED STATES
The US market for Cxbladder products offers us an annual addressable market size of more than US$3.5
billion and accordingly remains our primary focus.
Key initiatives for in this market for FY22 are:
• growing the commercial adoption of Cxbladder by Kaiser Permanente and other large healthcare
organisations;
• shifting existing customers to use more than one Cxbladder product;
• further increasing reimbursement coverage from private payers, like United Healthcare; and
• increased US guideline inclusion following the publication of new clinical evidence further
supporting the clinical utility of Cxbladder.
An increasing number of commercial tests from the CMS, Kaiser Permanente and other scale payers such
as United Healthcare are expected to underpin our revenue and operating cashflow growth in FY22 and
beyond.
GROWTH CATALYSTS: US MARKET
There are a number of catalysts that we believe will drive our growth in the US, particularly in the next
few years, including:
• Our scaled up US sales team and back-office support resources;
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• A ramp up in demand from Kaiser Permanente and the adoption of more than one Cxbladder
product by new and existing customers of scale;
• Concluding commercial agreements with other healthcare institutions of scale such as the
recently announced coverage by United Healthcare for their Medicare advantage plans; and
• Expansion of reimbursement coverage with other payers in the U.S.
The development and peer reviewed publication of further clinical evidence will remain a cornerstone to
commercial adoption, as will additional US guideline inclusion, better inclusion language for the NCCN
guideline and the US commercial launch of Cxbladder Resolve, our fourth test in the suite of products.
NEW ZEALAND
New Zealand is our home market and is leading the way with the adoption of Cxbladder into mainstream
commercial use. There have been significant changes in the way New Zealand urologists practice urology,
with Cxbladder added into the standard of care for the majority of public healthcare providers – and we
are now seeing an increasing number of these providers adopting more than one of our products.
Currently more than two thirds of New Zealand’s population are covered through contracts with the public
healthcare providers and we are working hard to get the remaining DHBs under contract; as well as
continuing the evolution towards mainstream commercial use of more than one Cxbladder product.
AUSTRALIA AND SOUTH EAST ASIA
Australia and South East Asia also offer exciting opportunities for us. Both are at an earlier stage in their
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 in 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, many of whom
have commercial businesses across SEA.
The published results from the clinical trials in Singapore will form the basis of our commercial rollout in
Southeast Asia. This region is expected to become a market of significant scale for Cxbladder over time
with an accessible commercial population of equivalence to the U.S.
AN EXCITING FUTURE
We all remain excited about the future for our company. After many years, we are now on the cusp of
realising the some of the rewards of our efforts. When we started this journey 19 years ago, our vision
was to create a better, easier and more effective way of diagnosing cancer to ensure that people could
be diagnosed and treated with the best possible care, as quickly as possible.
Our suite of Cxbladder products comprehensively addresses the many short-comings of existing
technology for patients, urologists and healthcare providers alike. Cxbladder’s outperformance has been
validated and proven in multiple clinical studies and published in peer reviewed journals around the world.
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All of the foundations are now in place and we have a great team of people with proven performance
delivering these outcomes. We have huge market opportunities for our Cxbladder products.... and we are
just starting to scratch the surface. We are now well positioned to accelerate our momentum and grow
adoption of our novel and world leading products.
Given that this will be my last Annual Shareholder Meeting as CEO, there are many that I would like to
thank. However, most of all, I would like to thank the people at Pacific Edge for their undying faith that
we would prevail. Secondly; our shareholders who have been with us through thick and thin. It’s been a
long but ultimately rewarding journey.
Thank you.
