Advancing Medicare Coverage Goals; Cost Contained
25 May 2026
AUDITED FINANCIAL RESULTS FOR THE YEAR TO 31 MARCH 2026
ADVANCING MEDICARE COVERAGE GOALS; COSTS CONTAINED
DUNEDIN, New Zealand – Cancer diagnostics company Pacific Edge (NZX, ASX: PEB) today
reports FY 26 results in a strategically significant year that has culminated, post balance date,
in the achievement of a draft Medicare policy change.
The new draft Local Coverage Determination (LCD) ‘Urine-based Biomarkers in Patients with
Microhematuria’ (DL40378) establishes hematuria evaluation as a Medicare benefit for the first
time with Cxbladder Triage and Triage Plus both indicated for coverage for intermediate risk
hematuria patients. The inclusion of Triage Plus, which has a higher Medicare price of
US$1,328, has the potential to significantly improve the unit economics of operating the sales
team and a pathway to profitability.
Pacific Edge is seeking claim-by-claim reimbursement for Triage and Triage Plus. In a further
development since the publication of the draft LCD, Pacific Edge has been advised that
products covered in the draft are eligible for claim-by-claim reimbursement for the patient
population defined in the draft LCD.
While Pacific Edge now expects DL40378 to become final and effective by the end of the 2026
calendar year, these developments substantially reduce the uncertainty that has weighed on
test volumes and the financial performance of the business, evident in the audited FY26 results
the company reports today.
AUDITED FY26 FINANCIAL PERFORMANCE
Our audited financial results for FY 26 are largely unchanged from the unaudited results we
announced on Monday 11 May 2026 ahead of the ongoing ~$31.4 million capital raising. For
further details please refer to the audited FY 26 financial statements released to the NZX and
ASX today with this announcement.
• Operating revenue of $11.5 million (FY 25, $21.8 million), reflecting the loss of Medicare
coverage from April 2025 and continued pressure on US test volumes after coverage
loss and cost containment measures. Total revenue $13.6 million (FY 25, $24.6 million)
• Total laboratory throughput
1
(TLT) of Cxbladder tests down 16.3% to 24,190 tests
(FY 25; 28,894 tests); commercial tests down 23.8% to 18,783 tests (FY 25; 24,642
tests)
• Volumes supported by growth at the Southern California Permanente Medical Group
and growth in the APAC region
• Net loss after tax $35.8 million (FY 25, $29.9 million); 2H 26 net loss $16.7 million, lower
than 1H 26, $19.1 million. Lower revenue following Medicare non-coverage was partly
offset by disciplined cost control with a 9.5% reduction in expenses for FY 26 compared
to FY 25, aided by a reduction in US sales force
1
All comparisons are against the year to the end of March 2025, and all dollar amounts are in New Zealand dollars
unless otherwise stated.
2
• Cash, cash equivalents and short-term deposits of $7.8 million at the end of FY 26;
monthly cash burn reduced through the year; 2H 26 average monthly cash burn of $2.4
million in 2H 26 vs $3.3 million on 1H 26 as Pacific Edge maintained a prudent approach
to preserving capital
• Placement in May 2026 raises $25.4 million; retail offer to raise up to $6 million (with
discretion to accept oversubscriptions) closes 28 May 2026; provides support to
ongoing operations and growth to achieve Medicare recovery, and continue evidence
generation, product development and innovation
FY26 STRATEGIC HIGHLIGHTS
• Novitas, post balance date, has published the draft LCD ‘Urine-based Biomarkers in
Patients with Microhematuria’ (DL40378) establishing hematuria evaluation as a
covered Medicare benefit for the first time and proposing coverage for Cxbladder Triage
and Triage Plus; final effective coverage expected by the end of the 2026 calendar year
• Novitas confirms, post balance date, that Pacific Edge can commence claim-by-claim
reimbursement for intermediate risk microhematuria patients in line with the draft LCD
• Inclusion of Triage Plus in the draft LCD demonstrates the importance of investing in
product innovation with the new test priced at US$1,328 per test, a 75% premium to
the US$760 price for legacy products, accelerating the path to profitability
• Commercial operations are focused on selling the value of clinical pathways with Triage
and Triage Plus for intermediate risk microhematuria patients to urology practices and
integrated delivery networks (IDNs)
• Commercial payer momentum strengthened with positive medical policy for Cxbladder
Triage adopted by Sentara, the BCBS
2
plans in North Carolina South Carolina and
Kansas City Missouri, collectively covering 5.2 million lives. Policy for Cxbladder
Monitor adopted by Highmark covering 7 million lives
• Asia Pacific expansion continued with new clinical pathways implemented at Singapore
General Hospital and Townsville University Hospital, including the first clinical pathway
adoptions of Triage Plus in Asia and Australia
• Pacific Edge's evidence portfolio and strategic moat continued to strengthen through
publication of the DRIVE
3
study, publication of the Kaiser real-world utility study
4
and
preliminary AUSSIE data receiving the Best Oncology Presentation Award at USANZ
2026
Chairman Simon Flood said: "Pacific Edge exits the year in a materially stronger strategic
position than it entered it. The long-term opportunity ahead for Cxbladder has been reinforced
by the quality of the company's clinical evidence, the strength of support expressed at the
2
BCBS is Blue Cross Blue Shield, one of the largest payer groups in the USA
3
Savage SJ, Ercole CE, Hemstreet G, et al. Diagnostic performance of Cxbladder Triage Plus for the identification
and stratification of patients at risk for urothelial carcinoma: The multicenter, prospective, observational DRIVE
study. Urol Oncol. 2026;44(1):65.e13-65.e20. doi:10.1016/j.urolonc.2025.10.008.
4
Filson CP, Slezak JM, Luong TQ, Aboushwareb T, Loo RK. Real-World Utility of Cxbladder Triage for Patients
with Microhematuria: A Matched Cohort Study. Urol Pract. 0(0). doi:10.1097/UPJ.0000000000000972.
3
Novitas-convened Contractor Advisory Committee in February 2026, the growing recognition
from commercial payers, the early wins in APAC and now the draft LCD.
“We are immensely grateful for the support of our shareholders, and the commitment of our
people to a shared vision for the company. In the new financial year, we are looking forward to
seeing this support rewarded with a return to growth and delivery on the significant potential
we see for the company.”
Chief Executive Dr Peter Meintjes added: "Over the last year we have completed the
foundations necessary to grow our hematuria business, establishing a Medicare price of
US$1,328 for Triage Plus and obtaining draft coverage. I am pleased that the efforts of our
team have delivered these key milestones and provide a foundation for commercial success.
We must immediately leverage our first-mover advantage and the moat around our business
by implementing clinical pathways backed by Electronic Medical Records (EMR) integrations
at institutions qualified for testing volume and possessing the capacity to implement them.
These initiatives will streamline test ordering and results delivery and improve the customer
experience, cementing our tests as the standard of care.
"We have proactively managed our capital, balancing cash preservation with protecting core
assets to preserve our ability to scale commercially and with the draft LCD published, we are
now focusing on commercial execution. Supported by the equity raised in May, our team —
now stronger after several years of adversity — are focused on achieving the company's long-
standing potential."
OUTLOOK
“The inclusion of Triage Plus in the LCD gives us the opportunity to progressively phase our
hematuria volume to the higher performing and higher margin test based on demand. Triage
Plus offers clinical utility to more patients, i.e. all hematuria patients, not just intermediate risk
microhematuria patients, while continuing to deliver substantial cost-benefit for healthcare
systems and payers, Dr Meintjes said.
“Final effective Medicare coverage will remove a key reason for commercial payers to deny
reimbursement, while our appeals against any denial will be reinforced by the draft LCD and
state biomarker laws that require US commercial payers to reimburse for a Medicare approved
test,” Dr Meintjes said.
“We remain focused on continuing to use innovation to drive long term value through
developing the clinical evidence to entrench our products in professional association
guidelines, and the longer-term product simplification and kitted IVD development efforts to
enable de-centralized international deployment of our intellectual property.
“Our immediate focus is on i) using our recently published DRIVE study, which demonstrated
the clinical validity of Triage Plus, to see the test’s inclusion in the next iteration of the American
Urological Association guideline and ii) publishing our LOBSTER study that is expected to
clinically validate Cxbladder Surveillance Plus, our next generation test for the surveillance of
bladder cancer recurrence.”
Pacific Edge is targeting coding and provisional pricing at US$1,800 of Surveillance Plus and
claim-by-claim reimbursement by the middle of next year.
4
“Pacific Edge will moderate its approach to growth focused on a path to profitability and the
unit economics of operating our sales team. The increasing recognition in medical policy by
commercial payers, the nearing profitability in APAC, and our leaner operating model set the
foundations for an excellent FY 27. We look forward to updating shareholders on our progress
in our quarterly shareholder updates and at the Annual Shareholder Meeting”.
CAPITAL RAISE
Pacific Edge notes that its retail offer to eligible existing shareholders to raise up to NZ$6
million, with the ability to accept oversubscriptions at Pacific Edge’s discretion (Retail Offer),
opened on Thursday, 14 May 2026 and closes at 5:00pm NZST on Thursday, 28 May 2026.
The Retail Offer follows Pacific Edge’s successful placement (the Placement) of NZ$25.4
million of new ordinary shares to certain investors at a price of NZ$0.17 per share, which closed
on Tuesday, 12 May 2026.
The Retail Offer is open to “Eligible Shareholders”, who are all persons recorded on Pacific
Edge’s share register at 7:00pm NZST on Friday, 8 May 2026 as being a holder of Pacific Edge
shares and having an address in New Zealand.
Eligible Shareholders who wish to participate in the Retail Offer are able to apply for up to a
maximum of NZ$50,000 of new shares per shareholder at NZ$0.17 per share, the same price
per share offered to investors under the Placement.
Further information on the Retail Offer, including the Retail Offer Document that contains the
terms and conditions of the Retail Offer, and information on how to apply for shares under the
Retail Offer, is available at www.nzx.com and www.asx.com.au under ticker code “PEB”.
CONFERENCE CALL
Pacific Edge is today holding an Investor and Analyst conference call at 11.00am (NZST).
This briefing is being held webcast by the following link: www.virtualmeeting.co.nz/pebfy26 or
by phone on the following toll-free numbers:
• New Zealand – 0800 450 012
• Australia – 1800 571 226
• USA & Canada – 800 715 9871
• Conference ID: 2639914
Questions can be submitted online in writing via the Webcast platform or verbally via the audio
call system when prompted.
Released for and on behalf of Pacific Edge by Grant Gibson Chief Financial Officer
For more information:
Investors: Media:
Dr Peter Meintjes Richard Inder
Chief Executive The Project
Pacific Edge P: +64 21 645 643
P: +64 22 032 1263
5
OVERVIEW
Pacific Edge: www.pacificedgedx.com
Pacific Edge Limited (NZX/ ASX: PEB) is a global cancer diagnostics company leading the way
in the development and commercialization of bladder cancer diagnostic and prognostic tests
for patients presenting with hematuria or surveillance of recurrent disease. Headquartered in
Dunedin, New Zealand, the company provides its suite of Cxbladder tests globally through its
wholly owned, and CLIA certified, laboratories in New Zealand and the USA.
Cxbladder: www.cxbladder.com
Cxbladder is a suite of non-invasive genomic urine tests optimized for the risk stratification of
urothelial cancer in patients presenting with hematuria and those being monitored for recurrent
disease. The tests help improve the overall patient experience, while prioritizing time and
clinical resources to optimize practice workflow and improve efficiency.
Supported by over 20 years of research, Cxbladder’s evidence portfolio extends to more than
twenty-five peer reviewed publications, and Cxbladder Triage is now included in the American
Urological Association’s Microhematuria Guideline. To drive increased adoption and improved
patient health outcomes, Cxbladder is the focal point of numerous ongoing and planned studies
designed to generate further clinical utility evidence.
Cxbladder is available in the US, Australasia, and Israel and in markets throughout Asia and
South America. In the US, the test has been used by over 5,000 urologists who have ordered
more than 130,000 tests. In New Zealand, Cxbladder is accessible to around 70% of the
population via public healthcare and all residents have the option of buying the test online.
---
FY26 FINANCIAL RESULTS
Dr Peter Meintjes
Chief Executive Officer
Grant Gibson
Chief Financial Officer
25 May 2026
1
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IMPORTANT NOTICE AND DISCLAIMER
2
FY 26: ADVANCED MEDICARE COVERAGE WITH PRUDENT CAPITAL MANAGEMENT
-$35.8M
NET LOSSAFTER
TAX +19.5%
on FY 25
US Total Tests
1
18,784,
-21.4% on FY 25;
APAC Total Tests
1
5,406 +7.9% on FY 25
2H 26 Net Loss After Tax
($16.7m) -12.8% on 1H 26
amid capital preservation
initiatives
2H 26 Operating Revenue
$5.6m –6.4% on 1H 26;
Total Revenue of $13.6M
-44.8% on FY 25
$2.4M
2H 26CASH
BURN/MONTH
-27.7% ON 1H 26
31 March 2026 $7.8M Cash
and cash equivalents
2
-64.8%
on $22.1M at Sept 2025
18,783
COMMERCIAL
TESTS -23.8%
on FY 25
24,190
GLOBAL TESTS
1
-16.3%
on FY 25
$11.5M
OPERATING
REVENUE
-47.4% on
FY 25
US Commercial Tests
14,771, -26.5% on FY 25;
APAC Commercial Tests
4,012, -11.9% on FY 25
3
•Draft LCD
3
published 14 May 2026 proposes Triage and Triage Plus as the only tests appropriate for Medicare reimbursement; final LCD is estimated to
be effective by Jan 2027; Pacific Edge has been advised that claim-by-claim reimbursement is appropriate for intermediate risk microhematuria patients
•FY26 operating revenue fell due to Medicare non-coverage determination and disruptions caused by the US shift from Detect to Triage, APAC volumes
show steady growth amid growing albeit small volumes from Asian markets
•2H 26 cash burn reduced through careful expense management; further phased reductions towards a target monthly average cash burn for FY 27 of
NZ$2.5m vs NZ$2.85m for FY 26. Net losses increased following revenue reductions and ongoing Medicare appeals not accrued
•~$31.4 million capital raising launched; to strengthen our balance sheet to support ongoing operations and growth, position the company for phased
execution post re-coverage; $25.4 million secured in placement; $6 million
4
retail offer (closes 28 May)
1.Total Laboratory Throughput (TLT) including commercial, pre-commercial and clinical studies testing
2.Cash, short-term deposits and term deposits
3.The draft LCD is titled ‘Urine-based Biomarkers in Patients with Microhematuria’
4.Pacific Edge has the discretion to accept oversubscriptions in the Retail Offer
CXBLADDER: TESTS TO RULE OUT CANCER OR PRIORITIZE PATIENTS
THE PATIENT CARE PATHWAY
1.RDM: Residual Disease Monitoring
2.TRM: Therapeutic Response Monitoring
3.NMIBC: non-muscle invasive bladder cancer
4.AUA: American Urological Association
>130,000
Patients that have used
Cxbladder
>5,000
Urologists that have ordered
Cxbladder
>30
Publications demonstrating AV,
CV or CU evidence
Grade A
Evidence rating by the AUA
4
in its
2025 Microhematuria Guideline
•Cxbladder avoids invasive, unnecessary procedures for patients driving down costs for health systems and payers
2
•At scale, Cxbladder can spare more than 1.5 million patients in the US from cystoscopy and save >US$500/patient
2
•The population in the USA is ageing, with an increasing number of patients requiring urology care
•The number of urologists per person over 65 is falling in the USA (from 23.8/100k to 15.8/100k in 2035
3
) potentially delaying diagnosis
•Medicare reimbursement for cystoscopy has declined from US$204.80 in 2023 to US$172.80 in 2026
4
1.AUA Guidelines cite incidence of bladder cancer in microhematuria risk categories from 0.4-6%. 5% is an example
2.Tyson et al (2024) Budgetary Impact of Including the Urinary Genomic Marker Cxbladder Detect in the Evaluation of Microhematuria Patients - PubMed (PMID: 37914255)
3.Nam et al. (2021) Projected US Urology Workforce per Capita, 2020-2060 JAMA Network Open Published Online:November16,2021
4.https://www.cms.gov/medicare/physician-fee-schedule/search
DRIVING ECONOMIC VALUE FOR PATIENTS, HOSPITALS AND PAYERS
CXBLADDER DELIVERS CLINICAL UTILITY, PATIENT SATISFACTION AND ECONOMIC VALUE
Illustration shows incidence of bladder cancer in microhematuria
populations at 5%
1
With Triage Plus, 85% of patients can avoid cystoscopy, 15% receive
cystoscopy to find the same 5 cancer patients
5
CANCER INCIDENCE IN MICROHEMATURIA PATIENTSCYSTOSCOPIES SAFELY AVOIDED USING CXBLADDER
Cystoscopy
No cancer
Cystoscopy
Cancer
No cystoscopy
No cancer
Cystoscopy
Cancer
Cystoscopy
No cancer
DRIVING STRATEGIC VALUE THROUGH PRODUCT INNOVATION
NEXT GENERATION TESTS HAVE SUPERIOR PERFORMANCE AND PRICING
•Cxbladder Triage Plus has been analytically validated and clinically validated for all hematuria patients (micro and gross)
•Triage Plus has provisional patents filed, AV published, CV published, priced at US$1,328/ test, and coverage has been requested from Novitas
•The US$1,328 price strengthens the economics of operating an Account Executive and the future profitability profile of the company
•Triage Plus is now available as an option to clinicians who wish to order the test
•We are seeking to have Triage Plus added to the AUA microhematuria guideline alongside Triage in FY27
•Cxbladder Surveillance Plus tests for recurrent disease in NMIBC
1
patients
•Surveillance Plus is in development focused on multiple types of DNA markers using ddPCR
4
; AV and CV are expected to be published in late FY27 or early FY28
•Surveillance Plus has completed a ‘Freedom to Operate’ analysis, and provisional patenting is in progress
•Pacific Edge is targeting to submit Surveillance Plus for a CPT-PLA code by 9 December 2026. If that date is achieved, Pacific Edge currently expects claim-by-claim reimbursement from July 2027
once Novitas adds the code to A58917 at local provisional pricing
•This may lead to additional US revenue during FY 28 while seeking a pricing crosswalk for Surveillance Plus to a US$1,800 ddPCR
4
test.
