Annual Report 2024

ANNUAL
REPORT
FOR THE YEAR ENDED 31 MARCH 2024

PACIFIC EDGE LIMITED ANNUAL REPORT 2024
This report provides a summary review of Pacific Edge’s operational and financial performance for the
year to 31 March 2024. It should be read in conjunction with the company’s financial statements on pages
70 to 103 of this report.
Throughout this report we have focused on what we believe matters most to our stakeholders and
our business. Our aim is to provide easily understood, transparent and engaging disclosures for our
shareholders that describe our business, what we do and why we do it.
The information in this report has been compiled in accordance with relevant law, rules, and corporate
governance recommendations for investor reporting. Financial information has been prepared in
accordance with appropriate accounting standards and the consolidated financial statements have been
audited by PwC.
This report, including the commentary, financial statements, information required by statute and the
disclosures required under the Aotearoa New Zealand Climate Standards were approved by the Pacific
Edge Board on 27 June 2024.
An electronic version of this report is available on the investor section of our website
www.pacificedgedx.com.
Chris Gallaher Sarah Park
Chairman Chair of the Audit and Risk Committee
Pacific Edge Limited is a global cancer diagnostics company leading
the way in the development and commercialisation of bladder cancer
diagnostic and prognostic tests for patients presenting with hematuria
for surveillance of recurrent disease. Headquartered in Dunedin,
New Zealand, with shares listed on the NZX and the ASX under the
ticker code PEB, the company provides its suite of Cxbladder tests
globally through its wholly owned, and CLIA certified, laboratories
in New Zealand and the USA.
Highlight 4
Chair and CEO reports 6
Strategic overview and success 12
ESG 20
Board and management 40
Governance 45
Risk analysis 58
Remuneration 62
Financial statements 70
Auditors report 104
Statutory information 109
Climate statements 116
Directory 134
32
PACIFIC EDGE LIMITED ANNUAL REPORT 2024

FY 2024 FINANCIAL AND OPERATING HIGHLIGHTS
MEDICARE COVERAGE REMAINS OUR FOCUS
Pacific Edge successfully executed strategic initiatives to focus the company on the
development of its advanced cancer diagnostic tests for inclusion in clinical guidelines and
gaining coverage certainty from Medicare and other healthcare payers.
TEST VOLUMES BY TYPE
(TLT*)
96%
■

CXBLADDER DETECT
■
CXBLADDER MONITOR
■
CXBLADDER TRIAGE
FINANCIAL HIGHLIGHTS
1
■

1H
■
2H
GLOBAL COMMERCIAL TEST VOLUMES
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
TESTS
12,976
19,196
26,691
27,347
FY 21FY 22FY 23
7,385
5,591
9,192
12,422
15,401
14,269
11,946
10,004
FY 24
■

1H
■
2H
GLOBAL TOTAL TEST VOLUMES (TLT*)
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
TESTS
15,814
FY 21
8,950
6,864
23,086
FY 22
11,950
11,136
FY 24
32,633
14,393
18,240
FY 23
31,565
16,645
14,920
$23.9M
OPERATING REVENUE

22%
$11.9M
2H 24 CASH BURN

24% ON 1H 24
US$613
2H 24 AVERAGE US SALES PRICE

18% ON 2H 23
$29.5M
NET LOSS AFTER TAX

FROM $27.0 MILLION
32,633
TOTAL LABORATORY THROUGHPUT

3%
$50.3M
NET CASH AND CASH EQUIVALENTS

FROM FROM $62.2 MILLION
IN SEPTEMBER 2023
1
All comparisons are against FY 23 unless otherwise stated and all figures are in New Zealand dollars unless otherwise stated.
*TLT is the Total Laboratory Throughput including commercial, pre-commercial and clinical studies testing
17
FY 24
57%
22%
21%
FY 23
61%
22%
17%
54
PACIFIC EDGE LIMITED ANNUAL REPORT 2024PACIFIC EDGE LIMITED ANNUAL REPORT 2024

Dear Shareholders
Pacific Edge has over the last year
successfully executed on strategic
initiatives to focus the company on the
development of its advanced cancer
diagnostic tests for inclusion in clinical
guidelines and gaining coverage
certainty from Medicare and other
healthcare payers.
The Board is pleased with the progress
Peter and his team have made. They have
acted swiftly through the uncertainty over
continued Medicare coverage of our tests
and retained their focus on the strategic
imperatives in clinical evidence generation
that will underpin our future success and
prepare the company for all outcomes.
FINANCIAL RESULTS
Operating revenue increased 22% to $23.9
million from $19.6 million in FY 23, slowed by
the reduction in commercial test volume in
2H 24. Total laboratory throughput slowed
in the second half of the financial year. This
followed the reduction of the sales team in Q2
24 to drive efficiency and preserve capital as
the company waits for Novitas, the Medicare
Administrative Contractor with jurisdiction
for our US laboratory, to finalise the draft
‘Genetic Testing for Oncology’ (DL 39365)
Local Coverage Determination (LCD) that
may impact continued Medicare coverage of
our tests.
TLT increased 3% to 32,633 tests from 31,565
in FY 23 while commercial test volumes
increased 2% to 27,347 tests from 26,691 in FY
23. Operating revenue was also supported by
an 18% improvement in the US average sales
price and Peter covers this in more detail in
his report.
Total revenue, which includes interest income
on cash reserves, government grants and
foreign exchange movements, increased 12%
to $29.3 million from $26.1 million in the same
period of the prior financial year. The net loss
for the year of $29.5 million was wider than
the $27.0 million in the prior financial year as
the company continued to invest in long-
term growth initiatives and incurred one-off
restructuring costs.
CASHFLOW AND BALANCE SHEET
We ended the year with cash, cash
equivalents and short-term deposits of $50.3
million, down from $62.2 million in September
2023. Cash burn fell sharply in 2H 24 to $11.9
million, down 24% on 1H 24 following the
reorganisation.
The Board believes the cash preservation
program has appropriately balanced the risk
of a Novitas non-coverage determination
against the potential upside from a positive
result. The Board expects the cash is
sufficient to support the company through
to regaining coverage in the event of a
non-coverage determination. We expect
to have clarity on the coverage matter by
the time shareholders gather for our annual
meeting in September.
“The cash preservation
program has appropriately
balanced the risk of a
Novitas non-coverage
determination against the
potential upside from a
positive result.”

GOVERNANCE FOCUS AREAS
Pacific Edge is founded on improving social
outcomes. Cxbladder delivers actionable
information that can advance the standard of
care that clinicians offer patients, reduce the
economic costs of care, and deliver healthcare
equity to poorer or rural communities. For the
first time, our annual report sets out how we
are delivering on these and the other Social,
Governance and Environmental expectations of
our stakeholders.
Our rigorous approach to risk management,
environmental and social responsibility, and the
promotion of a performance culture has been a
driver of success and a source of resilience amid
the disruptions and change of the last year.
Pacific Edge continues to benefit from a
committed and spirited team. On behalf of the
Board, I thank the entire team for their efforts.
Meanwhile, a focus of the Board has been on
the recruitment of Independent Directors to
replace me and Independent Director Mark
Green ahead of our retirement later in the year.
I will remain Chair of the company and on the
Board until the completion of a handover to my
successor.
Mark has indicated that he will step down from
the Board at the conclusion of the company’s
Annual Meeting in September. The Board’s
Nomination Committee has commenced a
recruitment process, which will ramp up after
the Novitas determination.
OUTLOOK
The finalisation of the Novitas LCD remains the
biggest factor impacting the company’s near-
term prospects, with a decision due by 26 July
2024. A non-coverage determination is likely to
impact US volumes and the Average Sales Price
(ASP) for our tests, but we are prepared with
plans to regain coverage and, should coverage
be affirmed, rebuild the momentum in the
clinical adoption of Cxbladder in the US and
around the world.
In the event of a non-coverage determination,
these strategies may include: a legal challenge
to the determination; patients with Medicare
and Medicare Advantage plans assuming
responsibility for payment for a proportion
of Cxbladder tests cost; and the continued
advancement of our clinical evidence program,
which will give us multiple opportunities for a
reconsideration request for Medicare coverage
from Novitas.
I am proud of what we have achieved this
year amid difficult circumstances. I am looking
forward to the time when we have clarity
regarding the Medicare coverage of our tests
and updating shareholders on our response at
our Annual Shareholder Meeting in September.
I would like to close by thanking the Board for
their counsel and support over the year. This
will be my last annual report and I thank all the
Directors that have served over the last eight
years for their support and contributions over
this time. I will be following the company’s
progress with keen interest as it moves into the
next stage of its life cycle.
Despite the disruptions of the last two years, I
take much comfort from the fact that we have
world-leading products, a terrific management
team and a strong Board to take the company
forward.
Last but by no means least, thank you to our
loyal shareholders who have maintained their
belief in the company and products during
challenging times.
With my warm
regards,
Chris Gallaher
Chairman
CHAIRMAN’S REPORT
READY FOR ALL OUTCOMES
76
PACIFIC EDGE LIMITED ANNUAL REPORT 2024PACIFIC EDGE LIMITED ANNUAL REPORT 2024

Dear Shareholders
The next three months of the current
financial year are likely to be highly
determinative of the full year at Pacific
Edge.
By the end of July 2024, our Medicare
Administrative Contractor, Novitas, is
expected to finalise the draft local coverage
determination (LCD) ‘Genetic Testing for
Oncology’ (DL39365) that may impact
continued Medicare reimbursement of our
tests.
By September we are also expecting Medicare
to have reviewed our proposal for a Detect
+

price of approximately $1,590 which we
presented publicly to Medicare at the Clinical
Lab Fee Schedule Annual Laboratory Meeting
on June 25, 2024. Detect
+
is our first test
that incorporates DNA biomarkers, and this
advancement has already been shown to
dramatically improve performance over our
existing hematuria evaluation products, Detect
and Triage. We will also soon learn whether
our recently released, paradigm shifting
STRATA study, which I believe unequivocally
demonstrated the clinical utility of Cxbladder
Triage to risk stratify microhematuria patients,
is sufficient to convince the American
Urological Association to make an amendment
to the 2020 Guidelines for the evaluation and
management of hematuria.
I am proud to report to shareholders that over
the last year we have done all in our power to
achieve decisions favorable to Pacific Edge in
each of these areas. More importantly, I believe
that even in the event of continued short-term
adversity, the long-term view for Pacific Edge
remains one of rapid, sustained growth once
we gain certainty over Medicare’s continued
coverage of our tests.
STRATEGIC PROGRESS
Pacific Edge has refocused on the clinical
development of our new Detect
+
and Monitor
+

tests for guidelines inclusion and coverage
certainty, no matter the outcome of the
finalised LCD.
Following a reorganisation in Q2 24, our sales
strategy prioritises profitable sales territories,
non-Medicare revenue streams and cash
preservation over top line revenue growth
alone. We have aligned our sales messaging to
focus on the clinical value of Cxbladder to the
physician and patient, and its economic value
to healthcare systems and payers.
The shift in focus has delivered improvements
in the US commercial team’s performance:
sales force efficiency (total tests/average FTE)
has risen 59% from 239 in Q4 23 to 381 in Q4
24. The US sales team is now operating above
breakeven. Although the number of ordering
clinicians has fallen, reflecting the reduced
reach of our team, the clinical commitment
to Cxbladder is steady at 6.7 tests per unique
ordering clinician.
Improved US cash collection processes have
delivered what we believe will be an enduring
lift in the Average Sales Price (ASP) from
US$519 in 2H 23 to US$613 in 2H 24. These
processes include initiatives to ensure patients
with non-contracted private payers take
responsibility for test payments.
The ASP has also been supported by ongoing
initiatives to digitalise Cxbladder information
flows that simplify test ordering, resulting
in improved payment collection. The ASP
was further strengthened by an increase
in the volume of tests from our major US
customer Kaiser Permanente and Medicare
reimbursement of Triage since January 2023.
More broadly we are seeking to further
diversify our revenue streams, reaching out to
new territories in Asia, the Middle East, Latin
America, and Australia that over the longer
term can be developed to deliver meaningful
demand for Cxbladder. In the last year this has
seen the appointment of six distributors for our
tests.

As highlighted above we have continued to
advance the commercialisation of Detect
+
.
The test’s CPT
1
code became effective at the
start of this calendar year and our attention is
now focused on Medicare pricing of the test.
The Medicare price is important and will set a
benchmark price for all other US healthcare
payers.
If Medicare affirms our proposal of
approximately $1,590 per test via the
‘Crosswalk’ process, we see the potential for
higher margin to strengthen the underlying
economics of the direct sales team and the
company.
Our clinical evidence generation program is
operating within a structured framework for
Analytical Validity (AV), Clinical Validity (CV)
and Clinical Utility (CU), the endpoints required
for coverage decisions and guideline inclusion.
“We have aligned our sales
messaging to embed the
clinical value of Cxbladder
to the physician and patient,
and its economic value to
health systems and payers."
Our STRATA study achieved the significant
milestone of publication in the Journal of
Urology in May 2024, nine months ahead of
schedule. It also headlined at the American
Urological Association (AUA) annual
conference, the world’s largest urological
meeting, and provides the strongest evidence
yet for the inclusion of Cxbladder in guidelines
for hematuria evaluation.
Specifically, it demonstrated Cxbladder can
safely and more effectively risk-stratify low risk
hematuria patients when compared to AUA
guidelines, thereby reducing the number of
unnecessary invasive cystoscopies.
CHIEF EXECUTIVE’S REPORT
CATALYSTS FOR IMPROVED SHAREHOLDER VALUE
$-
$100
$200
$300
$400
$500
$600
$700
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
TEST VOLUME
AVERAGE US SALES PRICE (US$)
US AVERAGE SALES PRICE (RHS)
1H 22
$472$470
$493
$519
$562
$613
7,476
2H 22
8,276
1H 23
10,622
2H 23
12,450
1H 24
13,550
2H 24
9,956
US COMMERCIAL TEST VOLUMES AND ASP (US$)
1
A CPT (Current Procedural Terminology) code is a medical
code used to describe medical, surgical, and diagnostic
services and procedures in the US healthcare system.
98
PACIFIC EDGE LIMITED ANNUAL REPORT 2024PACIFIC EDGE LIMITED ANNUAL REPORT 2024

Over the next two years the publication of
results from our DRIVE and microDRIVE
studies are expected to provide new CV
evidence for Detect
+
and reinforce CV for
Triage and Detect through supplementary
analyses, while a separate study will
demonstrate the Analytical Validity of all
our current generation of tests under a new
protocol that automates the RNA extraction.
All publications offer new opportunities for
guideline inclusion and, in the event of a
non-coverage determination by Novitas that
impacts Medicare coverage of our tests, an
opportunity to request reconsideration of
coverage.
"We are excited by the
many positive catalysts
on offer in the coming
months..."
Finally, the company’s research and
development efforts have been orientated
toward the launch of Detect
+
and Monitor
+
.
Simultaneously, we have focused on our
Cxbladder simplification projects that aim
to reduce technician operator times, reduce
sample turnaround times, and lower the cost
of goods. These changes simplify the workflow
for a potential kit-based product distribution
and decentralised deployment as an IVD
1
in
international markets.
OUTLOOK
As Chris highlighted, Novitas’ determination
of our Medicare coverage status will have the
most significant bearing on the company’s
near-term prospects, but I want to reinforce
a negative result is not determinative of our
future. We are excited by the many positive
catalysts on offer in the coming months in
addition to this decision, including the Detect
+

price and the raft of new clinical evidence
that our team and partners such as Kaiser
Permanente are expected to publish.
Each one of these catalysts will be
submitted to Novitas for reconsideration,
and consequently has the potential to lift the
prospects of the company. That said, given
the proximity of the three catalysts I outlined
at the start of this report, we expect to have
clarity on any updates to strategy by the time
shareholders gather for our annual meeting in
September.
I look forward to providing a comprehensive
update at that meeting and to seeing you
there.
Dr Peter Meintjes
Chief Executive Officer
PACIFIC EDGE’S GLOBAL FOOTPRINT
EXTENDING OUR GLOBAL REACH THROUGH
DISTRIBUTION AGREEMENTS
Pacific Edge has expanded its global footprint beyond the core US and New Zealand
markets as we seek new and capital efficient ways to capture what we estimate is a
US$7.6 billion global opportunity.
Since the appointment of our first distributor in Israel in late 2022, we have expanded our reach
through strategic distribution agreements, particularly in South America and Asia.
Israel’s ProGenetics, our inaugural distributor, like all partners in our distributor network, brings
extensive resources, local expertise and relationships with physicians that will allow them to embed
Cxbladder in local standards of care over the longer term. In mid-2023, we signed an agreement
with Hi-Precision Diagnostics, and we have since made similar agreements with Transviet in
Vietnam, WellSpring in Malaysia, and Emmed in Brunei.
While commercial test volumes from these agreements are still small, we are optimistic about their
potential to grow meaningfully over time. Our focus remains on private healthcare systems in these
regions, which offer lower barriers to entry and potential for significant market penetration.
CHIEF EXECUTIVE’S REPORT
1
In Vitro Diagnostic
1110
PACIFIC EDGE LIMITED ANNUAL REPORT 2024PACIFIC EDGE LIMITED ANNUAL REPORT 2024

