Pacific Edge Limited (NZX: PEG) Unaudited Financial Results to 30 Sept 2020

Thursday 26th November 2020

Cancer diagnostics company, Pacific Edge Limited is pleased to report accelerating revenue growth in key growth markets, as it starts to benefit from the major commercial milestones achieved during the first half of the financial year.

Summary of performance for the period (% changes compared to prior comparative period (pcp)):

• Total revenue increased 50% to $4.1m

• Operating revenue from test sales increased 46% to $3.3m

• U.S. operating revenue increased 46% to $2.9m

• Three consecutive record revenue months achieved in the U.S. following LCD inclusion in July 2020, despite the ongoing negative impact from COVID-19 on test volumes

• Rest of World (ROW) operating revenue increased 40% to $0.4m, driven by strong growth in the NZ market following the lifting of Covid-19 restrictions

• Total Laboratory Throughput (TLT) reduced 16% to 6,864 tests

• ROW commercial test volumes increased 18% to 1,631 tests

• Total operating expenses reduced 8% to $11.2m

• Total Comprehensive Loss improved 25% to $7.1m

• Net cash, cash equivalents and short term deposits increased to $29.3m as at 30 September 2020, following a $22m placement to ANZ New Zealand Investments

• Commenced scale up of commercial operations in U.S. to leverage key commercial milestones of LCD inclusion and agreement with Kaiser Permanente

See the links below for more details:

HY Interim Results - Announcement

HY Interim Results - Presentation

HY Interim Results - Financial Statements

HY Interim Results - Equity and Debt - Rule 3.5

Source: Pacific Edge Limited

Comments from our readers

No comments yet