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>There were few surprises in Pacific Edge's (PEB) FY23 result — both costs and revenue were in-line with our expectations.</li><li>Looking ahead, the revenue trajectory debate will continue for some time but the key deviation relative to our expectations was commentary on ongoing cost investment.</li><li>With tests per clinician in the US flat for the past 12 quarters, we are supportive of the investment strategy but now expect the timeline to breakeven to be longer than previously forecast.</li></ul>

There were few surprises in Pacific Edge's (PEB) FY23 result — both costs and revenue were in-line with our expectations.Looking ahead, the revenue trajectory debate will continue for some time but the key deviation relative to our expectations was commentary on ongoing cost investment.With tests per clinician in the US flat for the past 12 quarters, we are supportive of the investment strategy but now expect the timeline to breakeven to be longer than previously forecast.

Pacific Edge: FY23 Result — Stuck in the Waiting Room

<ul><li>Pacific Edge (PEB) reported an FY23 result in-line with our expectations.</li><li>Lab throughput was pre-released so there were minimal revenue surprises; operating revenue of NZ$19.6m was broadly in-line with our NZ$20.1m forecast, and opex of ~NZ$53m was also broadly in-line with our expectations.</li><li>We view this as a solid result for PEB as it continues to improve adoption, aided by its recent cost investment.</li></ul>

Pacific Edge (PEB) reported an FY23 result in-line with our expectations.Lab throughput was pre-released so there were minimal revenue surprises; operating revenue of NZ$19.6m was broadly in-line with our NZ$20.1m forecast, and opex of ~NZ$53m was also broadly in-line with our expectations.We view this as a solid result for PEB as it continues to improve adoption, aided by its recent cost investment.

Pacific Edge (PEB): FY23 Result – Initial Impressions

<ul><li>Pacific Edge’s (PEB) 4Q23 test volumes highlight ongoing solid momentum with +42% year on year growth. Sequential growth was +14% with Q4 typically seasonally strong post insurance resets.</li><li>e are comfortable with current market expectations (FY23 revenue of NZ$21.3m) but will look for more colour through the day.</li><li>While in-line with expectations, US test volumes per clinician continue to be flat.</li></ul>

Pacific Edge’s (PEB) 4Q23 test volumes highlight ongoing solid momentum with +42% year on year growth. Sequential growth was +14% with Q4 typically seasonally strong post insurance resets.e are comfortable with current market expectations (FY23 revenue of NZ$21.3m) but will look for more colour through the day.While in-line with expectations, US test volumes per clinician continue to be flat.

Pacific Edge (PEB): 4Q23 Update – Solid Momentum but LCD Uncertainty Remains

<ul><li>It has been 206 days since Pacific Edge's (PEB) Local Coverage Determination (LCD) comment period ended and we have undertaken thorough analysis of every proposed LCD since 1 January 2010</li><li>Most LCDs are finalised but as time passes the odds tilt in PEB's favour</li><li>Breaking it down — Novitas, molecular diagnostics and National Comprehensive Cancer Network (NCCN)</li></ul>

It has been 206 days since Pacific Edge's (PEB) Local Coverage Determination (LCD) comment period ended and we have undertaken thorough analysis of every proposed LCD since 1 January 2010Most LCDs are finalised but as time passes the odds tilt in PEB's favourBreaking it down — Novitas, molecular diagnostics and National Comprehensive Cancer Network (NCCN)

<ul><li>3Q23 update broadly in-line with forecasts; we make no forecast changes</li><li>Encouraging updates on Kaiser integration and opex trajectory</li><li>Uncertainty persists for the Novitas LCD process; retain NEUTRAL rating</li></ul>

3Q23 update broadly in-line with forecasts; we make no forecast changesEncouraging updates on Kaiser integration and opex trajectoryUncertainty persists for the Novitas LCD process; retain NEUTRAL rating

Pacific Edge: 3Q23 Checkup — Waiting For Clarity

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: FY23 Result — Stuck in the Waiting Room

PEB's operating result was in-line with our expectations; However, looking ahead, we previously expected the rate of incremental cost growth to...

Forsyth Barr

Pacific Edge (PEB): FY23 Result – Initial Impressions

Pacific Edge (PEB) reported an FY23 result in-line with our expectations; Lab throughput was pre-released so there were minimal revenue surprises;...

Forsyth Barr

Pacific Edge (PEB): 4Q23 Update – Solid Momentum but LCD Uncertainty Remains

Pacific Edge’s (PEB) 4Q23 test volumes highlight ongoing solid momentum with +42% year on year growth. Sequential growth was +14% with Q4 typically...

Forsyth Barr

Pacific Edge: Better Late or Never

It has been 206 days since Pacific Edge's (PEB) Local Coverage Determination (LCD) comment period ended and we have undertaken thorough analysis of...

Forsyth Barr

Pacific Edge: 3Q23 Checkup — Waiting For Clarity

Pacific Edge’s (PEB) 3Q23 update highlights ongoing solid test volume momentum with +36% year on year growth; Sequential growth was down -1%,...

Forsyth Barr

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