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>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