1
ASP: US Operating Revenue in USD / US Commercial Test Volume
2
Lotan at al. (2024). A Multicenter Prospective Randomised Controlled Trial Comparing Cxbladder Triage to Cystoscopy in Patients
With Microhematuria: The Safe Testing of Risk for Asymptomatic Microhematuria Trial. Journal of Urology, 212(1), 41–51.
3
American Urological Association
4
Large Urology Group Practice Association
5
American Association of Clinical Urologists
6
Tyson et al. (2023). Budgetary Impact of Including the Urinary Genomic Marker Cxbladder Detect in the Evaluation of Microhematuria Patients.
Urology practice, 11(1), 54–60.
1
Budgetary Impact of Including the Urinary Genomic Marker Cxbladder Detect in the Evaluation of Microhematuria Patients -PubMed (nih.gov);
Davidson, Peter; Presentation to Urofair, 2022, time to first specialist assessment.
STRATEGY
IMPROVING SOCIAL OUTCOMES AND CREATING
SHAREHOLDER VALUE
Pacific Edge is focused on improving people’s lives and patient outcomes by
providing leading solutions for the early detection and management of bladder
cancer. We are delivering on this goal, and driving long-term shareholder value,
by building on our strong foundations and focusing on three strategic pillars.
VALUE CREATION THROUGH THREE PILLARS
Cxbladder delivers actionable information that can advance the standard of care
that physicians offer to patients, improving the patient experience, quality of life, and
healthcare outcomes, while reducing the total cost of care and improving healthcare
equity.
1
ADOPTION RETENTION AND REVENUE GENERATION
The short-term driver of our performance is to generate revenue by accelerating the adoption
of Cxbladder as the standard of care with clinicians’ healthcare providers, and funders and
retaining those customers and clinicians who understand its value.
Key achievements of the past year
• Commercial Test Volumes (Group) increased by 2% from 26,691 to 27,347
• Reduced average monthly cash burn by 24% from $2,603k in 1H 24 to $1,985k in 2H 24
• Improved US cash collections by 18% with ASP
1
increasing from US$519 in 2H 23 to US$613
in 2H 24
• US sales territories operating above breakeven
• Integrated Cxbladder into the electronic medical records system of Kaiser Permanente in
November 2023
• Retained a strong balance sheet with $50.3 million cash, cash equivalents and short term deposits
EVIDENCE COVERAGE AND GUIDELINES
The medium-term driver of our performance is to enhance our clinical evidence portfolio
and engage with the clinical community on the value of our tests within the frameworks of
Analytical Validity, Clinical Validity, and Clinical Utility, the end points required for coverage
decisions and guideline inclusion.
Key achievements of the past year
• Published Clinical Utility evidence for Triage from our STRATA study in The Journal of
Urology
2

• Presented STRATA in a session at the AUA
3
conference in May 2024 focused on paradigm
shifting technology developments
• Successfully required Novitas, the Medicare contractor with responsibility for our US
laboratory, to follow appropriate procedure for new Local Coverage Determinations (LCD)
in July 2023
• Built a consensus among AUA, LUGPA
4
and AACU
5
advocating for a revision to Novitas’
adverse draft LCD during the ‘Notice and Comment’ period
• Published a budget impact model
6
demonstrating savings of approximately $500 per
patient to healthcare systems or payers that protocolise Cxbladder
• Evolved our Clinical Dossier to include real-world evidence for Monitor and Clinical Utility
evidence for Triage with our STRATA study
• Obtained a PLA code for Detect
+
; the code was also added to the Local Coverage Article
(LCA) on which Pacific Edge relies for reimbursement of our tests
RESEARCH AND DEVELOPMENT
To drive long-term growth, we invest in technology and product innovation to maintain our
leadership position in bladder cancer diagnostics.
Key achievements of the past year
• Deployed automated Cxbladder workflows to reduce turnaround time and hands on time
• Prepared Analytical Validation of Cxbladder products for publication submission
• Focused R&D and lab operations on the launch of Detect
+
and development of Monitor
+

• Improved our Quality Management Systems to accommodate various IVD requirements
MISSION
TO HELP IMPROVE PEOPLE’S LIVES AND PATIENT OUTCOMES BY PROVIDING LEADING SOLUTIONS FOR
THE EARLY DETECTION AND MANAGEMENT OF CANCER
VISION
A WORLD WHERE THE EARLY DIAGNOSIS AND BETTER TREATMENT OF CANCER IS WITHIN REACH
OF EVERYONE
ADOPTION,
RETENTION
AND REVENUE
GENERATION
RESEARCH

AND
INNOVATION
OUR PEOPLE
EXCELLENT PATIENT EXPERIENCE
AND ACCURATE RESULTS
OUR PROCESSES
EARLY DETECTION AND
CLINICALLY ACTIONABLE CARE
OUR IP, KNOWLEDGE
AND EXPERIENCE
INNOVATION PIPELINE FOR
CLINICAL APPLICATIONS
OUR CLINICAL STUDIES
PARTNER SITES
INCLUSIVE WORKPLACE
DRIVEN BY OUTCOMES
OUR INVESTORS
INCREASED LONG-TERM
SHAREHOLDER VALUE
EVIDENCE,
COVERAGE AND
GUIDELINES
INPUTSOUTPUTS
A VALUES-DRIVEN, DIVERSE, RESULTS-FOCUSED CULTURE
SCALABLE PROCESSES, AUTOMATED OPERATIONS, CONTINUOUS IMPROVEMENT
DIGITALISED ARCHITECTURE, SEAMLESS VIRTUAL COLLABORATION, REAL-TIME ANALYSIS
1312
PACIFIC EDGE LIMITED ANNUAL REPORT 2024PACIFIC EDGE LIMITED ANNUAL REPORT 2024

Growth during the year slowed as we focused on preserving capital and
restructuring our US commercial operations. We were rewarded with improvements
in sales force efficiency, improved cash collections and transitioning the sales team
to operate above breakeven.
IMPROVING THE CUSTOMER EXPERIENCE
The Pacific Edge team has achieved significant successes in enhancing the customer experience
and driving operational excellence. We have also built on our foundations of digitalisation and
automation.
The restructuring of
our commercial team
in Q2 24 has achieved
its primary goal of
preserving capital to
weather a potential
decision withdrawing
Medicare coverage
of our tests. It also
delivered significant
operating efficiencies
and ushered in
changes to how we sell
Cxbladder.
The effectiveness
of these initiatives
is evident in a 59%
improvement in sales
force efficiency (test
throughput / average
sales FTE) from Q4 23
to Q4 24, while clinical
commitment (tests per US ordering clinician) is stable.
Our customer-facing systems now offer multiple connection options, including integrations with
Electronic Medical Record (EMR) systems, such as those we have delivered with Kaiser Permanente
(see over page). We are also in the process of developing a customer portal to streamline
workflows and improve the end-to-end experience for patients and customers.
Internally, the operations team has focused on improving lab operations and customer service by
increasing automation and reducing turnaround times. We are also developing an organisation-
wide data warehouse to facilitate seamless storage, access, and reporting of all commercial data.
These initiatives, which are aimed at driving faster Cxbladder turnaround times, highlight the
operations team’s commitment to enhancing efficiency, reducing patient anxiety, and supporting
clinicians in providing timely and effective care.
The pricing of Detect
+
, the next step in the commercialisation in the new generation
of Cxbladder tests, has the potential to strengthen the underlying economics of the
direct sales team and the company.
We achieved coding of the DNA-enhanced test in July 2023, and have recently proposed a
Medicare price of approximately $1,590 for Detect
+
to CMS
1
via the 'Crosswalk' process. This process
compares Detect
+
to similar, previously priced tests based on technology and resource usage. The
existing price for Cxbladder (US$760) serves as a reference for the RNA component, while we
have identified a comparable ddPCR test for the DNA component at $827.69 to drive the proposed
final price for Detect
+
. CMS will make a determination as to whether they agree with our proposal
by September, and if successful, this would result in a higher gross margin for Detect
+
, improving
the ASP and our sales force profitability in future years. If CMS does not agree with our crosswalk
candidate, CMS may choose an alternative technology match from their database with a different
price, or no that no technology match exists, in which case CMS will direct Pacific Edge to a 'Gap
Fill' process, which may delay pricing by another year.
RECOGNISING THE CLINICAL VALUE OF DETECT
+
ADOPTION RETENTION AND REVENUE GENERATION
ACCELERATING CXBLADDER ADOPTION AND DRIVING
EFFICIENCY
DETECT
+
COMMERCIALISATION
1
CMS is the Centers for Medicare and Medicaid Services (CMS) which runs the Medicare and Medicaid programs.
2
Source: Kaiser Permanente https://about.kaiserpermanente.org/who-we-are/fast-facts
0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$105,412
$93,455
$77,791
$62,124
$50,261
31-Mar-2430-Sep-2331-Mar-2320-Sep-2231-Mar-22
10
20
30
40
50
60
21.3
23.3
28.7
28.3
27.3
29.7
33.0
32.7
30.0
27.7
20.7
16.0
Q4 24Q3 24Q2 24Q1 24Q4 23Q3 23Q2 23Q1 23Q4 22Q3 22Q2 22Q1 22
50
100
150
200
250
300
350
400
300
-
600
900
1,200
1,500
657
690
741
789
895
978
1082
1150
1232
1147
1016
915
Q4 24Q3 24Q2 24Q1 24Q4 23Q3 23Q2 23Q1 23Q4 22Q3 22Q2 22Q1 22
0
20000
40000
60000
80000
100000
120000
105412
93455
77791
62124
50261
31-Mar-2430-Sep-2331-Mar-2330-Sep-2231-Mar-22
1.0
-
2.0
3.0
4.0
5.0
6.0
7.0
8.0
CASH AND CASH FLOW EQUIVALENTS ($000)
AVERAGE SALES FTE
US ORDERING CLINICIANS
TESTS/SALES FTE
TEST/ORDERING CLINICIAN
CASH BURN ($000)
0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
6.5
6.8
6.2
6.7
6.86.8
6.1
6.8
7.0
6.4
5.9
6.7
200
202
160
187
222
226
201
239
288
265
292
381
0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$105,412
$93,455
$77,791
$62,124
$50,261
31-Mar-2430-Sep-2331-Mar-2320-Sep-2231-Mar-22
10
20
30
40
50
60
21.3
23.3
28.7
28.3
27.3
29.7
33.0
32.7
30.0
27.7
20.7
16.0
Q4 24Q3 24Q2 24Q1 24Q4 23Q3 23Q2 23Q1 23Q4 22Q3 22Q2 22Q1 22
50
100
150
200
250
300
350
400
300
-
600
900
1,200
1,500
657
690
741
789
895
978
1082
1150
1232
1147
1016
915
Q4 24Q3 24Q2 24Q1 24Q4 23Q3 23Q2 23Q1 23Q4 22Q3 22Q2 22Q1 22
0
20000
40000
60000
80000
100000
120000
105412
93455
77791
62124
50261
31-Mar-2430-Sep-2331-Mar-2330-Sep-2231-Mar-22
1.0
-
2.0
3.0
4.0
5.0
6.0
7.0
8.0
CASH AND CASH FLOW EQUIVALENTS ($000)
AVERAGE SALES FTE
US ORDERING CLINICIANS
TESTS/SALES FTE
TEST/ORDERING CLINICIAN
CASH BURN ($000)
0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
6.5
6.8
6.2
6.7
6.86.8
6.1
6.8
7.0
6.4
5.9
6.7
200
202
160
187
222
226
201
239
288
265
292
381
US SALES FORCE EFFICIENCY
US CLINICAL COMMITMENT
US TEST VOLUME/SALES FTE (RHS)
TESTS/ORDERING CLINICIAN (RHS)
A PARTNERSHIP BUILT ON THE CLINICAL VALUE OF CXBLADDER
Our partnership with Kaiser Permanente, one of the largest integrated healthcare
providers in the US and one of our most significant customers, has gone from
strength to strength over the year.
Kaiser Permanente has been a keen advocate for
the clinical value of Cxbladder. It has integrated
Cxbladder Triage for hematuria evaluation and
Cxbladder Monitor for monitoring patients for
bladder cancer recurrence into its patient care
pathway. In November 2023 Cxbladder went live in
the healthcare provider’s EMR system, streamlining
sample collection, test ordering, and results delivery.
Within the urology community, Kaiser Permanente
has continued its advocacy for Cxbladder and is
working towards publishing real world evidence
demonstrating the significant role our tests can
play in driving down the costs of managing bladder
cancer and improving access to clinicians. Kaiser
Permanente also stood shoulder to shoulder with us as we argued for a reconsideration of the draft
local coverage determination ‘Genetic Testing for Oncology’ (DL 39365) that may impact continued
Medicare coverage of our tests. Irrespective of the Medicare outcome we expect Kaiser Permanente
to continue to use Cxbladder and grow its adoption within its network.
Our tests are currently used across all 15 Kaiser Southern California (SoCal) sites and volumes are
steadily rising primarily for Triage, with Monitor usage rising as clinicians become more familiar
with the tests. As Kaiser SoCal represents approximately 38%
2
of Kaiser Permanente’s 12.6 million
members, this success sets the stage for broader adoption across the entire Kaiser system.
KAISER PERMANENTE
1514
PACIFIC EDGE LIMITED ANNUAL REPORT 2024PACIFIC EDGE LIMITED ANNUAL REPORT 2024

