Annual Report 2022

ANNUAL REPORT
FOR THE YEAR ENDED
31 MARCH 2022

2 PACIFIC EDGE LIMITED ANNUAL REPORT 2022PACIFIC EDGE LIMITED ANNUAL REPORT 2022 3
PROVIDING
ACTIONABLE
CLINICAL
INFORMATION
AT THE EARLIEST
POINT IN THE
PATIENT CARE
PATHWAY

CONTENTS
This report provides a summary review of Pacific Edge’s
operational and financial performance for the year to
31 March 2022. It should be read in conjunction with the
company’s financial statements on pages 41 to 73 of this
report.
Throughout this report we have focused on what we
believe matters most to our stakeholders and our business.
Our aim is to provide easily understood, transparent and
engaging disclosures for our shareholders that describe
our business, what we do and why we do it.
The information in this report has been compiled in
accordance with relevant law, rules and corporate
governance recommendations for investor reporting.
Financial information has been prepared in accordance
with appropriate accounting standards and has been
audited by PwC.
An electronic version of this report is available on the
investor section of our website www. pacificedgedx.com
Highlights 6
Chairman’s Report 8
Chief Executive Officer’s Report 12
Snapshot 18
Value Creation 20
Research and Innovation 22
Evidence Coverage and Guidelines 24
Adoption Retention and Revenue Generation 28
People and Culture 32
Financial Commentary 34
Board and Management 36
Consolidated Financial Statements 40
Independent Auditors’ Report 74
Corporate Governance 78
Remuneration 88
Risk Analysis 93
Statutory Information 96
Company Directory 101
Pacific Edge Limited is a global cancer diagnostics
company leading the way in the development and
commercialization of bladder cancer diagnostic and
prognostic tests for patients presenting with hematuria
or surveillance of recurrent disease.
Headquartered in Dunedin, New Zealand, with shares
listed on the NZX and the ASX under the ticker code
PEB, the company provides its suite of Cxbladder tests
globally through its wholly owned, and CLIA certified,
laboratories in New Zealand and the USA.
4 PACIFIC EDGE LIMITED ANNUAL REPORT 2022

ANNUAL FINANCIAL AND OPERATING HIGHLIGHTS
STRONG GROWTH AS
MOMENTUM BUILDS IN THE US
Pacific Edge has reported strong growth in test volumes and revenues in the year
to 31 March 2022 as its investment to drive the adoption of its advanced genomic
biomarker tests by physicians and healthcare organizations around the world continues
to yield results.
PACIFIC EDGE OPERATING REVENUEPACIFIC EDGE REGIONAL
REVENUE SPLIT
ANNUAL OPERATING REVENUE
 49%
$11.4M
1
NET LOSSES AFTER TAX
 39% AS PACIFIC EDGE INVESTS
FOR GROWTH
$19.8M
CASH EQUIVALENTS AND SHORT-TERM
DEPOSITS FOLLOWING SUCCESSFUL
CAPITAL RAISING IN 2021
$105.4M
TOTAL VOLUME OF CXBLADDER
TESTS THROUGH PACIFIC EDGE
LABORATORIES
 46%
23,086
TOTAL REVENUE
 33%
$13.9M
OPERATING EXPENSES
 37%
$33.7M
COMMERCIAL CXBLADDER
TESTS THROUGH PACIFIC EDGE
LABORATORIES
 48%
19,196
1
All figures in this report are in New Zealand dollars unless otherwise stated. The figures above are for the 12 Months ended
31 March 2022, with the exception of cash equivalents and short-term deposits which record the total as at 31 March 2022.
Meanwhile, comparisons are to the same period in the prior financial year.
CXBLADDER TOTAL TEST VOLUMES
0
FY18
14,448
15,697
16,861
15,814
23,086
FY19FY20FY21FY22
5,000
10,000
15,000
20,000
25,000
TEST VOLUME
$0
FY18
$3,400
$3,817
$4,370
$7,701
$11,445
FY19FY20FY21FY22
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
FY22
7%
93%
FY21
11%
89%
■

ROW
■
AMERICAS
CAGR 35.5% 
CAGR 12.4% 
REVENUE $(000)
PACIFIC EDGE LIMITED ANNUAL REPORT 2022 76 PACIFIC EDGE LIMITED ANNUAL REPORT 2022

Dear Shareholders,
We look back on the most recent financial year
with considerable satisfaction.
Pacific Edge ended the year posting strong
growth in test volumes and operating revenues.
We have recruited a new Chief Executive - Dr
Peter Meintjes - who has brought to the company
new vision and energy and is rapidly building on
the strong legacy left by his predecessor David
Darling.
Our successful $103.5 million equity issue we
completed in October last year, has provided
us with the capital and balance sheet flexibility
to realize the significant opportunities we see
for our suite of advanced genomic biomarker
tests globally. And finally, we have recruited new
Directors to deliver the necessary oversight and
guidance as we move into the next phase of
growth.
These achievements are even more satisfying
when considered against the backdrop of
COVID-19 and the challenges the pandemic posed
for the company in the commercialization of its
technologies.
Test volumes and financial performance
Total Cxbladder tests through our laboratories
in the US and Dunedin for the year to 31 March
2022 rose 46% to 23,086 tests. We also saw a
48% growth in commercial tests to 19,196 and a
49% increase in operating revenue to $11.4 million.
Together these results amount to significant
positive momentum in the business and a tangible
demonstration of the company’s growth potential.
Still, it is fair to say that we believe these results
represent growth below that we would expect in
more normal operating conditions.
CHAIRMAN’S REPORT
INITIATIVES
FOR GROWTH
GAINING
TRACTION
Pandemic related restrictions over the last two
years have significantly limited the face-to-face
engagement with the clinicians, payers and
healthcare providers that is foundational to driving
adoption of our tests, and this was particularly the
case in the second half of the year.
As restrictions have eased in the closing months of
the financial year, we have been pleased to see a
strong rebound in test volumes and an associated
increase in month-on-month operating revenue.
Our net loss for the year, which increased to $19.8
million from $14.2 million over the same period a
year ago reflects the increase in operating expenses
as we invest for the opportunities we see.
Further detail on our financial results is covered in
the financial commentary on page 40 of this report.
Chief Executive appointment
We are delighted to have
attracted a Chief Executive of
Peter’s caliber and experience
back to New Zealand to lead
the company. In addition
to his deep understanding
of the diagnostics market,
he has brought to the
business a track record
for commercializing novel
and complex molecular
diagnostics with the potential
to improve the standard of
care through the behavior
change of health care
professionals.
Along with the Executive team and the Board he has
established a clear set of priorities to drive growth
in test volumes, revenue, and long-term shareholder
value. We believe our refined focus on innovation,
clinical evidence, people, and brand will deliver on
these goals.
Peter has quickly established himself within the
business, is bringing the team along with him and
with the full support of the Board is investing for
growth in line with this new approach. We thank
him and the rest of the Pacific Edge team for their
efforts.
Before leaving the matter of executive leadership
it is important to acknowledge the immense
contribution of Peter’s predecessor Dave Darling to
Pacific Edge.
Over the more than 18 years until his retirement in
January, Dave’s persistence and determination, took
Pacific Edge from a research concept to a fully-
fledged commercial entity. While his achievements
over this period are many, it was in 2020 that his
vision and belief in the technology, was vindicated.
First, Pacific Edge secured a commercial agreement
for Cxbladder with Kaiser Health Plan – the payor
arm of Kaiser Permanente, the largest integrated
healthcare provider in the US, serving more than
12.6 million members.
Second, less than a month later, Pacific Edge
secured coverage of Cxbladder by the US national
health insurance system, Medicare and Medicaid, for
the 61.5 million US citizens over 65 and people on
low incomes it insures.
These two agreements
represent significant
footholds in the world’s
largest healthcare market.
Dave capped off his career
as CEO of Pacific Edge late
last year with his leadership
of the company’s largest ever
capital raising, lifting cash
reserves at the end of March
2022 to $105.4 million to fund
the realisation of our vision
and potential.
On behalf of shareholders
the Board thanks him for his
efforts and we wish him well
for the future.
Governance
As Pacific Edge’s horizons have expanded, we have
recruited Directors with the expertise necessary
for success on the global stage. The appointment
in March of Tony Barclay, the former Fisher &
Paykel Healthcare Chief Financial Officer and a
respected business leader, rounded out the Board
by deepening our experience and expertise in
international capital and healthcare markets.
The transition of leadership from Dave to Peter, the
capital raising and most recently the refinement and
refocusing of our investment program have placed
significant additional demands on your Directors.
I am grateful for the commitment, perspectives and
support they provided through what has been an
intense period.
PACIFIC EDGE LIMITED ANNUAL REPORT 2022 98 PACIFIC EDGE LIMITED ANNUAL REPORT 2022
Chris Gallaher, Chair
“WE BELIEVE OUR
REFINED FOCUS
ON INNOVATION,
CLINICAL EVIDENCE,
PEOPLE, AND
BRAND WILL DRIVE
GROWTH IN TEST
VOLUMES AND
REVENUE”

