Total revenue for Pacific Edge was $10.4million, while operating revenue from test sales was up 76% to $7.7million. The net loss was $14.2million.
In an announcement to the NZX, chief executive David Darling — who announced in April that he would be retiring from the role next year — described it as a strong result with a lift in momentum in its targeted markets, despite the impact Covid-19 had on the business throughout the year.
"We delivered strong growth in operating revenue and operating cashflow, a reduction in our net loss and a significantly strengthened balance sheet, supporting the scale up of our US commercial operations," Mr Darling said.
Pacific Edge had strengthened its executive team in both New Zealand and the US to support the company’s global growth aspirations.
It was now seeing the benefits and monetisation from the significant effort and investment that had gone into commercialising the Cxbladder cancer diagnostic kit and it believed it was "just the start of a strong growth trajectory" for the company, he said.
Commercial operations in the US had been scaled up with an expanded sales team and a strengthened commercial leadership team.
That value of that investment was now starting to be seen with record test volumes and US cash receipts recorded in March this year.
Those results had been achieved despite the ongoing stay at home restrictions impacting access to medical centres in certain states of the US.
Covid-19 had impacted the speed of the rollout across the Kaiser Permanente — one of the largest integrated healthcare organisations in the US — network as California had been swamped with successive waves of new outbreaks.
However, test demand from Kaiser Permanente was now starting to scale up as restrictions began to ease and patient access to medical centres improved.
Outside the US, the New Zealand business continued to grow strongly during the year while Southeast Asia and Australia were both at an early stage in their commercial uptake and growth. Completion of clinical trials in Singapore were delayed due to Covid-19.
