Pacific Edge Limited · NZX:PEB
Pacific Edge — H1 2026 Earnings Presentation
40 slides from Pacific Edge's earnings presentation, Nov 25, 2025
Slide 1: Pacific Edge 1H 2026 Investor Presentation
Pacific Edge 1H 2026 Investor Presentation Dr Peter Meintjes Chief Executive Officer Grant Gibson Chief Financial Officer 25 November 2025
Slide 2: Important Notice and Disclaimer
IMPORTANT NOTICE AND DISCLAIMER This presentation has been prepared by Pacific Edge Limited (PEL ) beyond PEL’s control and could cause actual results to differ from Effect of rounding solely to provide interested parties with further information those predicted. Variations could either be materiall
Slide 3: Positioning for Medicare-led recovery after evidence and pricing wins
POSITIONING FOR MEDICARE-LED RECOVERY AFTER EVIDENCE AND PRICING WINS 13,191 10,371 $5.9M -$19.1M $22.1M GLOBAL TESTS1 COMMERCIAL OPERATING NET LOSS AFTER CASH, CASH -10.1% on 2H 25 TESTS -15.9% REVENUE TAX vs. -$15.4M EQUIVALENTS2 on 2H 25 -45.4% on in 2H 25 2H 25 US Total Tests1 10,693, -13.1% US
Slide 4: Value creation through three pillars
VALUE CREATION THROUGH THREE PILLARS INPUTS OUTPUTS EXCELLENT PATIENT EXPERIENCE OUR PEOPLE AND ACCURATE RESULTS OUR IP, KNOWLEDGE EARLY DETECTION AND AND EXPERIENCE CLINICALLY ACTIONABLE CARE OUR PROCESSES INNOVATION PIPELINE FOR CLINICAL APPLICATIONS OUR CLINICAL STUDIES INCLUSIVE WORKPLACE PARTNE
Slide 5: The strongest position yet to drive Medicare policy change
THE STRONGEST POSITION YET TO DRIVE MEDICARE POLICY CHANGE POLICY DRIVERS – EVIDENCE AND CLINICAL OPINION – NOW IN CXBLADDER’S FAVOR NOVITAS CONVENES A CONTRACTOR ADVISORY COMMITTEE • In September 2025, Novitas1 called for an expert Contractor Advisory Committee (CAC) • CACs are generally convened a
Slide 6: The strongest position yet to drive Medicare policy change
THE STRONGEST POSITION YET TO DRIVE MEDICARE POLICY CHANGE A COMPELLING AND GROWING PORTFOLIO OF EVIDENCE TO ENTRENCH CXBLADDER IN CLINICAL PRACTICE STUDY TEST AND EVIDENCE PUBLICATION DATE (1) • Pacific Edge generates the compelling clinical 1. STRATA Clinical Utility - CU of Triage Published May 2
Slide 7: Medicare re-coverage: estimated timelines
MEDICARE RE-COVERAGE: ESTIMATED TIMELINES COVERAGE DECISIONS, PRIOTIZATION AND TIMELINES ARE AT THE DISCRETION OF NOVITAS1 MEDICARE COVERAGE REQUEST CATALYST 2026* 2027* Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 L39365 Reconsideration request (Triage) STRATA Study (May 2024) March 2025 AUA Microhematuria Guideline (F
Slide 8: Independent studies supplement our evidence portfolio
INDEPENDENT STUDIES SUPPLEMENT OUR EVIDENCE PORTFOLIO INVESTIGATOR INITIATED TRIALS AND INDEPENDENT STUDIES DELIVER CLINICAL UTILITY AT MODEST SCALE INDEPENDENT STUDY FOCUS INSTITUTION/ LOCATION TEST AND EVIDENCE PUBLICATION DATE Real World Utility of Triage in MH: A Matched Cohort Study Kaiser Perm
Slide 9: Budget impact models demonstrate economic value for Cxbladder
BUDGET IMPACT MODELS DEMONSTRATE ECONOMIC VALUE FOR CXBLADDER BIMS1 DEMONSTRATE CLINICAL UTILITY AND ECONOMIC SAVINGS FOR HEALTHCARE SYSTEMS CANCER INCIDENCE IN MICROHEMATURIA PATIENTS CYSTOSCOPIES SAFELY AVOIDED USING CXBLADDER2 Cystoscopy Microhematuria avoided patient with no cancer Normal Cystos
