Pacific Edge (PEB) AGM 2024 summary

Opening remarks and agenda

• Meeting held on 24 September 2024 in Auckland, with both in-person and online attendance, and housekeeping notes provided.

• Board members, senior management, and auditors were introduced; apologies from absent directors were noted.

• Agenda included executive addresses, US operations, clinical program updates, Q&A, and formal resolutions.

Financial performance review

• Operating revenue grew 22% to NZD 23.9 million for FY2024, with a 3% increase in global test volumes.

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

• Average U.S. sales price per test improved by 18%; cash reserves ended at NZD 50.3 million.

• Cash burn reduced sharply in the second half, with a 24% drop in monthly cash burn in 2H24.

• Revenue growth moderated in 2H24 due to focus on profitable territories and sales force reductions.

Board and executive committee updates

• Chairman reflected on his tenure and announced intention to step down after Medicare clarity.

• Board composition evolved with new directors bringing diverse expertise; Mark Green retiring.

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

• Directors' fees have not increased in three years; future adjustments anticipated to attract talent.