ENDS
---
PACIFIC EDGE
ANNUAL MEETING
29 July 2021
1
2
MEETING AGENDA
•Presentations:
•Address from the Chairman, Chris Gallaher
•Address from the CEO, Dave Darling
•Shareholder Discussion
•Resolutions as per Notice of Meeting
•General Business
•Close of Annual Meeting
CHAIRMAN’S
ADDRESS
CHRIS GALLAHER
3
BOARD OF DIRECTORS
Chris Gallaher
4
Anna Stove
David Darling
Mark Green
Sarah Park
Anatole Masfen
•David Levison stepped down in
November 2020 to take up position as
Executive Chair PEDUSA
•Anna Stove appointed 15 March 2021
•Mark Green appointed 10 May 2021
Bryan Williams
Chris Gallaher
01234567
Medicine/Science
Financial Acumen/risk
Sales/Marketing/Distribution
Legal/Regulatory
Corporate Governance
New Market Development
Capital & Financial Markets
Health, Safety, Sustainability
High CapabilityMedium Capability
BOARD SKILLS MATRIX
(Internal Assessment)
5
OUR GROWTH STRATEGY
6
Commercial Milestones
FY21 WAS A YEAR OF ACHIEVEMENT
IN A DIFFICULT GLOBAL ENVIRONMENT
üCMS coverage for Cxbladder Detect and
Cxbladder Monitor
üCommercial agreement with Kaiser Permanente
for all four Cxbladdertests
üPublication of additional clinical evidence
highlighting the clinical utility of Cxbladder
üScale up of U.S. operations to accelerate
revenue growth
üCommercial agreements with NZ public
healthcare providers for more than two thirds
of NZ’s population
üInclusion in S&P/NZX 50 Index
7
0
5
10
15
20
25
Total RevenueOperating
Revenue
Cash ReceiptsCash &
equivalents
$Millions
FY20FY21
FY21 DELIVERED STRONG IMPROVEMENT
ACROSS OUR KEY FINANCIAL METRICS
Financial Milestones
ü76% increase in operating revenue
ü52% increase in cash reimbursement
ü25% decrease in net loss after tax
ü56% increase in net cash, cash
equivalents and short term deposits
8
WE ARE WELL POSITIONED FOR GROWTH
•Experienced management team and in-country specialist sales representatives
calling on urologists
•A well recognised and validated suite of accurate non-invasive Cxbladdertests
•Key reimbursement and commercial milestones completed to largely de-risk
our commercial model
•Strong traction being achieved in our key markets, growing our revenue
•Strong intellectual property portfolio supporting our Cxbladderproducts
•Two dedicated laboratories with international regulatory compliance and
proven performance with headroom for growth
9
CHIEF EXECUTIVE
OFFICER’S
ADDRESS
Dave Darling
10
OUR CHANGING WORLD:
COVID HAS PRESENTED CHALLENGES AND OPPORTUNITIES FOR PACIFIC EDGE
•The value of a robust healthcare system and enduring infrastructure has become
evident
•The pandemic accelerated the deployment of innovative technologies and
platforms, in particular telemedicine
•Adoption accelerated from the lifting of barriers, increase in CMS reimbursement
rate
•Telemedicine is expected to become a sustained channel in the healthcare sector,
post-Covid
•Drivers to changing established physician and healthcare provider behaviour –
education and publication of peer reviewed evidence
11
•Pacific Edge’s U.S. reimbursement
milestones in place
•Commercial agreement with largest single
validation customer in U.S. –Kaiser
Permanente
•Existing system in place for in-home
sampling; tested and proven by Kaiser
Permanente study
•Simple and effective solution for urologists
•New Zealand urologists led the way
Pacific Edge, our Cxbladder products and urine sampling system were identified by
many customers and urologists as being central to enabling telemedicine, in the
urology space, when the Covid-19 pandemic took hold:
12
OUR STRATEGIC
GOALS REMAIN
CONSISTENT
1.Launch and commercialise all four
Cxbladder products in our targeted
markets around the world
2.Sustain the global first mover
advantage; make Cxbladder the
preferred go-to detection and
management tests for urothelial
cancer
3.Grow the adoption of multiple
Cxbladderproducts by large scale
institutional healthcare customers,
providing accurate, non-invasive
solutions for their identified clinical
needs
OUR COMMERCIAL
FOCUS REMAINS TO...
•Encourage commercial use with
large scale institutional accounts
in each targeted market; and
•Encourage our commercial
customers to progress to include
multipleCxbladder products in
their standard of care and
mainstream commercial use
1.
LAUNCH AND
COMMERCIALISE ALL
FOUR CXBLADDER
PRODUCTS IN OUR
TARGETED MARKETS
GLOBALLY
üCxbladder remains the only suite of products
which cover the clinical pathway for urothelial
cancer
üSuite of four Cxbladder products -three
products commercially available in the U.S.