6
1.NMIBC is non-muscle invasive bladder cancer
2.RDM: Residual Disease Monitoring
3.TRM: Therapeutic Response Monitoring
4.ddPCR is droplet digital Polymerase Chain Reaction
Strong
clinical
evidence
The CAC noted the strong clinical evidence supporting Cxbladder Triage and Triage
Plus throughout the call (most notably STRATA and the Kaiser Study)
Use across
all risk
categories
Panel supported use of validated biomarkers across all hematuria risk groups and
multiple settings: initial evaluation, reflex after inconclusive tests, adjunct to difficult
cystoscopies, repeat use in recurrent cases, and as a non-invasive option
Logistical
benefits
Logistical and economic benefits from primary care use were emphasized, including
better access for rural patients, prioritization of high-risk referrals, earlier detection to
avoid more invasive disease, and improved care for women.
Improved
standard of
care
Strong alignment that Cxbladder tests have robust evidence and clinical utility, with
several experts explicitly appealing for Medicare reimbursement and broad access to
improve standards of care.
Pathway to
re-coverage
Novitas used panel feedback, evidence and AUA guideline updates to draft the draft
Local Coverage Determination ‘Urine-based Biomarkers in Patients with
Microhematuria’ (DL40378)
DRAFT MEDICARE POLICY SPARKED BY NOVITAS CONTRACTOR ADVISORY COMMITTEE
PACIFIC EDGE’S EVIDENCE DRIVING CLINICAL OPINON AND POLICY MOMENTUM
7
The draft LCD ‘Urine-based Biomarkers in Patients with Microhematuria’ (DL40378) shows the panel provided
a clear endorsement of urine-based biomarkers as medically reasonable and necessary and appropriate for
Medicare recoverage
1
“The vast majority of patients with
microhematuria in the US are not getting
referred to urologists or any evaluation
whatsoever... the consequence is that
many patients are getting delayed in
diagnosis”
- Prof Yair Lotan, UTSW
“only 13% of patients with high-risk
microhematuria actually underwent
cystoscopy... so that is why a
biomarker could be so appealing”
- Dr Jason Hafron, Michigan Institute of Urology
1.For more information, please refer to Pacific Edge Limited NZX announcement on Monday, 23 February 2026
DRAFT LCD PROPOSES MEDICARE COVERAGE FOR TRIAGE AND TRIAGE PLUS
NOVITAS CONFIRMS PACIFIC EDGE CAN SUBMIT HEMATURIA TEST CLAIMS AS THEY ARE OUTSIDE PRIOR LCD
8
“Use of validated multi-analyte UBBs may
be reasonable and necessary to support
risk-stratification in appropriately
counseled, intermediate-risk patients with
MH who are considering deferral of
cystoscopy.”
- DRAFT LCD: ‘Urine-based Biomarkers in
Patients with Microhematuria’ (DL40378)
1.L39365 is the LCD “Genetic Testing in Oncology: Specific Tests’ that contains a non-coverage determination for Cxbladder tests
FINALIZED LCD EXPECTED TO ACCLERATE PACIFIC EDGE’S PATH TO PROFITABILITY
•Novitas has issued a draft LCD ‘Urine-based Biomarkers in Patients with Microhematuria’ (DL40378)
supporting Medicare coverage of Cxbladder Triage and Triage Plus
•No other urine-based biomarkers are included in the draft coding article, creating a moat around
our microhematuria business
•Inclusion of Triage Plus gives us the opportunity to shift our US customers over to the higher
performing and higher margin test:
•Higher clinical utility and works on a broader range of patient types
•Continues to have a cost benefit for healthcare systems and payers
•Shifts the economics of Pacific Edge towards operating profitably given the Medicare price of US$1,328 per
test, a 75% improvement over the US$760 received for the legacy Cxbladder products
•The clear language in the draft LCD also increases likely reimbursement success from Medicare
Advantage payers, Commercial payers and positive assessments from Data Curators/Assessors
•Pacific Edge is seeking claim-by-claim reimbursement for Triage and Triage Plus, and has been
advised that products covered in the draft are eligible for claim-by-claim reimbursement
•Hematuria patients can be differentiated from negative language for cancer patients on the earlier non-
coverage LCD ‘Genetic Testing in Oncology: Specific Tests’ (L39365)
9
MEDICARE RE-COVERAGE TIMELINES
DRAFT LCD RELEASED, FINAL COVERAGE ESTIMATED BY END OF 2026
Notice and
comment period
close date
14 May
2026
Novitas publishes
draft LCD: ‘Urine-
based Biomarkers in
Patients with
Microhematuria’
(DL40378)
‘Notice and
comment’ period
starts 6 June 2026
18 June
2026
Novitas to hold an
open meeting to
discuss the draft LCD
Date Novitas must either
finalize or withdraw the
LCD
18 July
2026
Jan
2027
15 May
2027
Sept
2026
Estimated time for the LCD to
become final and effective
(Pacific Edge estimate)
OUTLOOK: THE PATH TO COVERAGE POLICY AND ENDURING REIMBURSEMENT
•Novitas
1
controls the timeline for the draft LCD ‘Urine-based Biomarkers in Patients with
Microhematuria’ (DL40378) to become final and effective; the framework is governed
by the Medicare Program Integrity Manual
2
•The draft LCD is subject to ‘notice and comment’ until 18 July 2026
•Novitas must respond to all comments on the draft LCD and may take a maximum of
365 days from publishing of the draft to finalize, or withdraw, the LCD (15 May 2027)
•The finalized LCD becomes effective 45 days after being published
1.Novitas is the Medicare Administrative Contractor with responsibility for Pacific Edge’s US laboratory.
2.https://www.cms.gov/regulations-and-guidance/guidance/manuals/downloads/pim83c13.pdf
US COMMERCIAL PAYERS: MEDICARE POLICY EXPECTED TO UNLOCK VOLUMES
THE US PRIVATE HEALTH INSURANCE MARKET IS A LARGE OPPORTUNITY
•Commercial payers are a significant opportunity covering almost four times
more lives than Medicare
•Microhematuria patients skew younger with commercial health insurance,
thus represent most of the total serviceable market for hematuria
evaluation
•Final coverage policy from Medicare is expected to unlock revenue from
Commercial Payers by:
•Removing a key reason to deny reimbursement
•Providing additional evidence to overturn denials on appeal
•Providing language that commercial payers can adopt in their own
policies
•Leveraging State Biomarker Laws to mandate payment from
commercial payers
•We focus on establishing medical policy directly with payers or through
third parties like Avalon, EviCore, Carelon, Concert Genetics and ECRI
4
1.https://www.census.gov/library/publications/2025/demo/p60-288.html
2.https://www.medicare.gov/about-us
3.https://content.naic.org/sites/default/files/2024-annual-health-industry-commentary.pdf
4.ECRI is the Emergency Care Research Institute
~1,200
US private health
insurance payers
3
66m
Medicare
insured lives
2
223m
US private
insured lives
1
10
2020
Jun 2020
Kaiser Permanente,
approves commercial
use of Cxbladder
2022
2023
Dec 2022
Lotan et al:
Enhanced
Cxbladder Tests
Deliver Improved
Performance.
Journal of
Urology
2024
Nov 2023
Kaiser Permanente
EMR integration
goes live
May 2024
STRATA podium
presentation at AUA
2024. Study published
in Journal of Urology
BUILDING U.S. COMMERCIAL PAYER MOMEMTUM
MEDICARE COVERAGE UNLOCKS FURTHER COMMERCIAL PAYER POLICY
2025
Feb 2025
Triage included in
AUA Microhematuria
Guideline
Apr 2025
ECRI rates Triage 4/5
Dec 2025
Avalon Healthcare
endorses Triage
11
2026
Feb 2026
CAC delivers evidence
for Medicare policy
Mar 2026
BCBS NC & SC
1
Adopt
Avalon’s Triage Policy
Highmark adopts
Monitor for
surveillance
May 2026
Sentara and BCBS
Kansas City Missouri
adopt Triage
10.5m
2
Covered
(US commercial
payer lives)
12.0m
3
Covered
(US commercial
payer lives)
1.BCBS NC & SC are the Blue Cross Blue Shield plans of North Carolina and South Carolina
2.Includes Kaiser SoCal, BCBS NC, SC & Kansas City and Sentara
3.Includes Kaiser SoCal, Highmark
KAISER PERMANENTE – A PARTNERSHIP WITH ONE OF THE LARGEST US PRIVATE PAYERS
PILOT STUDY WITH KAISER PERMANENTE MID-ATLANTIC POINTS TO THE LARGER OPPORTUNITY
KAISER PERMANENTE – REAL WORLD CLINICAL AND ECONOMIC VALUE
•KP SoCal
1
has 4.9 million members. The broader Kaiser system has 12.6
million members
•KP SoCal is contracted for Triage and Monitor and implemented
electronic ordering through their HealthConnect EMR in 2023; all 15
sites ordering
•Pacific Edge is working with KP to drive volume growth within KP SoCal
12
LARGEST EVER CLINICAL STUDY OF URINE-BASED
BIOMARKERS FOR HEMATURIA EVALUATION
3,353
risk-matched patients for
indisputable statistical power
~80%
of patients identified as low
probability by Cxbladder Triage
952
cystoscopies avoided (284 per
1,000 referrals for hematuria) & 70
CTs avoided (21 per 1,000 referrals)
No difference in overall cancer detection rates
between those who received the Triage test (0.33%)
and their matched cohort (0.6%) (p=0.105)
•Pacific Edge has recently entered
into an agreement with KP Mid-
Atlantic (~800,000 members) for
a pilot study with a Triage
protocol that mirrors KP SoCal
•The partnership with KP has
delivered unique compelling
real-world evidence for Triage;
new studies are expected to
deliver similar value for Triage
Plus
1.KP SoCal refers to the Southern California Permanente Medical Group
13
•Pacific Edge generates clinical evidence required
to drive behavior change in physicians
•Clinical evidence is generated within a framework
of Analytical Validity (AV), Clinical Validity (CV)
and Clinical Utility (CU)
•Clinical Studies have clearly defined patient
populations with the endpoints and sample sizes
required for coverage decisions and guideline
inclusion
•Draft Medicare coverage has been established for
Triage & Triage Plus on the strength of our clinical
evidence
DRIVING CLINICAL VALUE FOR PHYSICIANS, HOSPITALS AND PAYERS
COMPELLING CLINICAL EVIDENCE CHANGES CLINICAL PRACTICE, MEDICAL POLICY AND GUIDELINES
STUDY
TEST AND EVIDENCE
PUBLICATION DATE
(1)
1. STRATA Clinical Utility
- CU of Triage
Published May 2024
2. Automated RNA & DNA extraction
- AV of Triage, Detect and Monitor
Published September 2024
3. Triage Plus Analytical Validation
- AV of Triage Plus
Published July 2025
4. DRIVE Clinical Validation
- CV of Triage Plus
Published October 2025
5. STRATA second publication
- CU of Triage Plus (concordance
2
)
Q3 2026
6. AUSSIE Clinical Validation
- CVof Triage Plus
Q3 2026
7. microDRIVE Clinical Validation
- CV of Triage Plus
Q1 2027
8. Surveillance Plus Analytical Validation
- AV of Surveillance Plus
Q2 2027
9. Pooled Analysis MH Clinical Validation
3
- CV of Triage Plus
Q1 2027
10. Pooled Analysis GH Clinical Validation
3
- CV of Triage Plus
Q1 2027
11. LOBSTER Clinical Validation
- CV of Monitor/Surveillance Plus
Q2 2027
12. CREDIBLE Clinical Utility
- CU of Triage Plus
Q1 2028
13. OCTOPUS Clinical Utility
- CU Surveillance Plus
Not Started
1
All dates are calendar year and our best current estimates
2
Concordance will be demonstrated by comparing Triage and Triage Plus on identical samples
3
The MH and GH pooled analysis brings together data from DRIVE, AUSSIE and microDRIVE
Already published evidence
INDEPENDENT STUDIES SUPPLEMENT OUR EVIDENCE PORTFOLIO
INVESTIGATOR INITIATED TRIALS (IITs) AND INDEPENDENT STUDIES DELIVER CLINICAL UTILITY AT MODEST SCALE
1.All dates are calendar year and our best current estimates
2.Filson et al (2026); Real-World Utility of Cxbladder Triage for Patients with Microhematuria: A Matched Cohort Study, Urology Practice® (2026), doi:
10.1097/UPJ.0000000000000972.
3.BCG: Bacillus Calmette–Guérin is a bacterium instilled into the bladder that triggers an immune response that targets and destroys cancer cells.
