Cancer diagnostics company, Pacific Edge, reported a slide in revenue but a slightly narrower net loss in the six months to September 30 versus the same period a year earlier.
Operating revenue fell 16.3% to $11 million versus the same period a year earlier. Total revenue fell 27% to $12.2m.
The company attributed the decline in revenue to Medicare uncertainty and the reduced reach of its sales team.
Net loss after tax was $14.5m versus a net loss of $15.3m in the same period a year ago.
Pacific Edge said it is now focused on establishing reliable reimbursement for its Cxbladder tests, with several catalysts for renewed growth in test volume and revenue.
These include a favourable policy decision by Novitas, the ongoing review of microhematuria standards of care by the American Urological Association, and the finalisation of pricing recommendations by the Centres for Medicare & Medicaid Services.
The company had cash and cash equivalents of $35.9m at the end of September.
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