Quarterly Update - Q1 24 Test Volumes Reach New Heights

Q1 24 INVESTOR UPDATE – TEST VOLUMES REACH NEW HEIGHTS

DUNEDIN, New Zealand – Cancer diagnostics company Pacific Edge (NZX, ASX: PEB) has today released its Shareholder Update (attached) showing test volumes processed in its laboratories rising to a new record in the first quarter of the 2024 financial year (Q1 24) of 9,706. The figure represents a 9% rise on the 8,877 tests in the prior quarter (Q4 23).

The volume processed in Q1 24 also represents a 38% increase on the 7,056 tests processed in the same quarter of the prior year (Q1 23). US volumes led the growth rising to 8,627 in Q1 24, a 10% increase on the 7,816 tests in Q4 23. The figure also represents a 42% increase on the 6,073 tests processed in Q1 23.

The continued growth in test volumes comes despite Novitas’ June 2023 release of the latest iteration of the ‘Genetic Testing for Oncology’ Local Coverage Determination (LCD, L39365) and its subsequent stay earlier this month. The still to be finalized LCD has the potential to end Medicare coverage of Cxbladder in the US.

The number of unique ordering clinicians in the US has continued to grow through the quarter to 1,232 at the end of Q1 24, a figure that represents more than 10% of the 12,253 actively practicing urologists in the US. The figure is, up 7% on the 1,150 ordering in Q4 23 and up 38% on the 895 clinicians who ordered tests in Q1 23.

Asia Pacific volumes in Q1 24 were 1,079, up 2% on the 1,061 tests processed in Q4 23, and up 10% on the 983 tests processed in Q1 23. The volume trends in APAC reflect the maturity of the New Zealand market and the region’s ongoing healthcare reforms.

The update also details Pacific Edge’s success in gaining a stay on L39365, the strategic moves the company has made since the publication of the LCD’s latest iteration and other important contextual information for shareholders.

Released for and on behalf of Pacific Edge by Grant Gibson Chief Financial Officer.

For more information:

Investors:
Dr Peter Meintjes
Chief Executive
Pacific Edge
P: 022 032 1263

Media:
Richard Ider
The Project
P: +64 21 645 643

OVERVIEW
Pacific Edge: www.pacificedgedx.com
Pacific Edge Limited (NZX/ ASX: PEB) is a global cancer diagnostics company leading the way in the development and commercialization of bladder cancer diagnostic and prognostic tests for patients presenting with hematuria or surveillance of recurrent disease. Headquartered in Dunedin, New Zealand, the company provides its suite of Cxbladder tests globally through its wholly owned, and CLIA certified, laboratories in New Zealand and the USA.

Cxbladder: www.cxbladder.com
Cxbladder is a urine-based genomic biomarker test optimized for the detection and surveillance of bladder cancer. The Cxbladder evidence portfolio developed over the past 14 years includes more than 20 peer reviewed publications for primary detection, surveillance, adjudication of atypical urine cytology and equivocal cystoscopy.

Cxbladder is the focal point of numerous ongoing and planned clinical studies to generate an ever-increasing body of clinical utility evidence supporting adoption and use in the clinic to improve patient health outcomes. Cxbladder is reimbursed by CMS and has been trusted by over 4,400 US urologists in the diagnosis and management of more than 100,000 patients, including the option for in-home sample collection. In New Zealand, Cxbladder is accessible to 75% of the population via public healthcare and all residents have the option of buying the test online.

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Announcement PDF