Pacific Edge thanks David Darling
for his more than 18 years of
leadership of the company and
the value he has created in the
business.
Dave was appointed Chief Executive Officer
in 2003 and joined the board in 2014. He led
the company from a start up to the point
that it is now rapidly expanding in the US
underpinned by commercial agreements with
the largest healthcare providers in that country.
He retired in January 2022 handing leadership
of the company and this strong legacy to his
successor, shareholders, and cancer patients
around the world.
DAVID DARLING
TRIBUTE
Outlook
Pacific Edge remains optimistic and confident
about the year ahead and beyond. Directors
have noted the sharp shift in global share market
sentiment since the start of the year and the
impact that this has had on company valuations,
particularly among growth companies such as
Pacific Edge.
However, we remain focussed on the things that
we can control and that is building long-term
sustainable value through the execution of our
strategy and prudent management of the capital
shareholders have entrusted us with.
We are confident that our ongoing investment
in innovation, evidence, people, and brand will
deliver growth in test volumes and revenue. As
we achieve these goals shareholders are right to
expect this success to be recognized in the value
of their investment.
We thank you for your ongoing support for the
business and we look forward to updating you on
our progress at our annual meeting in Dunedin in
late July.
Chris Gallaher
Chair
PACIFIC EDGE LIMITED ANNUAL REPORT 2022 1110 PACIFIC EDGE LIMITED ANNUAL REPORT 2022

Dear Shareholders,
Since joining the company in January, my
excitement about the prospects for Pacific Edge
and the potential for its advanced genomic
biomarker technologies has only grown.
Despite the pandemic, the strong year-on-year
growth in Cxbladder test volumes demonstrates
the value of Cxbladder to safely intensify or de-
intensify clinical workup for patients presenting
with hematuria (blood in urine), resolve diagnostic
dilemmas during hematuria evaluation, and
monitor for the recurrence of urothelial cancer in
post-treatment patients.
More importantly, the Board, the Executive and
the broader Pacific Edge team are now aligned on
what we need to do to accelerate growth in the
business. I will return to this shortly, but firstly I
want to quickly review the operating performance
of the company.
COVID restrictions
The last six months of the 2022 financial year were
challenging. COVID restrictions in the healthcare
sector have been more severe and longer
lasting than those imposed on the community
at large. Despite numerous virtual activities to
counter the pandemic restrictions, they limited
the necessary engagement with the clinicians
ordering the tests and the organizations paying
for them. Importantly, it has also restricted or
even prevented patients from engaging with their
clinicians creating significant disruption to the
traditional care paradigm.
The effect on the business is clearly visible in the
graph opposite.
The US business is making steady progress,
despite COVID. Total Lab Throughput (TLT) for the
CHIEF EXECUTIVE’S REPORT
BUILDING
MOMENTUM
IN GLOBAL
MARKETS



The US business is making steady progress, despite COVID. Total Lab Throughput (TLT) for the year was
up 59% to 18,864, while commercial tests increased 62% to 15,752. The growth reflects country-wide
adoption of our tests as well as steady progress with strategic accounts such as Kaiser Permanente, the
largest integrated healthcare provider in the US. Based on the throughput in the most-recent 3-months
two Kaiser sites are now in the Top 20 Accounts by volume for Pacific Edge.
With Kaiser we continue to roll Cxbladder out across their sites, principally in Southern California, and
educate more clinicians at each site in the use of the test. We are pleased with the support we are seeing
from Kaiser clinicians. We were also pleased in June to hear the organization had agreed to integrate our
tests with its electronic medical records (EMR) system, a move that over the longer term will lower
barriers to adoption of Cxbladder and increase acceptance as standard of care within Kaiser Permanente.
Meanwhile we are working with the VA to move from the evaluation of our tests to widespread use across
the more than nine million veterans it covers. It is still early days with the VA with the generation of
evidence that proves Cxbladder with veterans as an important step towards that goal.
Growth in New Zealand has been more muted reflecting the maturity of the local market and again the
restrictions imposed by COVID. Our focus in this market is driving the adoption of Cxbladder towards the
primary care setting, building on the precedent established by the Canterbury District Health Board.
With the virus becoming endemic in the US and New Zealand, and recent sales and marketing recruits
beginning to hit their stride, we are seeing volumes begin to accelerate.
Average weekly test throughput in the US from the start of April to last week were 455 tests per week, a
figure 25% higher than the average of the last year. These objective indicators, and the subjective positive
feedback from those regularly using Cxbladder, demonstrate that clinicians are gaining increasing
confidence in the use of Cxbladder earlier in the patient care pathway.
Commented [RI6]: Sandie please highlight this comment
in the text as I want to draw Pete’s attention to it.
0
200
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
March 2020
US COVID
lockdowns
December 2021
Omicron variant
detected in the US
March 2021
US COVID
cases surpass

