Pacific Edge chief executive David Darling at the company's
annual shareholder meeting in Dunedin yesterday. Photo by
Pacific Edge shareholders heard the company is targeting
two million annual tests in the United States, but that they
also must exercise patience while revenues gather pace.
About 70 Pacific Edge shareholders attended the annual
meeting in the Dunedin Public Art Gallery yesterday.
Following a roller-coaster year on the sharemarket, at one
point sharing the limelight with Xero, Pacific Edge shares
had since come off the boil and shed more than 60% in value
over six months. But they were now up, trading around 72c
Pacific Edge has made big inroads into international health
provider contracts, in particular four major providers
covering millions of people, in accessing the crucial US
Chief executive David Darling said while the company's US lab
could handle 260,000 tests at present, it could be expanded
to meet the opportunity of two million tests.
''It's the scale and accessibility which is paramount to
success,'' he said.
Pacific Edge's non-invasive Cx-bladder test costs less than
$400 in New Zealand, while the cost in New Zealand and the US
for repeated invasive tests can run into thousands of dollars
Dr Darling said a new product would be launched by December,
the Cx-triage, the second in the suite of bladder cancer
The company is targeting 19 regions across the US, which
represents 60% of the market.
Included in key targets this year were revenue growth from
the US, in which Dr Darling expected cashflow to offset
For its full year to March, Pacific Edge's revenue was up
187% to $523,000. After-tax losses grew 44% from $6.9 million
to $9.3 million, as expected, but the company retained $20.4
million cash in hand to fund expansion.