Pacific Edge (PEB) H2 2025 earnings summary

Executive summary

• Operating revenue for FY25 declined 8.6% to NZD 21.8 million, with global test volumes down 11–11.5% to 28,894, mainly due to Medicare coverage uncertainty.

• Net loss after tax increased 1.4% to -$29.9M, with cash at March 31, 2025, at NZD 22.6 million.

• Non-Medicare revenues now represent 57% of US volumes, reflecting a strategic shift after a reduction in the US sales force.

• Inclusion of Triage in the 2025 AUA Microhematuria Guideline as the only urine-based biomarker with Grade A evidence is a major milestone, enhancing clinical credibility and market opportunity.

• A capital raise of NZD 20 million was announced to support growth and operational resilience.

Financial highlights

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

• 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 21% and sales/marketing costs down 31%.

• Cash burn was stable, with 2H25 burn at $13.4M and cash on hand at year-end at NZD 22.6 million.

• Cash receipts from customers fell 10.6% to $21.6M; net operating cash burn was $24.7M, down 3.9%.

Outlook and guidance

• Anticipates some revenue reduction in FY2026 due to Medicare coverage loss, but expects growth in commercial payer mix and APAC markets.

• Cost base expected to remain similar or slightly down, with ongoing focus on efficiency.

• High probability of Medicare coverage reinstatement for Triage, with a decision expected in late Q3 or Q4; appeals and reconsideration requests are ongoing.

• Triage Plus draft pricing set at $1,018 per test, effective January 2026, expected to improve margins.

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