Pacific Edge, a cancer diagnostics company, has reported strong growth in operating revenue for the half year ending September 2023.
Operating revenue increased by 50% to $13.1 million, driven by a 28% rise in commercial Cxbladder test volumes in the US market.
Total revenue increased by 22% to $16.6 million.
However, the company's net loss after tax increased to $15.1 million from $10.2 million due to investments in top-line growth.
Pacific Edge has maintained a strong balance sheet with $62.2 million in cash and cash equivalents.
The company expects this cash to be sufficient to support it through the process of regaining coverage in the event of a Medicare non-coverage determination, which may take up to four years.
Pacific Edge has also implemented a restructure to focus on profitable sales territories and alternative revenue streams.
The company is developing a randomized clinical trial to generate clinical utility evidence for its Cxbladder Detect+ test.See more