STRATA – THE STRONGEST EVIDENCE YET FOR GUIDELINE INCLUSION
Our STRATA study - the first-ever randomised controlled trial of a urine biomarker for hematuria
evaluation - was published in the Journal of Urology, headlined at the American Urological
Association (AUA) annual conference in May 2024 and delivered the strongest argument yet for
inclusion of Cxbladder in clinical guidelines.
In an unequivocal demonstration of Cxbladder Triage’s clinical utility, STRATA showed clinicians
performed 59% fewer cystoscopies when they could use the information provided from a Cxbladder
test result. Meanwhile no cancers have been found in any of the test arm patients who had a
negative Triage test throughout the 3 to 24-month follow up period recommended by the AUA.
“Cxbladder Triage can help reduce the burden of unnecessary cystoscopies in this population
resulting in less patient morbidity and discomfort, improved access to care, and reduced
environmental impact,” the authors noted in the Journal of Urology paper.
In a significant achievement, and following strong interest from the AUA, our paper was peer
reviewed and published on an expedited timeframe, at least nine months ahead of our existing
plans. The publication puts the company in the best possible position as Novitas, the Medicare
Administrative Contractor with responsibility for our US laboratory, considers submissions on
‘Genetic Testing for Oncology’ the draft local coverage determination that may impact continued
Medicare coverage of our tests. We have no assurance Novitas will consider STRATA’s findings, as
the study was completed after last year’s formal notice and comment period. However, if it does not,
we will use the paper (in the event of non-coverage determination) to seek a reconsideration.
Meanwhile, we will use other data collected during
STRATA to refine the algorithm of Detect
+
as we look
to further improve the performance characteristics
of the test. The study is now at the heart of the
Pacific Edge Clinical Dossier, which is used to engage
with guideline committees, private and government
payers, and value-based clinician groups.
AWAITING MEDICARE COVERAGE CERTAINTY
We continue to await the official response to
representations on the draft ‘Genetic Testing
for Oncology’ (DL 39365) Local Coverage
Determination (LCD), which may impact continued
Medicare coverage of Cxbladder.
We received strong support from the oncology
diagnostics industry and the urology community
through the notice and comment period on the
LCD in September last year. Since then, we have
met with Novitas and the Centers for Medicare
and Medicaid Services, the organisation to whom
Novitas is accountable when it makes Medicare
determinations.
Novitas must finalise or withdraw the LCD by 26
July 2024. Whatever the outcome, it will have
profound implications for the company given the
volume of tests that are now covered by Medicare
(see below). We are prepared for all outcomes.
Should coverage be affirmed we will take steps to
accelerate the adoption of our tests.
Should coverage not be affirmed we will explore
legal and appeals options to overturn the LCD.
We will also further review the structure of our
operations in line with our plan to regain Medicare
coverage and we may extend the ‘enhanced patient
responsibility’ initiatives that have over the last year
played a key role in lifting collections from patients
with private insurance to all Medicare and Medicare
Advantage patients.
We see multiple catalysts for regaining coverage
in the event of a non-coverage determination,
with the publication of new evidence giving us
the opportunity to apply for reconsideration of
coverage (see table below). Meanwhile, should
Cxbladder be included in clinical guidelines we will
also apply for reconsideration.
No matter the outcome we will continue to invest in
the long-term value creation strategies of advancing
our clinical evidence program within the frameworks
of Analytical Validity, Clinical Validity, and Clinical
Utility. If we retain coverage, these studies will
entrench our position with Medicare, offer a
path to inclusion in guidelines and improve our
reimbursement effectiveness with private insurers.
Medicare and Medicare Advantage is the largest
global opportunity in bladder cancer diagnostics
from a single coverage decision. In FY 24 Medicare
and Medicare Advantage delivered ~14,000
commercial tests (~60% of US commercial tests)
and ~NZ$17.0 million in total operating revenue
(~71% of total operating revenue).
The detail of our clinical evidence program is
covered on page 19 of this report.
EVIDENCE COVERAGE AND GUIDELINES
EVIDENCE PROGRAM DEMONSTRATES CXBLADDER’S
CLINICAL UTILITY IN REDUCING UNNECESSARY CYSTOCOPIES
Our goals of entrenching coverage and further embedding Cxbladder in guidelines were
underpinned by significant advances in our evidence generation program. We were also
supported by the professional societies of the urology community, and our industry partners
on the draft determination that may impact Medicare coverage of our tests.
MEDICARE RECONSIDERATION AND GUIDELINE INCLUSION REQUESTS
Reconsideration requests take Novitas
1
approximately 12 months to process from the lodging of a valid request
CatalystTest and evidence standard
2
 Expected date of reconsideration request
3
  
1. STRATA data published CU of TriageNovitas notified of the publication in April
2. Analytical Validation of automated
RNA and DNA extraction published
AV of Triage, Detect and Monitor
AV of Detect
+

AV of Monitor
+
Q3 2024
Q1 2025
Q2 2025
3. DRIVE data published  CV of Detect
+
 
CV of Triage and Detect 
Q2 2025
Q2 2025
4. Kaiser Permanente RWE
4
publishedCU (RWE) of TriageQ2 2025
5
5. microDRIVE publishedCV of Detect
+
Q3 2025
6. AUSSIE data published  CV of Detect
+
 Q4 2025  
7. Pooled CV data published
6
CV of Detect
+
 Q1 2026 
8. LOBSTER published CV of Monitor/Monitor
+
Q1 2026
9. CREDIBLE data published CU of Detect
+
Q1 2028
1
Novitas is the Medicare Administrative Contractor (MAC) charged with making the Medicare local coverage determination for Pacific Edge’s US laboratory
2
AV, CV CU, respectively Analytical Validity, Clinical Validity, Clinical Utility
3
All dates are calendar year rather than financial year and our best current estimates
4
RWE is Real World Evidence
5
Timeline determined by Kaiser Permanente
6
The pooled analysis brings together data from DRIVE, AUSSIE and microDRIVE
“Cxbladder Triage can
help reduce the burden
of unnecessary
cystoscopies in this
population resulting in
less patient morbidity
and discomfort, improved
access to care, and
reduced environmental
impact.”
– Lotan et al. (2024)
1716
PACIFIC EDGE LIMITED ANNUAL REPORT 2024PACIFIC EDGE LIMITED ANNUAL REPORT 2024

Our research and innovation efforts have focused on long-term value creation.
We are well advanced with preparations for the launch of the DNA-enhanced
next generation Detect
+
test. We have also made progress simplifying Cxbladder
testing protocols.
We have successfully automated the extraction and processing of DNA and RNA in patient
samples, a key step in the Cxbladder testing process. This new approach enhances our ability to
scale as demand for Cxbladder grows while reducing the number of suppliers and the number of
steps in the workflow.
Importantly, this also gives us the opportunity to publish new Analytical Validation data, which will
allow healthcare payers and Medicare Administrative Contractors such as Novitas to assess the
analytical validity of our tests more easily. It will also provide Pacific Edge with an opportunity to
apply for coverage reconsideration should Novitas make a Medicare non-coverage determination.
We are targeting the publication of the data in the third quarter of this calendar year.
NEXT GENERATION TESTS
Our digital and lab operations teams are working hard to prepare our laboratory operations to scale
to accommodate Detect
+
and longer-term Monitor
+
for all commercial testing. We are also working
to simplify Cxbladder to reduce technician time, lower costs, and increase automation. Over the
longer term this may include the development of a ‘kittable’ Cxbladder test for decentralised
deployment and international market expansion.
PREPARED FOR FDA REGULATIONS
Pacific Edge is well prepared for changes to the regulation of laboratory developed tests (LDTs)
such as Cxbladder by the US Food and Drug Administration (FDA). In April, the FDA published
a final rule asserting its right to regulate LDTs as Medical Devices under the Medical Device
Amendments of 1976. This rule is currently being challenged in the US Federal Court System by the
American Clinical Laboratory Association (ACLA), an industry association of which Pacific Edge is a
member.
We support FDA regulation through an Act of Congress, such as the VALID Act, though we do
not support the current approach pursued by the FDA and we are working along with the wider
industry to achieve an outcome that better serves the needs of patients, physicians, payers,
providers and all other stakeholders in the industry. Indeed, we believe the legal challenges are not
the only issue – the FDA is insufficiently resourced for the task from an expertise and personnel
perspective. In combination, these challenges suggest that the publicly proposed timelines are not
likely, but regardless, Pacific Edge will continue to meet its regulatory requirements in all areas of its
operations.
Our clinical study program is at the foundation of Pacific Edge’s value. We are proud to
generate the compelling clinical evidence required to change physician behavior that is
founded on the frameworks of Analytical Validity, Clinical Validity, and Clinical Utility, with
the end points and sample sizes required for coverage decisions and guideline inclusion.
RESEARCH AND INNOVATION
FOCUSED ON LONG-TERM VALUE CREATION
OUR CLINICAL STUDY PROGRAM
BUILDING LONG TERM VALUE
STUDYGOALPOPULATION AND
USE
STAT U S
ST R ATA
(Safe Testing of Risk
for AsymptomaTic
MicrohematuriA)
• CU for Triage
• CU for Detect
+

(retrospective)
• Microhematuria
• Risk stratification
• First paper published in May 2024,
coinciding with the AUA conference
DRIVE
(Detection and Risk
stratification In VEterans
presenting with
hematuria)
• CV for Detect
+

• CV for Triage and
within a Veterans’
cohort
• Data for pooled
analysis
• Micro and gross
hematuria
• Risk stratification
• Enrolment closed with 684 patients
across 10 VA sites
• Publication targeted for Q2 2025
microDRIVE
(Detection and Risk
stratification In VEterans
presenting with
hematuria)
• CV of Detect
+

• Data for pooled
analysis
• Microhematuria
• Detection
• Recruitment commenced November
2023 as a network study across all
VAMCs coordinated from a single US
VA site
• 106 patients have consented for the
study with 84 samples received to
date
• The target is 1000 patients with
35-50 tumor confirmed patients
• Target publication Q3 2025
AUSSIE
(Australian Urologic risk
Stratification of patientS
wIth hEmaturia)
• CV of Detect
+

with an Australian
cohort
• Data for pooled
analysis
• Micro and gross
hematuria
• Risk stratification
• Target enrolment: 600 patients across
three Australian sites
• Enrolment commenced September
2023 and 56 subjects are enrolled to
date
• Target publication Q4 2025
POOLED ANALYSIS• CV of Detect
+
• Microhematuria
• Gross Hematuria
• Risk stratification
• Microhematuria and separately Gross
Hematuria patients from DRIVE,
AUSSIE and microDRIVE will be
pooled and performance determined
• Target publication Q1 2026
LOBSTER
(LOngitudinal Bladder
cancer Study for
Tumor Recurrence)
• CV of Monitor/
Monitor
+
• Surveillance
• Risk stratification
• Target enrollment is 426 subjects
across 10 sites (US, Australia)
• Enrolment is now 227 subjects with
395 samples received to date
• The enrolment phase is expected to
end late 2024
• Target publication Q1 2026
CREDIBLE
(Cystoscopic REDuction
In BLadder Evaluations
for microhematuria) - A
randomised, controlled,
clinical utility study for
hematuria evaluation
• CU of Detect
+
• Microhematuria
• Risk stratification
• Target enrollment is 1000 subjects
with an interim analysis at 600 to
determine if the primary objective has
been addressed
• Due to commence late 2024
• Target publication Q1 2028
*Dates are calendar year not financial years
1918
PACIFIC EDGE LIMITED ANNUAL REPORT 2024PACIFIC EDGE LIMITED ANNUAL REPORT 2024

We are delivering on our purpose, and driving long-term shareholder value, by building strong
foundations and focusing on three strategic areas as we set out on pages 12-13 of this report.
We are working hard to embed sustainability considerations into our strategic priorities and
decision-making. The table below shows the areas we have identified as important to driving better
outcomes for all our stakeholders.
WHERE WE ARE FOCUSING OUR EFFORTS
SUSTAINABILITY, GOVERNANCE AND OVERSIGHT
Accountability for the implementation of Pacific Edge’s sustainability goals sits with the CEO.
Oversight of the execution of our sustainability strategy, including the ESG programme and
compliance reporting, is delegated to the Sustainability Committee (SC).
The SC is chaired by the Chief Financial Officer (CFO) and comprises senior leaders and key
functional representatives from New Zealand and the USA. It meets at least quarterly to monitor
progress and performance, and reports through to the Audit and Risk Committee (ARC). It also
meets with the ARC to ensure strong board oversight of progress.
OUR SOCIAL IMPACTOUR ENVIRONMENTAL IMPACTOUR GOVERNANCE PRACTICES
Improving healthcare access,
quality of care and patient
outcomes
• Extending the adoption of our
tests
Product environment
stewardship
• Sustainable sourcing
• Using resources efficiently and
responsibly
Risk management
• Strong risk, governance and
management practices
• Data security
• Operational resilience
An inclusive, engaged and safe
workforce
• Employee engagement
• Career pathways and
development
• Gender equality
• Safety and wellbeing
Emissions reduction
• Energy efficiency
• Business travel intensity
• Reduced Laboratory emissions
from running Cxbladder tests
• Improved logistics efficiency
Operational quality and
compliance
• Product safety
• Quality manufacturing
• Efficiency and effectiveness
Responsible supply chain
• Working with suppliers to
ensure they have ethical codes
of conduct (including the
prevention of modern slavery)
Climate-related disclosures
• ANZ Climate Standards
compliance
Engaging our stakeholders
• Meeting our commitments as
an employer
• Meeting our customer needs
• Creating shareholder value
Supporting our communities
• Support for local initiatives
and events
SUSTAINABILITY
PACIFIC EDGE IS FOUNDED ON IMPROVING SOCIAL
OUTCOMES
Pacific Edge is focused on improving people’s lives and patient outcomes by providing
leading solutions for the early detection and management of bladder cancer.
SUSTAINABILITY
2120
PACIFIC EDGE LIMITED ANNUAL REPORT 2024PACIFIC EDGE LIMITED ANNUAL REPORT 2024

OUR SOCIAL IMPACTOUR ENVIRONMENTAL IMPACTOUR GOVERNANCE PRACTICES
Improving healthcare access,
quality of care and patient
outcomes
• Grew commercial test volumes
by 2% to reach 27,347 tests
globally, broadening patient
access to non-invasive
alternatives
Product environment stewardship
• Key projects underway, aimed at
reducing supply chain footprint
and reducing use of chemicals
and single-use plastics
Risk management
• FMEA
1
risk management
framework embedded across the
business with routine reporting
• Review in progress of our Tax
Governance framework to cover
risks emerging from our growth
trajectory
• Advanced our assessment and
reporting of climate related risks
An inclusive, engaged and safe
workforce
• Strong engagement from our
people
-
79.6% of Pacific Edge people
reported satisfaction in their
roles
-
>80% of Pacific Edge people
reported a clear understanding
of the company’s vision and
purpose
• No lost time to injuries
Emissions reduction
• First greenhouse gas emission
inventory completed
• Toitū Envirocare certified
Pacific Edge as a member of its
carbonreduce program
Operational quality and
compliance
• Further evolved our operational,
quality and compliance
framework
• Pacific Edge has successfully
managed all external compliance
audits in all areas of the business
Responsible supply chain
• Full supplier diagnostic
completed
• Working with major suppliers to
ensure they include conditions
around modern slavery and
human rights
Climate-related disclosures
• Inaugural ANZ Climate
Standards reporting
Supporting our communities
• Sponsored bladder cancer
patient advocacy organisations
to empower patients and build
awareness of the disease

FY 24 PROGRESS AND HIGHLIGHTS
We are pleased to report solid progress towards our sustainability goals over
the past year, with our key achievements highlighted below.
1
FMEA: Failure Mode and Effects Analysis
SUSTAINABILITY
2322
PACIFIC EDGE LIMITED ANNUAL REPORT 2024PACIFIC EDGE LIMITED ANNUAL REPORT 2024

