Pacific Edge (PEB) H2 2025 earnings summary

Executive summary

• Operating revenue declined 8.6% year-over-year to $21.8 million, with global test volumes down 11–11.5% to 28,894, mainly due to Medicare coverage uncertainty.

• Net loss after tax was $29.9 million, steady or up 1.4% year-over-year, with cash at March 31, 2025, at $22.6 million and 2H cash burn of $13.4 million.

• AUA guideline inclusion for Cxbladder Triage in 2025, with 'Grade A' evidence, is a major milestone expected to drive adoption and enhance clinical credibility.

• Medicare non-coverage effective April 2025 impacted US volumes, but commercial payer demand and APAC growth provided partial offset.

• Announced NZ$20 million capital raise to support commercialization, non-Medicare growth, and Medicare re-coverage efforts.

Financial highlights

• Operating revenue for FY25 was $21.8 million, down 8.6% year-over-year; total revenue $24.6 million, down 16%.

• US average sales price per test increased to $594 from $584 year-over-year.

• Operating expenses decreased 7.3% year-over-year, with research costs up and sales/marketing costs down.

• Cash burn was stable, with cash and equivalents at $22.6 million at year-end.

• Cash receipts from customers fell 10.6% to $21.6 million.

Outlook and guidance

• Short-term US test volumes expected to decline due to Medicare non-coverage, but AUA guideline inclusion enables new sales, marketing, and reimbursement initiatives.

• Draft CMS price for Triage Plus set at $1,018–$1,018.44 per test, effective January 2026, expected to improve margins.

• High probability of Medicare coverage reinstatement for Triage, with a decision expected in late Q3 or Q4.

• Growth strategy focuses on accelerating Triage adoption, clinical evidence generation, and international expansion via IVD kits.

• Cxbladder under consideration for a national pathway in New Zealand.