4.MIBC: Muscle Invasive Bladder Cancer
INDEPENDENT STUDY FOCUSINSTITUTIONTEST AND EVIDENCE TYPE
PUBLICATION
DATE
1
Real World Utility of Triage in MH: A Matched
Cohort Study
Kaiser Permanente, USCU Triage (RWE)Q1 2026
2
Patient preference and satisfaction of
“biomarkers vs cystoscopy”
Mayo Clinic, USCU MonitorQ2 2026
NZ Hematuria Pathway comparing T/D with
Triage Plus on AUSSIE samples
Canterbury DHBCU of Triage PlusQ3 2026
Retrospective concordance of Triage and Triage
Plus in the Kaiser System
Kaiser Permanente, USCU Triage Plus2027
Test utility in screening patients at risk for
bladder cancer
UT Southwestern, USCU Triage Plus 2027
Test utility in assessing therapy success in a
reduced chemotherapy protocol for upper tract
tumors
Israel Institute of
Technology, Israel
CU Monitor
CU Surveillance Plus
2027
Test utility in assessing response to BCG
3
in high-
grade bladder cancer patients
University of Miami, US
CU Monitor
CU Surveillance Plus
2027
Test utility for the surveillance of MIBC
4
treated
with bladder sparing methods (PRESERVE Trial)
Cleveland Clinic, US
CU Monitor
CU Surveillance Plus
2028
A Randomized Trial of Apalutamide in Non-
Muscle Invasive Bladder Cancer
National Institutes of
Health, US
CU Monitor
CU Surveillance Plus
2029
Already published evidence
14
•IITs are independent studies in which Pacific
Edge typically provides free testing, so
provide significant value at low cost
•IITs extend the evidence portfolio for new
indications of existing tests and may inform
new ‘core’ clinical trials
•IITs are a part of KOL engagement and lead
to publications or podium presentations that
give profile to Cxbladder and Pacific Edge
FY 26 TOTAL LAB THROUGHPUT (TLT*)
•Global TLT of 24,190 for FY 26 down 16.3% on FY 25 after Medicare
non-coverage determination
•APAC volumes showing steady increases with growing volumes ex-
NZ
•Global Commercial test volumes of 18,783 for FY 26 down 23.8%
•Triage growing in share of volume validating risk stratification value
proposition and investment in Triage Plus
FY 26 VOLUMES FALL DESPITE MEDICARE POLICY MOMENTUM
TEST VOLUMES BY TYPE (TLT*)
GLOBAL TOTAL TEST VOLUMES (TLT*)
*TLT is the Total Laboratory Throughput including commercial, pre-commercial and clinical studies testing
15
30%
56%
70%70%
66%
53%
26%
10%
10%
16%
0%
2%
5%
6%
6%
18%
16%
15%
14%
12%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Q4 25Q1 26Q2 26Q3 26Q4 26
PRODUCT MIX (%)
TriageDetectTriage PlusMonitor
15,401
11,946
12,325
12,317
10,371
8,412
2,839
2,447
1,900
2,352
2,802
2,605
18,240
14,393
14,225
14,669
13,173
11,017
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
1H 242H 241H 252H 251H 262H 26
TEST VOLUMES
Light shade: Clinical study and evaluation tests
Dark Shade: Commercial tests
49.7%
24.1%
20.1%
3.3%
2.7%
COMMERCIAL
MEDICARE
MEDICARE ADVANTAGE
VETERANS AFFAIRS
MEDICAID AND MANAGED
MEDICAID
PACIFIC EDGE PAYER MIX (1H 26)
MOUNTING POLICY MOMENTUM YET TO LIFT US VOLUMES
16
SALES FORCE EFFICIENCY LAYS FOUNDATIONS FOR GROWTH
•US operations have faced numerous challenges in FY 26:
•Constant headwind of selling a product not covered by Medicare
•Disruption of transitioning US customers from Cxbladder Detect to Triage
after non-coverage LCD in February 2025
•Winter storms across large segments of the US reducing operating days in Q4
26
•Sales force efficiency metric rises with focus on profitable territories
•8 FTEs in Q4 26 vs 12 FTEs in Q3 26 and 33 at peak in Q3 23
•Sales force efficiency metric increased to 530 from 335 in Q3 26 lifted by a
focus on the most profitable territories
•Tests per unique ordering clinician were 5.4 up from 4.8 in Q3 26
•Ordering clinicians fell to 747 from 834 ordering clinicians in Q3 26
US TOTAL LABORATORY THROUGHPUT
US SALES FORCE EFFICIENCY
US CLINICAL COMMITMENT
964
992
978
1,040
1,032
942
834
747
6.1
5.7
5.9
6.2
5.5
5.3
4.8
5.4
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
-150
50
250
450
650
850
1,050
1,250
Q1 25Q2 25Q3 25Q4 25Q1 26Q2 26Q3 26Q4 26
TESTS
US ORDERING CLINICIANS
US ORDERING CLINICIANS (LHS) TESTS/ORDERING CLINICIAN (RHS)
30.0
27.7
20.7
16.0
14.7
15.0
15.3
16.0
15.0
12.3
12.0
7.7
288
265
292
381
403
379 379
406
381
403
335
530
200
250
300
350
400
450
500
550
-
5
10
15
20
25
30
35
Q1 24Q2 24Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25Q1 26Q2 26Q3 26Q4 26
AVERAGE US TEST VOLUME/SALES FTE
AVERAGE SALES FTE
US AVERAGE SALES FTE (LHS)US TEST VOLUME/SALES FTE (RHS)
Light shade: Clinical study and evaluation tests
Dark Shade: Commercial tests
13,550
9,956
9,913
10,177
8,386
6,385
2,412
2,184
1,674
2,121
2,309
1,704
15,962
12,140
11,587
12,298
10,695
8,089
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
1H 242H 241H 252H 251H 262H 26
TEST VOLUMES
CONSOLIDATING NEW ZEALAND AND DEVELOPING AUSTRALIA AND ASIA
APAC COMMERCIAL: CHARTING A PATH TO PROFITABILITY
•APAC Commercial and Clinical Operations (excluding R&D costs) is trending towards
profitability (on a direct cost basis) with an FY 26cash burn rate of $0.6m,a ~40%
improvement on the FY 25 year
•APAC revenue contributed 19% of operating revenue in 2H 26, an increase from 8%
in FY 25
•Re-pricing in 2025 created on average 25% more revenue per test
•Wider adoption of Triage Plus over legacy products has the potential for 20% more
revenue growth from the same testing volume, with testing volume also expected
to increase
NEW ZEALAND: SEEKING A NATIONAL HEMATURIA EVALUATION PATHWAY
•~70% of New Zealanders have access to Cxbladder testing
•Pacific Edge is establishing healthcare equity for all New Zealanders with a national
pathway for hematuria evaluation with Te Whatu Ora
AUSTRALIA: BUSINESS DEVELOPMENT WITH HOSPITAL CONTRACTING
•In Australia we are focused on contracting with individual hospitals that have
evaluated Cxbladder
•Northern Hospital and Townsville have established clinical pathways for Cxbladder
products
•MSAC
2
reimbursement requires Cxbladder tests to be run in Australia
-When developed, kit-based IVDs for Cxbladder can be run by partner labs in Australia
17
1.Total Laboratory Throughput in Asia and Pacific including commercial, pre-commercial and clinical studies testing
2.MSAC: Medical Services Advisory Committee: advises on public funding for health services for Australian Medicare reimbursement
ASIA: BUSINESS DEVELOPMENT WITH EARLY WINS
•In Asia we are establishing a network of lab partners for in-market promotion
of our testing services
•We have processed commercial samples from seven markets, selling either
directly or through a distributor/lab partner
•Singapore General Hospital implemented the first clinical pathway for
Cxbladder products in March 2026
•Longer-term strategy involves deploying kit-based IVDs through the lab partner
network
APAC TOTAL TEST VOLUME
1
1,851
1,990
2,412
2,140
1,985
2,027
427
263
226
231
493
901
2,278
2,253
2,638
2,371
2,478
2,928
-
500
1,000
1,500
2,000
2,500
3,000
1H 242H 241H 252H 251H 262H 26
TEST VOLUMES
Light shade: Clinical study and evaluation tests
Dark Shade: Commercial tests
FY26 FINANCIAL PERFORMANCE
18
POSITIONING PACIFIC EDGE FOR MEDICARE RE-COVERAGE
COST SAVINGS MINIMIZE CASH BURN
•Operating revenue fell after loss of
Medicare and Medicare Advantage
coverage and reduced test volumes
•We have not accrued revenue from
Medicare tests during FY 26 while we
pursue the appeals strategy
•We continue to maintain a US market
presence that positions the company for
regaining Medicare coverage, while
focusing on reducing operating expenses,
which fell 11.9% in 2H 26 against 1H 26
•Sales force reductions and other capital
saving measures have cycled through from
1H 26 into 2H 26, with 2H 26 monthly cash
burn 27.7% lower than 1H 26
•Secured $20.7 million in new equity in
August 2025 and $25.4 in placement in
May 2026
•Seeking $6 million (with discretion to seek
oversubscriptions) in a Retail Offer closing
28 May 2026
1.Net cash, cash equivalents and short-term deposits at the end of the period
19
Financial Period ($000)
2H 26
(Unaudited)
1H 26
(Unaudited)
FY 26
(Audited)
FY 25
(Audited)
2H 26 vs
1H 26
FY 26 vs
FY 25
Operating Revenue$5,560$5,939$11,499$21,846(6.4%)(47.4%)
Total Revenue$6,457$7,123$13,580$24,616(9.3%)(44.8%)
Operating Expenses$23,119$26,239$49,358$54,552(11.9%)(9.5%)
Net Loss After Tax($16,662)($19,116)($35,778)($29,936)(12.8%)19.5%
Cash Receipts from Customers$5,245$7,985$13,230$21,572(34.3%)(38.7%)
Net Cash Flows to Operating Activities($12,912)($19,026)($31,938)($24,740)(32.1%)29.1%
Net Cash
1
$7,776$22,121$7,776$22,568(64.8%)(65.5%)
Monthly Cash Burn (NZ$m)$2.4$3.3$2.9$2.3(27.7%)23.4%
OPERATING EXPENSES
ALL COSTS REDUCED WITH LARGEST REDUCTION IN SALES AND MARKETING
Operating expenses have reduced by 9.5% on
FY 25 through careful expense management
targeting capital preservation
•Laboratory Operations expense decrease of
7.1% on FY 25 driven by decreased testing
volumes.
•Research expenses reduced by 8.2% on FY
25 with reduced clinical studies costs
incurred as studies reach conclusion during
FY 26
•Sales and Marketing expenses down 13.2%
on FY 25 as the focus shifts to profitable
sales, reducing US sales FTE
•General and Administration expenses down
8.1% in line with capital preservation
initiatives across the business
20
Financial Period ($000)
1
2H 26
(Unaudited)
1H 26
(Unaudited)
FY 26
(Audited)
FY 25
(Audited)
2H 26 vs.
1H 26
FY 26 vs.
FY 25
Laboratory Operations $5,722$5,884$11,606$12,490(2.8%)(7.1%)
Research $6,366$7,065$13,431$14,631(9.9%)(8.2%)
Sales and Marketing $6,765$8,453$15,218$17,530(20.0%)(13.2%)
General Administration$4,266$4,837$9,103$9,901(11.8%)(8.1%)
Total operating expenses $23,119$26,239$49,358$54,552(11.9%)(9.5%)
OUTLOOK
21
OUTLOOK
POSITIONED TO UNLOCK VALUE THROUGH UPCOMING COMMERCIAL, CLINICAL AND INNOVATION MILESTONES
1.ECRI is the Emergency Care Research Institute
2.Savage et al., Accepted October 6, 2025. Diagnostic Performance of Cxbladder® Triage Plus for the Identification and Stratification of
Patients at Risk for Urothelial Carcinoma: The Multicenter, Prospective, Observational DRIVE Study.
INNOVATION DRIVES LONG-TERM
VALUE CREATION
CLINICAL EVIDENCE DRIVES
MEDIUM-TERM VALUE CREATION
COMMERCIAL CATALYSTS FOR NEAR-
TERM VALUE CREATION
•Draft LCD (DL40378) proposes coverage for
Triage and Triage Plus for intermediate risk
microhematuria patients
•Claim-by-claim reimbursement for Triage and
Triage Plus for intermediate risk microhematuria
in alignment with DL40378
•Progressively phasing in Triage Plus at US$1,328
to US customers accelerates path to profitability
while saving costs for healthcare systems
•Advancing medical policy for Triage with
commercial payers, leveraging the draft LCD,
AUA Guideline, ECRI
1
review and Avalon policy
•Cxbladder is under consideration by Health New
Zealand for a National Pathway in FY 27
•DRIVE publication
2
supports Triage Plus validity;
awaiting “updated literature review” by AUA for
subsequent guideline inclusion
•Kaiser Permanente study shows real world
evidence for Cxbladder Triage in largest urine-
based biomarker study of hematuria patients
•Evidence generation program delivers stepwise
milestones for sustained shareholder value
•Draft LCD, AUA (Grade A Evidence), ECRI
2
(4/5
Evidence) and Avalon (Covered) have created
the precedent for turning Cxbladder evidence
into robust medical policy
•BCBS NC, BCBS SC, BCBS Kansas City and Sentara
have adopted commercial payer policy for
Triage
•Next generation products demonstrate superior
performance that underpins greater clinical
indications, improved patient experience,
healthcare system cost savings and is expected
to substantially improve unit economics
•Targeting CPT-PLA coding submission for
SurveillancePlus in December 2026 seeking
claim-by-claim revenue after July 1, 2027
•Seeking US$1,800 for Surveillance Plus with
provisional local pricing from Novitas and final
pricing via crosswalk during FY 28
•Ongoing investment in product simplification
and kitted IVD products to enable de-centralized
international deployment
22
APPENDIX
23
BLADDER CANCER – A SIGNIFICANT GLOBAL HEALTHCARE CHALLENGE
24
INCIDENCE PER 100,000 OF THE POPULATION
<1.7 1.7 to 2.7 2.7 to 5.3 5.3 to 8.6 >8.6
1.Sievert et al (2009) Economic aspects of bladder cancer: what are the benefits and costs? World J Urol. 2009 Mar 7;27(3):295–300. doi: 10.1007/s00345-009-0395-z
2.World Cancer Research Fund. Statistics are from 2022.
3.Average recurrence for low grade non-muscle invasive bladder cancer as published in Palou J et al (2012): Eur Urol 2012; 62: 118.
4.Pacific Edge estimate for Global Total Addressable Market (TAM) using US$1,328 price for hematuria testing (priced by Medicare) and US$1800 for NMIBC surveillance (seeking
crosswalk price – not yet priced by Medicare) with next generation products Triage Plus and Surveillance Plus. Other market assumptions for APAC and Europe. See slide 43 for details.
1st
Costliest cancer to
treat on a per-
patient basis
1
6
th
Most common
cancer in men
2
9
th
Most common
cancer world-
wide
2
~614K
Annual cases
and growing
2
>220K
Annual
Deaths
2
>50%
Recurrence
3
US$10.8b
4
Global Market Opportunity
US$10.8b
Global TAM
1
CXBLADDER MARKET OPPORTUNITY
CXBLADDER OFFERS A SIGNIFICANT ADDRESSABLE GLOBAL MARKET ANNUALLY
GLOBAL COMMERCIALIZATION
Population of 598
million
1,2,3,4
~12m
present with
hematuria
5
~50%
referred for
clinical
workup
6
>3.2m
patients
receive a
cystoscopy
7
~180k
Annual cases of
bladder cancer
8
~1.0m
patients living with
bladder cancer
~1.5Cxb Monitor/yr
6
7.3 million
Test opportunities
€1.8 billion
9
TAM ($3.2bn NZD)
Primary Care Physician
Urologist/Specialist
Patient care
pathway
EU sources
1. https://www.worldometers.info/world-population/europe-population/
2. Compares with US population of 333 million
3. Compares with SEA population of 692 million
4. Compares with ANZ population of 31 million
5. https://www.sciencedirect.com/science/article/pii/S0953620521003605
6. Consistent with approach of calculating TAM in US setting
7. file:///C:/Users/Vimal%20Vincent/Downloads/EUGA_conference_poster_3_extent_of_experiencing.pdf
8. https://uroweb.org/news/bladder-cancer-the-forgotten-cancer
9. Based on an end-user price of €350 with a 40% margin for labs
~7m~3.5m~1.1m~90k ~750kUS$6.7b340m
~17m~8.5m~3.3m ~58k ~300k US$2.1b830m
~12m~6m>4.0m ~180k ~1mUS$2.0b600m
APAC
Primary growth
focus due to higher
CMS pricing
NZ market mature.
Australia and SEA in
business development
New market accessed
via IVD / kitted tests
1.Pacific Edge estimate using US$1,328 price for hematuria testing (priced by Medicare) in the US and US$1,800 for NMIBC surveillance (seeking crosswalk price – not yet priced by Medicare) with next
generation products Triage Plus and Surveillance Plus. Other market assumptions for APAC and Europe. See slide 42 for details.
