Pacific Edge - Operating revenue up 46% on strong US growth
The company recently reported results for H1 FY21, featuring a 46% y-o-y increase in Cxbladder sales to NZ$3.3m. The US business grew 46% to NZ$2.9m and was assisted by the inclusion of Cxbladder into a local coverage determination (LCD) enabling reimbursement at US$760 per test from the US Centers for Medicare and Medicaid Services (CMS) on all tests after 1 July (corresponding to the second half of H1 FY21). The outlook for growth in the US business is strong due to the change in reimbursement, the Kaiser Permanente commercial agreement and the company’s intensified investment in its US operations.Pacific Edge is engaged in the biotechnology research, development and the commercialization of methods of early detection and treatment of cancers and other genetics diseases.
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