•Fourth product –Cxbladder Resolve -to start
commercial launch in U.S. in FY22
•Strong adoption of Cxbladder is underway in NZ;
escalating momentum in U.S. and progression of
User Programmes in Singapore and Australia
•Gain greater recognition in national guidelines
to deepen and accelerate commercial use of
Cxbladder
Achieved
Forward focus
15
CXBLADDER MULTIPLE PRODUCTS CREATE GLOBAL FIRST
MULTIPLE PRODUCTS COVER THE CLINICAL PATHWAY FOR UROTHELIAL CANCER
U.S. ANNUAL
ADDRESSABLE
MARKET
MORE THAN 5 MILLION
CXBLADDER TEST
OPPORTUNITIES PER YEAR
WITH AN ESTIMATED ANNUAL
REVENUE POTENTIAL OF
MORE THAN
US$ 3.5 BILLION*
16
* PEB company estimate
17
TriageDetectMonitor
TLT by Test Type
(as at 31 March 2021)
PRIMARY FOCUS REMAINS UNITED STATES
USRest of World
Total Laboratory Throughput
(TLT) by Region
(as at 31 March 2021)
UNITED STATES
75% FY21 Total Laboratory Throughput
SOUTH EAST ASIA
AUSTRALIA
NEW ZEALAND
Pacific Edge’s perspective on the relative size of the market opportunity
2.
SUSTAIN THE GLOBAL FIRST
MOVER ADVANTAGE;
MAKE CXBLADDER THE
PREFERRED GO-TO
DETECTION AND
MANAGEMENT TESTS FOR
UROTHELIAL CANCER
üStrong competitive advantages –first mover
position, leader in the field, years of
investment into development and validation,
IP protection
üIncreasing coverage by U.S. payers (insurers)
üSignificant portfolio of peer-reviewed
published papers supporting superior
performance of Cxbladder products
üConcluded major U.S. reimbursement and
commercial milestones
Achieved
18
ADOPTION OF MULTIPLE CXBLADDER PRODUCTS
§Increasing awareness of Cxbladder as a
proposition to better manage urology patients in
the global Covid pandemic
§Allows urologists and healthcare providers to
manage patient care from home and reduce
number of patients coming into clinics
§New Zealand leading the world in adoption and
commercial use of multiple Cxbladder products,
and inclusion in standards of care
§Kaiser Permanente moving to commercial use of
second Cxbladder product, Cxbladder Triage
§Pivotal Cxbladder clinical performance paper
published in high profile urology journal;
highlighting benefits and clinical utility from
multiple product use
19
NEW PAPER HIGHLIGHTS SIGNIFICANT
BENEFIT FROM COMBINED USE OF
CXBLADDER PRODUCTS
Study evaluated the use of Cxbladder Resolve, alone and in
combination with other Cxbladder tests, to identify and
prioritise patients at high risk for urothelial
carcinoma/cancer (UC).
Conclusion:
§For each patient, significant benefits accrue from the use
of a combination of Cxbladder tests to correctly identify
those patients with urothelial carcinoma/cancer (UC) and
further segregate those with high-impact tumours
requiring priority investigation.
§Cxbladder Resolve correctly identified all patients with
high-impact tumours, allowing those patients to be
prioritised for further investigation.
§Of significant importance, the study showed that the
sequential use of the Cxbladder products achieved 4.8
times greater efficiency than the new American Urology
Association 2020 guidelines (AUA) in correctly assigning
patients to the physician’s prioritisation for investigation.
20
INCLUSION IN NATIONAL GUIDELINES WILL ACCELERATE OUR
COMMERCIAL GROWTH
Inclusion in guidelines is a progressive process
requiring substantive clinical evidence and
following mainstream adoption by healthcare
providers.
Cxbladder has been included in:
•New Zealand’s national standard of care and
many of the local guidelines, replacing the
gold standard cystoscopy
•The U.S.’s NCCN Guidelines with a 2b
recommendation for patients being
monitored for recurrence of urothelial
cancer
•The publication of additional
peer reviewed evidence
highlighting the validation
and clinical utility of the
Cxbladder products in our
target markets
•Changes are now being seen
in both AUA and EAU 2020
guidelines wording that could
help facilitate our inclusion
Our focus will continue on:
21
3.
GROW THE ADOPTION
OF CXBLADDER BY
LARGE SCALE
INSTITUTIONAL
HEALTHCARE
CUSTOMERS, FOR
MULTIPLE TARGETED
CLINICAL NEEDS
üInclusion in LCD for CMS reimbursement
üCommercial agreement with Kaiser
Permanente
üGrowing adoption and use by large
scale, highly reputable healthcare
organisations
üMore than two thirds of NZ’s population
under coverage by public healthcare
providers
Our focus on obtaining agreements for
commercial use of Cxbladder by large
institutional accounts has been shown to be
successful in NZ and now the U.S.