2.RDM: Residual Disease Monitoring
3.TRM: Therapeutic Response Monitoring
Present with
hematuria
Referred for
clinical workup
Receive
cystoscopy
Annual cases of
bladder cancer
Living with bladder cancerTAMPopulation
SURVEILLANCE
(RDM
2
, TRM
3
, RECURRENCE)
PATIENT/DISEASE MANAGEMENT
(CLINICAL DECISION MAKING)
25
THE CXBLADDER SUITE
Hematuria EvaluationNMIBC
1
Surveillance
Cxbladder Product
TriageDetectTriage PlusMonitorSurveillance Plus
Product Summary
Risk stratification of
microhematuria patients to
rule out the majority of those
patients from further workup
for bladder cancer
Adjunctive use with
cystoscopy on hematuria
patients to resolve diagnostic
dilemmas (e.g. equivocal
cystoscopy and atypical
cytology)
Risk stratification and
adjunctive use on any
hematuria patient with
improved performance over
Triage and Detect
Alternative to cystoscopy
for NMIBC patients
undergoing surveillance
for recurrence
Alternative to cystoscopy for
NMIBC patients undergoing
surveillance for recurrence.
Currently in development,
showing improved
performance
Analytical composition
5 RNA biomarkers + patient clinical
factors
5 RNA biomarkers
5 RNA biomarkers + 6 DNA
SNVs from 2 genes (FGFR3/
TERT)
5 RNA biomarkers + patient
tumor history
13 SNVs across 5 genes
2 fusions associated with 1 gene
1 methylation marker
2 control markers
Test Performance
Hematuria
2
Sn: 95%
Sp: 45%
NPV: 99%
PPV: N/A
Hematuria
3
Sn: 82%**
Sp: 94%*
NPV: 97%**
PPV: 68%*
Hematuria
4
Sn: 93.6%****
Sp: 98.2%***
NPV: 99.4%****
PPV: 74.6%***
All risk groups
5,6
Sn: 93%
Sp: N/A
NPV: 97%
PPV: N/A
All Risk Groups
Sn: Not yet published
Sp: Not yet published
NPV: Not yet published
PPV: Not yet published
When is it used?
Prior to cystoscopyPrior to cystoscopy / as an adjunct / 3 weeks post cystoscopyAs a non-invasive surveillance alternative
Commercially
available?
Commercially available in APAC
and under “early access” in US,
pending coverage
CPT-PLA code targeted for Dec 2026
Reimbursed on A58917 in Jul 2027
Medicare Pricing (USD)
$760$760
$1,328$760$1,800 (seeking by crosswalk)
1.NMIBC: non-muscle invasive bladder cancer
2.Kavalieris et al. (2015) A segregation index combining phenotypic (clinical characteristics) and genotypic (gene expression) biomarkers from a urine sample to triage out patients presenting with hematuria who have a low
probability of urothelial carcinoma. BMC Urol 2015;15:23.
3.O’Sullivan et al. (2012) A multigene urine test for the detection and stratification of bladder cancer in patients presenting with hematuria. J Urol 2012; 188:741–7.
4.Harvey et al. (2025) Analytical Validation of the Cxbladder® Triage Plus Assay for Risk Stratification of Hematuria Patients for Urothelial Carcinoma. Diagnostics. 2025; 15(14):1739. https://doi.org/10.3390/diagnostics15141739
5.Kavalieris et al. (2017) Performance Characteristics of a Multigene Urine Biomarker Test for Monitoring for Recurrent Urothelial Carcinoma in a Multicenter Study. J Urol 2017;197:6,1419-1426.
6.Lotan et al. (2017) Clinical comparison of noninvasive urine tests for ruling out recurrent urothelial carcinoma. Urologic Oncology: Seminars and Original Investigations. Elsevier; 2017; 1–8.
* When higher 0.23 cut point on test report is used
** When lower 0.12 cut point on test report is used
*** When higher 0.54 cut point on test report is used
**** When lower 0.15 cut point on test report is used
26
Calendar year
Pre
2023
202320242025202620272028
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2
STRATA
DRIVE
AUSSIE
microDRIVE
Pooled CV
CREDIBLE
HEMATURIA EVALUATION FIVE YEAR CLINICAL STUDIES ROADMAP
*
*
*
*
*
Publication Submitted
Records review / follow-up
Database lock
Legend:
Pre-activation (docs, CTA etc)
SIV
Enrollment
Data Cleaning
*
DBL
DBL
DBL
27
Calendar year
Pre
2023
202320242025202620272028
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2
“The 1800”
1
LOBSTER
OCTOPUS
*
SURVEILLANCE FIVE YEAR CLINICAL STUDIES ROADMAP
28
Publication Submitted
Records review / follow-up
Database lock
Legend:
Pre-activation (docs, CTA etc)
SIV
Enrollment
Data Cleaning
*
DBL
Scheduled surveillance visits
CAB
2
*
1.“The 1800” is the Surveillance Plus development dataset
2.CAB is the Pacific Edge Clinical Advisory Board. It was convened at SUO in Arizona to review and confirm the clinical study trial design for OCTOPUS
SOURCES AND ASSUMPTIONS - TOTAL ADDRESSABLE MARKET
29
FOR MORE INFORMATION:
Dr. Peter Meintjes
Chief Executive Officer
email: peter.meintjes@pelnz.com
Grant Gibson
Chief Financial Officer
email: grant.gibson@pelnz.com
Pacific Edge
87 St David Street, PO Box 56, Dunedin, New Zealand
P +64 3 577 6733 Within NZ 0800 555 563
email: investors@pacificedge.co.nz
www.pacificedgedx.com
30
---
CONSOLIDATED
FINANCIAL
STATEMENTS
FOR THE TWELVE MONTHS
ENDED 31 MARCH 2026
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
2
Consolidated Financial Statements
Consolidated Statement of Comprehensive Income 3
Consolidated Statement of Changes in Equity 4
Consolidated Balance Sheet 5
Consolidated Statement of Cash Flows 6
Notes to the Consolidated Financial Statements 7
Independent Auditor’s Report 39
Company Directory 43
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
3
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the twelve months ended 31 March 2026
Note: These Consolidated Financial Statements are to be read in conjunction with the Notes to the Consolidated Financial Statements
Notes
2026
($000)
2025
($000)
REVENUE
Operating Revenue 5 11,499 21,846
Total Operating Revenue 11,499 21,846
Other Income5 1,513 903
Interest Income9 521 1,925
Foreign Exchange (Loss) (20) (58)
Net Fair value gain on derivatives at fair value
through profit and loss
67 -
Total Revenue and Other Income 13,580 24,616
OPERATING EXPENSES
Laboratory Operations 11,606 12,490
Research6 13,431 14,631
Sales and Marketing 15,218 17,530
General and Administration7 9,103 9,901
Total Operating Expenses 49,358 54,552
NET LOSS BEFORE TAX (35,778) (29,936)
Income Tax Expense16 - -
LOSS FOR THE YEAR AFTER TAX (35,778) (29,936)
Items that may be reclassified to profit or loss:
Translation of Foreign Operations (186) 25
TOTAL COMPREHENSIVE LOSS attributable to
equity holders of the Company
(35,964) (29,911)
Earnings per share for loss attributable to the equity
holders of the Company during the year
Basic and Diluted Earnings per share3 (0.038) (0.037)
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
4
Share
Capital
Accumulated
Losses
Share
Based
Payments
Reserve
Foreign
Currency
Translation
Reserve
Total
Equity
Notes($000)($000)($000)($000)($000)
Balance as at 31 March 2024 294,400 (246,349) 5,607 964 54,622
Loss after tax - (29,936) - - (29,936)
Other Comprehensive Income - - - 25 25
TOTAL COMPREHENSIVE LOSS
attributable to equity holders of the
Company
- (29,936) - 25 (29,911)
Transactions with owners in their
capacity as owners:
Share Based Payments- Employee
Remuneration
8 58 - - - 58
Share Based Payment- Employee
Share Options
8 - 63 1,253 - 1,316
Balance as at 31 March 2025 294,458 (276,222) 6,860 989 26,085
Balance as at 31 March 2025 294,458 (276,222) 6,860 989 26,085
Loss after tax - (35,778) - - (35,778)
Other Comprehensive Income - - - (186) (186)
TOTAL COMPREHENSIVE LOSS
attributable to equity holders of the
Company
- (35,778) - (186) (35,964)
Transactions with owners in their
capacity as owners:
Issue of Share Capital (net of issue
costs)
19,547 - - - 19,547
Share Based Payments- Employee
Remuneration
8 121 - - - 121
Share Based Payment- Employee
Share Options
8 31 122 717 - 870
Balance as at 31 March 2026 314,157 (311,878) 7,577 803 10,659
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the twelve months ended 31 March 2026
Note: These Consolidated Financial Statements are to be read in conjunction with the Notes to the Consolidated Financial Statements
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
5
CONSOLIDATED BALANCE SHEET
As at 31 March 2026
Notes
2026
($000)
2025
($000)
CURRENT ASSETS
Cash and Cash Equivalents9 7,776 9,482
Short Term Deposits9 - 13,086
Receivables10 2,460 4,970
Inventory11 2,039 1,607
Derivative financial instrument 67 -
Other Assets12 1,431 1,679
Total Current Assets 13,773 30,824
NON-CURRENT ASSETS
Property, Plant and Equipment13 2,218 2,980
Right of Use Assets23 1,189 2,445
Intangible Assets14 422 781
Total Non-Current Assets 3,829 6,206
TOTAL ASSETS 17,602 37,030
CURRENT LIABILITIES
Payables and Accruals17 5,658 8,044
Borrowings - 300
Lease Liabilities23 1,159 1,413
Total Current Liabilities 6,817 9,757
NON-CURRENT LIABILITIES
Lease Liabilities23 126 1,188
Total Non-Current Liabilities 126 1,188
TOTAL LIABILITIES 6,943 10,945
NET ASSETS 10,659 26,085
Represented by:
EQUITY
Share Capital18 314,157 294,458
Accumulated Losses (311,878) (276,222)
Share Based Payments Reserve 7,577 6,860
Foreign Translation Reserve 803 989
TOTAL EQUITY 10,659 26,085
FURTHER INFORMATION
Net Tangible Assets per share ($) 0.010 0.031
For and on behalf of the Board of Directors dated the 22 day of May 2026:
Director Director
Note: These Consolidated Financial Statements are to be read in conjunction with the Notes to the Consolidated Financial Statements
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
6
CONSOLIDATED STATEMENT OF CASH FLOWS
For the twelve months ended 31 March 2026
Notes
2026
($000)
2025
($000)
CASH FLOWS TO OPERATING ACTIVITIES
Cash was provided from:
Receipts from Customers 13,230 21,572
Receipts from Research Tax Incentives and Grant
Providers
5 2,110 677
Interest Received 698 2,121
16,038 24,370
Cash was disbursed to:
Payments to Suppliers and Employees 47,996 49,097
Net GST (20) 13
47,976 49,110
Net Cash Flows To Operating Activities20 (31,938) (24,740)
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash was provided from:
Proceeds from Sale of Plant and Equipment-54
Proceeds from Short Term Deposits 22,086 48,000
22,086 48,054
Cash was disbursed to:
Purchase of Short Term Deposits 9,000 40,086
Capital Expenditure on Plant and Equipment 117 867
Capital Expenditure on Intangible Assets 15 406
9,132 41,359
Net Cash Flows From Investing Activities 12,954 6,695
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash was provided from:
Ordinary Shares Issued 20,676 -
20,676 -
Cash was disbursed to:
Security deposited for Credit Cards - 146
Repayment of Borrowings300 -
Repayment of Leases- Principal23 1,426 1,266
Repayment of Leases- Interest23 130 230
Issue Expenses 1,339
3,195 1,642
Net Cash Flows From (To) Financing Activities 17,481 (1,642)
Net Decrease in Cash Held (1,503) (19,687)
Add Opening Cash Brought Forward 9,482 29,261
Effect of exchange rate changes on net cash (203) (92)
Ending Cash Carried Forward9 7,776 9,482
Note: These Consolidated Financial Statements are to be read in conjunction with the Notes to the Consolidated Financial Statements
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
7
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2026
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 2026 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 22 May 2026.
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 Tier 1 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 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.
Going Concern
The 2026 financial statements have been prepared on a going concern basis which assumes that the Company
will have sufficient cash to pay its debts as they fall due for a minimum of 12 months from the date of signing the
Financial Statements.
As at 31 March 2026, the Company has $7.776m of cash, cash equivalents and short-term deposits (2025:
$22.568m) and net assets of $10.659m (2025: $26.085m). The Company made a net loss after tax of $35.778m
(2025: loss of $29.936m). Net cash out flows from operating activities for the 12 month period to 31 March 2026
were $31.938m (2025: cash outflow $24.740m).
While the Company continues to incur operating losses, the Company remains solvent and continues to meet its
debts as they fall due.
As noted in Note 25 - Subsequent Events, the company commenced a capital raise which was released to the NZX
and ASX on 11 May 2026, targeting capital investment of $24.0m comprising an $18.0m Placement and a retail
Share Purchase Plan (SPP) of $6.0m. The Board has discretion to accept oversubscriptions in both the Placement
and SPP.
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
8
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2026
The Placement which closed on 12 May 2026 was oversubscribed with applications accepted by the Board for
$25.4m. Cash from the Placement was received by the Company on 15 May 2026. The SPP was opened on 14 May
2026, with applications closing 28 May 2026. The Company’s forecasts assume successful completion of the SPP.
In addition to the capital raise, the company is implementing initiatives to further reduce cash burn, targeting a
cash burn of $2.5m per month for the year ending 31 March 2027.
On the basis of at least $6.0m capital raised from a successful SPP, combined with the capital raised in the
Placement ($25.4m), cash preservation initiatives approved by the Board plus existing cash on hand as at 31 March
2026 and no significant changes to the cost base or revenue assumptions of the Company, cash flow forecasts
prepared indicate that the Company has sufficient cash to meet its minimum expenditure commitments and
support its current levels of activity for at least 12 months from the date of signing the Financial Statements.
Medicare Coverage
The Company lost Medicare coverage for Cxbladder tests in the US from 24 April 2025. These tests generated
approximately 56% of Operating Revenue in the year ended 31 March 2025 and is the key contributor to the 47%
reduction in Total Operating Revenue for the year ended 31 March 2026 to $11.5m, down from $21.8m for the year
ended 31 March 2025.
The Company is seeking to regain Medicare coverage for hematuria evaluation with the issuance of a new Local
Coverage Decision (LCD). On 14 May 2026 a draft Local Coverage Determination (LCD) with foundational medical
policy for urine-based biomarkers for hematuria evaluation (DL40378) was published to the Medicare Coverage
Database, with explicit coding guidance for Cxbladder Triage and Triage Plus in the associated Local Coverage
Article (LCA) (DA60424).
The draft LCD ‘Urine-based Biomarkers in Patients with Microhematuria’ (DL40378) establishes hematuria
evaluation as a covered Medicare benefit for the first time and importantly distinguishes hematuria patients as
eligible for Cxbladder Triage and Triage Plus.
The publication of the Draft LCD is followed by a ‘notice and comment’ period (minimum of 45 days), before
then addressing the comments and finalizing the LCD. Novitas, the Medicare Administrative Contractor tasked
with determining Medicare coverage for the company’s products, may take a maximum of 365 days from draft
publication to final publication of an LCD. It is also open to Novitas to retire, rather than finalise, the draft LCD. If
finally published, the LCD takes a further 45 days for the final LCD to become effective. The company will engage
with Novitas to seek reimbursement for Triage and Triage Plus on a claim-by-claim basis during the draft period.
The finalisation of the LCD for hematuria evaluation has the potential to increase both revenue and volumes for the
Company. Combined with the February 2025 inclusion of Cxbladder Triage in the American Urological Association
Microhematuria Guidelines, the increased Medicare approved price of US$1,328 for Triage Plus, a 75% increase on
the US$760 for Triage and Monitor, and increasing policy coverage from US Commercial Payers, Medicare coverage
could result in the Board approving a phased increase to the cost base to leverage the improved commercial
environment, with a focus on transitioning to profitability.
Further capital initiatives may be required to facilitate growth in the US market. Additionally, if Medicare coverage
is not finalised or is achieved later than forecast, or if operating expenditure exceeds forecast levels, or if current
revenue forecasts are not reached further additional funding may be required.