Slide 10: Volumes reflect reduced sales reach and Medicare uncertainty
VOLUMES REFLECT REDUCED SALES REACH AND MEDICARE UNCERTAINTY FY 25 TOTAL LAB THROUGHPUT (TLT*) • Global Commercial test volumes of 13,191 for 1H 26 down 10.1% on TEST VOLUMES BY TYPE (TLT*) 2H 25 amid US challenges of selling a test not covered by Medicare, the reduced reach sales force, offset by 5
Slide 11: Sales performance improvements sustained in 1H
SALES PERFORMANCE IMPROVEMENTS SUSTAINED IN 1H 26 WE REGULARLY SEE OPPORTUNITIES TO EDUCATE ON THE AUA GUIDELINE US SALES FORCE EFFICIENCY 35 403 406 403 30 381 379 379 381 400 30 28 AVERAGE SALES FTE 25 VOLUME/SALES FTE 21 350 AVERAGE US TEST • Clinical commitment (tests/ordering clinician) fall in
Slide 12: Foundations for growth – US cash collections processes improve
FOUNDATIONS FOR GROWTH – US CASH COLLECTIONS PROCESSES IMPROVE REIMBURSEMENT & CASH COLLECTIONS US COMMERCIAL TEST VOLUMES1 AND AVERAGE SELLING PRICE2 • Loss of Medicare Coverage impacts US test volumes • Denied Triage Medicare tests will be appealed to an Administrative Law Judge (ALJ) given its gu
Slide 13: Consolidating New Zealand and developing Australia and APAC
CONSOLIDATING NEW ZEALAND AND DEVELOPING AUSTRALIA AND APAC SEEKING A NATIONAL HEMATURIA EVALUATION PATHWAY IN NZ AUSTRALIA & ASIA PACIFIC • Quarterly total test volumes rise lifted by an increase in clinical • Southeast Asia is still in business development, and we are extending studies and non-bil
Slide 14: Driving value through product innovation
DRIVING VALUE THROUGH PRODUCT INNOVATION NEXT GENERATION TESTS HAVE SUPERIOR PERFORMANCE AND PRICING • Cxbladder Triage Plus has been analytically validated and clinically validated for all hematuria patients (micro and gross) • Triage Plus has provisional patents filed, AV published, CV published,
Slide 15: DRIVE study validates Cxbladder Triage Plus in a broad population
DRIVE STUDY VALIDATES CXBLADDER TRIAGE PLUS IN A BROAD POPULATION THE DRIVE STUDY – CLINICAL VALIDATION OF TRIAGE PLUS PRIMARY SYMPTOMS • The DRIVE Study — the Diagnostic Performance of Cxbladder Triage HEMATURIA Plus for the Identification and Priority Evaluation of Veterans at Risk for Urothelial
Slide 16: CMS Triage Plus pricing has expanded the global opportunity
CMS TRIAGE PLUS PRICING HAS EXPANDED THE GLOBAL OPPORTUNITY DRAFT PRICE OF US$1,328/TEST IS A 75% PREMIUM TO CURRENT TESTS US$10.8b Global TAM1 PATIENT/DISEASE MANAGEMENT SURVEILLANCE (CLINICAL DECISION MAKING) (RDM2, TRM3, RECURRENCE) Present with Referred for Receive Annual cases of Population Liv
Slide 17: Expanding market opportunities with innovation
EXPANDING MARKET OPPORTUNITIES WITH INNOVATION DEVELOPING AN IVD1 IS THE PRIMARY AVENUE FOR INTERNATIONAL OPPORTUNITIES ADVANCING IVD DEVELOPMENT FOR INTERNATIONAL MARKETS • Pacific Edge is following a well-worn model of development and execution in the US with a CAP/CLIA-approved LDT2 providing ser
Slide 18: Financial Performance
FINANCIAL PERFORMANCE [sx PacificEdge” CANCER DIAGNOSTICS.