30 million
January 2022
US COVID
cases surpass
75 million
December 2020
Concern grows

over the alpha variant
of the disease,
vaccination with the
Pfizer vaccine begins
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
400
600
800
1000
1200
1400
1600
1800
2000
TEST VOLUMES
US FOUR WEEKLY TEST VOLUMES
Dr Peter Meintjes, Chief Executive Officer
US in FY22 was up 59% to 18,864, while commercial
tests increased 62% to 15,752. The growth reflects
nationwide adoption of our tests as well as steady
progress with strategic accounts such as Kaiser
Permanente, the largest integrated healthcare
provider in the US. Based on the throughput in the
most-recent 3-months two Kaiser sites are now in
the Top 20 Accounts by volume for Pacific Edge.
With Kaiser we continue to roll Cxbladder out across
their sites, principally in Southern California, and
educate more clinicians at each site in the use of the
test. We are pleased with the support we are seeing
from Kaiser clinicians. We were also pleased in June
to hear the organization had agreed to integrate
our tests with its electronic medical records (EMR)
system, a move that over the longer term will lower
barriers to adoption of Cxbladder and increase
acceptance of our tests as the standard of care
within Kaiser Permanente.
Meanwhile we are working with the US Veterans
Affairs (VA) to move from the evaluation of our
tests to widespread use across the more than nine
million veterans it covers. It is still early days with
the VA with the generation of evidence that proves
Cxbladder with veterans as an important step
towards that goal.
Growth in New Zealand has been more muted
reflecting the maturity of the local market and again
the restrictions imposed by COVID. Our focus in this
market is driving the adoption of Cxbladder towards
the primary care setting, building on the precedent
established by the Canterbury District Health Board.
With the virus becoming endemic in the US and
New Zealand, and recent sales and marketing
recruits beginning to hit their stride, we are seeing
volumes begin to accelerate.
Average weekly test throughput in the US from the
start of April to the announcement of our full year
results in late May was up 25% on the average of
the last year. These objective indicators, and the
subjective positive feedback from those regularly
using Cxbladder, demonstrate that clinicians
are gaining increasing confidence in the use of
Cxbladder earlier in the patient care pathway.
They also show that Pacific Edge has an excellent
opportunity to capitalize on the existing traction
in a very large target market. The challenge before
us is one of focus and execution to convert this
enthusiasm and momentum to greater recurring use
of Cxbladder.
Growth initiatives
Our internal focus is on long-term shareholder value
– from this we have developed initiatives in three key
areas.
PACIFIC EDGE LIMITED ANNUAL REPORT 2022 1312 PACIFIC EDGE LIMITED ANNUAL REPORT 2022

Firstly, we must continue to invest in technology
and product innovation to maintain our leadership
position in urothelial cancer diagnostics. This means
improving the performance characteristics of existing
products and expanding the context of use for
Cxbladder to other segments of the patient care
pathway.
Secondly, we must augment our repository of clinical
evidence through real world, real time clinical studies
to establish Cxbladder as a standard of care with
clinicians, healthcare providers and funders ahead of
inclusion of the tests in globally relevant guidelines.
And finally, having secured
the support of these
urological key opinion leaders,
we must continue to build
awareness of the Cxbladder
brand, taking our story to the
wider clinician and patient
communities.
The key details of the
initiatives that we are taking
across these three areas are
detailed on pages 22 to 31 of
this report, but in summary
they are:
• a renewed focus of our
research and innovation
program on new product
concepts and cutting-edge
technologies to address an unmet clinical need;
• the acceleration of the clinical evidence
generation program to drive the inclusion of
Cxbladder in guidelines, including those of the
American Urological Association, the European
Association of Urology and the US-based
National Comprehensive Cancer Network;
• the establishment of a new Medical Affairs team
to increase our capacity to engage key opinion
leaders on clinical studies; facilitate patient
enrolment in studies; communicate our clinical
evidence and build momentum towards guideline
inclusion and the adoption of Cxbladder across
the healthcare value chain;
• the launch of a Strategic Accounts team to work
alongside our sales and marketing teams to
assist with the adoption of Cxbladder by larger
organizations such as Kaiser and the VA and
work with the Clinical Science team to drive the
generation of clinical utility evidence;
• increased investment in sales and marketing,
including the expansion of our direct sales force
to up to 40, the launch of a Virtual Sales team
to focus on rural clinicians and patients, and
support the prospecting and onboarding for new
accounts;
• investments in ancillary services to ensure
seamless engagement between Pacific Edge
healthcare providers, funders, clinicians, and
patients;
• investment in brand and patient advocacy to
educate patients on their options and empower
them to request non-invasive
alternatives to cystoscopy; and
• ongoing development of
our plans in Australia and in
Asian markets.
The program will be staged
and linked to the achievement
of growth milestones. While
we expect many of these
investments to quickly begin
contributing to Pacific Edge’s
business, we expect the
aggregate of these changes
to drive long-term value
creation and make a greater
contribution to revenue in
the 2024 financial year and
beyond.
People and outlook
Before closing I wish to acknowledge the team
at Pacific Edge around the world. I have been
impressed and grateful for the way our people have
welcomed me into the business and their willingness
to consider new perspectives and approaches,
especially amid the additional pressures brought on
by the pandemic.
I would also like to acknowledge Jackie Walker,
Chief Executive Pacific Edge Diagnostics USA, who
after 10 years of leadership has decided to retire
at the end of August. She has made an enormous
contribution to the company including playing a
pivotal role in the marquee achievement of CMS
coverage.
Through her tenure, Jackie has demonstrated
commitment to the company and our broader
mission of working towards improving lives and
patient outcomes. This is also a quality that is
evident across the team. We are all united in the
view that nobody should die of bladder cancer.
CXBLADDER IN THE MOLECULAR DIAGNOSTICS VALUE CHAIN
Molecular diagnostic technologies, such as Cxbladder, have been advancing the treatment and
management of disease over decades, but they are still in their infancy and offer fertile ground for
innovation.
We conceptualize the value of molecular diagnostics in four major areas of the patient journey as set out in
the graphic below. At present most molecular diagnostics, sit in the latter two categories – patient/disease
management and surveillance. Cxbladder is no exception. It is validated for use for any patient presenting
with hematuria symptoms to help clinicians to safely de-intensify hematuria evaluation from low incidence
populations, resolve diagnostic dilemmas (for example equivocal cystoscopy & atypical cytology). It can
also help clinicians monitor for recurrence of disease in a surveillance setting.
As we continue to develop peer-reviewed clinical utility evidence we expect to further embed Cxbladder
and other technologies in the latter two value segments, but we also see the opportunity to adapt our
technology or develop new intellectual property and technology in asymptomatic screening as well.
1
RDM - Residual Disease Monitoring
2
TRM - Therapeutic Response Monitoring
GENOMIC SCREENING
(PERSONALIZED
GENETIC RISK)
ASYMPTOMATIC
SCREENING
(EARLY DETECTION)
PATIENT/DISEASE
MANAGEMENT
(CLINICAL DECISION MAKING)
SURVEILLANCE
(RDM
1
, TRM
2
,
RECURRENCE)
INTENSIFY/DE-INTENSIFY WORKUPS
ADJUDICATE DIAGNOSTIC DILEMMAS
MONITOR FOR RECURRENCE
SURGICAL OR
THERAPEUTIC
INTERVENTION
GENETIC RISK
AT BIRTH
DISEASE
MANIFESTS
SYMPTOMS
ONSET
Finally, I also want to thank Chris and the rest of the
Board for the support they have given me as I have
transitioned into the business. Leading Pacific Edge
is both an honor and a tremendous opportunity.
Looking to the future, we expect our investments
to set the foundation for strong throughput and
revenue growth over the upcoming years. We
also acknowledge it will lift operating costs in
the business. Based on the activities in research,
development, clinical studies, and market execution,
I am excited about the prospects for Pacific Edge.
The company is focused on long-term shareholder
value and is well positioned to deliver that over the
coming years. I look forward to further updating
shareholders and meeting you at our Annual
Shareholders Meeting in late July.
Dr Peter Meintjes
Chief Executive Officer
PACIFIC EDGE LIMITED ANNUAL REPORT 2022 1514 PACIFIC EDGE LIMITED ANNUAL REPORT 2022
“WE MUST AUGMENT
OUR REPOSITORY OF
CLINICAL EVIDENCE
THROUGH REAL
WORLD, REAL TIME
CLINICAL STUDIES TO
ESTABLISH CXBLADDER
AS A STANDARD OF
CARE”

