Thursday 27th May 2021
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Cancer diagnostics company, Pacific Edge Limited is pleased to report accelerating revenue growth in its key markets as it starts to benefit from the major commercial milestones achieved in FY21 and despite the ongoing challenges and headwinds of COVID-19 throughout the year.
The company continues its focus on leveraging the key commercial milestones achieved during the year, particularly reimbursement coverage from the CMS from 1 July 2020 and commercial agreement with Kaiser Permanente, one of the largest integrated healthcare organisations in the U.S. Attaining these commercial milestones has had, and will continue to have, a significant positive impact on the Company’s financial position and is also paving the way for the expansion of Cxbladder’s reimbursement coverage with other private payers in the U.S. This has been highlighted by the recently announced coverage decisions from Facey Medical Group and United Healthcare, announced post-period end.
Pacific Edge has a strong outlook for FY22 and beyond and is well positioned to capitalise on the opportunities available to the company. Growth initiatives are being deployed in all Pacific Edge’s target markets, with the U.S. remaining the primary focus.
The focus for FY22 is on growing the commercial adoption of Cxbladder by Kaiser Permanente and other large healthcare organisations, further increasing reimbursement coverage from private payers, like United Healthcare, and achieving a positive shift in guideline inclusion language following the publication of new clinical evidence further supporting the clinical utility of Cxbladder. The scaled up U.S. commercial operations provide the capacity and resource to drive growth opportunities and positive results from this investment are now starting to be seen. An increasing number of commercial tests from the CMS and Kaiser Permanente are expected to underpin strong revenue and operating cashflow growth in FY22 and beyond.
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