Cxbladder delivers actionable information that can advance the standard of
care that physicians offer, enhancing the patient experience and quality of life
to support improved healthcare outcomes, while helping to reduce the total
cost of care.
Furthermore, our in-home sampling kits improve healthcare equity by bringing the benefits of
Cxbladder to poorer and rural communities that face barriers to accessing specialist care.
Ultimately our success in achieving these goals is best measured by the adoption of our tests.
We are pleased with our record over the last year with commercial test volumes through our
laboratories growing by 2% to reach 27,347 tests globally. As we detailed earlier in this report
this growth was slower due to the deliberate efforts to preserve capital amid the uncertainty
over continued Medicare coverage of our tests.
We have a wealth of evidence demonstrating the role Cxbladder plays in delivering these
improved social outcomes. In the past year alone, we published two important peer-reviewed
studies demonstrating the value of the information Cxbladder delivers. Our STRATA study
1
,
which was published in the Journal of Urology in May 2024 and headlined at the American
Urological Association (AUA) annual conference in May, demonstrated the Clinical Utility of
Cxbladder Triage in safely reducing the number of invasive cystoscopies. Specifically, it showed
clinicians performed 59% fewer cystoscopies when they could use the information generated
from the test.
The impact of these benefits on patient outcomes has also been clearly demonstrated in the
Canterbury region of New Zealand, where the deployment of Cxbladder Triage into primary
care reduced the size of specialist waiting lists by 25%, without compromising care, and
reduced the time to surgery
2
. The result was better patient outcomes and the more efficient
allocation of scarce healthcare funding.
The second study covered peer reviewed economic modelling
3
of Cxbladder’s benefits to
healthcare payers. Published in 2023 and using national median data, it demonstrated that
Cxbladder Detect could save US healthcare providers approximately US$500 per patient by
avoiding unnecessary procedures. Traditionally, following AUA guidelines, to detect urothelial
cancer in patients with microhematuria, 100 cystoscopies are needed to identify 5 cancers.
The modelling shows Cxbladder introduces substantial improvements by effectively ruling
out cancer in 78 of 95 patients without it. This risk stratification reduces the need for invasive
cystoscopies to only 22 to find the same five cancer cases, thereby maintaining clinical integrity
and patient safety while significantly reducing unnecessary procedures in healthy individuals.
Further detail on our clinical evidence can be found on our website and on page 19 of this
report.
OUR SOCIAL IMPACT
IMPROVING HEALTHCARE ACCESS, QUALITY OF CARE, AND PATIENT
OUTCOMES.
CXBLADDER DETECT OFFERS SUBSTANTIAL TOTAL COST SAVINGS PER
PATIENT WHEN USED TO RISK STRATIFY PATIENTS PRESENTING WITH
MICROHEMATURIA
1

1
Lotan at al. (2024). A Multicenter Prospective Randomized Controlled Trial Comparing Cxbladder Triage to Cystoscopy in Patients
With Microhematuria: The Safe Testing of Risk for Asymptomatic Microhematuria Trial. Journal of Urology, 212(1), 41–51.
https://doi.org/10.1097/JU.0000000000003991
2
Davidson, Peter; Presentation to Urofair 2022, time to first specialist assessment.
3
Tyson et al. (2023). Budgetary Impact of Including the Urinary Genomic Marker Cxbladder Detect in the Evaluation of
Microhematuria Patients. Urology practice, 11(1), 54–60. https://doi.org/10.1097/UPJ.0000000000000489
1
Tyson et al. (2023). Budgetary Impact of Including the Urinary Genomic Marker Cxbladder Detect in the Evaluation of
Microhematuria Patients. Urology practice, 11(1), 54–60. https://doi.org/10.1097/UPJ.0000000000000489
SUSTAINABILITY
CURRENT PRACTICE (AUA GUIDELINES)
5% of patients with Microhematuria have Urothelial Cancer: Must do 100 cystoscopies to
find 5 cancers.
CXBLADDER AUGMENTED STANDARD OF CARE
Rule out 78 of the 95 patients without cancer: Now do only 22 cystoscopies to find the
same 5 cancers.
2524
PACIFIC EDGE LIMITED ANNUAL REPORT 2024PACIFIC EDGE LIMITED ANNUAL REPORT 2024

The oncology diagnostics marketplace is highly
competitive and significant focus is needed to attract
and retain the talent that is necessary for success. We are
committed to attracting well-qualified and experienced
leaders, developing our general staff and offering high
contributors opportunities for increasing responsibilities
and promotion, empowering them to do great work and
to grow in their work.
We recognise that diversity of thought is a consequence of diversity
in hiring practice, so we celebrate the diversity of our workforce and
value the choice that team members have made to be part of Pacific
Edge. The composition, resourcing, remuneration and performance
of our workforce is overseen by the Board’s People and Culture
Committee with input from an internal People and Culture
Committee comprising senior executives and external advisors.
EMPLOYEE ENGAGEMENT
As a purpose-led organisation, we are committed to providing an
inclusive, values-driven culture which enables our diverse family
of employees to grow and thrive. We know this is fundamental to
attracting and retaining talent, and to fostering the wellbeing of
our people. To support this environment, we work hard to ensure
that our employees share our sense of purpose, our values, and
our understanding of the strategic pillars that create value for
shareholders. Our success in achieving this is reflected in our key
measures of employee engagement and turnover.
OUR VALUES
AN INCLUSIVE, ENGAGED WORKFORCE
SUSTAINABILITY
PUT PATIENTS
FIRST IN EVERYTHING
WE DO
ARE COMMITTED TO
CUSTOMER SUCCESS
ARE GUIDED BY
DATA & EVIDENCE
WE CELEBRATE
SUCCESSES, LARGE
AND SMALL
SUPPORT OUR
TEAMMATES
ARE TRANSPARENT
AND TRUSTING
2726
PACIFIC EDGE LIMITED ANNUAL REPORT 2024PACIFIC EDGE LIMITED ANNUAL REPORT 2024

We are proud of the progress we have made.
In our most recent employment engagement
survey, 87% of staff reported they ‘agreed’ or
‘strongly’ agreed with the statement that they
enjoyed their role at Pacific Edge. Over 90%
reported that they had a clear understanding
of the vision, purpose and strategy with over
70% stating that they felt engaged with them.
The survey also identified several opportunities
for development that continue to be a focus of
the management team.
BUILDING OUR CAPABILITY
Developing careers and capability
We are committed to offering our people
career development opportunities which serve
the dual goals of attracting and retaining
talent within Pacific Edge, as well as ensuring
we have the skills and institutional knowledge
necessary to lay the foundations for success as
we continue to develop and grow.
Our program of training and development
recognises that specialist skills at the heart
of our business (uro-oncology, genomics,
digital and clinical operations, among others)
must be developed rather than hired for. Over
the past year we have provided leadership
training courses for our emerging leaders, ISO
Quality System Management (ISO15189:2022)
and training in new molecular biology assay
techniques. We also provide cross-training
opportunities for our US and New Zealand-
based staff to upskill or develop in another
laboratory environment.
During the financial year our Hershey-based US
team participated in an externally-moderated
performance excellence course under the
guidance of a LEAN 6-Sigma “Black–Belt”
moderator. This course (and subsequent
workstreams) is empowering our USA team
to drive continuous improvement using the
same data-driven approach as that used by our
New Zealand team. In addition to improving
their skills around problem identification,
performance measurement, data analysis,
and effective solution implementation, the
team gained insights into Lean Operations,
emphasising waste elimination and process
optimisation for enhanced efficiency and
customer satisfaction; process mapping, and
the importance of fostering a clean, organised,
and efficient work environment. We are
already seeing enhancements in productivity,
streamlined processes, and improved safety as
the result of this upskilling.
Educational collaboration
We collaborate with a range of institutions
to bring new talent into the business. Our
cooperation with the University of Otago is
broad ranging, including the active recruitment
of interns. Our contribution to the Medical
Laboratory Sciences (MLS) faculty includes
student placement programs where MLS
undergraduate and honours students work
in a diagnostic laboratory to gain real world
experience.
They observe all the operations of a molecular
diagnostic laboratory and, as part of the
placement, are required to complete research
projects within the placement laboratory. We
also provide support in assessing student
performance and provide opportunities for
students to meet with medical laboratory
scientists in a commercial laboratory -
opportunities that are rare in New Zealand.
Pacific Edge is a long-time sponsor of the
Dunedin branch of Chiasma, a national student-
led organisation that creates links between
academia and the wider science, technology,
engineering, and mathematics (STEM)
industries. Chiasma’s mission is to inspire and
help students develop a successful career in
the STEM industry by providing them with the
necessary skills, networks, and mindset.
Offering real world experience
Recognising the importance of recruiting
young talent into the business, Pacific Edge
runs an internship program in partnership
with Callaghan Innovation, Chiasma, and the
University of Otago. Each year we select
interns from a variety of backgrounds, typically
majoring in biomolecular science, clinical
studies, biostatistics or information science,
to focus on set internship projects. These
interns work at Pacific Edge for 400hrs, during
which time they’re integrated into project
teams, obtaining experience with “real data”
and helping solve technical, digital or data
architecture or reporting problems.
This year we also initiated a program providing
selected students with projects hosted in our
commercial laboratories.
Both programs offer university students
opportunities to gain work experience in a
commercial setting and show alternative
career paths for MLS/STEM students who
have traditionally seen hospital/academic
labs as their next career step. It also offers
Pacific Edge a great opportunity to meet with
potential candidates for future roles, and we
have recruited at least one former intern each
year in a permanent role.
Remuneration
Pacific Edge’s remuneration practices are
overseen by the Board’s People and Culture
Committee to ensure our remuneration
framework is appropriate to attract, retain and
reward current and future employees. Further
detail of our remuneration practices is covered
in the remuneration section on pages 63-67 of
this report.
SUSTAINABILITY
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A diverse workplace
Pacific Edge seeks to create a culture that
fosters diversity and inclusion, providing the
support for our people to grow and thrive.
In practice, this means creating a flexible
workplace that values difference and enhances
business outcomes.
We follow equal employment practices,
ensuring that our recruitment, development,
and talent management approaches enable
inclusivity at all levels. These principles are set
out in our Diversity Policy.
We will always hire the best person for the job
based on capability, acceptance and best fit
for the business. We actively seek out those
with a variety of thinking styles, backgrounds
and abilities. We consider the value of diversity
when assessing candidates for roles and
we actively maintain processes to ensure
our selection processes and remuneration
practices are free from bias. Where two
candidates applying for a role possess
equivalent capability, competence and fit, then
diversity of gender and other factors, may
become the final criteria for appointment.
PACIFIC EDGE’S GENDER DIVERSITY
31 March 2024
Male
(FTE)
31 March 2024
Female
(FTE)
31 March 2023
Male
(FTE)
31 March 2023
Female
(FTE)
Directors5 (71%)2 (29%)5 (71%)2 (29%)
Officers
*
8 (100%)0 (0%)8 (100%)0 (0%)
Extended leadership
team including Officers
14 (78%)4 (22%)14.5 (78%)4 (22%)
Total team49.5 (49%)51 (51%)58.5 (51%)56.8 (49%)
Figures in brackets represent the proportion of the team
* Includes the CEO
While Pacific Edge’s workforce is largely gender balanced, there is a strong weighting towards
males in our leadership teams and on the Board. We continue to look for opportunities to increase
diversity at all levels of the workforce.
SUSTAINABILITY
CELEBRATING OUR DIFFERENCES
Recognising and celebrating diversity and
establishing a shared sense of values is
pivotal to creating the culture that supports
our growth and the commitments we make
to all our stakeholders. We celebrate days
fundamental to our team’s diverse cultural
identities, including Diwali and St Patrick's day.
We have taken a stand for mental health and
inclusivity with events such as supporting Pink
Shirt Day – a celebration of working together
to stop bullying, and promote diversity,
kindness and inclusiveness. These events are
often supported by organisational initiatives
to reinforce the importance of the cause,
including mental health first aider training
for our health and safety reps, and cultural
exchanges with our team in the US.
FOSTERING HEALTH, SAFETY AND
WELLBEING
We are committed to maintaining safe and
healthy workplace practices to ensure that
no employee, nor anyone in the vicinity of
our workplace, is harmed at work. Our goal,
as outlined in our Health and Safety Policy, is
to eliminate as far as reasonably practicable,
all injuries, accidents, and incidents from the
workplace.
We are pleased to report that lost time to
injuries in FY 24 stands at zero at both our
New Zealand and US operations.
We make safety a priority in all our workplaces
and require active participation from our
people to ensure procedures are clearly
understood and followed. We conduct
company-wide training each quarter, as well as
regular Toolbox Talks which focus on a specific
safety topic. Our health and safety practices
are audited twice per year. We have a strong
record of delivering on our commitments.
Health and safety are overseen by two
internal committees (APAC and US) which are
both chaired by the Chief Operating Officer.
Reporting is provided to every Board meeting.
Further detail is covered in the company’s
governance statement in this report.
Mental health and wellbeing
Our commitment is to provide working
conditions where employees have the support
and tools they need to thrive. This includes
creating an environment to enable people
to do their best work and be an architect of
their own performance and wellbeing. Our
mental health and wellbeing programme is well
established, and our people are encouraged
to engage with the programme. Independent
employee assistance is provided where needed
and tracked monthly. Over the past year, we
have made a significant investment in training,
including Toolbox Talks; awareness training
for all health and safety committee members;
and completion of
the LivingWorks
ASIST mental health
programme by 19
team members.
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SUPPLY CHAIN REVIEW
In order to determine the overall health of our supply chain, we engaged an external expert to help
us complete a detailed review of all suppliers during the year. This project is now complete and has
produced a number of recommendations that will help us to focus on getting the best outcomes
from our supplier relationships. We have already put initiatives in place to strengthen supplier
engagement, improve the quality of our contracts and to ensure the principles of sustainable
procurement are considered when making purchasing decisions.
Contracts, terms and conditions with major suppliers were reviewed during the year to ensure that
they take steps to ensure Modern Slavery (the use of forced labour or child labour) is not present
in their supply chains and that they have policies and procedures that respect human rights,
consistent with Pacific Edge’s own policies.
We believe it is important to support the communities in which we live and operate.
We do this in different ways – by giving back personally, contributing financially, and
helping to educate bladder cancer patients about the disease and their choices.
GIVING PATIENTS A VOICE AND RAISING BLADDER CANCER AWARENESS
Pacific Edge believes that an awareness of bladder cancer and available test options empowers
patients to take a more informed and active role in their care. To this end, we partner with bladder
cancer advocacy organisations to provide leading patient resources. We also leverage our website
and social media channels to promote awareness of the disease and to address common concerns
and questions.
The Bladder Cancer Advocacy Network (BCAN) is the leading bladder
cancer organisation in the US and focuses on increasing awareness of
bladder cancer, building a supportive community of people impacted by
the disease, funding educational and support programs, and advancing
bladder cancer research. Our long-standing collaboration with BCAN,
has included sponsorship and participation in the following events.
BCAN’s Think Tank Summit: One of the leading bladder cancer-specific medical meetings in North
America, which focuses on identifying obstacles and creating solutions in bladder cancer research
and fostering discussions to help define priorities for advancing bladder cancer research:
BCAN’s Patient Summit: Brings together bladder cancer patients, survivors, and caregivers to share
stories, experiences, and information about the disease.
BCAN’s Annual Walk to End Bladder Cancer: Takes place virtually and in major cities across the
US in May, involving thousands of people - those with bladder cancer, their families, clinicians, and
healthcare providers supporting them. These nationwide events have raised millions to fund
BCAN's work.
RESPONSIBLE SUPPLY CHAIN
SUPPORTING OUR COMMUNITIES
SUSTAINABILITY
We also supported Bladder Cancer Awareness
Month in May 2024, when organisations
around the world (including BCAN and the
World Bladder Cancer Patient Coalition) come
together to increase awareness and fundraise
for bladder cancer research, treatment and
care. Each year, in support of global efforts,
we promote Bladder Cancer Awareness Month
through our own channels and networks.
Over the last two years our activities have
emphasised the importance of regular
monitoring and compliance with scheduled
checks, while raising awareness of Cxbladder
as a non-invasive bladder cancer surveillance
alternative.
During May as part of Bladder Cancer
Awareness Month our team undertook a
range of social initiatives including an annual
themed dress-up to help increase the profile
of the event and the reach of key campaign
messages.
SUPPORTING CAUSES MEANINGFUL TO
OUR PEOPLE
Pacific Edge team members are encouraged
to promote causes meaningful to them, across
the organisation. Below are some examples of
how our staff get in behind their colleagues’
worthy causes.
Movember: Founded in 2003, the Movember
Foundation works to raise awareness of men’s
health issues and fund related projects around
the world, with a specific focus on testicular
cancer, prostate cancer, mental health and
suicide prevention. To date the Foundation has
raised over NZ $1 billion globally. We support
its efforts each November, both in promoting
awareness of the Movember initiative and
through team and individual fundraising
efforts.
The Aotearoa Bike Challenge: This initiative
was part of a larger global programme led
by Love to Ride, and encouraged workplace
teams to bike to work and for pleasure,
logging rides to place on competitive local
and national leaderboards. This year a number
of staff joined the Pacific Edge Team who
competed in the 20-49 staff category. Locally
the team came third overall and first in
healthcare. At a national level, the team placed
7th in healthcare.
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USING OUR RESOURCES RESPONSIBLY
Our Environmentally Sustainable Procurement Policy sets out our commitment to the responsible
purchasing of materials, goods and services, including three basic principles. Prior to purchasing
any goods or services we must ensure the following:
• that the item needs to be purchased i.e. there are no other suitable items already available
within the company;
• that the lifecycle impacts of the item are considered, including processes used to create it,
environmental impacts when used and what happens at the end of its life; and
• that relevant environmental information is provided by the supplier.
In FY 24, we began recording carbon emissions associated with all material aspects of our business,
including the transportation of inventory to and from Pacific Edge. This benchmark information
is enabling us to develop targets and strategies to reduce carbon emissions associated with
consumables as well as the environmental impact of waste, including disposable plastics, water
usage and chemical waste. These are described more fully in our climate related disclosures on
page 36 and on pages 116 to 133 of this report.
OUR ENVIRONMENTAL IMPACT
SUSTAINABILITY
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FY 24 emissions overview
As a global cancer diagnostics company, our emissions profile is relatively small. The largest
contributor to emissions in our business is travel by our people, in the indirect (Scope 3) category.
The next largest contributor of emissions is indirect GHG emissions from consumption of purchased
electricity (Scope 2) in respect of our Dunedin and Hershey locations. Scope 1 comprises
refrigerants used for laboratory equipment. These did not require replenishment during FY 24.
We have received certification as a Toitū Envirocare carbonreduce organisation. As part of our
sustainability initiatives, we have committed to working closely with Toitū Envirocare to accurately
measure our greenhouse gas emissions, helping us put in place strategies to manage and reduce
our climate impacts. We have made significant steps forward in the 2024 financial year, measuring
our emissions, setting sustainability goals and adhering to the new Aotearoa Climate Standards.
PACIFIC EDGE GREENHOUSE GAS EMISSION SUMMARY
Category
(ISO 14064-1:2018)
Scopes
(ISO 14064-
1:2006)
2024
(tCO
2
e)
Category 1: Direct emissions Scope 10.00
Category 2: Indirect emissions from imported energy
(location-based method*)
Scope 2145.39
Category 3: Indirect emissions from transportation
Scope 3
910.81
Category 4: Indirect emissions from products used by organisation53.08
Category 5: Indirect emissions associated with the use of products
from the organisation
0.00
Category 6: Indirect emissions from other sources0.00
Total direct emissions0.00
Total indirect emissions*1,109.28
Total gross emissions*1,109.28
Category 1 direct removals0.00
Purchased emission reductions0.00
Total net emissions1,109.28
* Emissions are reported using a location-based methodology.
SUSTAINABILITY
CLIMATE-RELATED DISCLOSURES
We are pleased to have completed our first year of mandatory reporting under the Aotearoa New
Zealand Climate Standards. The report is provided on pages 116-133.
Our progress
We have made significant progress over the past year in developing a robust climate reporting
framework, and this work has created a strong foundation for the continued development of our
climate practices.
However, there is still work to do. The roadmap below charts the progress we have made as well as
where we are focusing our efforts in FY 25.
CLIMATE REPORTING PROGRESS AND EXPECTATIONS
FY 24
(first mandatory
reporting period)
Governance• Governance structure and management accountabilities
finalised and documented
• External support engaged to assist with scenario analysis
and performance measurement
• Achieved Toitū carbonreduce certification
Strategy• Identification and analysis of current and anticipated climate
impacts
• Confirmation of risk horizons and impact materiality
• Scenario identification and analysis undertaken and process
documented
• Documentation of climate-related risk reduction strategies
and initiatives
Risk management• Integration of climate-related risk identification, assessment
and management into company risk management practices
Metrics & Targets• Completion of first greenhouse gas inventory, including
measurement of Scope 1, 2 and 3 GHG emissions (baseline
year)
• Identification of emissions intensity reduction target
FY 25
(second
mandatory
reporting period)
Strategy• Further development of scenario analysis using updated
information (including health sector analysis)
• Ongoing review of risks and opportunities aligned with
company risk review processes
• Development of transition and adaption plans
Metrics & Targets• Further development of metrics and targets to support
transition and adaption plans
• Performance monitoring
• Performance reporting against targets and prior years