ADDRESSING
UNMET NEEDS
IN THE DIAGNOSIS
AND TREATMENT
OF BLADDER
CANCER
PACIFIC EDGE LIMITED ANNUAL REPORT 2022 1716 PACIFIC EDGE LIMITED ANNUAL REPORT 2022

PACIFIC EDGE SNAPSHOT
RESPONDING TO A MAJOR GLOBAL
HEALTHCARE CHALLENGE
Pacific Edge is delivering solutions to help with the diagnosis and management of urothelial
cancer around the world. The disease is a major global healthcare challenge, with more than
half a million people diagnosed with the disease and 200,000 dying from it each year.
2

Pacific Edge’s Cxbladder tests offer a solution to clinicians
and healthcare funders and providers around the world
to help ease the burden. They are cost-effective and can
assist clinicians to safely de-intensify hematuria evaluation
from low incidence populations; resolve diagnostic
dilemmas and monitor patients for urothelial cancer
recurrence.
UNITED STATES
Annual cases: 80,617
3
TAM
6
: US$3.5B
4

Pacific Edge activity:
- Cxbladder commercial
test volumes: 15,752
5

- Laboratory, regional
sales, marketing and
operational support
- Clinical study
partnerships
AMERICAS
Annual cases: 43,220
3
TAM (ex USA): US$0.5B
4
Pacific Edge activity:
- Clinical study
partnerships in Canada
ASIA PACIFIC
Annual cases: 98,689
3
TAM (ex China): US$2.2B
4

Pacific Edge activity:
- Cxbladder commercial
test volumes: 3,444
5
- Laboratory and global
sales, marketing and
operational support
- Clinical study
partnerships in New
Zealand, Australia, and
Singapore
EMEA
Annual cases: 233,925
3
TAM (ex most of Africa):
US$1.4B
4
Pacific Edge activity:
- Not currently active
2
Bray et al. Global cancer statistics 2018: GLOBOCAN estimates of incidence and mortality
worldwide for 3 cancers in 185 countries. Ca Cancer J Clin. 2018;68:394-424
3
Sung et al. Global Cancer Statistics 2020: GLOBOCAN Estimates of
Incidence and Mortality Worldwide for 36 Cancers in 185 Countries CA:
A Cancer Journal for Clinicians 2021; 71: 209-249
4
Pacific Edge estimates
5
Year to 31 March 2022
6
Total addressable market
PACIFIC EDGE HQ,
DUNEDIN
PACIFIC EDGE DIAGNOSTICS USA
HERSHEY, PENNSYLVANIA
■

USA
■
CENTRAL/SOUTH AMERICA
■
EMEA
■
APAC
PACIFIC EDGE LIMITED ANNUAL REPORT 2022 1918 PACIFIC EDGE LIMITED ANNUAL REPORT 2022
WE ESTIMATE THE GLOBAL
MARKET FOR OUR TESTS
IS WORTH US$7.6 BILLION

VALUE CREATION
INVESTING FOR THE EARLY
DETECTION OF CANCER AND
CLINICALLY ACTIONABLE
RESULTS
Pacific Edge has refined and refocused its approach to creating value.
OUR INVESTMENT THEMES
FOCUS AREAS:
• Evaluate ‘product concepts’
to address unmet clinical
needs through market
research
• Evaluate cutting-edge
technologies to meet the
market requirements of
desired product concepts
• Continue to build a patent
portfolio for novel clinical
applications of cutting-edge
molecular technologies
• Turn patented technology
into clinically validated
molecular diagnostic tools
that address an unmet clinical
need
FOCUS AREAS:
• Generate high-quality clinical
validation and utility evidence
through clinical studies
• Use Clinical Utility evidence
to:
• Drive the adoption of
Cxbladder by clinicians,
insurers and hospitals
ahead of guideline
inclusion
• Pursue inclusion of
Cxbladder in globally-
relevant standards and
guidelines of clinical care
across the breadth of
patient pathways
• Foster trusted
relationships with key
opinion leaders, relevant
uro-oncology centres of
excellence, professional
societies and patient
advocacy networks to
drive a broader awareness
and demand for
Cxbladder
• Develop the scientific and
clinical credibility of the
Cxbladder brand
FOCUS AREAS:
• Diversify the sales process
to target Strategic Accounts
differently, including
education and Key Opinion
Leader (KOL) engagement
activities by our Medical
Affairs team
• Drive protocolized adoption
of Cxbladder at the earliest
point in the patient care
pathway
• Increase event marketing,
sponsorship and marketing
communications to amplify
our clinical evidence
generation within the urology
and oncology communities
• Establish “in-network” or
contracted relationships
for the reimbursement of
Cxbladder with government
healthcare funders and
private payors
• Empower patients through
patient awareness and
patient advocacy initiatives
through established
organizations and our
Cxbladder website
RESEARCH
AND

INNOVATION
EVIDENCE,
COVERAGE AND
GUIDELINES
ADOPTION,
RETENTION AND
REVENUE

GENERATION
OUR PEOPLE
INPUTSOUTPUTS
RESEARCH
AND
INNOVATION
ADOPTION,
RETENTION
AND REVENUE
GENERATION
VISION
A world where the early

diagnosis and better treatment
of cancer is within the reach of
every patient
EVIDENCE,
COVERAGE AND
GUIDELINES
BEST EXPERIENCE AND RESULTS
FOR PATIENTS
OUR PROCESSES
CLINICALLY ACTIONABLE
INFORMATION
OUR IP, KNOWLEDGE
AND EXPERIENCE
DISRUPTIVE INNOVATION
FOR CLINICAL CARE
OUR CLINICAL STUDIES
PARTNER SITES
INCLUSIVE WORKPLACE
DRIVEN BY OUTCOMES
OUR INVESTORS
A DIVERSE AND INCLUSIVE VALUES-DRIVEN CULTURE WHERE ALL EMPLOYEES CAN GROW AND THRIVE
OUR FOUNDATIONS
INCREASED LONG-TERM
SHAREHOLDER VALUE
RESEARCH
AND

