The listed company, which held its annual shareholders’ meeting in Dunedin yesterday, said operating costs would rise but investment was linked to growth milestones.
The company previously released its results for the year to March 31, which showed its net loss after tax increased 39% to $19.8 million, while total revenue grew 33% to $13.9 million.
Directors noted the sharp shift in global sharemarket sentiment since the start of the year and the impact that had on company valuations, particularly among growth companies like Pacific Edge.
It remained focused on the things it could control — building long-term sustainable value through the execution of its strategy and prudent management of the capital shareholders entrusted it with.
It expected its investment in innovation, evidence, people and brand to drive growth in total testing volumes, clinical studies enrolment and revenue generation and shareholder value.
The company yesterday announced the appointment of Darrell Morgan as chief operating officer, based in its Dunedin office.
He has extensive experience in senior leadership and executive roles in large, mid-sized and virtual pharmaceutical companies in the United Kingdom, Europe and New Zealand.
He has more than 37 years’ experience in pharmaceutical R&D, immunodiagnostics and device development for drug delivery across human and animal health, in R&D, technical operations and customer-facing roles.
After joining Pacific Edge in early October, he would be responsible for the company’s global laboratory operations, manufacturing, logistics, inventory management, the quality and regulatory compliance functions, and people and culture initiatives.
Pacific Edge shares were unchanged yesterday at 78c.