Achieved
22
KAISER PERMANENTE COMMERCIAL USE OF
CXBLADDER PRODUCTS
•Anticipated timeline for uptake pushed out due to Covid-19 restrictions in the U.S.
•Commercial use of Cxbladder Monitor progresses, however, pace of roll-out still hampered by Covid-19
•Commitment to start commercial use of Cxbladder Triage will add volume to the use of Cxbladder
Monitor
•Growth expected in Kaiser Permanente’s commercial use of Cxbladder over FY22 as Covid restrictions
ease and electronic management of processes are concluded
23
CONTINUING EVALUATION AND USE OF CXBLADDER
BY LARGE HEALTHCARE INSTITUTIONS
USAUSASOUTH EAST ASIA
•Kaiser Permanente (Completed)
•Carolina Urologic Research
Center
•City of Hope
•Cleveland Clinic
•Cornell
•Fox Chase CC
•Johns Hopkins CC
•MD Anderson
•Moffitt CC
•Ohio State University CC
•Penn State Milton S. Hershey
Medical Center
•Rush University
•Thomas Jefferson University
•TriStar Medical Center
•UCLA
•University of California-San
Diego
•University of California-San
Francisco
•University of Chicago
•University of Colorado
•University of Michigan
•University of Minnesota
•University of Oklahoma
•University of Pennsylvania
•University of Southern
California
•UT Southwestern
•VA Accounts
•Wellstar
•Singapore General Hospital
•Tan Tock Seng
•Khoo Tech PuatHospital
•KK Women’s and Children’s
Hospital
•National University Hospital
•Raffles Medical Group
•Gleneagles Private Hospital
AUSTRALIA/NEW ZEALAND
•AUS: Multiple large public
hospitals across Australia
•NZ: Majority of public
healthcare providers
24
MOST RECENT US COMMERCIAL ACHIEVEMENTS IN 2021
COMMERCIAL AGREEMENT
WITH FACEY MEDICAL GROUP
•Covers theuse of Cxbladder
Detect and Cxbladder Monitor for
Facey Medical Group patients.
•Multi-specialty medical group
with over 180 physicians
providing care to more than
170,000 patients in California
•Affiliated with, or owned by
Providence Health & Services, one
of the largest health systems in
the Western United States.
UNITED HEALTHCARE COVERAGE
A SIGNIFICANT REIMBURSEMENT
MILESTONE
•Coverage has facilitated reimbursement
for Cxbladder Detect and Cxbladder
Monitor tests performed on United
Healthcare patients (Medicare
Advantage policy holders) at US$760 per
test
•The largest private health insurer in the
U.S.
•Has over 50 million members with more
than 5.7 million Medicare Advantage
members
25
FY21 AND FY22 YTD
PERFORMANCE
26
FY21 PERFORMANCE SNAPSHOT
•Significant impact from Covid-19 in early Q1 FY21
•Strong growth in operating revenue and cash reimbursement from July 2020
driven by CMS coverage and growing commercial adoption of Cxbladder. Nine
month contribution from the CMS reflected in full year result
•Strengthened balance sheet following $22m placement to ANZ NZ Investments in
July 2020
•Kaiser Permanente commercial relationship concluded, commercial uptake of
Cxbladder started in late Q3 –uptake growing however anticipated timeline for
uptake pushed out due to Covid-19 restrictions in the U.S.
