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Loss widens for Pacific Edge

NZN 23/11/2016 Jonathan Underhill

Pacific Edge reported a wider first-half loss as the bladder cancer test company hired more salespeople in the US and spent more on research, sales and marketing.

The net loss was $11.3 million in the six months to the end of September, from a loss of $6.4 million a year earlier, the company said.

Operating revenue climbed to about $3m from $1.8m.

"We are seeing a steady increase in customer numbers and have a growing number of clinicians trialling and using our products through user programmes, which is an essential part of the clinical adoption cycle," said chief executive David Darling. "We expect to report a strong second half uplift in line with annual trends."

Operating expenses rose to $15m from $9.7m and included $2.93m for the employee incentive scheme, and research costs of $2.47m.

The company said the first-half loss was in line with its expectations.

The majority of revenue comes from existing customers, mostly smaller urologist practices, with no contribution yet from the recent new customers - the Veterans Administration and Tricare, it said.

Pacific Edge said it had to contend with a stronger kiwi dollar in the first half and reduced grant income from Callaghan Innovation.

In New Zealand, sales rose 187 per cent, it said.

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