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pacific edge
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Pacific Edge
Anticipating commercial growth
Outlook | Pharmaceutical & healthcare | 09 Jan 2018
Pacific Edge continues to make progress commercialising its suite of bladder cancer diagnostics products, with three tests currently available in the US market. An uplift in sales is expected as TRICARE and the Veterans Administration (VA) are under contract, although the exact timing of a sales ramp is unknown. In addition, the company’s discussions with Kaiser Permanente are nearing a final decision and progress has been made with achieving inclusion in the local coverage determination (LCD) by the US Centers for Medicare and Medicaid Services (CMS).
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Pacific Edge
A growth year
Update | Pharmaceutical & healthcare | 01 Jun 2017
Pacific Edge continues to make progress in the commercialisation of its bladder cancer diagnostics tests, reporting 35% growth in the number of tests analysed and a 62% increase in operating revenue. The potential for a significant sales ramp exists as TRICARE and the Veterans Administration (VA) are now under contract and expected to come online commercially in FY18. Also, discussions with Kaiser Permanente are nearing conclusion and progress has been made with the Centers for Medicare and Medicaid Services (CMS) on the reimbursement front.
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Pacific Edge
Fast growth negatively impacted by NZ IFRS 15
Update | Pharmaceutical & healthcare | 04 Jun 2018
Pacific Edge recently announced that it has adopted the new revenue recognition accounting standard, NZ IFRS 15, for FY18. This means that revenue from US customers will only be recognised once cash payment is received (previously it also included tests that had been billed but not yet paid). As a result, the company restated FY17 operating revenue from NZ$8.1m to NZ$3.2m and reported NZ$3.4m for FY18. Total revenue would have been up 26.3% without the accounting change but under NZ IFRS 15 this is reduced to 6.9% as the US is the main growth driver for tests. Pacific Edge is negotiating agreements with the Centers for Medicare and Medicaid (CMS) as well as private payers to provide for more timely reimbursement. Management will provide updated guidance later this year.
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Pacific Edge
Launches continue to progress
Update | Pharmaceutical & healthcare | 13 Feb 2017
Pacific Edge continues to make progress in the commercialisation of its bladder cancer diagnostics tests in the US, with three tests currently available in the US market. The company signed a contract with Tricare, which handles the healthcare for uniformed service members and their families, and successfully completed a User Programme with Kaiser Permanente (KP), validating the performance of the Cxbladder Triage and the Cxbladder Detect tests. Additionally, the company’s newest test, Cxbladder Resolve, has been launched in New Zealand.
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Pacific Edge
On the road to full US commercialisation
Outlook | Pharmaceutical & healthcare | 26 Jun 2016
Pacific Edge has made solid progress in recent months toward the start of broad commercialisation of its bladder cancer diagnostics tests in the US, with a third test becoming available there in mid-2016. In February, the Veterans Administration (VA) handed down a positive decision on its Cxbladder testing technology just as large-scale User Programmes in the US near completion. The Kaiser Permanente (KP) pilot is expected to be completed by the end of 2016 and could result in significant sales traction.
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Pacific Edge
Moving towards key decision points
Update | Pharmaceutical & healthcare | 17 Nov 2015
Pacific Edge continues to make progress commercialising its bladder cancer diagnostics tests as key user programmes move towards critical junctures. We anticipate the company will convert user programmes into full commercial contracts over the next year, while new programmes continue to be initiated. We also expect decisions on a go-ahead for commercialisation with key public health organisations in the US, while laboratory throughput of Cxbladder tests continues to move upwards, reflecting steadily growing adoption by new customers and the expansion of testing through user programmes. Our fair value is amended slightly to NZ$496m due to exchange rate movements.
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Pacific Edge
Rights offer to support expansion
Update | Pharmaceutical & healthcare | 17 Aug 2015
Pacific Edge raised NZ$35.3m in a rights issue, which completed in earlyJuly. Funds are to be used mainly to provide cash for continuedcommercialisation of its Cxbladder diagnostics tests in its primary USmarket, as well as to fuel international expansion. The company alsorecently announced its first User Programme in South-East Asia with thecompletion of an agreement with Singaporean hospital Tan Tock Sengrepresenting the start of its stated intent to capture the significant South-East Asian market. Pacific Edge also reported full-year results at the end ofMay, largely in line with our expectations.
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Pacific Edge
User programmes underway
Update | Pharmaceutical & healthcare | 14 May 2015
Pacific Edge's bladder cancer diagnostics tests have been available in the US, New Zealand and Australia for over a year and initial sales indicate a steady ramping-up of adoption in both new customers embarking on User Programmes, as well as initial evaluations and commercial sales from existing customers. We expect news related to the conversion of these programmes into full commercial contracts in the next year. Negotiations are also well underway with key public health organisations in the US o CMS (Centers for Medicare & Medicaid Services) and the VA (Veteran's Administration). Meanwhile, the company continues to build a world-wide patent estate around its additional genetic-based cancer diagnostic tests.
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Pacific Edge
Early signs of revenue traction
Update | Pharmaceutical & healthcare | 16 Dec 2014
Pacific Edge has reported encouraging headline results for its fiscal H115 ending in September. Sales reached NZ$1.59m, of which NZ$714k was attributed to trading revenue, a 774% increase from the previous year. The net loss of NZ$4.9m in the six months to September was roughly in line with the previous six-month period, indicating continued lean management and cost control. Additionally, the company has announced the launch of complementary bladder test Cxbladder Triage in New Zealand. We value Pacific Edge at NZ$369m (previously NZ$338m).
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Pacific Edge
On the edge of glory
Initiation | Pharmaceutical & healthcare | 29 Sep 2014
Pacific Edge (PEB) launched Cxbladderdetect, the first of its portfolio of urothelial cancer diagnostic tests, into the key US market in mid-2013. Sales from paying customers are beginning to feed through following the conclusion of initial user programmes and negotiations are fully underway with key public health organisations. We expect meaningful sales from Cxbladderdetect in calendar 2015 and positive cash flow for the company in calendar 2016. We value Pacific Edge at NZ$1.16 per share.
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Pacific Edge
Advances in bladder cancer diagnosis
QuickView | Pharmaceutical & healthcare | 15 Jul 2014
Pacific Edge is driving the commercial launch of its molecular diagnostic Cxbladderdetect in the US in 2014. The advantage of the test is its greater accuracy in detecting cancer, particularly at the early stages, than established methods, and it is a faster, less invasive, more cost-effective option. It is also preparing to launch line extension Cxbladdertriage in Q314 as an additional tool for urologists. The market opportunity for Cxbladderdetect in the US alone is greater than NZ$600m.