•Positive results from the scale-up of U.S. commercial operations now starting to
be seen
27
STRONG RECOVERY CONTINUES IN Q1 FY22
Q1 FY22 has seen a record quarter for TLT and cash receipts
•To t a l L a b o ra t o r y T h r o u g h p u t i n Q 1 F Y 2 2 i s :
•Up 79% on Q1 FY21
•Up 9% on Q4 FY21
•Up 35% on quarterly average from FY21
•Cash Receipts from Customers continue to
grow as reimbursement success and volumes
grow:
•Up 142% on Q1 FY21
•Up 21% on Q4 FY21
•Up 50% on quarterly average from FY21
5356
2,000
3,000
4,000
5,000
6,000
Q1 21Q2 21Q3 21Q4 21Q1 22
Test Numbers
Total Laboratory Throughput
28
GROWTH CATALYSTS
29
30
STRONG PLATFORM TO DRIVE GROWTH
•Four class leading products for the detection and management of Urothelial
Cancer (UC), addressing a large, under-served global market opportunity -AAM
for Cxbladder in the U.S. estimated to be more than US$3.5b
•Reimbursement milestones achieved in U.S. –CMS coverage and United
Healthcare coverage for CxbladderDetect and CxbladderMonitor
•Commercial agreement with largest single validation customer in U.S. –Kaiser
Permanente with 12.8 million people covered
•The majority of the public healthcare providers signed up in New Zealand
covering more than two thirds of the population
•Two proprietary CAP-accredited, CLIA certified laboratories (one in Dunedin, New
Zealand and one in Hershey, Pennsylvania) with a combined design capacity for
approximately 300k tests per annum
31
STRENGTHENED SENIOR MANAGEMENT TEAM
PE Global Executive Team
Chief Executive OfficerDavid Darling
Chief Financial OfficerGrant Gibson
Chief Operational OfficerDemi Stefanova
Chief Information Systems &
Decision Support
Andy McIntosh
Chief Technical OfficerJustin Harvey
VP Commercial & FranchiseBrent Pownall
VP Clinical Science & Product
Performance
Tony Lough
PEDUSA Executive Team
Executive Chairman PEDUSADavid Levison
CEO PEDUSAJackie Walker
VP Sales & Customer Service PEDUSAJack Atchason
Chief Medical Officer and Laboratory
Director PEDUSA
Thomas Nifong
VP Marketing PEDUSAGerhard Schultz
New appointments in this calendar year add expertise and experience to the senior
leadership team as Pacific Edge accelerates its global growth strategy
Appointed in 2021 calendar year
•Continued focus by specialist sales
executives to focus on converting other
large healthcare institutions into
customers
•Dedicated team of reimbursement
specialists to carry out negotiations
with the top private payers to gain
coverage and reimbursement
•Expansion of customer services liaison
team to support Kaiser Permanente and
others who are using the Cxbladder
patient in-home sampling program
SCALE-UP OF U.S. COMMERCIAL OPERATIONS TO DRIVE
CXBLADDER COMMERCIAL ACCELERATION
LABORATORY
CAPACITY:
260,000 TESTS P.A
EXPANDED U.S. SALES
TEAM:
CURRENTLY
24 SPECALISED
ACCOUNT MANAGERS
32
COMMERCIAL ADOPTION IN NZ LEADS THE WORLD
•New Zealand’s public healthcare providers (DHBs) are
leading the global adoption of Cxbladder
•Majority (12/20) have now added Cxbladderto their
commercial mainstream use and their standard of care
•NZ urology Directors have added Cxbladder to national
guidelines
•New guideline of Cxbladder Triage and imaging for all
haematuria patients, replacing previous gold standard
cystoscopy and other tests and procedures
More than two thirdsof New Zealand’s population now have access to
Cxbladderthrough contract coverage by their public healthcare providers
33
POSITIVE GROWTH
OUTLOOK
34
UNITED
STATES
•U.S. remains our primary focus
•A focusing of our capital to growth and
specifically the scale-up of the U.S. business
•Increasing number of commercial tests from
CMS and Kaiser Permanente expected to
underpin strong revenue and operating
cashflow growth in FY22 and beyond
•Positive coverage decision from United
Healthcare provides opportunity to grow
adoption of Cxbladder with United Healthcare
and other private payers in U.S.
•Continued leverage of positive
reimbursement across to other targeted
institutional customers of scale
•Development of specific evidence for Key
Opinion Leader’s, Veteran’s Administration
clinics as part of our U.S. growth
35
CATALYSTS TO DRIVE GROWTH IN U.S.