INNOVATION
EVIDENCE,
COVERAGE AND
GUIDELINES
ADOPTION,
RETENTION AND
REVENUE

GENERATION
We deploy our people, our intellectual property,
knowledge, experience, our global research
partnerships, and our capital in accordance with
three key investment themes: Research and
Innovation; Evidence, Coverage and Guidelines;
Adoption, Retention and Revenue Generation.
Our focus on these three areas – combined with
our determination to foster a diverse and inclusive
values driven culture where employees can grow
and thrive – delivers the outcomes our stakeholders
seek: an excellent patient experience and accurate
test results; early detection of cancer and clinically
actionable results; ongoing innovation and a pipeline
of new clinical applications; an inclusive workplace
that is focussed on outcomes in line with our mission
and values and long-term increases in shareholder
value.
PACIFIC EDGE LIMITED ANNUAL REPORT 2022 2120 PACIFIC EDGE LIMITED ANNUAL REPORT 2022

RESEARCH AND INNOVATION
BUILDING ON OUR STRENGTHS
We see opportunities for our molecular biomarker technologies in prognostics and
companion diagnostics.
Pacific Edge is determined to ensure its research
and innovation program incorporates a pathway to
commercialization of its technology, and revenue
generation at its heart, even when that means a
research program and clinical evidence generation
program lasting many years.
We have unique capabilities in several key areas,
the most significant of which – and the technology
at the heart of Cxbladder – is our ability to stabilize
RNA and DNA in solution so that we can isolate
gene expression signatures.
This technology is protected by four patent families
spanning more than 80 individual patents including
RNA biomarkers and their analysis algorithms.
As we have good coverage of the patient care
pathway from a diagnostics perspective, we are
intending to explore product concepts in the
prognostics and companion diagnostics space.
Our focus will be on opportunities in our core
market of urology and those that leverage our core
competency in identifying molecular biomarker
signals from urine for adjacent cancers and other
disease.
A key achievement in the past year was the
publication of the results of a study
7
demonstrating
the potential for Cxbladder Resolve (CxbR) to
identify and then differentiate urothelial tumours of
varying severity into “high-impact tumors” (HIT) and
“low impact tumors” (LIT). The study, published in
the prestigious American Urological Association’s
Journal of Urology, also demonstrated the potential
of this test in combination with other Cxbladder
tests to intensify or de-intensify hematuria
evaluation.
Despite the scientific merit of CxbR, our market
research with key opinion leaders and clinicians who
routinely use Cxbladder products over the past year
have indicated that the technology is not yet ready
for commercialization in the US as we do not believe
it will change clinical practice. Clinicians have told
us that they will take the same action if cancer is
detected no matter the severity of the tumor.
Consequently, we are building on the product
concept that CxbR can become and there are some
exciting possibilities, although we are unable to talk
to this in more detail at present.
In the coming year we expect to publish results from
our Singapore and US primary observational studies
which are examining how Cxbladder tests may
facilitate early detection, intensifying or de-intensify
hematuria evaluation and the assistance they may
provide in adjudicating equivocal cystoscopy.
7
Raman et al., The Diagnostic Performance of Cxbladder Resolve, Alone and in Combination with Other Cxbladder Tests,
in the Identification and Priority Evaluation of Patients at Risk for Urothelial Carcinoma. J Urol. 2021 Dec;206(6):1380-1389.
THE COMMERCIALIZATION PATHWAY
RESEARCH
AND
INNOVATION
INTELLECTUAL
PROPERTY
TECHNOLOGYPRODUCT
COMMERCIALIZATION
22 PACIFIC EDGE LIMITED ANNUAL REPORT 2022PACIFIC EDGE LIMITED ANNUAL REPORT 2022 23

EVIDENCE COVERAGE AND GUIDELINES
STRENGTHENING THE CASE
FOR CXBLADDER IN THE
PATIENT PATHWAY
The depth and quality of the peer-reviewed evidence demonstrating the value of our
technologies in facilitating the detection and management of urothelial cancer is at the
heart of our investment proposition.
Such evidence answers the most fundamental
questions of why Cxbladder has a place in the
standard of care (SOC) for urothelial cancer and
when and how often it should be used. Moreover,
widespread awareness of this evidence within the
global urology and oncology communities is crucial
to driving widespread adoption of our tests.
Pacific Edge has historically done a great job of
developing Clinical Validity evidence (data showing
that a test does what it is designed to do). But Pacific
Edge still has plenty of work to do to develop Clinical
Utility evidence for our products (evidence that it can
yield information that will change clinical practice).
Our focus is on utility evidence to demonstrate
superior outcomes against globally relevant
standards of care, such as those promulgated by the
American Urological Association (AUA), the National
Comprehensive Cancer Network (NCCN) and the
European Association of Urology (EAU).
We use this evidence to attract interest from
opinion-leading clinicians and payers, drive early
adoption of Cxbladder and build momentum for
guideline inclusion. We also ensure awareness of
this evidence with the guideline committees as they
revise standards of care to ensure they align with
the best published evidence.
However, guideline inclusion is not the end of
evidence generation. Once Cxbladder is recognised
within guidelines we will use further new evidence
to strengthen the language in guidelines supporting
the use of Cxbladder to expand patient types
eligible for testing.
TALKING THE LANGUAGE OF CLINICIANS
A new Medical Affairs team – one that talks the
language of urologists, oncologists and guidelines
committees – is a foundational advancement of our
strategy to achieving the inclusion of Cxbladder
in guidelines and being adopted by clinicians and
health care providers and payers.
The team, led by the newly
appointed Vice President of
Medical Affairs Dr Tamer
Aboushwareb, will provide
Pacific Edge with medical
and scientific leadership.
The Medical Affairs Team
will play a leading role in
the design and execution
of clinical studies. It will
also serve as the interface with
guideline committees and the clinical
teams in large strategic accounts such as Kaiser
Permanente and The US Veterans Administration.
Dr Aboushwareb, a trained urologist who comes
to Pacific Edge with a depth of experience in
clinical, medical research, and commercial roles in
urological medicine in Egypt and the US, will also
play a key role in building awareness of Cxbladder
among urological and oncology communities. He
will lead the communications efforts of our clinical
evidence through the formation and activation of
our speakers’ bureau and advisory boards.
Most influential and largest
urological association in the
world 
U.S. based - 23,000 members
worldwide. 
Standards of care relevant to
Cxbladder:
• Hematuria and micro-
hematuria management
• Non-muscle invasive bladder
cancer (NMIBC). (Standard
makes an allowance for
the use of biomarkers in
surveillance)
Guidelines reviewed as new
evidence emerges
Pacific Edge can influence this
process by publishing new clinical
evidence
www.auanet.org
Leading urologic authority in
Europe
Netherlands-based, 18,000
members
Standards relevant to Cxbladder
• Non-muscle invasive bladder
cancer (NMIBC) 
• Guidelines loosely followed in
New Zealand, Australia and
Singapore, but localised at a
national and regional level
Guidelines recently reviewed with
favourable biomarker language
and are updated regularly
www.uroweb.org 
US-based not-for-profit alliance
of 32 leading US cancer centres
Bladder cancer standard suggests
biomarkers may be considered
during surveillance of high-risk
non-muscle-invasive bladder
cancer
Guidelines reviewed annually
www.nccn.org
GLOBAL GUIDELINES PIVOTAL TO THE WIDESPREAD
ADOPTION OF CXBLADDER
Recognition in national guidelines deepens and accelerates commercial use of Cxbladder
tests and entrenches coverage by nationally relevant healthcare institutions.
WE USE CLINICAL VALIDITY AND UTILITY
EVIDENCE TO ATTRACT INTEREST FROM
OPINION-LEADING CLINICIANS, AND
PAYERS, DRIVE EARLY ADOPTION OF
CXBLADDER AND BUILD MOMENTUM FOR
GUIDELINE INCLUSION
BEFORE INCLUSIONAFTER INCLUSIONINCLUSION
REVIEW
WE USE CLINICAL VALIDITY
AND UTILITY EVIDENCE TO
STRENGTHEN THE LANGUAGE IN
GUIDELINES SUPPORTING THE
USE OF CXBLADDER TO EXPAND
PATIENT TYPES ELIGIBLE FOR
TESTING
PACIFIC EDGE LIMITED ANNUAL REPORT 2022 2524 PACIFIC EDGE LIMITED ANNUAL REPORT 2022

