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>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

<ul><li>Pacific Edge’s (PEB) 3Q23 test volumes highlight ongoing solid momentum with +36% year on year growth (same year on year growth as 2Q23)</li><li>Sequential growth was down -1%, however, Q3 is always seasonally soft and this year’s Q3 sequential performance is broadly consistent with prior periods</li><li>While a solid 3Q23 update, we expect the market’s focus to remain on this process for now.</li></ul>

Pacific Edge’s (PEB) 3Q23 test volumes highlight ongoing solid momentum with +36% year on year growth (same year on year growth as 2Q23)Sequential growth was down -1%, however, Q3 is always seasonally soft and this year’s Q3 sequential performance is broadly consistent with prior periodsWhile a solid 3Q23 update, we expect the market’s focus to remain on this process for now.

Pacific Edge (PEB): 3Q23 Update – Solid Momentum Continues

<ul><li>Pacific Edge's (PEB) 1H23 result reaffirmed the ongoing solid underlying revenue momentum in the business, but showed a material step-up in costs that were ahead of our expectations</li><li>While it was a solid result, the market's focus is centered on the ongoing Novitas LCD process, where little new information was presented</li><li>We remain of the view the LCD proposal does little to take away from the long-term opportunity for PEB but it will overhang for some time</li></ul>

Pacific Edge's (PEB) 1H23 result reaffirmed the ongoing solid underlying revenue momentum in the business, but showed a material step-up in costs that were ahead of our expectationsWhile it was a solid result, the market's focus is centered on the ongoing Novitas LCD process, where little new information was presentedWe remain of the view the LCD proposal does little to take away from the long-term opportunity for PEB but it will overhang for some time

Pacific Edge: 1H23 Result — In the Waiting Room

<ul><li>Pacific Edge (PEB) reported a 1H23 reported revenue result ahead of our expectations with revenue of NZ$13.6m versus our NZ$9.4m driven by strong fx gains and higher interest income</li><li>Updates on the all-important Novitas LCD process provided little new information versus what has been previously communicated</li><li>PEB’s view that the proposal is unlikely to be finalised remains unchanged</li></ul>

Pacific Edge (PEB) reported a 1H23 reported revenue result ahead of our expectations with revenue of NZ$13.6m versus our NZ$9.4m driven by strong fx gains and higher interest incomeUpdates on the all-important Novitas LCD process provided little new information versus what has been previously communicatedPEB’s view that the proposal is unlikely to be finalised remains unchanged

Pacific Edge (PEB): 1H23 Result – Initial Impressions

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: 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

Pacific Edge (PEB): 3Q23 Update – Solid Momentum Continues

Pacific Edge’s (PEB) 3Q23 test volumes highlight ongoing solid momentum with +36% year on year growth (same year on year growth as 2Q23); Updates...

Forsyth Barr

Pacific Edge: 1H23 Result — In the Waiting Room

Pacific Edge's (PEB) 1H23 result reaffirmed the ongoing solid underlying revenue momentum in the business, but showed a material step-up in costs...

Forsyth Barr

Pacific Edge (PEB): 1H23 Result – Initial Impressions

Pacific Edge (PEB) reported a 1H23 reported revenue result ahead of our expectations with revenue of NZ$13.6m versus our NZ$9.4m driven by strong...

Forsyth Barr

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