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>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

Equity Capital Markets

<ul><li>Pacific Edge (PEB) has announced it is undertaking a non-underwritten capital raise for up to NZ$24m at NZ17cps, a ~-2% discount to last close.</li><li>At 30 April 2026 PEB had ~NZ$5m of net cash on hand.</li><li>PEB has also released its unaudited FY26 results.</li></ul>

Pacific Edge (PEB) has announced it is undertaking a non-underwritten capital raise for up to NZ$24m at NZ17cps, a ~-2% discount to last close.At 30 April 2026 PEB had ~NZ$5m of net cash on hand.PEB has also released its unaudited FY26 results.

Pacific Edge (PEB): NZ$24m Capital Raise And Unaudited FY26 Results

<ul><li>We walk away optimistic about Pacific Edge's (PEB) chances of CMS coverage returning, which represented ~70% of sales revenue in FY24 prior to coverage ceasing.</li><li>Panellists highlighted strong clinician desire for biomarkers to avoid common cystoscopy barriers, along with a number of positive references to Cxbladder usage and efficacy.</li><li>We expect PEB's summary to contain positive messaging and foresee the shares trading strongly.</li></ul>

We walk away optimistic about Pacific Edge's (PEB) chances of CMS coverage returning, which represented ~70% of sales revenue in FY24 prior to coverage ceasing.Panellists highlighted strong clinician desire for biomarkers to avoid common cystoscopy barriers, along with a number of positive references to Cxbladder usage and efficacy.We expect PEB's summary to contain positive messaging and foresee the shares trading strongly.

<ul><li>Pacific Edge's (PEB) 1H26 was underwhelming relative to our expectations from both a cost and revenue perspective.</li><li>PEB was reluctant to give guidance but committed to a lower cash burn in 2H26 versus 1H26 (we forecast ~NZ$2.6m a month versus ~NZ$3.2m in 1H26).</li><li>The CAC meeting on 19 February 2026 is the key milestone.</li></ul>

Pacific Edge's (PEB) 1H26 was underwhelming relative to our expectations from both a cost and revenue perspective.PEB was reluctant to give guidance but committed to a lower cash burn in 2H26 versus 1H26 (we forecast ~NZ$2.6m a month versus ~NZ$3.2m in 1H26).The CAC meeting on 19 February 2026 is the key milestone.

Pacific Edge 1H26 Result—Still Waiting for a CMS Pulse

Fisher & Paykel Healthcare Cor / Equity Bottom-Up

<ul><li>We make a number of temporary changes to our company coverage responsibilities with immediate effect due to Matt Montgomerie's period of travel-related extended leave.</li><li>Coverage temporarily transferred to Ben Crozier.</li><li>Matt is due to return in early 2027.</li></ul>

We make a number of temporary changes to our company coverage responsibilities with immediate effect due to Matt Montgomerie's period of travel-related extended leave.Coverage temporarily transferred to Ben Crozier.Matt is due to return in early 2027.

Company Coverage Temporary Coverage Changes

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 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