STUDYAIMLOCATIONSENROLLED
SITES*
STATUS**
US Primary
Study
Prospective, single-arm, observational study to
develop clinical evidence for Cxbladder tests in
facilitating early detection, intensifying or de-
intensify hematuria evaluation and assistance in
adjudicating equivocal cystoscopy
USA12 / 12Enrolment
complete
Analysis
complete
Publication
pending
Singapore
Study
Prospective, single-arm, observational study to
develop clinical evidence for Cxbladder tests in
facilitating early detection, intensifying or de-
intensify hematuria evaluation and assistance in
adjudicating equivocal cystoscopy
Singapore4 / 4Enrolment
complete
Analysis
complete
Publication
pending
STRATA
(formerly
RCT)
Safe Testing of Risk for Asymptomatic
Microhematuria
Demonstrate the clinical utility of Cxbladder
using a prospective, two-arm randomized design
to safely risk-stratify patients and rule out from
further hematuria evaluation
• Safely risk stratifying patients in order to rule
out from cystoscopy
• Demonstrate the clinical utility of Cxbladder
against the AUA guidelines
USA
Canada
10 / 11Recruitment
re-started after
COVID-related
delays
Full data
collected 2023
Q4
DRIVE
(formerly
VA Study)
Detection and Risk Stratification in Veterans
Presenting with Hematuria
Prospective, single-arm, observational study
to demonstrate the performance and utility
of Cxbladder tests in risk stratifying Veterans
presenting with hematuria
• Demonstrate performance with Veterans
and contribute to commercial adoption of
Cxbladder for use with Veterans
• Pivotal for the adoption of Cxbladder by
Veterans Affairs but relevant to the AUA
• Recruitment re-started after COVID-related
delays
• Targeting inclusion of all veterans presenting
for evaluation of hematuria
VA Sites
(USA)
7 / 11Study
expanded to
get more data
on low-risk
patients
Full data
collected mid
2025
STUDYAIMLOCATIONSENROLLED
SITES*
STATUS**
DEDUCTDetection of Disease in the Upper Tract
Prospective, single-arm, observational study
to validate performance of Cxbladder for the
detection of urothelial carcinoma (UC) in the
upper tract (UTUC)
• Evaluate Cxbladder to safely avoid
ureteroscopy
• Safely risk stratify patients suspected to have
UTUC and avoid unnecessary ureteroscopy
and radiation exposure through imaging
• Targeting inclusion of Cxbladder utility for
UTUC in AUA guidelines
USA0 / 4Pilot data
analysed in
early 2024 –
decision point
to expand the
study
LOBSTERLongitudinal Bladder Cancer Study for Tumor
Recurrence
Prospective, single-arm, observational study to
evaluate the performance characteristics and
clinical utility of Cxbladder Monitor in a new
surveillance protocol vs standard of care over
four visits
• Safely risk stratify patients under surveillance
for recurrence of UC
• Safely alternate CxbM with cystoscopy for
intermediate and high-risk patients under
surveillance for recurrence of UC
• Targeting AUA guidelines inclusion for
biomarkers as an alternative to cystoscopy in a
surveillance setting
USA
(including
some VA
sites)
Australia
2 / 10First patient
expected in
2022 Q2
MONSTERMonitoring Study of Post-treatment
Effectiveness for Residual Disease
Single-arm, observational study to validate the
performance characteristics of Cxbladder against
white light cystoscopy during surveillance of UC
• Christchurch District Health Board study to
measure tumor burden
• To safely risk stratify patients for residual
disease prior to the 6-week re-resection for
high grade patients or the 3-month flexible
cystoscopy check for all patients
NZ0 / 1In planning,
once pilot
analysed
then consider
expansion to
USA
*Estimated number of enrolled sites
**All dates are best-case estimates and subject to change
EVIDENCE COVERAGE AND GUIDELINES
PACIFIC EDGE’S CLINICAL STUDY PROGRAM
The bedrock of Pacific Edge’s shareholder value.
Clinical utility evidence typically involves comparator arms and randomized designs to demonstrate superior
outcomes against current standards of care. It focuses on delivering ‘endpoints’ that guidelines committees
agree are appropriate to demonstrate utility. Such studies typically have higher costs and run longer than
validity studies, but Pacific Edge is well-placed with some of those already underway.
CLINICAL STUDIES ARE THE BEDROCK OF
PACIFIC EDGE'S SHAREHOLDER VALUE
PACIFIC EDGE LIMITED ANNUAL REPORT 2022 2726 PACIFIC EDGE LIMITED ANNUAL REPORT 2022