The Directors acknowledge that there are material uncertainties in respect of the outcome and timing of the final
LCD and the Company’s access to further funding if required. These material uncertainties may cast significant
doubt on the Company’s ability to continue as a going concern and therefore it may be unable to realise its assets
and discharge its liabilities in the normal course of business.
The financial statements do not include any adjustments that may be required if the Group was unable to continue
as a going concern.
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
9
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2026
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 Activities
Ownership Interests
& Voting Rights
31 March
2026
%
31 March
2025
%
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 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 2026 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.
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 2025.
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
10
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2026
2. NEW STANDARDS
NEW DISCLOSURE REQUIREMENTS AND CHANGES IN ACCOUNTING STANDARDS ADOPTED BY THE GROUP
There are 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 2026 reporting periods and have not been early adopted by the Group.
NZ IFRS 18 Presentation and Disclosure in Financial Statements (IFRS 18)
NZ 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.
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
20262025
Loss attributable to equity holders of the Company($000) (35,778) (29,936)
Weighted average number of ordinary shares on issue(000) 944,534 811,736
Earnings per share($) (0.038) (0.037)
(b) Diluted
Diluted earnings per share is calculated by adjusting the weighted average number of shares outstanding to
assume conversion of all dilutive potential ordinary shares. The Group’s dilutive potential ordinary shares are in the
form of share options. As the Group made a loss during the current year and losses cannot be diluted, basic and
diluted earnings per share are the same.
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
11
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2026
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.
FY26FY25
Total Laboratory Throughput (tests) 24,190 28,894
Decrease in Total Laboratory Throughput from previous year (%) (16%)(11%)
Decrease in Throughput from previous year (tests)(4,704)(3,739)
Total Commercial Tests (tests) 18,783 24,642
Decrease in Commercial Tests from previous year (%)(24%)(10%)
Decrease in Commercial Tests from previous year (tests)(5,859)(2,705)
Commercial Tests as a percentage of Total Laboratory Throughput (%)78%85%
5. REVENUE
Background information on US customers and the payment process
A physician orders a Cxbladder test when a patient presents to their clinic with symptoms that indicate the
possibility of bladder cancer. The most common and significant symptom is haematuria or blood in their urine.
A urine sample is collected from the patient and sent in the Cxbladder Urine Sampling System to the Group’s
laboratory in the US or in New Zealand. The Group receives and processes the urine sample and returns the results
of the test back to the ordering physician. The individual patient is the Group’s customer, however typically in the
US market, the patient’s insurer may pay the Group for some or all of the cost of the test.
When a physician orders a Cxbladder test, the Group has an obligation to perform the test and report the results to
the ordering physician irrespective of the patient’s insurance contract. A patient may have private insurance cover,
be covered by the US government’s medical program through CMS, self cover or have no insurance cover.
Once the Cxbladder test has been completed, all information required for insurance purposes is sent to the Group’s
billing and reimbursement agent to begin the process to collect reimbursement from any applicable insurance
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.
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
12
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2026
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.
The Company lost Medicare coverage for Cxbladder tests in the US from 24 April 2025. These tests generated
approximately 56% of Operating Revenue in the year ended 31 March 2025 and is the key contributor to the 47%
reduction in Total Operating Revenue for the year ended 31 March 2026 to $11.5m, down from $21.8m for the year
ended 31 March 2025.
The Company is seeking to regain Medicare coverage for hematuria evaluation with the issuance of a new Local
Coverage Decision (LCD). On 14 May 2026 a draft Local Coverage Determination (LCD) with foundational medical
policy for urine-based biomarkers for hematuria evaluation (DL40378) was published to the Medicare Coverage
Database, with explicit coding guidance for Cxbladder Triage and Triage Plus in the associated Local Coverage
Article (LCA) (DA60424).
The draft LCD ‘Urine-based Biomarkers in Patients with Microhematuria’ (DL40378) establishes hematuria
evaluation as a covered Medicare benefit for the first time and importantly distinguishes hematuria patients as
eligible for Cxbladder Triage and Triage Plus.
The publication of the Draft LCD is followed by a ‘notice and comment’ period (minimum of 45 days), before
then addressing the comments and finalizing the LCD. Novitas, the Medicare Administrative Contractor tasked
with determining Medicare coverage for the company’s products, may take a maximum of 365 days from draft
publication to final publication of an LCD. Once finally published, the LCD takes a further 45 days for the final LCD
to become effective. The company will engage with Novitas to seek reimbursement for Triage and Triage Plus on a
claim-by-claim basis during the draft period.
For uninsured patients, the Group has no certainty of when or if the patient will pay.
Rest of World Customers
Revenue from Rest of World customers is primarily from 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
allows revenue to be recognised as performance obligations are satisfied. For the Group this would result in some
revenue recognised in advance of the receipt of cash.
The significant judgements adopted by the Group relate to:
- determining if a contract with the customer exists;
- identifying the rights of each party;
- identifying the payment terms;
- ensuring the contract has commercial substance; and
- determining whether it is probable that the Group will collect the consideration to which it is entitled.
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.
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.
Revenue can be recognised at this point in time. 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.
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
13
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2026
On the 3 July 2020, Pacific Edge received notice of inclusion in the LCD, resulting in the Company receiving
reimbursement for Cxbladder Triage, Monitor and Detect tests performed after 1 July 2020 until the loss of
coverage on 24 April 2025 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 Triage, Detect and
Monitor of US$760 per test, less a 2% sequestration fee.
Since Cxbladder’s inclusion in the LCD until the loss of coverage, 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 the Veterans Affairs and Kaiser Permanente.
Tests performed for patients covered by other private policies, or tests performed for those with no insurance
cover and tests performed for the CMS after 24 April 2025 continue to be recognised as revenue when cash is
collected and the Group has satisfied its performance obligations and that the contract is considered terminated
and the amount received is non-refundable. Revenue is recognised on a cash basis is due to not being able to
reliably estimate both probability and size of payment received. Management continually re-assess its probability
to collect payments to be able to account for the transaction under NZ IFRS 15.
The Group have concluded that the contracts with the CMS before 24 April 2025 and customers covered
by Medicare Advantage, Veterans Affairs and Kaiser Permanente include variable consideration because the
amounts paid by Medicare, Veterans Affairs, 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 2025 to 31 March 2026 (6 months prior to balance date)
for which payment has not been received by 31 March 2026 from Veterans Affairs and Medicare Advantage.
Following a change in commercial agreement, revenue for Kaiser Permanente is recognised in the month the test is
performed. For the Financial Statements to 31 March 2025, CMS revenue was recognised in advance of the receipt
for tests performed if payment had not been received by 31 March 2025.
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 obligation.
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.
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
14
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2026
Research Rebates and Tax Incentives
- New Zealand R&D Tax Incentive (RDTI)
The New Zealand RDTI is a 15% tax credit on the money invested in eligible research and development (R&D) that
has occurred in New Zealand. As the New Zealand companies are in a tax loss position, the Group is eligible for the
Tax Incentive to be refunded.
The RDTI is recognised at its fair value where there is a reasonable assurance that the credit will be received and
the Group will comply with all attached conditions.
All conditions of the New Zealand RDTI have been complied with. Payment will be received after submission of
each annual research and development tax claim.
For the year ended 31 March 2026 Pacific Edge received payment for the 2025 and 2024 RDTI.
- Australia Cxbladder Research Rebate
A Cxbladder research programme is administered by Pacific Edge (Australia) Pty Limited and tax rebates are
received as a result of this programme.
The Cxbladder research rebate is recognised at its fair value where there is a reasonable assurance that the rebate
will be received and the Group will comply with all attached conditions.
For the year ended 31 March 2026, all conditions of the research rebate have been complied with, and with Group
Revenue under $20m Australian Dollars, the fair value of research rebates have been recognised as revenue. For
the year ended 31 March 2025, Group revenue was over $20m Australian Dollars, resulting in research rebates being
issued as a tax credit. The Tax Credit is not recognised as a tax asset in the financial statements for the year ended
31 March 2025.
REVENUE AND OTHER INCOME
2026
($000)
2025
($000)
Cxbladder Sales
– US - Accrual Accounting7,957 17,517
– US - Cash Accounting 1,576 2,565
– Total US Sales 9,533 20,082
– Rest Of World 1,966 1,764
Total Operating Revenue 11,499 21,846
Other Income
Grant Revenue 46 22
Research Rebates and Tax Incentives 1,467 881
Total Other Income 1,513 903
6. RESEARCH AND DEVELOPMENT COSTS
ACCOUNTING POLICY
Research is the original and planned investigation undertaken with the prospect of gaining new scientific
knowledge and understanding. This includes: direct and overhead expenses for diagnostic and prognostic
biomarker discovery and research; pre-clinical trials; and costs associated with clinical trial activities. All research
costs are expensed when incurred.
Development is the application of research findings to a plan or design for the production of new or substantially
improved processes or products prior to the commencement of commercial production.
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
15
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2026
When a project reaches the stage where it is probable that future expenditure can be recovered through the
process or products produced, expenditure that is directly attributed or reasonably allocated to that project is
recognised as a development asset within intangible assets. If the expenditure also benefits processes or products
for which it cannot be recovered, it will be expensed. The asset will be amortised from the date of commencement
of commercial production of the product to which it relates on a straight-line basis over the period of expected
benefit. Development assets are reviewed annually for any impairment in their carrying value.
GROUP
Notes
2026
($000)
2025
($000)
Research Expenses 13,431 14,631
Includes:
Employee Benefits8 7,318 7,775
7. GENERAL AND ADMINISTRATION EXPENSES
GROUP
Notes
2026
($000)
2025
($000)
Amortisation14 186 286
Auditors Remuneration: PricewaterhouseCoopers New Zealand
- Group year end financial statements
- Half year review of financial statements
- Travel costs
203
35
12
198
35
10
Other assurance services provided by PricewaterhouseCoopers
New Zealand
- Assurance on Carbon Emissions - Scope 1 and 2 - 30
Other services provided by PricewaterhouseCoopers New Zealand
- Financial Training Workshops - 1
Depreciation13 424 420
Depreciation on Right of Use Assets23 219 206
Directors Fees22 630 470
Employee Benefits8 3,998 4,694
Insurance 581 634
Interest on Lease Liabilities23 21 35
Legal Fees 910 611
NZX, ASX and Registry Fees 203 230
Other Operating Expenses 1,681 2,041
9,103 9,901
Note: Amounts displayed for Amortisation, Depreciation, Employee Benefits are only the General and Administration Expenses
component of the total expenses. Refer to relevant notes for full expense disclosure.
Other Operating Expenses
The major categories of expenditure which make up General and Administration Expenses, but are not disclosed
separately above are Information Technology costs, Compliance and Regulatory costs, Investor Relations costs,
Consultants and Contractors.
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
16
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2026
8. EMPLOYEE BENEFITS
GROUP
Notes
2026
($000)
2025
($000)
Represented by:
Cash Employee Benefits:
Lab Operations 3,6863,619
Research67,3187,775
Sales and Marketing9,71311,555
General and Administration73,9984,694
Total Employee Benefits24,71527,643
Employee Share Scheme
The Company has an Employee Share Scheme where ordinary shares in the Company may be issued to selected
employees to recognise performance or a significant contribution to the Company. These shares may be issued
in lieu of a cash bonus or in addition to the employee’s remuneration. The ordinary shares are issued directly to
the employee and the Company accounts for the cost of the shares. The shares are allocated to the employee on
the date that the Board approves the issue of the share capital. All employees who hold ordinary shares in the
Company must comply with the Company’s Share Trading Policy.
The issuance of ordinary shares to employees is treated as equity settled share-based payments. Equity-settled
share-based payments to employees are measured at the fair value of the equity instruments at the grant date
based on the market price at the time of issuance. The fair value of shares granted is recognised as an employee
expense in the Consolidated Statement of Comprehensive Income when the shares are issued. During the 2026
financial year, 999,751 (2025: 644,630) ordinary shares were issued to employees as part of the Employee Share
Scheme. The associated non-cash cost of these shares was $121,000 (2025: $58,000). Refer to Note 18 for further
details on the shares issued during the financial year.
Attract and Retain Options
The Board believes that the issue of share options provides an appropriate incentive for participating employees to
grow the total shareholder return of the Company.
Attract and retain options are issued to selected employees as a long-term component of remuneration in
accordance with the Group’s remuneration policy. Incentive Options entitle the holder, on payment of the exercise
price, to one ordinary share of the Company.
The exercise price of the granted options is determined using the fair value of the Company’s share price at the
time of the options being granted.
Incentive Options issued prior to 31 March 2022 generally vest over three years and contain the requirement to
remain as an employee of the Company in order for the options to vest. Tranches of options are exercisable over
four to ten years from the relevant vesting date. No options can be exercised later than the tenth anniversary of the
final vesting date.
Options issued after 1 April 2022 to 31 March 2024 generally vest equally in three tranches over a four year period,
with 1/3 on the second, third and fourth anniversary of the issue. The Options are exercisable up to four years after
vesting date. Option holders are required to remain as an employee of the Company in order for options to vest.
No options can be exercised later than the fourth anniversary of the final vesting date. The exercise price increases
annually for each vested tranche at the equity cost of capital.
Options issued after 1 April 2024 generally vest equally in in three tranches over a three year period, with 1/3 on
the first, second and third anniversary of the issue. The Options are exercisable up to four years after vesting date.
Option holders are required to remain as an employee of the Company in order for options to vest. No options can
be exercised later than the fourth anniversary of the final vesting date. The exercise price increases annually for
each vested tranche at the equity cost of capital.
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
17
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2026
ACCOUNTING POLICY
All options are accounted for as equity settled share based payments as the Group has no legal or constructive
obligation to repurchase or settle in cash. The fair value of all options granted is recognised as an expense in the
Consolidated Statement of Comprehensive Income over their vesting period, with a corresponding increase in
the employee share option reserve. The options expense for the year ended 31 March 2026 was $866,569 (2025:
$1,316,819).
The fair value is determined at the grant date of the options and expensed on a straight-line basis over the vesting
period, based on the Group’s estimate of equity instruments that will eventually vest, with a corresponding increase
in equity. At the end of each reporting period, the Group revisits its estimate of the number of equity instruments
expected to vest. The impact of the revision of the original estimates, if any, is recognised in the Consolidated
Statement of Comprehensive Income such that the cumulative expense reflects the revised estimate, with a
corresponding adjustment to the share based payments reserve.
During the financial year ended 31 March 2026, there were 426,031 share options exercised (2025: Nil). The
resulting increase in share capital was $31,000 (2025: $Nil).
Movements in the number of options outstanding and their related weighted average exercise prices are as follows:
GROUP
20262025
Weighted average
exercise price
$
Options
#
Weighted average
exercise price
$
Options
#
Outstanding at 1 April0.38 40,326,767 0.45 31,892,174
Granted0.14 9,879,295 0.12 9,165,532
Forfeited 0.26 (3,867,174) 0.33 (635,939)
Exercised 0.10 (426,031)--
Expired 0.64 (239,159)0.69 (95,000)
Outstanding at 31 March0.34 45,673,698 0.38 40,326,767
Exercisable at 31 March0.40 21,922,376 0.52 14,435,570
The Group used the Black-Scholes valuation model to determine the fair value of the equity instruments granted.
The Black-Scholes valuation model has been determined as the most appropriate method as it estimates the
theoretical value of options taking into account the impact of time and other risk factors. The significant inputs into
the Black-Scholes valuation model were the market share price at grant date, the exercise price shown below, the
expected annualised volatility of 50-106%, a dividend yield of 0%, an expected option life of between one and ten
years and an annual risk-free interest rate of between 0.65% and 5.63%.
The volatility measured is the standard deviation of continuously compounded share returns and is based on a
statistical analysis of daily share prices in the past one to ten years.
