Pacific Edge (PEB) AGM 2024 summary

Opening remarks and agenda

• The meeting was held on 24 September 2024 in Auckland, welcoming both in-person and online attendees, with introductions of the board, management, and auditors.

• The agenda included executive addresses, US operations, clinical program updates, Q&A sessions, formal resolutions, and voting.

Financial performance review

• Operating revenue grew 22% to NZD 23.9 million in FY2024, with a 3% increase in global test volumes and an 18% rise in average U.S. sales price per test.

• Net loss after tax increased 9% to $29.5m, reflecting higher operating expenses and restructuring.

• Cash reserves ended at NZD 50.3 million, with a 24% drop in monthly cash burn in 2H24 due to restructuring.

• Growth slowed in the second half due to Medicare uncertainty, reduced sales force, and a focus on profitable territories, but efficiency per sales rep improved.

• The balance sheet remains strong, expected to support the company through potential Medicare coverage changes.

Board and executive committee updates

• Chairman Chris Gallaher and CEO Dr. Peter Meintjes led the meeting, supported by a board of six independent directors and a senior leadership team.

• The chairman reflected on his tenure and announced plans to step down once Medicare coverage clarity is achieved.

• Mark Green is retiring from the board; Anna Stove and Anatole Masfen stood for re-election.

• The board highlighted the addition of directors with diverse expertise and the importance of succession planning.