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Operational quality and compliance
As a health provider, Pacific Edge is required to meet stringent regulatory, quality, health and safety
and manufacturing standards in every country we are operating in.
We operate a Quality Management System (QMS) that encompasses manufacturing, laboratory
operations, clinical science and digital development. Our QMS is administered through iPassport,
which maintains standard operating procedures, tracks quality metrics such as Non-Conformances,
CAPAs (Corrective and Preventive Actions), Change Controls and ensures compliance with our
ISO9001/ISO15189 requirements. This, combined with a programme of internal and external audits,
enables the company to meet its quality commitment to being ‘audit ready everyday’. In the
past year we conducted 10 internal QMS audits, have been assessed by external auditors from
CLIA, CAP, Telarc and IANZ and have also partnered with SeerPharma to ensure compliance with
ISO13485 and FDA requirements. All our major suppliers are required to sign a Quality Agreement
that governs how incidents or other non-conformances are governed between our companies.
Below is a summary of our operating standards:
• all Group business operations are governed by ISO-9001;
• our US laboratory operations are governed by CAP
1
, CLIA
2
, GLP
3
and NYS
4
;
• our New Zealand laboratory operations are governed by CLIA, Medical Laboratory Council and
ISO-15189;
• digital/Software for lab operations is governed by CLIA, NYS, ISO-15189, HIPAA
5
and IT Security;
• Pacific Edge manufacturing is governed by the principles of Good Manufacturing Practices
(GMP) (internally audited);
• Pacific Edge collection devices are registered with the TGA
6
in Australia, their manufacturing
follows GMP and is manufactured and supplied in accordance with ISO-13485; and
• Pacific Edge clinical evidence generation is governed under GCP (good clinical practice) and
IRB ethics approvals. Clinical Sciences are working towards future compliance with ISO20916.
We are currently finalising a new Quality Policy which will support the extension of the QMS to
ISO-13485/ISO14971 requirements. This will be completed in FY 25.
1
College of American Pathologists
2
Clinical Laboratory Improvement Amendments (Centers for Medicare & Medicaid Services)
3
Good Laboratory Practice
4
New York State (Department of Health)
5
Health Insurance Portability and Accountability Act (US)
6
Therapeutic Goods Administration
Strong governance is fundamental to the performance of Pacific Edge. Pacific
Edge’s Board is ultimately responsible for ensuring that the Company and its
subsidiaries maintain high ethical standards and corporate governance practices.
We are committed to maintaining the highest standards of governance. We ensure that our
corporate governance practices are in line with best practice; the NZX Corporate Governance
Code (NZX Code); and broader expectations of corporate behaviour. Over the last year we have
continued to evolve our governance framework with the following initiatives.
• Ensuring compliance with the new mandatory reporting requirements of the Aotearoa New
Zealand Climate standards and more broadly the integration of environmental and social
considerations into the framework
• Completing the implementation of our new risk framework and risk assessment practices
across the entire business
• Working with our advisors to understand the IRD’s requirements in respect of Tax Governance,
completing an assessment of our tax framework and implementing improvements; and better
managing the tax risks emerging with our growth in international markets
• Strengthening our stakeholder engagement practices, ensuring that investors and other
stakeholders are informed about our progress and any market developments in a timely
manner
The key corporate governance documents referred to in this report are available on Pacific Edge’s
website: https://www.pacificedgedx.com/investors/governance/.
GOVERNANCE INITIATIVES AND HIGHLIGHTS
Risk management
Our risk management approach is described in the Corporate Governance Statement on page
54 of this report. We have a comprehensive risk management framework. We have embedded
Failure Modes and Effect Analysis (FMEA) across our business. It is the tool of choice to assess
and manage risks, including quality, health and safety, market-related and climate-related risks.
We assess and prioritise risks using Risk Priority Numbering (RPN) and heat maps from every
department leader for every Board reporting cycle. We have also benchmarked our tax risk
management framework against better practice to cover the risks emerging from our growth
trajectory and advanced our assessment of climate risks in line with the Aotearoa New Zealand
Climate standards.
Risk management is embedded in everyday practices, which include regular internal and external
audits, training, quality management systems, risk reporting and promotion of a strong risk culture,
which is promoted as ‘Say what we do and do what we say’. Company-wide training is undertaken
to ensure staff are adept in the use of risk management tools.
GOVERNANCE
OUR GOVERNANCE PRACTICES
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BOARD AND MANAGEMENT
PACIFIC EDGE’S BOARD
Chris Gallaher,
Chairman and
Independent Director
(Appointed 2016)
Chris joined the Board
in 2016 and was
appointed as Chairman
in August 2016. A
New Zealand citizen
resident in Melbourne, Chris has held senior
positions in both CEO and CFO roles with a
number of large international companies and
was a partner in Arthur Young, Chartered
Accountants. Prior to retiring from full time
corporate life, he was CFO of Fulton Hogan,
a large NZ resources based civil contractor.
Chris holds a BCom from Otago University,
is a Chartered Accountant, a member of the
Australian Institute of Company Directors,
is Chairman of Vinlink (Marlborough) Ltd
and Mariposa Holdings Ltd and Director of
Highlanders Rugby Club.
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 PEB and investor in numerous
medical and tech companies, Anatole has an 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 is the co-founder
of Even Capital, a
Venture Capital fund
100% focused on
investing in female entrepreneurs in New
Zealand and Australia. Sarah brings 25+ years
international corporate finance and capital
markets experience to Pacific Edge after
a professional career with PwC in NZ and
HSBC Investment Bank in London. During her
executive career, Sarah held a wide variety of
roles including being involved in numerous
M&A and capital market transactions,
managing family office investment portfolios,
and as a sell-side Equity Research Analyst.
Sarah is Deputy Chair of National Provident
Fund, a Director of NZ med-tech company,
Orbis Diagnostics and Chair of Audit & Risk
for Waiapu Anglican Trust Board. Sarah has
a MA(Hons) in Economics from the University
of Edinburgh and is a member of the New
Zealand Institute of Directors and INFINZ.
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 boards of two Australian and one
American privately held biotechnology
companies. Bryan was a Director and CEO of
the Hudson Institute of Medical Research. He is
currently Emeritus Director and Distinguished
Scientist at the Hudson Institute in Melbourne.
He has a BSc (Hons) and PhD in Microbiology
from the University of Otago.
Anna Stove
Independent Director
and Chair of the People
and Culture Committee
(Appointed 2021)
Anna has a successful
track record in
leading and driving
transformational
change within the Healthcare sector. She has
significant Global business experience having
held a variety of senior executive roles within
Asia Pacific and Europe. Prior to stepping
down from corporate life, Anna was the NZ
General Manager of GlaxoSmthKline. She is
now committed to growing businesses through
best practice governance. Anna also Chair’s
Rua Bioscience and TAB NZ.
Mark Green
Independent Director
(Appointed 2021)
Mark is an experienced
corporate finance
professional, with
approximately 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 The Better Product Group Limited and
a Director of Mariposa Holdings (a large
charitable organisation). Mark has a Bachelor
of Commerce and a Bachelor of Law degrees
from the University of Auckland.
Tony Barclay
Independent Director
(Appointed 2022)
Tony brings over 30
years experience in
business and 22 years
healthcare experience.
Tony was CFO at
medical device company
Fisher & Paykel Healthcare from the time of
separation from Fisher & Paykel Appliances in
2001 until retiring from full-time employment
in 2018. Prior to Fisher & Paykel Healthcare
Tony worked for PriceWaterhouse and Arnott's
Biscuits in finance roles. Tony is also a board
member of listed company Rua Bioscience
and holds a number of directorships in private
companies, all in MedTech. Tony holds a
BCom from the University of Otago and is a
Chartered Accountant and a member of the
New Zealand Institute of Directors and INFINZ.
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Dr Peter Meintjes,
CEO, Pacific Edge
Peter is a molecular
diagnostics and genomics
leader focused on nascent
market development of
disruptive innovations
to drive commercial
success. Prior to joining
Pacific Edge, he was based in Boston, USA for
a number of molecular diagnostic leadership
roles. Most recently the Chief Commercial
Officer at Eurofins Transplant Genomics (TGI),
a transplant diagnostics company focused
on revolutionising post-transplant care for
kidney transplant recipients with non-invasive
biomarkers he was responsible for scaling
the commercial team behind TruGraf (now
OmniGraf), the only CMS-reimbursed test
for subclinical organ rejection. Prior to TGI,
Peter was CEO at Omixon Inc, a molecular
diagnostics company focused on the pre-
transplant market, world leader in HLA typing
by NGS, and recipient of the Innovation Grand
Prize among all companies in Hungary in 2018.
Omixon was acquired by Werfen in 2024. Prior
to his US career, Peter worked at Auckland-
based Biomatters, the creators of Geneious
– software specialising in translating genetic
and genomic data into biological insights for
researchers and medical insights for clinicians.
Biomatters was acquired by GraphPad in 2019.
Grant Gibson,
Chief Financial Officer,
Pacific Edge
Grant is an experienced
financial executive and
chartered accountant,
who brings significant
financial experience
to the role. Prior to
joining Pacific Edge in late 2019, Grant was
Chief Financial and Operating Officer for
Dunedin-based company, TracMap, where
he was responsible for leading the financial
management and operations across the
company. Prior to that, Grant worked in
executive finance roles at Westpac, including
as Head of Finance for Westpac New Zealand.
During his time with Westpac, he headed
the finance team for New Zealand's largest
financial transaction, the local incorporation of
Westpac New Zealand.
Tamer Aboushwareb
MD PhD, Chief Medical
Officer, Pacific Edge
Tamer joined Pacific
Edge in June 2022 and
brings to the company
a depth of experience in
clinical, medical research,
and commercial roles in
urological medicine in Egypt and the USA.
Prior to joining the company, he was Senior
Director of Oncology Clinical Development at
Exact Sciences and prior to that he was Global
Therapy Area Head, Urology, Medical Affairs at
the global pharmaceutical company Allergan.
He is a graduate of the Ain Shams University
Medical School in Cairo. He also holds Masters
and Doctoral degrees in urology and has held
residency, post-doctoral and research roles in
Egypt and the US.
Darrell Morgan,
Chief Operating Officer,
Pacific Edge
Darrell has nearly
40 years experience
in senior roles in
pharmaceutical research
and development,
immunodiagnostics,
and device development for drug delivery
across human and animal health, technical
operations and customer-facing roles in
the UK, Europe and New Zealand. Prior to
joining Pacific Edge, Darrell held several
roles at Argenta, an Auckland based animal
pharmaceutical manufacturer, including VP
of Business Development, Head of Global
Pharmaceutical Sciences and Director of
Product Development. His last role in Europe
was leading UCB’s large molecule sterile drug
delivery and patient solution technologies
teams, developing drug/device combination
products which were approved by both FDA
and EMEA.
BOARD AND MANAGEMENT
PACIFIC EDGE’S SENIOR MANGEMENT TEAM
Andy McIntosh,
Chief Digital Officer,
Pacific Edge
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.
Justin Harvey PhD,
Chief Technology Officer,
Pacific Edge
Justin joined Pacific
Edge in 2004 with a
background in medical
laboratory testing,
diagnostics and cancer
genetics. Justin has
been involved in the development and
commercialisation of the Cxbladder suite
of products from inception and is now
leading Pacific Edge’s scientific Research
and Development program to develop
novel products to help improve people’s
lives and patient outcomes by providing
leading solutions for the early detection and
management of cancer.
Professor 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 on the step change
in biotechnology for the Company’s next
generation of products.
David Levison, President,
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, CEO, and Board
member of a number of high growth medical
technology and molecular diagnostic
businesses in the US as well as working in
private equity. David served for four years as a
member of the Pacific Edge Board of Directors,
before transitioning to lead the PEDUSA
organisation in November of 2020 as Executive
Chairman of PEDUSA and then as President
beginning September 1, 2022.
Glen Costin,
President APAC, Pacific
Edge
Glen joined Pacific Edge
in April 2023 having spent
more than 20 years in
Asia Pacific markets with
life science/diagnostic
companies such as BD
(Becton Dickinson) and Bio-Rad Laboratories.
Glen has had extensive hands-on commercial
and go-to-market experience in China, Korea,
Taiwan, SE Asian countries, Australia and New
Zealand both directly and via distribution
partners. His sales and marketing experience
spans life science research, diagnostic
instrumentation, as well as launching a new
Oncology test for Cervical Cancer Screening
generating over US$38M pa in revenues within
APAC. Glen has sold at the executive level for
many years and developed Key Opinion Leader
networks to support innovative technology
introduction in the medical diagnostics
sector, including his former role as Global
Private Pathology Director at BD Diagnostics.
Glen’s qualifications include: Bachelor of
Science (Genomics), Masters of Management
(Marketing Management & Finance) from
Macquarie Graduate School of Management.
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Strong governance is fundamental to the performance of Pacific Edge Limited 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 for FY 24, Pacific Edge’s governance practices are appropriately
aligned with the NZX Code.
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.”
CODE OF ETHICS
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.
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; and
• 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. Alongside the Speak Up Policy, Pacific Edge has a Protected Disclosures Policy
that is designed to promote the public interest by facilitating the disclosure and investigation of matters of
serious wrongdoing whilst protecting complainants who make disclosures of serious wrongdoing in good
faith in an organisation from victimisation or reprisals.
Processes have been established to ensure all employees are aware of and understand these Policies.
SHARE TRADING POLICY
Pacific Edge’s Board and management are committed to ensuring compliance with all regulatory and
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 111 of this report.
FY 2024 GOVERNANCE STATEMENT
GOVERNANCE
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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 available on the
Pacific Edge website.
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.
The primary responsibilities of the Board include:
• overall governance and providing strategic leadership;
• ensuring compliance with the Company’s constitution;
• setting clear goals for the Company, ensuring that there are appropriate strategies in place for achieving
those goals;
• monitoring the Company’s performance against its approved strategic, business and financial plans;
• appointment of the Chair and CEO;
• ensuring that the Company follows high standards of ethical and corporate behaviour;
• ensuring that the Company has appropriate risk management policies in place; and
• appointing the Company auditors and setting the annual auditors fees.
As at 1 April 2024, the Board was comprised of seven non-executive independent Directors. There were no
changes to the Board during the year ended 31 March 2024.
A director’s interests, position and relationships as well as the factors set out in Table 2.4 of the NZX Code
have been considered holistically in determining the director’s independence status.
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.
Directors are selected based on 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.
It is acknowledged that Anatole Masfen has been a Board member for approximately 16 years. While this
tenure is beyond the 12 year period listed as a factor that may cause questions on independence, the Board
values the extensive knowledge Anatole brings to the Board table and is satisfied that Anatole continues
to bring independent judgment to bear on issues before the Board and acts in the best interests of the
Company and represents the interests of its shareholders generally.
Posible focus of new
Board appointments
Medicine/Diagnostics
Financial Acumen
Sales/Marketing/Distribution
Legal/Regulatory/Risk
Corporate Governance
New Market Development
Capital and Financial Markets
Health, Safety, Environment and 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 on pages 40-41, 49 and 110-111.
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 set 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.
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 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.
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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 September 2022. The Chair of the Board also regularly engages with individual Directors to evaluate and
discuss performance and professional development.
DIVERSITY
Pacific Edge is committed to bringing diversity to life in its employment practices and across all aspects of
the business.
The Board and Company believe in creating a flexible workplace that values difference and enhances
business outcomes. We follow equal employment practices, ensuring that our recruitment and selection,
development and talent management approaches enable inclusion and diversity at all levels.
The Diversity Policy outlines Pacific Edge’s approach towards diversity. While no measurable targets have
been set for diversity, the Remuneration Committee provides oversight of employment practices and HR
processes and practices and the Board is comfortable that these are in line with the intent of the Diversity
Policy.
Pacific Edge’s workforce demonstrates balance between genders across the business, but a skew to males is
evident in the leadership teams and on the Board. We explore opportunities to increase diversity at all levels
of the workforce.
Pacific Edge will always hire the best person for the job based on capability, acceptance and best fit for the
business. We actively seek out those with a variety of thinking styles, backgrounds, and abilities. Where two
candidates applying for a role possess equivalent capability, competence and fit, then diversity may become
the final criteria for appointment. We actively monitor for bias in both our recruitment process and our
remuneration practices.
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 2024, females represented 13% of Directors
and Officers of the Company (FY 23: 13%).
The diversity of our workforce is detailed in our ESG section on page 30.
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 permanent Committees of the Board are the Audit & Risk Committee, People and Culture
Committee, Nominations Committee and Capital and M&A Committee.
The Committees have terms of reference (Charters), which are reviewed and approved by the Board. All
charters are reviewed approximately every two years. These are available on the Company’s website.
Committee Membership as at 31 March 2024
Audit & Risk
Committee
People and Culture
Committee
Nomination
Committee
Capital and M&A
Committee
Sarah Park (Chair)
Mark Green
Chris Gallaher
Tony Barclay
Anna Stove (Chair)
Bryan Williams
Anatole Masfen
To n y Barclay
Chris Gallaher (Chair)
Bryan Williams
Anna Stove
Mark Green (Chair)
Anatole Masfen
Chris Gallaher
Sarah Park
Peter Meintjes
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 FY 24.
Board
Audit & Risk
Committee
Nomination
Committee
People and
Culture
Committee
Capital
and M&A
Committee
Tony Barclay
13/138/8-6/6
3/3
Chris Gallaher
13/138/8-3*
3/3
Mark Green
13/138/8-1*
3/3
Anatole Masfen
13/136*-4/6
3/3
Sarah Park
13/138/8-1*
2/3
Anna Stove
13/13
3*
-
6/6
2*
Bryan Williams
12/13
3*
-
5/6
2*
*Indicates optional attendance
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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 2024, there were four 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 Board Charter, the responsibilities of the Audit & Risk Committee include providing oversight
in four distinct areas (financial reporting, audit functions, risk management and sustainability and climate
related disclosures) and include as a minimum:
Financial Reporting
• reviewing the financial reports and advising all Directors whether they comply with the appropriate
laws and regulations;
• 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;
• reviewing the Company’s tax position, compliance and any exposures.
• recommending to the Board for adoption significant changes in accounting policies and annual and
six-monthly financial statements.
Audit Functions
• ensuring that the external auditor or lead audit partner is changed at least every five years.
• 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;
• recommending annually to the Board the appointment of the independent auditor;
Risk Management
• ensuring that management has established a risk management framework which includes policies
and procedures to effectively identify, treat, monitor and report key business risks;
• review key insurance policy terms and cover adequacy and make recommendations to the Board for
adoption of the insurance cover.
• overseeing compliance of the Company’s Treasury activities including periodic review of performance
against the Policy; and
• ensuring Treasury issues raised by auditors (both internal and external) are resolved and/or a plan to
resolve is agreed immediately.
Sustainability and Climate Related Disclosures
• the Committee will report to the Board on the delivery of the Sustainability Policy and progress with
adoption and compliance with the Aotearoa New Zealand Climate Standards (Climate Reporting
Standards) published by the XRB; and
• noting the disclosure requirements of the Climate Reporting Standards, the Committee will report to the
Board on the Physical and Transitional Climate related risks and opportunities facing the Company.
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.
PEOPLE AND CULTURE COMMITTEE
The Board has a People and Culture Committee to recommend the remuneration for Directors to the
shareholders and to oversee the remuneration of the Officers/senior managers of the Company. The
People and Culture Committee operates under a written Charter. All members of the People and Culture
Committee are independent Directors. The CEO does not participate in any discussions concerning the CEO’s
remuneration.
The People and Culture 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.
Directors’ remuneration is also considered by the People and Culture Committee, within the limits that have
been approved by the shareholders of the Company.
The Committee makes recommendations to the Board on remuneration packages for the CEO. Any
recommendations to shareholders regarding Director remuneration are provided for approval in a transparent
manner. Management only attends committee meetings at the invitation of the committee.
OTHER COMMITTEES
The Board establishes other Committees as required. In the case of a takeover offer, Pacific Edge will form an
Independent Takeover Committee to oversee disclosure and response, and engage expert legal and financial
advisors to provide advice on procedure. The Board has established appropriate processes and protocols that
set out the procedures to be followed if there was to be a takeover offer made for the Company.