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
18
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2026
Share options outstanding at the end of the reporting periods have the following expiry dates, vesting dates,
exercise prices and movements for the year ended 31 March 2026:
IssuedExpiryLow Exercise Price ($)High Exercise Price ($)Weighted Average Exercise Price ($)Opening OptionsIssuedForfeitedExercisedExpiredClosing OptionsExercisable
Apr 2014 -
Mar 2015
Sept 2024 -
Jan 2028
0.69 0.69 0.71 433,441 - - - (154,159) 279,282 279,282
Apr 2015 -
Mar 2016
Sept 2025 -
Mar 2029
0.50 0.50 0.52 332,399 - - - (85,000) 247,399 247,399
Apr 2016 -
Mar 2017
Nov 2026 -
Jan 2030
0.48 0.48 0.57 327,607 - - - - 327,607 327,607
Apr 2017 -
Mar 2018
May 2028 -
Feb 2031
0.28 0.28 0.50 2,770,899 - - - - 2,770,899 2,770,899
Apr 2018 -
Mar 2019
Jun 2029 -
Nov 2031
0.23 0.23 0.24 69,098 - - - - 69,098 69,098
Apr 2019 -
Mar 2020
Aug 2030 -
Aug 2032
0.23 0.23 0.23 4,037,267 - - - - 4,037,267 4,037,265
Apr 2020 -
Mar 2021
Jun 2031 -
Jun 2033
0.22 0.22 0.31 2,142,108 - - - - 2,142,108 2,142,108
Apr 2021 -
Mar 2022
Aug 2032 -
Aug 2034
1.23 1.23 1.23 341,089 - - - - 341,089 341,090
Apr 2021 -
Mar 2022
Feb 2027 -
Feb 2031
1.15 1.15 1.23 3,000,000 - - - - 3,000,000 2,400,000
Apr 2022 -
Mar 2023
Dec 2026 -
Dec 2030
0.48 0.48 0.60 3,648,737 - (320,881) - - 3,327,856 2,645,568
Apr 2023 -
Mar 2024
Apr 2029 -
Oct 2031
0.25 0.25 0.29 14,058,590 - (1,462,968) - - 12,595,622 4,264,052
Apr 2024 -
Mar 2025
Jul 2029 -
Dec 2031
0.10 0.10 0.12 9,165,532 -(1,442,084)(426,031) - 7,297,417 2,398,008
Apr 2025 -
Mar 2026
Aug 2030 -
Aug 2032
0.12 0.12 0.13 - 9,879,295 (641,241) - - 9,238,054 -
TOTALS0.3440,326,7679,879,295(3,867,174)(426,031)(239,159)45,673,69821,922,376
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
19
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2026
9. CASH, CASH EQUIVALENTS AND SHORT TERM DEPOSITS
ACCOUNTING POLICY
Cash and cash equivalents includes cash in hand and deposits held on call with banks, and bank overdrafts. Term
deposits are also presented as cash equivalents if they have a maturity of three months or less from acquisition
date.
Short Term Deposits and Cash Equivalents include investments with ANZ, BNZ, Kiwibank, Westpac and Wells
Fargo (2025: ANZ, BNZ, Kiwibank, Westpac and Wells Fargo), with periods ranging up to 365 days. Funds held on
term deposit with ANZ, BNZ Westpac and Kiwibank can be accessed with one month’s notice at the request of the
authorised bank signatories of Pacific Edge Limited, but may incur fees and/or charges for early access.
GROUP
2026
($000)
2025
($000)
Cash and Cash Equivalents7,7769,482
Short Term Deposits-13,086
Total Cash, Cash Equivalents and Short Term Deposits7,77622,568
NZD3,61517,982
USD4,1014,493
AUD5880
EUR213
Total Cash, Cash Equivalents and Short Term Deposits7,77622,568
INTEREST INCOME
ACCOUNTING POLICY
Interest income is recognised using the effective interest method.
Interest on the bank balances ranges from 0% to 3.05% (2025: 0% to 5.70%) per annum.
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
20
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2026
10. RECEIVABLES
ACCOUNTING POLICY
Receivables are initially measured at fair value and subsequently measured at amortised cost using the effective
interest rate method, less any provision for impairment. An allowance for impairment is made up of expected
credit losses based on the assessment of the trade receivables debt at the individual level for impairment, plus an
additional allowance on the remaining balance for potential credit losses not yet identified.
GROUP
2026
($000)
2025
($000)
Trade Receivables 1,094 2,825
Sundry Debtors 1,321 1,903
Accrued Interest 1 178
GST Refund Due 44 64
Total Receivables 2,460 4,970
There is no provision for impairment relating to the revenue from Cxbladder sales in New Zealand. All outstanding
sales are current and there are no expected credit losses on the amounts outstanding at balance date.
US Trade Receivables includes a provision for future refunds of $172,000 (2025: $263,000).
Sundry Debtors include accruals for grants and rebates that have not yet been paid. These are expected to be paid
once the relevant claims have been submitted. The Company has met all conditions of the claims and there is no
indication that there is impairment of these balances.
Included in trade receivables are the below amounts which were past due but not impaired. These relate to a
number of customers for whom there is no history of default.
GROUP
2026
($000)
2025
($000)
3 to 6 Months 99 280
Over 6 Months 34 261
Total Overdue Trade Receivables 133 541
The foreign currency split of Receivables is:
GROUP
2026
($000)
2025
($000)
NZD 1,073 2,301
USD 827 2,643
AUD 558 26
SGD 2 -
Total Receivables 2,460 4,970
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
21
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2026
11. INVENTORY
ACCOUNTING POLICY
Inventories are stated at the lower of cost and net realisable value. Cost is determined using the weighted average
formula.
GROUP
2026
($000)
2025
($000)
Laboratory Supplies 2,039 1,607
Total Inventory 2,039 1,607
The major items of Inventory are laboratory reagents, chemicals and Cxbladder urine sampling systems.
Laboratory supplies used during the year of $2,386,000 (2025: $2,672,000) are included within the Consolidated
Statement of Comprehensive Income in Laboratory Operations and Research.
12. OTHER ASSETS
GROUP
2026
($000)
2025
($000)
Prepayments
989 1,239
Security Deposits
442 440
Total Other Assets
1,431 1,679
Prepayments are largely made up of insurance, industry conferences and subscriptions. Security deposits are paid to
secure properties for lease in the US and to secure credit cards in the US.
13. PROPERTY, PLANT AND EQUIPMENT
ACCOUNTING POLICY
Property, Plant and Equipment are those assets held by the Group for the purpose of carrying on its business activities
on an ongoing basis. All Property, Plant and Equipment is stated at cost less subsequent accumulated depreciation
and any accumulated impairment losses. The cost of purchased assets includes the original purchase consideration
given to acquire the assets, and the value of other directly attributable costs that have been incurred in bringing the
assets to the location and condition necessary for their intended service. This includes the laboratory equipment for
the establishment of the laboratories.
Gains and losses on disposals are determined by comparing the net proceeds with the carrying amount and are
recognised within the Consolidated Statement of Comprehensive Income when they occur.
Depreciation
Depreciation of plant and equipment is based on writing off the assets over their useful lives, using the straight line
(SL) basis in the US and the diminishing value (DV) basis in New Zealand.
Main rates used are:
DVSL
Plant and Laboratory Equipment10% - 50%5 Years
Computer Equipment10% - 50%5 Years
Leasehold Improvements8% - 25%15 Years
Furniture and Fittings8% - 50%7 Years
The assets’ useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
22
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2026
Plant &
Laboratory
Equipment
($000)
Computer
Equipment
($000)
Leasehold
Improvements
($000)
Furniture
& Fittings
($000)
Total
($000)
Cost
Balance at 1 April 20244,0306684032715,372
Additions 704 146 - 17 867
Disposals (268) (66) - (13) (347)
Translation difference1081281129
Balance at 31 March 20254,5747604112766,021
Balance at 1 April 20254,5747604112766,021
Additions 44 71 - 2 117
Disposals (201) (77) - (6) (284)
Translation difference (7) 2 - - (5)
Balance at 31 March 20264,4107564112725,849
Accumulated Depreciation
Balance at 1 April 2024 1,677 390 237 143 2,447
Depreciation expense 661 140 36 24 861
Disposals (251) (53) - (11) (315)
Translation difference 36 7 5 - 48
Balance at 31 March 20252,1234842781563,041
Balance at 1 April 2025 2,123 484 278 156 3,041
Depreciation expense 678 114 35 26 853
Disposals (199) (72) - (5) (276)
Translation difference 8 5 - - 13
Balance at 31 March 2026 2,610 531 313 177 3,631
Carrying Amounts
At 1 April 2024 2,353 278 166 128 2,925
At 31 March 2025 2,451 276 133 120 2,980
At 31 March 2026 1,800 225 98 95 2,218
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
23
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2026
14. INTANGIBLE ASSETS
ACCOUNTING POLICY
Intellectual Property
The costs of acquired Intellectual Property are recognised at cost. All Intellectual Property has a finite life.
The carrying value of Intellectual Property is reviewed for impairment, where indicators of impairment exist.
Amortisation is charged on a diminishing value basis over the estimated useful life of the intangible assets (1-20
years). The estimated useful life and amortisation method is reviewed at the end of each reporting period.
The following costs associated with Intellectual Property are expensed as incurred during the research phases of
a project and are only capitalised when incurred as part of the development phase of a process or product within
development assets: Internal Intellectual Property costs including the costs of patents and patent application.
Software Development Costs
Costs associated with the development of software are held at cost. Amortisation is charged on a diminishing value
basis over the estimated useful life of the intangible assets (2-10 years). The estimated useful life and amortisation
method is reviewed at the end of each reporting period.
Software
Development
Costs
($000)
Patents
($000)
Total
($000)
Cost
Balance at 1 April 20242,7046303,334
Additions406-406
Disposals(42)-(42)
Foreign Translation Difference2-2
Balance at 31 March 20253,0706303,700
Balance at 1 April 20253,0706303,700
Additions15-15
Disposals(798)(40)(838)
Balance at 31 March 20262,2875902,877
Accumulated Amortisation
Balance at 1 April 20241,8675172,384
Amortisation expense54130571
Disposals(38)-(38)
Foreign Translation difference2-2
Balance at 31 March 20252,3725472,919
Balance at 1 April 20252,3725472,919
Amortisation expense35418372
Disposals(796)(40)(836)
Balance at 31 March 20261,9305252,455
Carrying Amounts
At 1 April 2024837113950
At 31 March 202569883781
At 31 March 202635765422
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
24
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2026
15. SEGMENT INFORMATION
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing
performance of the operating segments, has been identified as the Chief Executive Officer who makes strategic
decisions.
There are two operating segments at balance date:
1. Commercial: The sales, marketing, laboratory and support operations to run the commercial businesses worldwide.
2. Research: The research and development of diagnostic and prognostic products for human cancer.
The reportable operating segment Commercial derives its revenue primarily from sales of Cxbladder tests and
the reportable operating segment Research derives its revenue primarily from grant income. The Chief Executive
Officer assesses the performance of the operating segments based on their net loss for the period.
Segment income, expenses and profitability are presented on a gross basis excluding inter-segment eliminations
to best represent the performance of each segment operating as independent business units. The segment
information provided to the Chief Executive Officer for the reportable segment described above, for the year
ended 31 March 2026, is shown below.
2026
Commercial
($000)
Research
($000)
Less:
Eliminations
($000)
Total External
Income
($000)
Income
Operating Revenue – External11,505 - (6)11,499
Other Income1,1395,219 (4,845)1,513
Interest Income9512 - 521
Foreign Exchange (Loss) (10) (10) - (20)
Unrealised FX Gain on Forward Contracts - 67 - 67
Total Income12,6435,788 (4,851)13,580
Expenses
Other Expenses18,7318,150 (4,851)22,030
Employee Benefits14,67710,038 - 24,715
Depreciation & Amortisation 1,876 737 - 2,613
Total Operating Expenses35,28418,925 (4,851)49,358
Loss Before Tax (22,641) (13,137) - (35,778)
Income Tax Expense - - - -
Loss After Tax (22,641) (13,137) - (35,778)
Net Cash Flow to Operating Activities (20,655) (11,283) - (31,938)
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
25
2025
Commercial
($000)
Research
($000)
Less:
Eliminations
($000)
Total External
Income
($000)
Income
Operating Revenue – External 21,852 - (6) 21,846
Other Income 1,237 4,757 (5,091) 903
Interest Income 12 1,913 - 1,925
Foreign Exchange (Loss) (2) (56) - (58)
Total Income 23,099 6,614 (5,097) 24,616
Expenses
Other Expenses 19,636 9,612 (5,097) 24,151
Employee Benefits 16,532 11,111 - 27,643
Depreciation and Amortisation 1,864 894 - 2,758
Total Operating Expenses 38,032 21,617 (5,097) 54,552
Loss Before Tax (14,933) (15,003) - (29,936)
Income Tax Expense - - - -
Loss After Tax (14,933) (15,003) - (29,936)
Net Cash Flow to Operating Activities (13,031) (11,709) - (24,740)
Eliminations
These are the intercompany transactions between the subsidiaries and the Parent. These are eliminated on
consolidation of Group results. The Research segment of the business utilise consumables and other components
that are purchased by the Commercial segments of the business, with the costs of these components allocated to
Research segment, and the Commercial segment recognising revenue from the sale.
Segment Assets and Liabilities Information
2026
Commercial
($000)
Research
($000)
Total
($000)
Total Assets 7,499 10,103 17,602
Total Liabilities 3,603 3,340 6,943
2025
Commercial
($000)
Research
($000)
Total
($000)
Total Assets 11,257 25,773 37,030
Total Liabilities 6,449 4,496 10,945
Additions to Non Current Assets for the period include:
Commercial
($000)
Research
($000)
Total
($000)
Property, Plant and Equipment 111 6 117
Right of Use Assets 166 - 166
Intangible Assets 15 - 15
Total Additions to Non Current Assets 292 6 298
The amounts provided to the Chief Executive Officer with respect to total assets and total liabilities are measured
in a manner consistent with that of the financial statements. These assets and liabilities are allocated based on the
operation of the segment and the physical location of the asset.
There are no unallocated assets or liabilities.
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2026
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
26
Geographic Split of Revenue and Non-Current Assets
The Group generates most of the operating revenue from Commercial tests from the US and New Zealand and also
receives Grant revenue from New Zealand. Rest of World consists of Revenue from Australia and Southeast Asia.
2026
($000)
2025
($000)
Operating and Grant Revenue
US 9,613 20,143
New Zealand 2,778 2,499
Rest of World 621 107
Total Operating and Grant Revenue 13,012 22,749
2026
($000)
2025
($000)
Non-Current Assets
US 1,846 3,455
New Zealand 1,982 2,750
Rest of World 1 1
Total Non-Current Assets 3,829 6,206
16. INCOME TAX
ACCOUNTING POLICY
The tax expense for the period comprises current and deferred tax. Tax is recognised in the Consolidated
Statement of Comprehensive Income, except to the extent that it relates to items recognised in other
comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income
or directly in equity, respectively.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the
balance sheet date in the countries where the Company and its subsidiaries operate and generate taxable income.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable
tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts
expected to be paid to the tax authorities.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the
tax bases of assets and liabilities and their carrying amounts in the financial statements in accordance with NZ
IAS 12. Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be
available against which the temporary differences can be utilised.
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by
the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the
deferred income tax liability is settled.
The Company and Group has incurred an operating loss for the 2026 financial year and no income tax is payable.
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2026
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
27
GROUP
2026
($000)
2025
($000)
Income tax recognised in the Consolidated Statement of
Comprehensive Income
Current tax expense - -
Deferred Tax in respect of the Current Year (5,788) (4,366)
Adjustments to deferred tax in respect to Prior Years 83 1,232
Deferred Tax Assets not recognised 5,705 3,134
Income tax expense - -
The prima facie income tax on Pre-Tax Accounting Profit
from operations reconciles to:
Accounting loss before income tax (35,778) (29,936)
At the statutory Income Tax rate of 28% (10,018) (8,382)
Non-deductible Expenses 2,749 4,764
Difference in US and Australian Income Tax Rates 1,481 891
Prior Period Adjustment 83 1,232
Tax Losses Utilised - (1,639)
Deferred Tax Assets not recognised 5,705 3,134
Income tax expense reported in the Consolidated Statement
of Comprehensive Income
- -
Tax Losses
The group has losses to carry forward of approximately $196,022,000 (2025: $169,288,000) with a potential tax
benefit of $43,171,000 (2025: $37,174,000). The tax losses are split between the following jurisdictions:
Tax Losses
($000)
Tax Effect
($000)Rate
New Zealand
15,465 4,330 28%
Australia
10,269 3,081 30%
United States
170,288 35,760 21%
Tax losses are available to be carried forward and offset against future taxable income subject to the various
conditions required by income tax legislation being complied with.