IN FY22 AND BEYOND
•Scaled up U.S. commercial operations providing capacity and resource to drive
revenue growth
•Ramp up in demand from Kaiser Permanente
•Commercial agreements with other healthcare institutions of scale
•Expansion of reimbursement coverage with other private payers
•Publication of new clinical evidence supporting additional U.S. guideline inclusion
•Publication supporting use of multiple Cxbladder products
•Commercial launch of CxbladderResolve
•Gaining recognition and stronger inclusion language for Cxbladderproducts in the
national guidelines ( NCCN, AUA)
36
NEW
ZEALAND
•Increase number of Cxbladder tests used by
each public healthcare provider customer and
expand coverage
•Position Cxbladder for use as preferred bladder
cancer diagnostic tool in proposed new single
nationwide health service (Health NZ)
•Publication of additional clinical evidence
supporting the clinical utility of Cxbladder to
drive further reimbursement
•Increase the number of urologist providers to
use multiple Cxbladder products
GROWTH FOCUS:
Strong growth continues in NZ with customers
moving to multiple Cxbladderproducts in
mainstream use.
Adoption by large public
healthcare providers has been
successful and our focus is now
to conclude the remaining DHBs
and transition to the new
National Healthcare Model
37
SOUTH EAST ASIA AND
AUSTRALIA
Southeast Asia expected to become
a market of scale over time with an
accessible population base
equivalent to the U.S.
Australia expected to start
significant positive commercial use
of Cxbladder
Growth into these markets
continues despite Covid-19 limiting
ability to complete clinical trials and
user testing, but progress is now
continuing
38
DEVELOP OUR COMMERCIAL BASE:
•Transition targeted public healthcare
providers who are currently engaged in
CxbladderUser Programmes in Australia
and Singapore, to becoming commercial
customers of scale
•Build-out our Singapore beachhead and
facilitate commercial discussions with pan
SEA, large healthcare providers to grow
Pacific Edge’s SEA business
•Publication of a paper detailing the
performance of the recently completed
user programs from five public hospitals in
Singapore
“Pacific Edge has an exciting and profitable future ahead. We
have a proven team delivering on a huge market opportunity
for our Cxbladder products and we are just starting to
scratch the surface. We are now well positioned to accelerate
our momentum and grow adoption of our novel and world
leading products.”
39
SHAREHOLDER
DISCUSSION
40
BUSINESS OF THE MEETING
41
RESOLUTIONS
Resolution 1: That Anatole Masfen, who retires by rotation and is eligible for re-
election, be re-elected as a Director of the Company
Resolution 2: That Anna Stove, who was appointed as a Director by the Board
during the year, be elected as a Director of the Company
Resolution 3: That Mark Green, who was appointed as a Director by the Board
during the year, be elected as a Director of the Company
Resolution 4: That pursuant to NZX Main Board Listing Rule 2.11, the maximum
aggregate amount payable to non-executive Directors be increased to $465,000 per
annum
Resolution 5:To record the re-appointment of PricewaterhouseCoopers as auditor
of the Company and to authorise the Directors to fix the auditors’ remuneration for
the ensuing year
42
PROXIES
43
Resolution
FORAGAINSTOPEN
1Re-election of Anatole Masfen299,664,817
96.73%
3,257,209
1.05%
6,862,204
2.22%
2Election of Anna Stove302,890,845
97.77%
25,100
0.01%
6,868,285
2.22%
3Election of Mark Green302,735,711
97.73%
160,769
0.05%
6,868,285
2.22%
4Increase in total Directors’
remuneration
279,558,078
97.07%
2,048,667
0.71%
6,384,410
2.22%
5Authorisationto fix the auditors’
remuneration
302,760,988
97.76%
82,888
0.03%
6,866,204
2.22%
Voting instructions for voting online are available at:
https://bcast.linkinvestorservices.co.nz/generic/docs/OnlinePortalGuide.pdf
OTHER BUSINESS
44
CLOSE OF THE
MEETING
Presentations are available at
www.pacificedgedx.com
www.pacificedge.co.nz
www.cxbladder.com
www.pacificedgedx.com
45
GLOSSARY
•Commercial Tests arethose tests for which the Company is actively seeking reimbursement and cash
receipts, and tests performed at no charge in order to gain new customers.
•Total laboratory throughput (TLT) includes commercial tests and non-commercial tests related to customer’s
start-up User.
•CMS-Centersfor Medicare and Medicaid Services.
•Medicare–the federal health insurance programme for people who are 65 or older administered by the
CMS or CMS’s contractors
•Medicare Advantage –part of the Medicare programme. A type of Medicare health plan offered by
Medicare-approved private insurance companies, rather than the federal government. Often includes policy
advantages over the standard Medicare policy
•Changes to CMS test revenue recognition: LCD inclusion has allowed Pacific Edge to start accruing revenue
(under NZ IFRS 15) for tests that are performed on CMS patients (Medicare and Medicare Advantage) in the
U.S. CMS tests performed after 1 July 2020 have been recognised on an accrual basis based on expected
future cash receipts (previously cash basis). Tests for other non-CMS payers continue to be accounted for on
a cash basis. The accrual included in the FY21 result was $0.973m.