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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 ASX, 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 and ASX Listing Rules. The Continuous Disclosure Policy governs the release to the market of
all material information that have a material effect on the price of the Company's shares.
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 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 are 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 Tests.

PRINCIPLE 5: REMUNERATION
“The remuneration of directors and executives should be transparent, fair and reasonable.”
The Company has a People & Culture Policy which outlines the processes and framework for remuneration
of the Chairperson, the Directors, the CEO and management. The People and Culture Committee is
responsible for recommending to the Board the remuneration for the Chair, Directors and the CEO, and
consulting and approval, on the recommendation of the CEO for the appointment and employment terms of
all Executive (other than the CEO).
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 June 2021.
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 63 to 67.
While there is no formal requirement, a majority of Pacific Edge’s Directors own shares in the Company
either directly or through related entities. There is a provision for the Company to make a retirement
payment to a Director if approved by shareholders; however, no retirement payments were made in FY 24.
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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. Pacific Edge has a strong risk culture, with risk management embedded in everyday
practices. The comprehensive risk management framework uses Failure Modes and Effect Analysis (FMEA)
to manage risk.
A comprehensive review of the risk register was completed in September 2023, and incorporates risk
mitigation strategies, processes and policies.
In early 2024 the Board completed an in-depth review of climate related risks, working with the
Sustainability Committee. The saw the completion of a Climate Risk Register, incorporating both risks
and opportunities, These, are 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 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 58-61.
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 and at
every meeting by the Board. 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.
In FY 24 the Board had a renewed focus on the adequacy of our health and safety framework and practices.
This included bringing our US business into greater alignment with New Zealand from a health and safety
Governance perspective, which led to enhanced reporting to the Board across the Group enabling better
monitoring and more informed decision making.
There were no serious harm incidents reported during FY 24 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 FY 24, PricewaterhouseCoopers (PwC) was the external auditor for Pacific Edge Limited. PwC was re-
appointed under the Companies Act 1993 at the 2023 Annual Shareholders Meeting. The last audit partner
rotation was in FY21 with 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. The amount of fees paid to PwC during FY 24 are identified on page 81.
PwC has provided the Audit & Risk Committee with written confirmation that, in their 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 2023 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 of its manufacturing, clinical diagnostic laboratories and Quality
Operations at planned intervals to verify that its Quality Management System is effectively implemented
and maintained and provides continuous improvement opportunities in system processes. In addition, audits
by external Notified Bodies take place to ensure compliance with the requirements of multiple International
Standards, such as ISO9001:2015 and ISO15189:2006. The latest external audits took place in September
2023 (Telarc, ISO9001), February 2024 (CLIA) and in May 2024 (IANZ, ISO15189. All were completed
satisfactorily. In the US, the laboratories were audited by New York State in September 2023 and by CAP
in October 2023. Both audits were completed successfully.
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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 quarterly shareholder
newsletters, annual and half year reports and at the Annual Shareholders Meeting. 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.
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 Shareholders 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.
DIRECTORS’ REMUNERATION
Remuneration of Directors and senior executives is a key responsibility of the People and Culture
Committee. Pacific Edge’s policy is to offer competitive Director fees to attract and retain high quality,
appropriately skilled Directors, who will best add value to the Company. Further detail on remuneration is
covered on pages 63 to 67 of this report.
RISK ANALYSIS
AND MANAGEMENT
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RiskMitigation
Manufacturing disruption
negatively impacts our ability to
operate and /or meet our User
Experience standards
The PEDUSA and PEDNZ laboratories are CLIA certified, with each
laboratory operating identical equipment and validated processes to run the
suite of Cxbladder assays. Automated RNA extraction workflows have been
developed and validated in both PEDUSA and PEDNZ laboratories which
eliminates use of a bespoke consumable, improves laboratory throughput
and reduces manual handling.
Dedicated supply chain and logistics manager and alternative suppliers
validated which maintained consumables’ supplies during the COVID-19
pandemic and the ongoing supply-chain challenges globally.
Improved supplier management processes adopted which provides more
accurate , forward demand forecasting and increased stock on hand
proportional to risk profile of key components to mitigate the risk of delays in
supply.
Insurance policies in place and reviewed regularly including business continuity.
Key person risk – loss of key
capability at short notice
We have cross training for key roles and Employment Agreements for Senior
Leaders generally include 3 month notice periods.
PEB has developed a remuneration strategy with supporting policies that
position it well to retain key staff in NZ and USA over the longer term.
In 2023, a new initiative was launched that focused on retaining key staff
during the period of uncertainty created by the Novitas proposed Local
Coverage Decision. This initiative was vital to ensure that if we do lose
coverage, we have the best resources in place to regain CMS coverage in
the United States.
Key person insurance for CEO in place.
Regulatory or policy changes
impact our ability to operate in
the US Market
Completed clinical studies have validated our test performance
Clinical development is a core focus. Clinical studies in progress targeted to
provide additional clinical evidence both validity and utility data supporting
wider adoption by the medical community and wider reimbursement by
funders and third-party payers.
We have an experienced and dedicated Market Access and Reimbursement
Team working in Accounts and Payer Relationships.
In the USA we have established a credible Medical Affairs team to promote
the adoption in the medical community by:
• Reviewing clinical practice to ensure that Cxbladder products are utilised
compliantly in accordance with established medical necessity
• Communicating our clinical evidence portfolio as scientific peers to our
clinician customers in support of the sales process
• Serving as scientific and medical experts to internal colleagues at Pacific
Edge
• Establishing Key Opinion Leader (KOL) engagement programs, such as
Speakers’ Bureau and Advisory Boards to foster greater understanding of
our products and medical credibility in our community
• Tightly monitoring clinical study sites to enrol eligible patients quickly
into our clinical studies
We are developing markets outside the USA, including New Zealand,
Australia, and Southeast Asia to offset the single market risk.
As a growth company, there are a number of risks which could impact Pacific Edge. We believe it is
important for our shareholders to have an understanding of these risks and the processes the Board and
management have put in place to mitigate these risks.
As a healthcare services provider, we must meet stringent regulatory, quality, health and safety and
manufacturing standards in a number of countries. Risk management is therefore embedded in everyday
practices, which include regular internal and external audits, training, quality management systems, risk
reporting and promotion of a strong risk culture. Pacific Edge has a comprehensive risk management
framework, using Failure Modes and Effect Analysis (FMEA) as the tool of choice to assess and manage risk.
The Board provides oversight of the senior leadership’s management of key risks. Every departmental leader
is expected to report on risks to the CEO/CFO/COO in every board meeting cycle with an assessment of
those risks incorporated into the risk register provided to the Board. The Audit & Risk Committee reports to
and assists the Board by identifying and reviewing the key risks, assessing their materiality, ensuring the risk
management processes are adequate, the Board has reliable information and future events that may create
uncertainty or pose a risk are identified and considered.
The Group has Cash, Cash Equivalents and Short Term Deposits of $50,261,000 as at 31 March 2024 which
enables the Group to continue to operate and navigate any potential setback from the Novitas decision and
deliver on the significant opportunities we see for Cxbladder in the US and around the world.
RiskMitigation
Market disruption caused by
an adverse event negatively
impacts sales volumes and / or
reimbursement
The Board acknowledge the risks associated with the high concentration
of revenue generated from the US Market. Within the US market despite
successes with value-based institutional accounts and capitated systems
such as Kaiser Permanente, there remains a high concentration of that
revenue derived from reimbursement by the US Centers for Medicare and
Medicaid Services (CMS).
This risk manifested with the Novitas proposed Local Coverage Decision
(DL393656) announced July 2023, which if approved without further
changes would mean Cxbladder (and multiple other products from
various companies) would not qualify for coverage from Novitas for tests
reimbursed by the CMS. This proposal has the potential to reduce revenue
substantially from FY 24 levels until Cxbladder tests regain coverage.
In the year ended March 2024 (FY 24), tests for Medicare and Medicare
Advantage generated ~$17.0 million, or 71%, of FY 24 total operating
revenue. While the share of total operating revenue from CMS is reducing,
due to growth in non CMS payors, these mitigations are not expected to
fully offset any reduction in revenue attributable to the determination from
Novitas in the short term.
Mitigations adopted to address market disruption risk include seeking
adoption and reimbursement from new healthcare providers, the adoption
of alternate payment methods (such as patient pay) for tests performed,
engaging with an alternative Medicare Administrative Contractor, new LCDs,
expansion of geographic and product exposures, including distribution
agreements. Alongside, increased clinical evidence generation supporting
the ongoing adoption of Cxbladder and clinical guidelines inclusion. As we
introduce additional products in new areas, we will continue to reduce our
exposure to any potential payer, geographic or product market disruption.
Being closer to the market by having an in-market presence, with key senior
Pacific Edge executives and decision makers, who have local expertise,
knowledge and can act swiftly to counter the negative impact in the event
of a market disruption. E.g. Pacific Edge Diagnostics USA.
Addition of in-home-sampling service enables continuation of tests during
disruption caused by inability of patients to visit clinics.
Strengthened balance sheet with strong cash reserves provides ability to
continue to operate during disruption.
RISK ANALYSIS AND MANAGEMENT
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PACIFIC EDGE LIMITED ANNUAL REPORT 2024PACIFIC EDGE LIMITED ANNUAL REPORT 2024

