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) 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