New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>With Pacific Edge’s (PEB) key financials pre-released, there was little in its FY26 results to change investors’ view on its position and outlook.</li><li>The modest positive from the result was PEB has now received confirmation from Novitas that it can seek claim-by-claim reimbursements for tests covered under the draft decision before it is finalised and effective.</li><li>Together with the early coverage decision, this provides the backdrop for a lower FY27 cash burn than its targeted NZ$2.5m per month; we estimate -NZ$2.2m.</li></ul>

With Pacific Edge’s (PEB) key financials pre-released, there was little in its FY26 results to change investors’ view on its position and outlook.The modest positive from the result was PEB has now received confirmation from Novitas that it can seek claim-by-claim reimbursements for tests covered under the draft decision before it is finalised and effective.Together with the early coverage decision, this provides the backdrop for a lower FY27 cash burn than its targeted NZ$2.5m per month; we estimate -NZ$2.2m.

<ul><li>With Pacific Edge's (PEB) key P&L items pre-released at its capital raise two weeks ago, there was little new information in its FY26 result.</li><li>While PEB's total revenue nearly halved in FY26 versus FY25; (1) its non-US revenue grew +11% year-on-year to NZ$2m in FY26, and (2) we estimate its non-Medicare US revenue (private payers and Kaiser Permanente) grew low-double digits year-on-year as well.</li><li>These reimbursements and likely finalisation of its LCD later in FY27 should mean PEB's monthly FY27 cash burn is lower than its prior targeted -NZ$2.5m.</li></ul>

With Pacific Edge's (PEB) key P&L items pre-released at its capital raise two weeks ago, there was little new information in its FY26 result.While PEB's total revenue nearly halved in FY26 versus FY25; (1) its non-US revenue grew +11% year-on-year to NZ$2m in FY26, and (2) we estimate its non-Medicare US revenue (private payers and Kaiser Permanente) grew low-double digits year-on-year as well.These reimbursements and likely finalisation of its LCD later in FY27 should mean PEB's monthly FY27 cash burn is lower than its prior targeted -NZ$2.5m.

Pacific Edge (PEB): FY26 Result—Initial Impressions

<ul><li>Pacific Edge (PEB) received the positive news it has been seeking.</li><li>Draft Medicare/CMS reimbursement coverage for its Cxbladder Triage and Triage Plus products, meaningfully increasing its revenue outlook.</li><li>We do not expect Medicare test volumes to quickly return to prior highs, but considering: (1) this early coverage decision; (2) the potential for PEB to seek claim-by-claim reimbursements during the draft period; and (3) a steady increase in reimbursed test volumes, PEB’s FY27 cash burn should be lower than its prior ~-NZ$2.5m per month target.</li></ul>

Pacific Edge (PEB) received the positive news it has been seeking.Draft Medicare/CMS reimbursement coverage for its Cxbladder Triage and Triage Plus products, meaningfully increasing its revenue outlook.We do not expect Medicare test volumes to quickly return to prior highs, but considering: (1) this early coverage decision; (2) the potential for PEB to seek claim-by-claim reimbursements during the draft period; and (3) a steady increase in reimbursed test volumes, PEB’s FY27 cash burn should be lower than its prior ~-NZ$2.5m per month target.

<ul><li>Pacific Edge (PEB) has received a very positive outcome from Novitas in regard to its all-important Medicare reimbursements.</li><li>The draft local coverage decision (LCD) published overnight specifically states PEB's Cxbladder Triage and Triage Plus as products eligible for reimbursements.</li><li>This decision will meaningfully improve PEB's revenue and cash flow outlook, and we expect the shares to trade strongly today.</li></ul>

Pacific Edge (PEB) has received a very positive outcome from Novitas in regard to its all-important Medicare reimbursements.The draft local coverage decision (LCD) published overnight specifically states PEB's Cxbladder Triage and Triage Plus as products eligible for reimbursements.This decision will meaningfully improve PEB's revenue and cash flow outlook, and we expect the shares to trade strongly today.

Pacific Edge (PEB): Positive Draft LCD Decision

<ul><li>Pacific Edge (PEB) has announced a NZ$24m equity raise and its preliminary FY26 results.</li><li>The raise should be sufficient to cover PEB's FY27 cash burn (targeting ~-NZ$2.5m per month), and importantly PEB is still expecting a draft decision from Novitas by September 2026.</li><li>If PEB is to regain coverage it has indicated a key focus on profitability, rather than growth at all costs.</li></ul>

Pacific Edge (PEB) has announced a NZ$24m equity raise and its preliminary FY26 results.The raise should be sufficient to cover PEB's FY27 cash burn (targeting ~-NZ$2.5m per month), and importantly PEB is still expecting a draft decision from Novitas by September 2026.If PEB is to regain coverage it has indicated a key focus on profitability, rather than growth at all costs.

Pacific Edge Bridging Until the Diagnosis

New Zealand

Pacific Edge Ltd is a biomedical company specialising in the discovery and commercialisation of diagnostic and prognostic technology for the early detection and monitoring of cancer. The Company has completed successful trials in bladder cancer detection and colorectal cancer prognosis.

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Pacific Edge (PEB NZ)

Pacific Edge FY26 Result—A Clean Test

With Pacific Edge’s (PEB) key financials pre-released, there was little in its FY26 results to change investors’ view on its position and...

Forsyth Barr

Pacific Edge (PEB): FY26 Result—Initial Impressions

With Pacific Edge's (PEB) key P&L items pre-released at its capital raise two weeks ago, there was little new information in its FY26...

Forsyth Barr

Pacific Edge A Positive Diagnosis

Pacific Edge (PEB) received the positive news it has been seeking. Draft Medicare/CMS reimbursement coverage for its Cxbladder Triage and Triage...

Forsyth Barr

Pacific Edge (PEB): Positive Draft LCD Decision

Pacific Edge (PEB) has received a very positive outcome from Novitas in regard to its all-important Medicare reimbursements. The draft local...

Forsyth Barr

Pacific Edge Bridging Until the Diagnosis

Pacific Edge (PEB) has announced a NZ$24m equity raise and its preliminary FY26 results. The raise should be sufficient to cover PEB's FY27 cash...

Forsyth Barr

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