ADOPTION RETENTION AND REVENUE GENERATION
ENGAGING CLINICIANS,
HEALTHCARE PROVIDERS,
PAYERS AND PATIENTS
Pacific Edge is stepping up its investment into sales and marketing to accelerate the
adoption of our tests among clinicians, drive reimbursement by healthcare providers and
funders and build support and awareness of Cxbladder and its benefits among patients.
The investments we are making, which are subject
to the achievement of business milestones, are finely
targeted at all three stakeholder groups.
We are growing our sales teams and adding new
managers to support them. These are the Pacific
Edge people who reach out to the more than 13,000
clinicians and 1,900 large urology practice sites in
person. They are focused on building awareness of
our products and helping to onboard new clinicians
and urological practices. We are planning to increase
this team to 40 in the current year, including four
regional sales managers.
We are also building a new team of virtual
salespeople, who will support the on-the-ground
teams to assist with the on-boarding of new
clinicians and urology practices and ensure
streamlined ordering and results delivery of
Cxbladder tests. A particular focus of these teams
will be the clinicians and patients in rural areas,
which are difficult to visit in person and where the
burden of practice management falls on more senior
members of a healthcare team.
Finally, we are diversifying our sales approach to
include a dedicated focus on Strategic Accounts.
In conjunction with the medical affairs, sales and
virtual sales teams, our strategic account team will
be charged with onboarding the country’s largest
healthcare providers and funders and ensuring our
engagement with them is smooth and seamless.
OUR TEAM TO DRIVE US CXBLADDER
ADOPTION*
SALES AND MARKETING
Account Executives36
Regional Sales Directors 4
Virtual Sales5
Marketing & Sales Support Managers2
Strategic Account Sales2
MEDICAL AFFAIRS
Vice President Medical Affairs1
Medical Science Liaison Officers5
*Figures represent the maximum amount, and all hires are
subject to the achievement of business milestones
At Kaiser Permanente, the largest
non-profit healthcare provider
in the US, we have seen steady
growth in the volume of tests
ordered by clinicians in the
organisation, as we proceed with
our clinic-by-clinic, clinician-by-
clinician rollout of Cxbladder.
In June we were delighted to
receive notification that Kaiser
had given the greenlight to
incorporate Cxbladder tests
within its Electronic Medical
Records (EMR) system, a
project that has the potential to
accelerate test adoption within
Kaiser’s network. Kaiser operates
39 hospitals, 734 offices and
covers more than 12.6 million
members, of which 85% are in
California. The organization is
reported to manage around 2%
of the urology patients in the US.
Until the completion of the EMR
integration, we will continue to
grow adoption on a structured
rollout with our initial focus
on Southern California where
Cxbladder was evaluated.
CMS is the largest funder of our
tests, funding patients covered
by Medicare. Added to private
payers covering patients for
Medicare Advantage, they
together account for 65% of total
US commercial test volume. Our
focus is on selling Cxbladder
Detect and Cxbladder Monitor to
urologists, who order Cxbladder
tests based on medical necessity.
CMS covers more than 61.5
million US citizens over 65 and
people on low incomes. With
the average age of patients
presenting with hematuria at
more than 70 years, the payor
landscape skews towards
Medicare with almost two thirds
of our patient population covered
by this scheme.
It is still early days with the
Veterans Health Administration
(VHA) within the Department
of Veterans Affairs (VA). It is
the second largest integrated
healthcare system in the US
serving more than 9 million
veterans each year. Our tests
are on the VA fee schedule
at US$860 a test. The DRIVE
observational study (see page
26) is an important engagement
with VA urologists. The study
seeks to demonstrate the
performance and utility of
Cxbladder tests in risk stratifying
veterans presenting with
hematuria.
TRACTION WITH STRATEGIC US ACCOUNTS
In the US we have activated three of the country’s largest healthcare payers – Kaiser
Permanente, Centers for Medicare and Medicaid Services and the Veterans Health
Administration. From this strong base we are progressively embedding Cxbladder
into the US healthcare ecosystem.
PACIFIC EDGE LIMITED ANNUAL REPORT 2022 2928 PACIFIC EDGE LIMITED ANNUAL REPORT 2022

Pacific Edge intends these efforts to educate
patients on their options, empowering them to
request non-invasive alternatives to cystoscopy.
To complement partnership activity, we continue to
develop our website Cxbladder.com as a portal for
patient information on bladder cancer.
PATIENT CARE ORGANIZATIONS
WE PARTNER WITH
Founded in 2005, BCAN is the only
US national advocacy organization
devoted to advancing bladder cancer
research and supporting those
impacted by the disease. In support of this, BCAN
works collaboratively with medical and research
professionals who are dedicated to the prevention,
diagnosis and treatment of bladder cancer. It also
empowers the patient community by allowing them
to share experiences with others and participate in
building awareness of the need for a cure.
www.bcan.org
Pacific Edge collaboration:
• Sponsorship of Walk to End Bladder Cancer
events around the US
• Thought leadership and networking events
• Co-development of leading patient resources
Founded in 1929, the Cancer Society
is New Zealand’s leading organization
dedicated to reducing cancer
incidence, and care. It works closely
with communities and decision makers to provide
leadership around cancer control.
www.cancer.org.nz
Pacific Edge collaboration:
• Co-development of patient resources
• In May (Bladder Cancer Awareness Month)
we partnered to produce an educational
video series, promoting awareness of bladder
cancer symptoms and risk factors among
high-risk groups.
WALKING FOR LIFE
In May this year, Pacific Edge was a major sponsor of
BCAN’s Walk to End Bladder Cancer, an event that
took place online as a virtual event and in 16 major
cities across the US. The walk involved thousands,
including those with bladder cancer and the families,
clinicians and healthcare providers supporting them.
These nationwide events have raised more than
$5 million to fund BCAN's vital work focused on
increasing awareness of bladder cancer, building a
supportive community of individuals impacted by
the disease, educational and support programs, and
advancing bladder cancer research. The Walk to End
Bladder Cancer also raises the profile of BCAN itself
and, by association, Cxbladder.
To complement our sponsorship of the Walk to
End Bladder Cancer, we are working with BCAN
on several other initiatives, including an updated
guide for newly diagnosed patients. BCAN’s Bladder
Cancer Basics guide is one of the organisation’s
leading educational resources with 100,000’s in
circulation.
PACIFIC EDGE LIMITED ANNUAL REPORT 2022 31
ADOPTION RETENTION AND REVENUE GENERATION
AN ADVOCATE FOR BLADDER
CANCER PATIENTS
To increase awareness and demand for Cxbladder among patients, Pacific Edge is investing
in partnerships with key patient advocacy groups such as the Bladder Cancer Advocacy
Network (BCAN) in the US and New Zealand’s Cancer Society.
BCAN WALK
TO END BLADDER CANCER
PACIFIC EDGE LIMITED ANNUAL REPORT 2022 3130 PACIFIC EDGE LIMITED ANNUAL REPORT 2022