Deferred Research and Development Tax Expenditure:
The Group also has deferred research and development tax expenditure of $72,827,000 (2025: $67,113,000) to
carry forward and claim for income tax purposes in New Zealand in the future. This has a tax effect of $20,392,000
(2025: $18,792,000). The deferred research and development tax expenditure can either be carried forward and
offset against future income arising from the research and development, or subject to meeting the shareholder
continuity requirements can be offset against future other taxable income.
Deferred Tax Assets:
The Group does not recognise a deferred tax asset in the Consolidated Balance Sheet.
Imputation Credit Account
The Group has imputation credits of Nil (2025: Nil).
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2026
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
28
17. PAYABLES AND ACCRUALS
ACCOUNTING POLICY
Trade and Other Payables Due Within One Year
Trade payables are recognised at the value of the invoice received from a supplier. The carrying value of trade
payables is considered to approximate fair value as amounts are unsecured and are usually paid by the 30th of the
month following recognition.
GROUP
2026
($000)
2025
($000)
Trade Creditors 1,409 2,639
Accrued Expenses 1,362 1,265
Employee Entitlements (refer below) 2,887 4,140
Total Payables and Accruals 5,658 8,044
Payables and accruals are non-interest bearing and are normally settled on 30 day terms, therefore their carrying
value approximates their fair value.
The foreign currency split for Payables and Accruals is:
GROUP
2026
($000)
2025
($000)
NZD 1,809 2,218
AUD 1,092 1,043
USD 2,739 4,722
EUR 18
-
CAD
- 61
5,658 8,044
Employee Entitlements
Employee entitlements are measured at values based on accrued entitlements at current rates of pay. These include
salaries and wages accrued up to balance date and annual leave earned to, but not yet taken at balance date.
GROUP
2026
($000)
2025
($000)
Payroll Taxes 156 192
Holiday Pay 752 634
Accrued Wages 1,969 3,275
Long Service Leave 10
39
Total Employee Entitlements 2,887 4,140
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2026
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
29
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2026
18.SHARE CAPITAL
ACCOUNTING POLICY
Ordinary shares are described as equity.
Issue expenses, including commission paid, relating to the issue of ordinary share capital, have been written off
against the issued share price received and recorded in the Consolidated Statement of Changes in Equity.
Equity-settled share-based payments to employees and others providing services are measured at the fair value of
the equity instruments at the grant date. Details regarding the determination of the fair value of equity-settled share
based transactions are set out in Note 8.
GROUP
2026
($000)
2025
($000)
Ordinary Shares Authorised 314,157 294,458
Total Share Capital 314,157 294,458
All fully paid shares in the Group are Authorised and have equal voting rights and equal rights to dividends.
All Ordinary Shares are fully paid and have no par value.
Share Capital Group
2026
(000)
2026
($000)
2025
(000)
2025
($000)
Opening Balance 811,916 294,458 811,271 294,400
Issue of Ordinary Shares
160,729 16,073 --
46,622 4,662 --
736 77 645 58
1,508 151 --
263 43 --
233 31 --
625 63 --
- Placement
1
- Retail Offer
2
- Employee Remuneration
3
- Directors Fees
4
- Employee Sign-on Incentive
5
- Exercise of Options
6
- Share Issue Expense
7
Less Share Issue Expense
-(1,401)--
Movement 210,716 19,699 645 58
Closing Balance 1,022,632 314,157 811,916 294,458
1)During the period 160,728,498 shares were issued resulting from a Share Placement at an average price of $0.100 per share.
(2025: Nil)
2)
During the
period 46,621,913 shares were issued resulting from a Share Retail Offer at an average price of $0.100 per share. (2025:
Nil)
3)
During the period 736,475 shares were issued as part of employees remuneration in lieu of cash payments at an average price of
$0.105 per share. (2025: 644,630 at $0.090).
4)
During the period 1,507,600 shares were issued to Directors in lieu of Directors Fees at an average price of $0.100 per share.
(2025: Nil)
5)
During the period 26
3,276 shares were issued to employees as non-cash consideration at an average price of $0.165 per share, in
recognition of joining the Company as an employee in lieu of a cash incentive (2025: Nil)
6)During the period 232,842 shares were issued as a result of employees exercising 426,031 share options at an average exercise
price of $0.101 per share (2025: Nil)
7)During the period 625,000 shares were issued as Non-cash consideration, being in recognition of providing legal advice during
the capital raise an average price of $0.100 per share. (2025: Nil)
There are 1,022,631,578 (2025: 811,915,974) ordinary shares on issue.
All fully paid shares in the Company have equal voting rights and equal rights to dividends. All Ordinary Shares are
fully paid and have no par value.
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
30
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2026
19. FOREIGN CURRENCY
ACCOUNTING POLICIES
Foreign Currency Transactions
The individual financial statements of the Group are presented in the currency of the primary economic
environment in which the entity operates (its functional currency). For the purpose of the Group financial
statements, the results and financial position of the Group entity are expressed in New Zealand dollars (‘NZ$’),
which is the functional currency of the Parent and the presentation currency for the Group financial statements.
In preparing the financial statements of the individual entities, transactions in currencies other than the entity’s
functional currency (foreign currencies) are recorded at the rates of exchange prevailing at the dates of the
transactions. At the end of each reporting period, monetary items denominated in foreign currencies are
retranslated at the rates prevailing at the end of the reporting period. Non monetary items denominated in foreign
currencies are translated at the rates prevailing on the date the transaction occurs.
Exchange differences are recognised in the Consolidated Statement of Comprehensive Income in the period in
which they arise.
Foreign Operations
For the purpose of presenting the Group financial statements, the assets and liabilities of the Group’s foreign
operations are expressed in New Zealand dollars using exchange rates prevailing at the end of the reporting
period. Income and expense items are translated at the average exchange rates for the period, unless exchange
rates fluctuated significantly during that period, in which case the exchange rates at the dates of the transactions
are used. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated as
a separate component of equity in the Group’s foreign currency translation reserve. Such exchange differences
are reclassified from equity to profit or loss (as a reclassification adjustment) in the period in which the foreign
operation is disposed of.
Foreign Currency Translation Reserve
Exchange differences relating to the translation from the functional currencies of the Group’s foreign subsidiaries into
New Zealand dollars are brought to account by entries made directly to the Foreign Currency Translation Reserve.
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
31
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2026
20. RECONCILIATION OF CASH FLOWS TO OPERATING ACTIVITIES WITH OPERATING NET LOSS
GROUP
2026
($000)
2025
$000
Net Loss for the Period (35,778) (29,936)
Add Non Cash Items:
Depreciation 848 842
Unrealised FX Gain on Forward Contracts (67) -
Gain on Disposal of Property, Plant and Equipment (10) (19)
Amortisation 372 571
Employee Share options 837 1,317
Employee bonuses paid in shares in lieu of cash 365 58
Depreciation on right of use assets 1,392 1,344
Interest on finance leases shown in lease repayments 130 230
Total Non Cash Items 3,867 4,343
Add Movements in Other Working Capital items:
(Increase) Decrease in Receivables and Other Assets 2,757 (576)
(Increase) Decrease in Inventory (433) 81
Increase (Decrease) in Payables and Accruals (2,385) 1,289
Effect of exchange rates on net cash 34 59
Total Movement in Other Working Capital (27) 853
Net Cash Flows to Operating Activities (31,938) (24,740)
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
32
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2026
21. FINANCIAL INSTRUMENTS
ACCOUNTING POLICY
Foreign Currency Transactions
Financial instruments include cash and cash equivalents, short term deposits, receivables, security deposits, finance
lease liabilities and trade creditors. The particular recognition methods adopted are disclosed in the individual
policy statements associated with each item.
Managing Financial Risk
The Group’s activities expose it to the financial risks of changes in interest rate risk, credit risk, liquidity risk and
foreign currency risk. Management is of the opinion that the Company and the Group’s exposure to market risk
during the period and at balance date is defined as:
Risk FactorDescription
(i) Currency RiskFinancial assets and financial liabilities are denominated in NZD, USD, AUD, SGD,
CAD and EUR currencies
(ii) Interest Rate Risk Exposure to changes in Bank interest rates resulting in cash flow interest rate risk
(iii) Credit RiskRisk of financial loss if counterparty fails to meet contractual obligations
(iv) Liquidity RiskRisk the Group may not be able to meet its commitments as they fall due
(v) Other Price RiskNot applicable as no securities are bought, sold or traded
(i) Foreign Currency Risk
The Group faces the risk of movements in foreign currency exchange rates in relation to the New Zealand dollar.
The Group has significant operations in United States Dollars and less significant operations in Australian dollars,
Euros and Singapore dollars. As a result of this, the financial performance and financial position are impacted by
movements in exchange rates.
The Group manages foreign currency risk by purchasing overseas goods only when necessary and in line with the
approved treasury policy. It will also purchase foreign currency to fund overseas operations based on cash flow
forecasts and in line with the approved treasury policy. Derivative financial instruments are also entered into.
Derivative financial instruments comprise a foreign exchange forward contract with Westpac. The contract was
entered into to manage exposure to foreign currency risk.
The net fair value gain relates to the remeasurement of a foreign exchange forward contract with Westpac to fair
value at the reporting date. The contract is not designated in a hedge accounting relationship and is therefore
measured at fair value through profit or loss.
The Derivative is classified as a current asset when the remaining maturity of the hedged item is less than 12
months.
A 10% increase or decrease in the foreign currency against the NZD will reduce/increase the loss reported by
approximately $170,000 (2025: $180,000) and increase/reduce equity by the same amount.
(ii) Interest Rate Risk
The Group’s interest rate risk arises from its cash and equivalents, and short term deposits. Cash and equivalents
comprise cash on hand and deposits at call with banks. Short term deposits comprise of term deposits placed with
New Zealand banks on fixed rates for different periods of time.
Management regularly review its banking arrangements to ensure it achieves the best returns on its funds while
maintaining access to necessary liquidity levels to service the Group’s day-to-day activities. The mixture of bank
deposits at floating interest rates and short term deposits at different rates over various periods of time mitigate
the risk of interest rates being received at less than market rates. The Group does not enter into interest rate
hedges.
A 1% increase or decrease in bank deposit interest rates will reduce/increase the loss reported by approximately
$68,000 and increase/reduce equity by the same amount (2025: $214,000).
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
33
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2026
(iii) Credit Risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to
meet its contractual obligations.
The Group incurs credit risk from:
a) Cash and short term deposits;
b) Receivables in the normal course of its business; and
c) Other assets.
The Group has no significant concentration of credit risk other than bank deposits, with the exposure as at 31
March 2026 expressed as a percentage of total assets: 11.9% at ANZ, 12.4% at BNZ, 14.7% at Westpac and 5.1% at
Wells Fargo. The Group’s cash and short term deposits are placed with high credit quality financial institutions
including major banks who have at least a A+ credit rating and concentrations are managed within the approved
treasury policy.
Regular monitoring of receivables is undertaken to ensure that the credit exposure remains within the Group’s
normal terms of trade. These receivables balances mainly relate to Kaiser Permanente, New Zealand customers,
and the New Zealand Government. Refer to note 10 for further details on expected credit losses for receivables.
The Group continues to invoice for every billable test completed in the US, and the billing and reimbursement
process continues to maximise the cash that is received by the Group. The Group has included an accrual for tests
performed from 1 October 2025 to 31 March 2026 which meet revenue recognition criteria for which payment has
not been received by 31 March 2026.
Regular monitoring of other assets is undertaken to ensure that the credit exposure is limited.
The carrying values of financial assets represent the maximum exposure to credit risk as represented below:
GROUP
Notes
2026
($000)
2025
($000)
Cash and Cash Equivalents97,7769,482
Short Term Deposits9-13,086
Trade and Other Receivables (excludes GST)102,4164,906
Other Assets (excludes prepayments)12 442 440
10,63427,914
(iv) Liquidity Risk
Liquidity risk is the risk that the Group may encounter difficulty in raising funds at short notice to meet its
commitments as they fall due. Management maintains sufficient cash balances and uses cash flow forecasts to
determine future cash flow requirements. Liquidity risk is managed within the approved treasury policy. The Group
also has three finance leases.
Payables and Accruals totaling $5,645,000 are due within 3 months of balance date (2025: $7,863,000).
Fair Values
Derivative financial instruments are classified as Level 2 in the fair value hierarchy. The fair value of the foreign
exchange forward contract is determined using observable foreign exchange rates at the reporting date.
In the opinion of the Directors, the carrying amount of financial assets and financial liabilities approximate their fair
values at balance date.
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
34
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2026
22. RELATED PARTIES
A shareholder, the University of Otago, provided services, including rental space, car parking and use of University
Equipment, to the Group to the value of $495,000 (2025: $472,000). The Group has commitments totaling
$389,000 (2025: $368,000) with the University of Otago in the next financial year.
Key Management Compensation
Key management personnel comprise of Directors and the Chief Executive Officer of Pacific Edge Limited, and the
President of Pacific Edge Diagnostics USA Limited who retired during the year.
Refer to Note 8 for details of the Incentive Plan that includes key management remuneration.
GROUP
2026
($000)
2025
($000)
Short Term Employee Benefits2,5762,556
Other Long-Term benefits and Share Based Payments (Options)477633
Total Employee Entitlements3,0533,189
Directors’ Fees
The current total Directors’ fee pool for non-executive Directors of Pacific Edge Limited, approved by the
shareholders at the Annual Shareholders Meeting on 6 August 2025 was $628,000 per annum and was based on
six Directors. With the addition of Simon Flood on 4 December 2025, the number of Directors increased to seven
until Chris Gallaher retired on 18 December 2025. 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 $688,000 for the period
of time there were seven Directors. The total amount of fees paid to Directors for the year ended 31 March 2026
was $630,256 (2025: $470,000). The increase in Directors Fees approved by Shareholders on 6 August 2025 was
approved to be issued as shares in lieu. Refer note 18 for further details.
The table below sets out the total fees approved for non-executive Directors of Pacific Edge Limited for the year
ended 31 March 2026 based on the positions held:
Position
Number
2026
Fee per
Director
2026
($)
Total
Directors
Fees Paid
2026
($)
Number
2025
Fee per
Director
2025
($)
Total
Directors
Fees Paid
2025
($)
Chair1$160,000$159,7901$115,000$115,000
Deputy Chair 1 $90,000 $90,0001$70,000$70,000
Non-executive
Directors
4 from 1 Apr
to 3 Dec 25
5 from 4 Dec 25
to 17 Dec 25
4 from 18 Dec 25
to 31 Mar 26
$80,000 $322,466
5 to Sept 24
4 from Oct 24
$60,000$270,000
Chair Audit & Risk
Committee
1$22,000$22,0001$10,000$10,000
Chair People &
Culture Committee
1$12,000$12,000---
Committee Members4$6,000$24,000---
Special Governance
Allocation
----$5,000
Total Fees Paid$630,256$470,000
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
35
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2026
23. FINANCE AND OPERATING LEASE COMMITMENTS
ACCOUNTING POLICY
The Group leases various properties and equipment. Rental contracts vary depending on the type of asset
being leased. Lease terms are negotiated on an individual basis and contain a wide range of different terms and
conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for
borrowing purposes.
Contracts may contain both lease and non-lease components. The Group allocates the consideration in the
contract to the lease and non-lease components based on their relative stand-alone prices.
Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is
available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance
cost is charged to the Consolidated Statement of Comprehensive Income over the lease period to produce a
constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is
depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis.
(i) Measurement basis
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the
net present value of the following lease payments:
• fixed payments (including in-substance fixed payments), less any lease incentives receivable;
• variable lease payments that are based on an index or a rate;
• amounts expected to be payable by the lessee under residual value guarantees;
• the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and
• payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.