RiskMitigation
Climate Risk – Transition and
Physical Risks
Climate-related risk and opportunity identification is integrated into our
business and risk management processes. Our assessment of risk uses
the FMEA template, considering severity, probability and detectability
alongside factors such as geographic location and localisation of impact.
The enterprise risk management framework directly impacts and feeds into
Pacific Edge’s broader enterprise strategy, capital deployment and funding
decisions.
New governance structures have been implemented in the year ending 31
March 2024 including the formation of the management led Sustainability
Committee which is charged with assessing and managing the company’s
climate related risks and opportunities, informing the Audit and Risk
Committee who ultimately advise the Board.
Climate Reporting compliant with the Aotearoa New Zealand Climate
Standards (NZCS) issued by the External Reporting Board (XRB) completed
for FY 24 and included in pages 116 to 133 of this report. This sets out the
process and actions we have undertaken to identify monitor and manage
climate related risks and opportunities within oursupply chain and wider
business.
Listed company related risks
including lack of liquidity in the
Company’s shares, misleading
disclosures or a breach of our
continuous disclosure obligations
We are aware of the risks associated with our shares, such as low levels
of liquidity, a number of large investors, high volatility in share price and
external influences from investor confidence. The dual listing on the ASX in
September 2021 provided some mitigation to this risk.
We have an investor relations activity programme that seeks to inform both
existing and potential investors about the Group.
Disclosures are approved prior to release by members of the Board and
Management, who actively consider the need, timing, form and content of
disclosures to the market to ensure we comply with NZX/ASX and the FMA
rules and requirements.
RiskMitigation
Competitor activityWe have yet to observe any competing bladder cancer diagnostic product
that has developed clinical evidence in a robust AV, CV, CU framework
required for coverage and guidelines inclusion.
Matching or improving upon the existing AV, CV, CU and real world evidence
for Cxbladder would take substantial time and money and is the most
significant barrier to entry.
We continue to invest in Research and Development for Cxbladder
products, to improve test performance and value for clinical decision
making. We are now advancing Detect
+
as a single product for haematuria
evaluation and continue development of Monitor
+
.
We are focused on building a strong and loyal customer base with recurrent
and frequent ordering of our tests through an excellent end-to-end
customer experience.
Know-how and Intellectual
property are jeopardised
We have an intellectual property portfolio, supplemented by trade secrets.
Maintaining regulatory
compliance in order to market
and sell product and maintain
market confidence
The PEDNZ lab operates under ISO-15189, IANZ and CLIA. The PEDUSA lab
operates under CAP, CLIA and NYS. We have SOPs developed with expert
consultants that adhere to the highest standard and regularly perform
internal audits.
We continuously monitor the regulatory environment for changes that may
affect our business.
We have a successful history of regulatory audit in both operating
laboratories in New Zealand and the USA.
Pacific Edge actively resources its R&D, clinical development, digital
development and clinical operations to maintain compliance with all
regulatory requirements.
We are ISO9001-2015 certified and conduct internal audits at planned
intervals to verify that our Quality Management System is effectively
implemented and maintained. We are working towards IS-O13485, ISO-
14971 and ISO-20916 compliance and compliance with FDAs requirements
for Quality Management Systems (21 CFR820).
Financial failure due to lack of
capital and high cash burn
The Company closely manages its capital. It had $50.3m of cash and cash
equivalents as at 31 March 2024.
The Company’s strategy and annual business plans are milestone focused
and operating expenditure is closely linked to achievements of those
milestones to ensure cash burn is managed within the capital available and
aligned with success.
Several customer initiatives in place including introducing patient
responsibility for payment to reduce cash burn and delivering on the goal of
an increase in cash collections and increases in average sales price.
FX Risk, counterparty risk,
liquidity risk and interest rate risk
A comprehensive Treasury Policy is in place to manage liquidity risk, FX
risk, counterparty credit risk, cash management and interest rate risk. The
Treasury Policy is reviewed at regular meetings of the Board and compliance
with policy is monitored by the Audit and Risk committee.
Health and safety- work-related
injuries or illness
We report Health and Safety as part of routine reporting to the Board of
Directors.
The Group engages external consultants to review Health and Safety
policies and framework within the Group.
Cyber security and data
protection – cyber attack results
in disruption to operations and/or
data breach
Regular monitoring and reporting of network security, including the use of
independent reviews and audits to test and identify potential risks.
Digital resilience provided through cloud based third-parties including AWS
and Datacom.
6160
PACIFIC EDGE LIMITED ANNUAL REPORT 2024PACIFIC EDGE LIMITED ANNUAL REPORT 2024

REMUNERATION
The Pacific Edge People and Culture Committee operates as a sub-committee under the guidance of the
Board to ensure the remuneration framework that is in place is appropriate to attract, retain and reward
current and future employees of the Group. The People and Culture Committee ensures that individual
employee performance is aligned to the strategy and performance of the Company along with the interests
of the shareholders.
The current total Directors’ fee pool for non-executive Directors of Pacific Edge, approved by the
shareholders at the Annual Shareholders Meeting on the 29th July 2021 was $465,000 per annum and
was based on six Directors. With the addition of Tony Barclay on 21 March 2022, the number of Directors
increased to seven. In accordance with NZX Listing Rule 2.11.3 which permits an issuer to increase the
aggregate amount payable to the Directors to take into account an additional Director without shareholder
approval, the pool for non-executive Directors of Pacific Edge increased to $529,000.
The total amount of fees paid to Directors for the year ended 31 March 2024 was $500,000.
PositionQuantity
2024
Fee per
Director
2024
Total
Directors
Fees Paid
2024
Quantity
2023
Fee per
Director
2023
Total
Directors
Fees Paid
2023
Chair1
$115,000$115,000
1
$115,000$115,000
Deputy Chair1
$70,000$70,000
1
$70,000$70,000
Non-executive
Directors
5
$60,000$300,000
5
$60,000$300,000
Chair Audit & Risk
Committee
1
$10,000$10,000
1
$10,000$10,000
Special Governance
Allocation
$5,000$5,000
Total Fee Pool
$500,000$495,000
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.
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, and any
potential fees received from the Special Governance Allocation, Directors do not receive any additional
fees for positions on Committees of the Board or subsidiary companies. Directors fees exclude GST, where
applicable.
As at 1 April 2024, there were seven non-executive Directors of Pacific Edge. During the year, there was no
change to the composition on these non-executive Directors.
REMUNERATION
6362
PACIFIC EDGE LIMITED ANNUAL REPORT 2024PACIFIC EDGE LIMITED ANNUAL REPORT 2024

Long Term Incentives
There were 7,603,366 options issued to Peter Meintjes on 25 October 2023.
Subject to the continuous employment of the option holder (other than as a result of death or disability),
the options will vest in three equal tranches, being 2 Years after issue, 3 Years after issue and the last tranche
4 Years after issue. Options must be exercised within 4 years of the relevant vesting date, unless the option
holder ceases to be an employee of the Company (or a subsidiary) other than as a result of permanent
retirement, death or disability in which case all options that have vested must be exercised within two
months of the date on which the option holder ceases to be employed.
The second tranche of 600,000 options from the 3,000,000 options issued during FY 22 vested 18 February
2024 with an exercise price of $1.25. The options expire four years after vesting if not exercised.
Table of long term incentives issued to Peter Meintjes:
Issue DateNumber of OptionsVest DateExpire DateExercise Price
25 October 20232,534,45525 October 202525 October 2029$0.253
25 October 20232,534,45525 October 202625 October 2030$0.285
25 October 20232,534,45625 October 202725 October 2031$0.320
18 February 2022600,00018 February 202318 February 2027$1.150
18 February 2022600,00018 February 202418 February 2028$1.250
18 February 2022600,00018 February 202518 February 2029$1.250
18 February 2022600,00018 February 202618 February 2030$1.250
18 February 2022600,00018 February 202718 February 2031$1.250
TOTAL10,603,366$0.553
EMPLOYEE REMUNERATION
The Company’s salaried employee remuneration program consists of:
a. Base salary (all employees)
b. Short Term Incentive (STI): Variable component offered only to the CEO and senior leaders, and
awarded annually based on the achievement of a combination of individual goals and company
performance targets
c. Long-Term Incentive (LTI): Equity component offered only to the CEO and senior leaders, and designed
as a long-term retention tool using Share Options, and
d. Superannuation such as KiwiSaver in New Zealand or 401k in the USA.
e. Non-financial Benefits (e.g. health insurance in the USA, long service leave, extended maternity leave
benefits)
Base Salary
Salaried employees receive base remuneration packages that are benchmarked against similar positions
from companies in comparable industries factoring in size, complexity, responsibilities and local market
context.
Short Term Incentives
The Company operates an STI-based scheme for the CEO and senior leaders as indicated by an individual
employee agreement. STI remuneration is determined by achievement against individual and company
goals. Partial achievement of goals will correspond to lower remuneration.
The proportion of total STI that is based on Company goals is related to the Employee Band, such that
higher Bands have a higher proportion of their STI based on Company goals. While STI is typically paid in
cash, an employee may elect to receive up to 50% in equity (Shares) unless there are rules or regulations
that limit the Company’s ability to issue shares in a timely manner, in which case 100% of the STI will be paid
in cash.
Non-executive Directors received the following Directors’ fees from the Company in the year ended
31 March 2024:
DIRECTORS’ FEES
FY 24
(NZ$000)
FY 23
(NZ$000)
Pacific Edge Limited Board
C. Gallaher (Chair)115115
B. Williams (Deputy Chair)7070
S. Park 7070
A. Masfen6060
A. Stove*6560
M. Green6060
T. Barclay6060
TOTAL500495
*Includes payments made to Director out of the Special Governance Allocation relating to the performance
of duties as chair of the People and Performance Committee that are considered additional to the expected
duties of the Board.
CHIEF EXECUTIVE OFFICER REMUNERATION
The review and approval of the Chief Executive Officer’s (CEO) remuneration is the responsibility of the
Board. The remuneration of the CEO for the year ended 31 March 2024 is detailed below.
Structure
The CEO’s remuneration comprised:
• A fixed base salary, including Kiwisaver contributions by the Group;
• An at risk short term incentive (STI) payable annually of up to 40% of the base salary subject to the
Board’s assessment of both individual and company performance; and
• A long term incentive (LTI) which includes non-cash share options granted by the Company that will
vest, based on vesting criteria (further detail provided below).
Remuneration
Fixed
remuneration
(salary and
Kiwisaver)
(NZ$000)
STI Cash
(NZ$000)
Total cash
remuneration
(NZ$000)
STI Non Cash
(NZ$’000)
STI % Achieved
(100% = 40%
of PY Base
Salary)
Total
remuneration
(NZ$000)
FY 24703
164
86722
Achieved
73% of the
maximum STI
available
889
FY 23693
-
693-
-
693
Non-cash Remuneration
During FY 24, Peter Meintjes, was granted 201,016 ordinary shares as non-cash consideration in recognition
of his performance as an employee of the Company in lieu of cash STI and in addition to salary. These shares
were issued for a non-cash consideration of $21,509 being $0.107 per share.
Short Term Incentives
Short term incentives (cash and non-cash) paid during the FY 24 year totalled $185,420. This payment was
assessed by the Board as 73% of the maximum STI available after assessing both company performance
(weighted 70% and includes criteria such as company financial performance, growth and delivery of
strategic initiatives) and individual performance (weighted 30% focused on delivery of strategic initiatives).
The maximum STI is 40% of base salary as at 31 March 2024.
6564
PACIFIC EDGE LIMITED ANNUAL REPORT 2024PACIFIC EDGE LIMITED ANNUAL REPORT 2024

Employee Remuneration
(NZ$)20242023
290,000 - 300,00033
280,000 - 290,0004-
270,000 - 280,00015
260,000 - 270,00042
250,000 - 260,00012
240,000 - 250,000-1
230,000 - 240,0004-
220,000 - 230,00012
210,000 - 220,0004-
200,000 - 210,00032
190,000 - 200,0002-
180,000 - 190,00053
170,000 - 180,00032
160,000 - 170,00051
150,000 - 160,00013
140,000 - 150,00032
130,000 - 140,000-2
120,000 - 130,00024
110,000 - 120,00096
100,000 - 110,00078
Total8774
DIRECTORS AND OFFICERS INSURANCE
In accordance with the Companies Act 1993 and the constitution of the Company, Pacific Edge indemnifies
and insures its Directors and Officers, including Directors and Officers of subsidiary companies within the
Group, in respect of liability incurred for any act or omission in their capacity as a Director or Officer of the
Company. This insurance includes defence costs. If an act or omission was to occur that was covered by
this insurance, the Company would pay the liability of the act or omission and be reimbursed by the insurer.
Long Term Incentives
The Company has an LTI Scheme that is designed to attract and retain talent qualifying employees by
offering additional remuneration through options as indicated in their individual employee agreement.
LTI remuneration generally vests annually over a three year period, with 1/3 vesting each year on the first,
second and third anniversary after issue and with a four-year exercise window. If an employee ceases
employment within one year of employment there is no vesting. Unless there are exceptional circumstances,
the exercise price for each tranche of Options is determined by the share price on the date of Board
approval. The Company offers employees the ability to fund exercising of options utilising a cashless
exercise within the Options Agreement.
Remuneration Table
The table below shows the number of employees and former employees of the Group, not being Directors of
the Group, who, in their capacity as employees, received remuneration and other benefits during the period
ended 31 March 2024 totalling at least NZ$100,000.
This includes cash remuneration and expenditure related to ordinary shares paid in lieu of cash bonuses and
excludes the value of share options that have vested but have not been exercised.
The Group operates in New Zealand, Australia, Singapore and the United States where market remuneration
levels differ. Of the employees noted in the table below, 64% are employed by the Group outside New
Zealand. The offshore remuneration amounts are converted into New Zealand dollars.
During the year, 87 employees or former employees of the Group, not being Directors of the Company,
received remuneration and other benefits that exceeded NZ$100,000 in value as follows:
Employee Remuneration
(NZ$)20242023
880,000 - 900,0001-
790,000 - 800,0001-
750,000 - 760,0001-
740000 - 750,000-1
690,000 - 700,000-1
600,000 - 610,000-1
550,000 - 560,00011
540,000 - 550,000-1
490,000 - 500,0001-
480,000 - 490,0001-
440,000 - 450,0001-
430,000 - 440,00011
420,000 - 430,00021
410,000 - 420,00022
390,000 - 400,000-1
370,000 - 380,00012
360,000 - 370,0001-
350,000 - 360,00021
340,000 - 350,0002-
330,000 - 340,00024
320,000 - 330,00021
310,000 - 320,00013
300,000 - 310,00025
6766
PACIFIC EDGE LIMITED ANNUAL REPORT 2024PACIFIC EDGE LIMITED ANNUAL REPORT 2024