Slide 19: Looking to US catalysts to drive a recovery in revenue
LOOKING TO US CATALYSTS TO DRIVE A RECOVERY IN REVENUE PACIFIC EDGE OPERATING REVENUE1 REGIONAL REVENUE CONTRIBUTION $25,000 $23,907 $21,846 $19,616 85% $20,000 $10,812 1H 26 $10,887 $15,000 15% $10,909 $(000) $11,445 $10,000 APAC AMERICAS $6,067 $13,095 $5,000 $10,959 $8,707 $5,378 $5,939 92% $0 2H
Slide 20: Positioning Pacific Edge for a Medicare appeals success and coverage
POSITIONING PACIFIC EDGE FOR A MEDICARE APPEALS SUCCESS AND COVERAGE COST SAVINGS MINIMIZE CASH BURN; ANY MEDICARE APPEALS SUCCESS LIKELY RECOGNISED AS REVENUE IN 2H 26 1H 26 1H 26 • Operating revenue falls after loss of Medicare and Medicare Advantage coverage and reduced test 1H 26 2H 25 1H 25 FY
Slide 21: Operating expenses contained amid capital preservation drive
OPERATING EXPENSES CONTAINED AMID CAPTIAL PRESERVATION DRIVE INVESTMENT FOCUSSED ON LONG-TERM STRATEGIC INITIATIVES • Operating expenses down 5.9% on 2H 25 as cost 1H 26 1H 26 management initiatives implemented. 1H 26 2H 25 1H 25 FY 25 vs. vs. • Laboratory operations down 9.9% driven by lower FINANC
Slide 22: Outlook 1/2
OUTLOOK 1/2 INNOVATION DRIVES LONG-TERM VALUE CREATION • Triage Plus has a US$1,328 price, is being tested in ‘early access’ and needs only Medicare coverage for wider commercial adoption • Surveillance Plus remains in development, but we are seeking a direct technology crosswalk price to US$1,800 b
Slide 23: Outlook 2/2
OUTLOOK 2/2 COMMERCIAL HEADWINDS FOR NEAR-TERM VALUE CREATION • Non-coverage determinations for Triage, Detect, Monitor and Triage Plus continue to create a challenging sales and marketing environment, and additional challenges for reimbursement • The convening of the Contractor Advisory Committee i
Slide 24: Appendix
APPENDIX G+ | PacificEdge’
Slide 25: Pacific Edge is founded on delivering positive outcomes for society
PACIFIC EDGE IS FOUNDED ON DELIVERING POSITIVE OUTCOMES FOR SOCIETY WE CREATE VALUE BY PRIORITISING OUR PATIENTS, OUR PHYSICIANS AND OUR PEOPLE Our Mission To help improve people’s lives and patient outcomes by providing leading solutions for the early detection and management of cancer Our Vision A
Slide 26: Pacific Edge is a global company with a global opportunity
PACIFIC EDGE IS A GLOBAL COMPANY WITH A GLOBAL OPPORTUNITY US$10.8b1 Global Opportunity 1. Pacific Edge estimate using US$1,328 price for hematuria testing (priced by Medicare) and US$1800 for NMIBC surveillance (seeking crosswalk price – not yet priced by Medicare) with next generation products Tri
Slide 27: Molecular diagnostics value chain: patient journey
MOLECULAR DIAGNOSTICS VALUE CHAIN: PATIENT JOURNEY CXBLADDER – FIRST MOVER AND MARKET LEADER IN BLADDER CANCER DIAGNOSTICS • Technology: RNA/DNA patent-protected urine biomarker tests for hematuria evaluation and NMIBC1 surveillance • Clinical Evidence: AV/CV/CU2 evidence generated in a structured f
Slide 28: Driving economic value for patients, hospitals and payers
DRIVING ECONOMIC VALUE FOR PATIENTS, HOSPITALS AND PAYERS CXBLADDER DELIVERS CLINICAL UTILITY, PATIENT SATISFACTION AND ECONOMIC VALUE • The number of urologists is falling in the USA – forecast to drop from 23.8/100k to as low as 15.8/100k in 20351 • The population in the USA is ageing, with an inc
Slide 29: Background on bladder cancer and hematuria evaluation
BACKGROUND ON BLADDER CANCER AND HEMATURIA EVALUATION • Bladder Cancer • Bladder Cancer is the 10th most commonly occurring cancer, but is more common in men (6th most commonly occurring cancer in Men) • An estimated 83,190 patients were diagnosed with bladder cancer in the USA in 2024 at an average