Lease payments to be made under reasonably certain extension options are also included in the measurement of
the liability.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily
determined, which is generally the case for leases in the group, the lessee’s incremental borrowing rate is used. The
incremental borrowing rate is the rate that the individual lessee would have to pay to borrow the funds necessary
to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms,
security and conditions.
To determine the incremental borrowing rate, the Group:
• where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to
reflect changes in financing conditions since third-party financing was received;
• uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by Pacific
Edge Limited, which does not have recent third-party financing; and
• makes adjustments specific to the lease, e.g. term, country, currency and security.
The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are
not included in the lease liability until they take effect. When adjustments to lease payments based on an index or
rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset.
Lease payments are allocated between principal and finance cost. The finance cost is charged to the Consolidated
Statement of Comprehensive Income over the lease period to produce a constant periodic rate of interest on the
remaining balance of the liability for each period.
Right-of-use assets are measured at cost comprising the following:
• the amount of the initial measurement of lease liability;
• any lease payments made at or before the commencement date;
• any initial direct costs; and
• restoration costs.
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
36
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2026
Right-of-Use assets are generally depreciated over the shorter of the asset’s useful life and the lease term on
a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the Right-of-Use asset
is depreciated over the underlying asset’s useful life. While the Group revalues its land and buildings that are
presented within property, plant and equipment, it has chosen not to do so for the right-of-use buildings held by
the Group.
Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis
as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets
include IT equipment and small items of office furniture.
Right of Use Assets
GROUP
2026
($000)
2025
($000)
Cost
Opening Balance 4,632 7,997
Removals (Leases Completed)- (3,516)
Revaluations (Lease Extended) 166 -
Foreign Currency Translation (8) 151
Closing Balance 4,790 4,632
Accumulated Depreciation
Opening Balance 2,187 4,299
Depreciation 1,391 1,386
Reversal of Accumulated Depreciation (Leases Completed) - (3,516)
Foreign Currency Translation 23 18
Closing Balance 3,601 2,187
Net Right of Use Assets Balance 1,189 2,445
Right of Use Assets Net Book Value
Buildings 1,179 2,409
Computer Equipment 10 36
1,189 2,445
Depreciation
Buildings 1,365 1,360
Computer Equipment 26 26
1,391 1,386
Expenses relating to Short Term and Low Value Leases 110 131
Total Cash Outflow relating to Leases 1,556 1,496
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
37
Lease Liability
GROUP
2026
($000)
2025
($000)
Opening Balance 2,601 3,773
Revaluations - Lease Extension 142 -
Lease Repayments (1,585) (1,533)
Interest Charged 130 226
Foreign Currency Translation (3) 135
Closing Balance 1,285 2,601
Split by:
Current Liability 1,159 1,413
Non-Current Liability 126 1,188
1,285 2,601
The maturity of the Lease Liabilities is as follows:
Less than one year 1,159 1,413
One to two years 126 1,105
Two to three years - 80
More than three years - 3
1,285 2,601
24.OTHER COMMITMENTS AND CONTINGENT LIABILITIES
a)Contingent Liabilities
There were no known contingent liabilities at 31 March 2026 (2025: Nil). The Group has not granted any securities
in respect of liabilities payable by any other party whatsoever.
b)Capital C
ommitments
There are no capital commitments at 31 March 2026 (2025: Nil).
25.SUBSEQUENT EVENTS
Equity Raise
On 8 May 2026 the Board approved a capital raise which was released to the NZX and ASX on 11 May 2026,
targeting capital investment of $24.0m comprising an $18.0m Placement and a retail Share Purchase Plan (SPP) of
$6.0m. The Board has discretion to accept oversubscriptions in both the Placement and SPP.
The Placement which closed on 12 May 2026 was oversubscribed with applications accepted by the Board for
$25.4m. Cash from the Placement was received by the Company on 15 May 2026.
The SPP was opened on 14 May 2026, with applications closing 28 May 2026.
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2026
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
38
Draft Medicare Coverage
The Company is seeking to regain Medicare coverage for hematuria evaluation with the issuance of a new Local
Coverage Decision (LCD). On 14 May 2026 a draft Local Coverage Determination (LCD) with foundational medical
policy for urine-based biomarkers for hematuria evaluation (DL40378) was published to the Medicare Coverage
Database, with explicit coding guidance for Cxbladder Triage and Triage Plus in the associated Local Coverage
Article (LCA) (DA60424).
The draft LCD ‘Urine-based Biomarkers in Patients with Microhematuria’ (DL40378) establishes hematuria
evaluation as a covered Medicare benefit for the first time and importantly distinguishes hematuria patients as
eligible for Cxbladder Triage and Triage Plus.
The publication of the Draft LCD is followed by a ‘notice and comment’ period (minimum of 45 days), before
then addressing the comments and finalizing the LCD. Novitas, the Medicare Administrative Contractor tasked
with determining Medicare coverage for the company’s products, may take a maximum of 365 days from draft
publication to final publication of an LCD. It is also open to Novitas to retire, rather than finalise, the draft LCD. If
finally published, the LCD takes a further 45 days for the final LCD to become effective. The company will engage
with Novitas to seek reimbursement for Triage and Triage Plus on a claim-by-claim basis during the draft period.
The finalisation of the LCD for hematuria evaluation has the potential to increase both revenue and volumes for
the Company, with the inclusion of Triage Plus at the Medicare approved price of US$1,328, a 75% increase on the
Medicare approved price of US$760 for the legacy tests, Cxbladder Triage and Monitor.
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2026
PricewaterhouseCoopers, PwC Centre, 60 Cashel Street,
PO Box 13-244, Christchurch 8141, New Zealand
T: +64 3 374 3000
pwc.co.nz
Independent auditor’s report
To the shareholders of Pacific Edge Limited
Our opinion
In our opinion, the accompanying consolidated financial statements (the financial statements) of Pacific Edge
Limited (the Company), including its subsidiaries (the Group), present fairly, in all material respects, the financial
position of the Group as at 31 March 2026, its financial performance, and its cash flows for the year then ended in
accordance with New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS) and
International Financial Reporting Standards Accounting Standards (IFRS Accounting Standards).
What we have audited
The Group's financial statements comprise:
•the consolidated balance sheet as at 31 March 2026;
•the consolidated statement of comprehensive income for the twelve months then ended;
•the consolidated statement of changes in equity for the twelve months then ended;
•the consolidated statement of cash flows for the twelve months then ended; and
•the notes to the financial statements, comprising material accounting policy information and other explanatory
information.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)) and
International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the
Auditor’s responsibilities for the audit of the financial statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of the Group in accordance with Professional and Ethical Standard 1 International Code of
Ethics for Assurance Practitioners (including International Independence Standards) (New Zealand) issued by
the New Zealand Auditing and Assurance Standards Board (PES 1) and the International Code of Ethics for
Professional Accountants (including International Independence Standards) issued by the International Ethics
Standards Board for Accountants (IESBA Code), as applicable to audits of financial statements of public interest
entities. We have also fulfilled our other ethical responsibilities in accordance with PES 1 and the IESBA Code.
In our capacity as auditor and assurance practitioner, our firm also provided review services. The firm has no other
relationship with, or interests in, the Group.
39
Material uncertainty related to going concern
We draw attention to the disclosures in Note 1 to the consolidated financial statements, which indicates that
the Company, as at 31 March 2026, had $7.776m of cash, cash equivalents and short term deposits on hand
(March 2025: $22.568m), net assets of $10.659m (March 2025: $26.085m), and net cash outflows from
operating activities for the year to 31 March 2026 were of $31.938m (March 2025: $24.740m).
As disclosed in Note 1, there are material uncertainties regarding the outcome and timing of the US Local
Coverage Determination and the Company’s access to further funding if required. These events or conditions,
along with other matters set forth in Note 1, indicate that material uncertainties exist that may cast significant
doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this
matter.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the financial statements of the current year. These matters were addressed in the context of our audit of the
financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters.
Description of the key audit matter How our audit addressed the key audit matter
Revenue recognition for United States (US) reven
ue
As disclosed in Note 5 of the financial statements, the timing
of revenue recognition for US based revenue varies by
revenue stream between completion of the Cxbladder test
and receipt of cash. As disclosed in Note 5, US revenue was
$9.5m out of total operating revenue of $11.5m for the year
ended 31 March 2026.
The Company has two material US revenue streams:
1.Tests performed for Medicare (pre 24 April 2025),
Medicare Advantage, Veterans Affairs and Kaiser
Permanente (accrual accounting); and
2.Medicare (post 24 April 2025) and other private insurers
(cash accounting).
On 24 April 2025 the Company lost Medicare coverage for
Cxbladder tests in the US. This resulted in the cessation of
Medicare coverage for Cxbladder tests. This increased
uncertainty regarding reimbursement outcomes and future
cash collections associated with Medicare.
In the US, derived revenue for tests performed for Medicare
Advantage, Veterans Affairs, and Kaiser Permanente have
been recognised in advance of cash being received.
Revenue for these customers is recognised once the test is
invoiced.
All other US derived revenue including Medicare post 24
April 2025 is accounted for on a cash basis as disclosed in
Note 5.
We determined this to be a key audit matter due to the
significance of the judgements applied by Directors for
revenue recognition and the significance of US revenue of
the Company’s operations.
Our audit procedures included the following:
We obtained an understanding of management’s processes
and controls for the CMS, Medicare Advantage, Kaiser
Permanente, and private insurers US revenue streams,
including the relevant controls at the external billing
reimbursements service organisation.
We obtained an understanding of the controls over the
capture and processing of billing data relevant to the US
revenue streams and evaluated the SOC 1 report for the
controls relevant to that process.
We evaluated management’s determination of the timing of
revenue recognition by:
•Assessing management’s judgements and data
supporting revenue recognition for Medicare Advantage,
Veterans Affairs, and Kaiser Permanente to confirm that
the transaction price can be determined and
collectability is probable;
•Assessing the data supporting revenue recognition for
Medicare and other private insurers to confirm that the
transaction price and collectability is only probable when
cash is received;
•Performing subsequent receipt testing to validate the
probability of collection of the year end receivables and
performing look back procedures over the prior year
receivables to test collection rates; and
•Evaluating whether revenue has been recognised
appropriately in accordance with NZ IFRS 15.
We considered the appropriateness of disclosures in the
financial statements.
40
Our audit approach
Overview
Overall group materiality: $499,000, which represents approximately 1% of total expenses.
We chose total expenses as the benchmark because, in our view, it is the benchmark against which the Group is
most commonly measured by users, and is generally accepted benchmark.
We selected transactions and balances to audit based on their materiality to the Group rather than determining
the scope of procedures to perform by auditing only specific subsidiaries or business units.
As reported above, we have one key audit matter, being:
•Revenue recognition for US revenue
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the
financial statements. In particular, we considered where management made subjective judgements; for example, in
respect of significant accounting estimates that involved making assumptions and considering future events that are
inherently uncertain. As in all of our audits, we also addressed the risk of management override of internal controls,
including among other matters, consideration of whether there was evidence of bias that represented a risk of
material misstatement due to fraud.
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain reasonable
assurance about whether the financial statements are free from material misstatement. Misstatements may arise
due to fraud or error. They are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of the financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the
overall group materiality for the financial statements as a whole as set out above. These, together with qualitative
considerations, helped us to determine the scope of our audit, the nature, timing and extent of our audit
procedures, and to evaluate the effect of misstatements, both individually and in the aggregate, on the financial
statements as a whole.
How we tailored our group audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the
financial statements as a whole, taking into account the structure of the Group, the accounting processes and
controls, and the industry in which the Group operates.
Other information
The Directors are responsible for the other information. The other information comprises the information included
in the Annual Report, but does not include the financial statements and our auditor’s report thereon. The Annual
Report is expected to be made available to us after the date of this auditor’s report.
Our opinion on the financial statements does not cover the other information and we will not express any form of
audit opinion or assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial statements or our
knowledge obtained in the audit, or otherwise appears to be materially misstated.
4
When we read the other information not yet received, if we conclude that there is a material misstatement therein,
we are required to communicate the matter to the Directors and use our professional judgement to determine the
appropriate action to take.
Responsibilities of the Directors for the financial statements
The Directors are responsible, on behalf of the Company, for the preparation and fair presentation of the financial
statements in accordance with NZ IFRS and IFRS Accounting Standards, and for such internal control as the
Directors determine is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Group’s ability to continue as a
going concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of
accounting unless the Directors either intend to liquidate the Group or to cease operations, or have no realistic
alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements, as a whole, are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
ISAs (NZ) and ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located at the External
Reporting Board’s website at:
https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-report-1-1/
This description forms part of our auditor’s report.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our audit work has been undertaken so that
we might state those matters which we are required to state to them in an auditor’s report and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company
and the Company’s shareholders, as a body, for our audit work, for this report, or for the opinions we have formed.
The engagement partner on the audit resulting in this independent auditor’s report is Nathan Wylie.
For and on behalf of:
PricewaterhouseCoopers Christchurch
22 May 2026
42
PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2026
43
COMPANY DIRECTORY
As at 31 March 2026
Issued Capital
1,022,631,578 Ordinary Shares
Registered Office
Level 12, Otago House
Cnr Moray Place and Princes Street
Dunedin
Directors
S. Flood (Chairman - Appointed Director
4 December 2025)
B. Williams (Deputy Chairman)
A. Masfen
S. Park
A. Stove
A. Barclay
C. Gallaher (Retired 18 December 2025)
Chief Executive Officer
Peter Meintjes
Chief Financial Officer
Grant Gibson
Nature of Business
Research, develop and commercialise new
diagnostic and prognostic tools for the early
detection and management of cancers.
Auditors
PricewaterhouseCoopers
Christchurch
Bankers
Bank of New Zealand
Dunedin
ANZ
Dunedin
Kiwibank
Dunedin
Westpac
Dunedin
Wells Fargo
San Francisco
Solicitors
Anderson Lloyd
Level 12, Otago House
Cnr Moray Place and Princes Street
Dunedin
Harmos Horton Lusk
Level 33, Vero Centre
48 Shortland St
Auckland
Securities Registrar
MUFG Corporate Markets
138 Tancred Street
Ashburton
Company Number
1119032
Date of Incorporation
27 February 2001
PACIFIC EDGE COMMUNICATIONS
Websites
www.pacificedgedx.com
www.cxbladder.com
Facebook
www.facebook.com/PacificEdgeLtd
www.facebook.com/Cxbladder
Twitter
@PacificEdgeLtd
@Cxbladder
LinkedIn
www.linkedin.com/company/pacific-edge-ltd
87 St David Street, PO Box 56, Dunedin, New Zealand
0800 555 563 (NZ) | +64 3 577 6733 (Overseas)
https://www.pacificedgedx.com
---
Template
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at March 2025
Please do not amend or delete individual rows. As this template relates to prescribed content, changes to content
should only be made where it is clearly indicated that this is permitted, otherwise, if an Issuer considers a particular
element does not apply, mark the row as N/A, Any other changes to this prescribed form must first be approved by
NZX as required under NZX Listing Rule 3.26.1.
Results for announcement to the market
Name of issuer Pacific Edge Limited
Reporting Period 12 months to 31 March 2026
Previous Reporting Period 12 months to 31 March 2025
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$11,499 47% decrease
Total Revenue $13,580 45% decrease
Net profit/(loss) from
continuing operations
($35,778) 20% larger loss
Total net profit/(loss) ($35,778) 20% larger loss
Interim/Final Dividend
Amount per Quoted Equity
Security
The Company does not propose to pay dividends to
shareholders
Imputed amount per Quoted
Equity Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
$0.010 $0.031
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
The Results Announcement should be read in conjunction with
the audited consolidated financial statements for the year ended
31 March 2026, the results presentation and commentary, all of
which have been released with this Results Announcement.
Authority for this announcement
Name of person
authorised
to make this announcement
Peter Meintjes
Contact person for this
announcement
Peter Meintjes
Contact phone number 022 032 1263 (NZ) / +64 22 032 1263 (Overseas)
Contact email address peter.meintjes@pelnz.com
Date of release through MAP
25/05/2026
Audited financial statements accompany this announcement.
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.