46
DISCLAIMER
Important Notice
This presentation has been prepared by Pacific Edge Limited (PEL) solely to provide interested parties with
further information about PEL and its activities at the date of this presentation.
Information of a general nature
The information in this presentation is of a general nature and does not purport to be complete nor does it
contain all the information which a prospective investor may require in evaluating a possible investment in
PEL or that would be required in a product disclosure statement for the purposes of the New Zealand
Financial Markets Conduct Act 2013 (FMCA). PEL is subject to a disclosure obligation that requires it to
notify certain material information to NZX Limited (NZX) for the purpose of that information being made
available to participants in the market and that information can be found by visiting
www.nzx.com/companies/PEB. This presentation should be read in conjunction with PEL’s other periodic
and continuous disclosure announcements released to NZX.
Not an offer
This presentation is for information purposes only and is not an invitation or offer of securities for
subscription, purchase or sale in any jurisdictionwhere such offer purchase or sale would not be
permitted.
Not financial product advice
This presentation does not constitute legal, financial, tax, financial product advice or investment advice or
a recommendation to acquire PEL securities, and has been prepared without taking into account the
objectives, financial situation or needs of investors. Before making an investment decision, prospective
investors should consider the appropriateness of the information having regard to their own objectives,
financial situation and needs and consult an NZX Firm, solicitor, accountant or other professional advisor if
necessary.
Forward-looking statements
This presentation contains forward-looking statements that reflect PEL’s current views with respect to
future events. Forward-looking statements, by their very nature, involve inherent risks and uncertainties.
Many of those risks and uncertainties are matters which are beyond PEL’s control and could cause actual
results to differ from those predicted. Variations could either be materially positive or materially negative.
The information is stated only as at the date of this presentation. Except as required by law or regulation
(including the NZX Listing Rules), PEL undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise. To the maximum extent
permitted by law, the directors of PEL, PEL and any of its related bodies corporate and affiliates, and their
respective officers, partners, employees, agents, associates and advisers do not make any representation
or warranty, express or implied, as to the accuracy, reliability or completeness of such information, or the
likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in
any forward-looking statement, and disclaim all responsibility and liability for these forward-looking
statements (including, without limitation, liability for negligence).
Financial data
All dollar values are in New Zealand dollars unless otherwise stated.
This presentation should be read in conjunction with, and subject to, the explanations and views of future
outlook on market conditions, earnings and activities given in the announcements relating to the results, and
annual report, for the year ended 31 March 2021.
Effect of rounding
A number of figures, amounts, percentages, estimates, calculations of value and fractions in this presentation
are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the
figures set out in this presentation.
Past performance
Investors should note that past performance, including past share price performance, cannot be relied upon as
an indicator of (and provides no guidance as to) future PEL performance, including future financial position or
share price performance.
Investment risk
An investment in securities of PEL is subject to investment risk and other known and unknown risks, some of
which are beyond the control of PEL. PEL does not guarantee any particular return or the performance of PEL.
Disclaimer
None of PEL or PEL’s advisers or any of their respective affiliates, related bodies corporate, directors, officers,
partners, employees and agents, have authorised, permitted or caused the issue, submission, dispatch or
provision of this presentation and, except to the extent referred to in this presentation, none of them makes or
purports to make any statement in this presentation and there is no statement in this presentation which is
based on any statement by any of them.
To the maximum extent permitted by law, none of PEL and its advisers, affiliates, related bodies corporate, nor
their respective directors, officers, partners, employees and agents makes any representation or warranty,
express or implied, as to the currency, accuracy, reliability or completeness of information in this presentation;
and none of them shall have any liability (including for negligence) for:
•any errors or omissions in this presentation; or
•any failure to correct or update this presentation, or any other written or oral communications
provided in relation to this presentation; or
•any claim, loss or damage (whether foreseeable or not) arising from the use of any information in this
presentation or otherwise arising in connection with this presentation or the information contained
in it.
By receiving this presentation, you agree to the above terms and conditions.
47
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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