New Zealand Professional Investment Services Firm

Forsyth Barr

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.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<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.

Pacific Edge

Pacific Edge A Positive Diagnosis