Slide 30: Background on NMIBC and MIBC
BACKGROUND ON NMIBC AND MIBC • Bladder Cancer • An estimated 83,190 patients were diagnosed with bladder cancer in the USA in 2024 at an average age of 73 1 • Non-muscle invasive Bladder Cancer (NMIBC) • NMIBC tumors represent approximately 75% of the bladder cancer diagnoses each year (CIS, Ta and
Slide 31: NMIBC standard of care: intervention and surveillance
NMIBC STANDARD OF CARE: INTERVENTION AND SURVEILLANCE • NMIBC Standard of Care – Intervention • After NMIBC diagnosis, the standard intervention is a Trans-Urethral Resection of a Bladder Tumor (TURBT) • TURBT involves inserting a camera into the urethra and the use of small instruments like a wire
Slide 32: Pacific Edge – taking New Zealand innovation global
Feb 2025 PACIFIC EDGE – TAKING NEW ZEALAND INNOVATION GLOBAL Triage included in AUA Microhematuria Aug 2021 Guideline Cxbladder reaches 70% public Apr 2025 healthcare Medicare non- coverage in NZ coverage Nov 2023 Effective Oct 2021 Kaiser PEB raises Permanente Oct 2025 Dec 2012 Dec 2014 $103.5m EMR
Slide 33: Hematuria evaluation five year clinical studies roadmap
HEMATURIA EVALUATION FIVE YEAR CLINICAL STUDIES ROADMAP Calendar Pre 2023 2024 2025 2026 2027 2028 year 2023 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 DBL STRATA * DBL DRIVE * AUSSIE * microDRIVE * Pooled CV CREDIBLE * Legend: Pre-activation (docs, CTA etc) Publication Submit
Slide 34: Surveillance five year clinical studies roadmap
SURVEILLANCE FIVE YEAR CLINICAL STUDIES ROADMAP Calendar Pre 2023 2024 2025 2026 2027 2028 year 2023 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 “The 1800” LOBSTER * OCTOPUS AD Note – “The 1800” is the Surveillance Plus development dataset Legend: Note AD; Advisory Board at SUO
Slide 35: Performance characteristics of Cxbladder products
PERFORMANCE CHARACTERISTICS OF CXBLADDER PRODUCTS Sensitivity (Sn) Specificity (Sp) NPV PPV ROR Comment Triage Plus 94% 77% 99.3% 26% 71% Clinical Validation of Triage Plus in a veterans cohort1 Triage 89-96% 34-63% 98-99% 11-15% 35-63% Range determined by 5 publications2,3,4,5,6 that meet specific
Slide 36: Summary of Cxbladder clinical evidence
SUMMARY OF CXBLADDER CLINICAL EVIDENCE Publication or Study Population Sn NPV Sp PPV ROR Comment Synthetic Analytes AV Harvey et al., (2025) 93.6% 99.4% 90.8% 46.4% 84.1% Development dataset includes MH (38.7%) & GH (61.3%) to establish AV performance characteristics MH (382) + GH (605) Triage DRIVE
Slide 37: References summary of clinical evidence
REFERENCES SUMMARY OF CLINICAL EVIDENCE References Comment Holyoake et al., (2008). Development of a Multiplex RNA Urine Test for the Detection and Stratification of Transitional Cell Carcinoma of the Bladder. Clin Cancer Feasibility of urine-based assay including biomarker discovery for urothelial
Slide 38: Sources and assumptions - total addressable market
SOURCES AND ASSUMPTIONS - TOTAL ADRESSABLE MARKET 38
Slide 39: Key clinical advisors and consultants
KEY CLINICAL ADVISORS AND CONSULTANTS Professor Yair Lotan, MD Associate Professor Katie Murray, DOMS, FACS Institution: UT Southwestern Medical Center Institution: NYU Langone Relationship: Consultant, CAB member, IIT PI, CT PI Relationship: Consultant, CAB member, Brief Bio: Published >500 article
Slide 40: For more information
FOR MORE INFORMATION: Dr. Peter Meintjes Chief Executive Officer email: peter.meintjes@pelnz.com Grant Gibson Chief Financial Officer email: grant.gibson@pelnz.com Pacific Edge 87 St David Street, PO Box 56, Dunedin, New Zealand P +64 3 577 6733 Within NZ 0800 555 563 email: investors@pacificedge.co