CONSOLIDATED
FINANCIAL
STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
6968
PACIFIC EDGE LIMITED ANNUAL REPORT 2024PACIFIC EDGE LIMITED ANNUAL REPORT 2024

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 2022 294,139 (189,849) 3,145 941 108,376
Loss after tax - (26,965) - - (26,965)
Other Comprehensive Income - - - (99) (99)
TOTAL COMPREHENSIVE LOSS
attributable to equity holders of the
Company
- (26,965) - (99) (27,064)
Transactions with owners in their
capacity as owners:
Issue of Share Capital18 (4) - - - (4)
Share Based Payments- Employee
Remuneration
8 182 - - - 182
Share Based Payment- Employee
Share Options
8 - - 1,273 - 1,273
Balance as at 31 March 2023 294,317 (216,814) 4,418 842 82,763
Balance as at 31 March 2023 294,317 (216,814) 4,418 842 82,763
Loss after tax - (29,535) - - (29,535)
Other Comprehensive Income - - - 122 122
TOTAL COMPREHENSIVE LOSS
attributable to equity holders of the
Company
- (29,535) - 122 (29,413)
Transactions with owners in their
capacity as owners:
Share Based Payments- Employee
Remuneration
8 83 - - - 83
Share Based Payment- Employee
Share Options
8 - - 1,189 - 1,189
Balance as at 31 March 2024 294,400 (246,349) 5,607 96454,622
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2024
Note: These Consolidated Financial Statements are to be read in conjunction with the Notes to the Consolidated Financial Statements
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 March 2024
Note: These Consolidated Financial Statements are to be read in conjunction with the Notes to the Consolidated Financial Statements
Notes
2024
($000)
2023
($000)
REVENUE
Operating Revenue 5 23,907 19,616
Total Operating Revenue 23,907 19,616
Other Income5 1,322 1,417
Interest Income9 3,433 2,761
Foreign Exchange Gain 631 2,330
Total Revenue and Other Income 29,293 26,124
OPERATING EXPENSES
Laboratory Operations11,751 9,349
Research612,089 8,484
Sales and Marketing25,590 25,123
General and Administration79,398 10,133
Total Operating Expenses58,828 53,089
NET LOSS BEFORE TAX(29,535) (26,965)
Income Tax Expense16 - -
LOSS FOR THE YEAR AFTER TAX(29,535) (26,965)
Items that may be reclassified to profit or loss:
Translation of Foreign Operations 142 (99)
Disposal of Foreign Operation (20)-
TOTAL COMPREHENSIVE LOSS attributable to
equity holders of the Company
(29,413) (27,064)
Earnings per share for loss attributable to the equity
holders of the Company during the year
Basic and Diluted Earnings per share3 (0.036) (0.033)
7170
PACIFIC EDGE LIMITED ANNUAL REPORT 2024PACIFIC EDGE LIMITED ANNUAL REPORT 2024

CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 March 2024
Notes
2024
($000)
2023
($000)
CASH FLOWS TO OPERATING ACTIVITIES
Cash was provided from:
Receipts from Customers 24,137 18,468
Receipts from Grant Providers 1,856 1,066
Interest Received 3,441 2,716
29,434 22,250
Cash was disbursed to:
Payments to Suppliers and Employees55,196 47,869
Net GST (inflow) (12) (44)
55,184 47,825
Net Cash Flows To Operating Activities20(25,750) (25,575)
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash was provided from:
Proceeds from Short Term Deposits 83,084 143,490
83,084 143,490
Cash was disbursed to:
Purchase of Short Term Deposits 59,523 118,107
Capital Expenditure on Plant and Equipment 832 1,870
Capital Expenditure on Intangible Assets 540 1,039
60,895 121,016
Net Cash Flows From Investing Activities 22,189 22,474
CASH FLOWS TO FINANCING ACTIVITIES:
Cash was provided from:
Proceeds from Borrowings 300 -
Ordinary Shares Issued18 - (4)
300 (4)
Cash was disbursed to:
Repayment of Leases- Principal23 1,268 1,195
Repayment of Leases- Interest23 138 83
1,406 1,278
Net Cash Flows To Financing Activities (1,106) (1,282)
Net (Decrease) in Cash Held(4,667) (4,383)
Add Opening Cash Brought Forward 33,229 35,412
Effect of exchange rate changes on net cash699 2,200
Ending Cash Carried Forward929,261 33,229
Note: These Consolidated Financial Statements are to be read in conjunction with the Notes to the Consolidated Financial Statements
CONSOLIDATED BALANCE SHEET
As at 31 March 2024
Notes
2024
($000)
2023
($000)
CURRENT ASSETS
Cash and Cash Equivalents9 29,261 33,229
Short Term Deposits9 21,000 44,562
Receivables10 4,698 5,493
Inventory11 1,688 1,287
Other Assets12 1,228 1,400
Total Current Assets 57,875 85,971
NON-CURRENT ASSETS
Property, Plant and Equipment13 2,925 2,768
Right of Use Assets23 3,698 1,143
Intangible Assets14 950 1,031
Total Non-Current Assets 7,573 4,942
TOTAL ASSETS 65,448 90,913
CURRENT LIABILITIES
Payables and Accruals176,753 6,928
Borrowings 300 -
Lease Liabilities23 1,264 811
Total Current Liabilities8,317 7,739
NON-CURRENT LIABILITIES
Lease Liabilities23 2,509 411
Total Non-Current Liabilities 2,509 411
TOTAL LIABILITIES10,826 8,150
NET ASSETS54,622 82,763
Represented by:
EQUITY
Share Capital18294,400 294,317
Accumulated Losses(246,349) (216,814)
Share Based Payments Reserve 5,607 4,418
Foreign Translation Reserve964 842
TOTAL EQUITY 54,622 82,763
FURTHER INFORMATION
Net Tangible Assets per share ($) 0.066 0.101
For and on behalf of the Board of Directors dated the 20th day of May 2024:
Director Director
Note: These Consolidated Financial Statements are to be read in conjunction with the Notes to the Consolidated Financial Statements
7372
PACIFIC EDGE LIMITED ANNUAL REPORT 2024PACIFIC EDGE LIMITED ANNUAL REPORT 2024

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 March 2024
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
2024
%
31 March
2023
%
Pacific Edge Diagnostics
New Zealand Limited
New Zealand
Commercial Sales and Diagnostic
Laboratory Operation
100100
Pacific Edge (Australia) Pty
Limited
Australia
Commercial Sales and
Biotechnology Research
& Development
100100
Pacific Edge Diagnostics USA
Limited
USA
Commercial Sales and Diagnostic
Laboratory Operation
100100
Pacific Edge Diagnostics
Singapore Pte Limited
Singapore
Commercial Sales and
Biotechnology Research
& Development.
In the process of being
dissolved as at 31 March 2024
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 2024 and for the year then ended. All subsidiaries have the same balance date as the Company of 31 March.
Pacific Edge Limited consolidates all entities over which Pacific Edge Limited has control. Control is achieved when
the Group:
• has power to direct the activities of the entity;
• is exposed, or has rights, to variable returns from involvement with the entity; and
• has the ability to use its power to affect its returns.
Subsidiaries which form part of the Group are consolidated from the date on which control is transferred to the
Group. They are de-consolidated from the date that control ceases.
The acquisition method of accounting is used to account for business combinations by the Group. The consideration
transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the
equity interest issued by the Group.
The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration
arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and
contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition
date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either
at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets. Inter-company
transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised
losses are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure
consistency with the policies adopted by the Group.
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.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 March 2024
1. MATERIAL ACCOUNTING POLICY INFORMATION
Reporting Entity
The consolidated financial statements (hereafter referred to as the ‘financial statements’) presented for the year
ended 31 March 2024 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 Company is dual listed, with its primary listing of ordinary
shares quoted in New Zealand on the NZX Main Board, and a secondary listing in Australia as a Foreign Exempt
Entity on the ASX.
These financial statements have been approved for issue by the Board of Directors on the 20th May 2024.
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 Accounting
Standards (“IFRS Accounting Standards”) as issued by the IASB.
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 Consolidated Statement of Comprehensive Income and Consolidated Statement of Cash Flows have been
prepared so that all components are stated net of GST. All items in the Consolidated 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.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 March 2024
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
2024
($000)
2023
($000)
Loss attributable to equity holders of the Company(29,535) (26,965)
Weighted average number of ordinary shares on issue 810,727 810,226
Earnings per share (0.036) (0.033)
(b) Diluted
Diluted earnings per share is calculated by adjusting the weighted average number of shares outstanding to
assume conversion of all dilutive potential ordinary shares. The Group’s dilutive potential ordinary shares are in the
form of share options. As the Group made a loss during the current year and losses cannot be diluted, basic and
diluted earnings per share are the same.
4. LABORATORY THROUGHPUT AND COMMERCIAL TESTS –
NON-GAAP REPORTING
Laboratory Throughput is a key metric for the Group: Laboratory Throughput provides evidence of the usage
of Cxbladder products globally and the rates of adoption between different customer segments. The inclusion
of this non-GAAP reporting is considered helpful to readers of these financial statements, 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 non-chargeable
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 financial
statements 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.
FY 24FY 23
Total Laboratory Throughput (tests) 32,633 31,565
Increase in Total Laboratory Throughput (%) 3%37%
Increase in Throughput from previous year (tests) 1,068 8,479
Total Commercial Tests (tests) 27,347 26,691
Increase in Commercial Tests from previous year (%)2%39%
Increase in Commercial Tests from previous year (tests) 656 7,495
Commercial Tests as a percentage of Total Laboratory
Throughput (%)
84%85%
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 March 2024
The Group has performed an assessment of potential climate related risks and considered the location of
laboratories and other key operations in each region that it operates in and concluded that there is no material
impact on the current financial statements.
All other material accounting policy information has been applied on a basis consistent with those used in the
audited financial statements of Pacific Edge Limited for the year ended 31 March 2023.
2. NEW STANDARDS
NEW DISCLOSURE REQUIREMENTS AND CHANGES IN ACCOUNTING STANDARDS ADOPTED BY THE GROUP
On 14 December 2022 the External Reporting Board (XRB) published its climate-related disclosure standard. The
mandatory reporting regime is for reporting periods beginning after 1 January 2023. Climate-related disclosures
will be reported at the time of issuance of the Annual Report.
There are other no new disclosures, standards or interpretations material to the Group to be applied during the
year.
NEW STANDARDS AND INTERPRETATIONS NOT YET ADOPTED BY THE GROUP
The following new accounting standards and interpretations have been published that are not mandatory for
31 March 2024 reporting periods and have not been early adopted by the Group.
IFRS 18 Presentation and Disclosure in Financial Statements (IFRS 18)
IFRS 18 Presentation and Disclosure in Financial Statements (IFRS 18) was issued in April 2024 as replacement for
IAS 1 Presentation of Financial Statements (IAS 1). Most of the presentation and disclosure requirements would
largely remain unchanged together with other disclosures carried forward from IAS 1 IFRS 18 primarily introduces
the following:
• a defined structure for the consolidated statement of comprehensive income by classifying items into one
of the five categories: operating, investing, financing, income taxes and discontinued operations. Entities will
also present expenses in the operating category by nature, function, or a mix of both, based on facts and
circumstances;
• disclosure of management-defined performance measures non-GAAP measures in a single note together with
reconciliation requirements, and
• additional guidance on aggregation and disaggregation principles (applied to all primary financial statements
and notes).
IFRS 18 also made limited change to certain presentation and disclosure requirements in the financial statements;
as well as consequential changes to various IFRS Accounting Standards.
IFRS 18 will be effective for annual reporting periods beginning on or after 1 January 2027 and entities could
early adopt this accounting standard. The Group expects to adopt IFRS 18 and relevant consequential changes of
other accounting standards in the 2028 financial statements. The Group is currently assessing the impact and will
disclose more detailed assessments in the future.
Disclosure of Fees for Audit Firms’ Services (Amendments to FRS-44)
The amendments to FRS-44 aim to address concerns about the quality and consistency of disclosures an entity
provides about fees paid to its audit firm for different type of services.
Application of this amendment is required for accounting periods beginning on or after 1 January 2024. The Group
expects to adopt amendments to FRS-44 in the 2025 financial statements. The Group is currently assessing the
impact and will disclose more detailed assessment in the future.
There are no other NZ IFRS or NZ IFRIC interpretations that are not yet effective that would be expected to have a
material impact on the Group.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 March 2024
ACCOUNTING POLICY
Revenue from Cxbladder tests – USA
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.
On return of the test result, the Group has determined a contract exists, that the payment terms are identified, that
the contract has commercial substance and there has been identification of the rights of each party.
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, less a 2% sequestration fee.
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. 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 and customers covered by Kaiser Permanente.
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 have concluded that the contracts with the CMS and customers covered by Medicare Advantage and
Kaiser Permanente include variable consideration because the amounts paid by Medicare, Kaiser Permanente or
the commercial health insurance carriers that provide Medicare Advantage may be paid at less than our standard
rates or not paid at all, with such differences considered implicit price concessions. Variable consideration
attributable to these price concessions is measured at the expected value, and are determined by historical average
collection rates by test type and payor category taking into consideration the range of possible outcomes and
predictive value of our past experiences. 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.
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 from 1 October 2023 to 31 March 2024 (6 months prior to balance date)
for which payment has not been received by 31 March 2024 from CMS and Medicare Advantage. Following a
change in commercial agreement, revenue for Kaiser Permanente is recognised in the month the test is performed.

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 Southeast
Asia. At the point the test results are returned to the physician, the Group has satisfied its performance obligations
have been met. At the end of the month an invoice is issued to the customer based on the number of tests
performed. 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 consolidated 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.
All conditions of the grants have been complied with.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 March 2024
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 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
companies 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. 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.
Refer to note 25 for details on the proposed Local Coverage Determination change that has the potential to
negatively impact future revenue.
Rest of World Customers
Revenue from Rest of World customers is primarily from Te Whatu Ora Health 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 regions 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
must be met before revenue may 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.
While there has been significant judgement applied to all five criteria, there are two criteria that have higher levels
of uncertainty, requiring increased levels of judgement. The significant judgements applied to determine the
Transaction Price and determining the probability of collecting consideration are detailed in the Accounting Policy
relating to Revenue from Cxbladder Tests.
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PACIFIC EDGE LIMITED ANNUAL REPORT 2024PACIFIC EDGE LIMITED ANNUAL REPORT 2024