PEOPLE AND CULTURE
BUILDING A DIVERSE AND
INCLUSIVE PERFORMANCE CULTURE
Pacific Edge is continuing to evolve it's culture. We recognize that an environment that
fosters diversity and inclusion, while providing the support to grow and thrive, is fundamental
to attracting and retaining the talent we need to achieve our goals.
OPENING COMMUNICATION CHANNELS
A key development over the last six months has
been a move to improve communication across the
business. The aim is to broaden awareness of the
company so people can better support what their
colleagues are doing in pursuit of our shared mission
and vision.
This has seen the introduction of regular ‘Town Hall’
meetings that bring together the Pacific Edge team
members from around the world – in person and
virtually. The meetings give the team an opportunity
to hear the latest news from the Chief Executive and
provide a forum for our people to put questions and
comments to Pete directly.
Senior managers across the business are also now
taking turns to present developments in their area to
the wider team in regular ‘Manager Presentations’.
These events give everyone across the organization
an opportunity to gain a deeper insight into other
parts of the business, hearing from, and interacting
with, those outside their immediate circle. These
meetings are all recorded, so even those who could
not participate live can log in later and view the
sessions on-demand.
To complement the Manager Presentations, we are
rolling out a quarterly employee newsletter and
a recurring engagement survey. The survey will
provide our staff with an opportunity to express
their views and give the company an opportunity to
benchmark and measure employee sentiment.
BUILDING CULTURE THROUGH PARTICIPATION
A strong demonstration of Pacific Edge’s culture is
the extent to which the team are prepared to step
outside their day-to-day and lend their energy and
support to causes that foster the outcomes we seek
at the company. In the last year the team have come
together to support a range of causes including:
National Donut Day, to raise money for the Salvation
Army; Pink Shirt Day, which works to create schools,
workplaces, communities and whānau where
everyone feels safe, valued and respected.
In May the Pacific Edge team joined with the New
Zealand Cancer Society and the Bladder Cancer
Advocacy Network in the US to participate in
Bladder Cancer Awareness Month, a time for those
affected by bladder cancer to stand together in an
effort to increase awareness of the disease, while
fundraising for research and care.
To kick off Bladder Cancer Awareness Month and
demonstrate solidarity in early May, staff around
the world dressed in orange to mark the occasion.
Photos were then collated, and spot prizes awarded
for effort and the most creative costumes. The month
concluded with a fun ‘Orange Carpet’ event in New
Zealand where prizes were presented to Orange Day
award winners, and the team were shown a series
of videos produced in partnership with the Cancer
Society New Zealand to promote early cancer
detection, as part of global partnership activity.
Externally Pacific Edge undertook a range of activities
to support Bladder Cancer Awareness Month. They
included national sponsorship of BCAN’s annual
Walk to End Cancer in the US (see page 30).
EVOLVING OUR GOVERNANCE FRAMEWORK
The Board meanwhile continues to evolve its
governance framework in line with best practice and
changes in legislation.
Pacific Edge has begun the preparation to report
against the new Financial Sector (Climate-related
Disclosures and Other Matters) Act in the 2024
financial year.
Measures of our diversity at the Board and the
leadership team our progress against our diversity
goals is covered in the governance section on pages
78 - 87 of this report.
PACIFIC EDGE LIMITED ANNUAL REPORT 2022 3332 PACIFIC EDGE LIMITED ANNUAL REPORT 2022
A STRONG DEMONSTRATION OF PACIFIC EDGE’S CULTURE
IS THE EXTENT TO WHICH THE TEAM ARE PREPARED
TO STEP OUTSIDE THEIR DAY-TO-DAY AND LEND THEIR
ENERGY AND SUPPORT TO CAUSES THAT FOSTER THE
OUTCOMES WE SEEK AT THE COMPANY

Operating revenue grew to $11.4 million for the 12
months to 31 March 2022, which was up by $3.7
million (49%) when compared to the prior financial
year. The strong growth was led by the increased
test numbers (commercial throughput for the group
grew 48% year on year).
The US continues to provide a majority of the
operating revenue for the group (93%), contributing
$10.6 million for the year ended 31 March 2022. The
US market was up 54% on the prior year, driven by
the increased test throughput, which was up 59% on
the prior 12 months to 18,864 tests.
The growth in operating income in all geographies
continued to be constrained by the impact of COVID
in the markets we operate in, limiting the ability for
our Account Executives and sales teams to access
clinicians and organizations that can utilize Cxbladder.
Reimbursement for the tests performed continues
to be strong in the US, with tests performed
for patients covered by Medicare and Medicare
Advantage accounting for over 65% of all tests
performed in that market.
The Rest of World operating revenue fell by 1% on
the prior year, to $0.8 million. Rest of World income
consists mostly of revenue from New Zealand health
providers, and the drop reflected the maturity of the
market and the impact of COVID with restrictions
imposed on access to hospitals and clinics.
Total revenue grew to $13.9 million, up $3.4 million
(33%) on the previous year. While operating revenue
was up by $3.7 million, other sources of revenue
were down by $0.3 million. The most significant
reason for the decrease in other revenue was the
reduction in COVID support. In the year ended 31
March 2021, $1.1 million had been received in support,
while no COVID relief was received in the current
financial year.
INCREASED INVESTMENT IMPACTING
OPERATING EXPENSES
Operating expenses increased to $33.7 million for
the current year, up $9.0 million (37%) on the prior
year total of $24.7 million. The increase in expenses
has largely been led by the investment in sales
and marketing, which accounted for 56% of the
increased spend.
Sales and Marketing expenditure is the largest
component of operating expenses (42% of total
costs) and grew to $14.3 million, up 5.1 million (55%)
on the previous 12 months. The growth has two
components. The most significant of these is the
investment in increased sales headcount in the US
market. The second driver is the increased account
executive and marketing activity in the current year
as travel and meetings have been able to partially
resume, which drives the increased cost base (and
test throughput numbers) when compared to a low
FY21 base.
General and Administration costs also increased to
$7.8 million up $2.3 million (43%) on the prior year.
Included in this increase is $0.8 million related to
the secondary listing of the Group on the Australian
Stock Exchange (ASX), which was conducted in
tandem with the capital raise that was completed
October 2021.
Research and Development costs have increased
by 12% to $5.1 million when compared to the prior
12 months. This $0.6 million increase is largely due
to clinical studies recommencing recruitment after
delays caused by COVID. Costs related to operating
the two laboratories increased by $1.0 million to $6.5
million (19%) driven by increased throughput.
EXPANSION OF NET LOSS
While total revenue increased by $3.4 million, the
increased investment which saw a $9.0 million
increase in operating expenses for the year led to an
expansion in the net loss for the year by $5.6 million
to $19.8 million.
STRONG BALANCE SHEET
The Group completed a $103.5 million capital raise
in October 2021, which provides a strong foundation
as the company invests in initiatives targeting
accelerated growth. The cash, cash equivalent and
short-term deposit balance as at 31 March 2022 is
$105.4 million, significantly up on the $23.1 million
held at the end of the 2021 financial year.
FINANCIAL COMMENTARY
ACCELERATING REVENUE
GROWTH
GLOBAL TESTING VOLUMES (TLT*)
GLOBAL COMMERCIAL TESTING VOLUMES
OPERATING REVENUE
0
0
FY20
FY20
16,861
13,627
15,814
12,976
23,086
19,196
46%
48%
FY21
FY21
FY22
FY22
5,000
5,000
10,000
10,000
15,000
15,000
20,000
20,000
25,000
25,000
TEST VOLUMES
TEST VOLUMES
8,714
7,054
8,950
7,385
11,950
10,004
11,136
9,192
6,864
5,591
8,147
6,573
■

1H
■
2H
■

1H
■
2H
■

1H
■
2H
*TLT is the Total Laboratory Throughput including commercial, pre-commercial and clinical studies testing
0
FY18
$3,400
$3,817
$4,370
49%
FY19FY20FY21FY22
2,000
4,000
6,000
8,000
10,000
12,000
14,000
$000
$1,975
$1,784
$2,085
$4,375
$1,425
$2,033
$2,285
$3,326
$11,445
$6,067
$5,378
$7,701
34 PACIFIC EDGE LIMITED ANNUAL REPORT 2022PACIFIC EDGE LIMITED ANNUAL REPORT 2022 35

Chris Gallaher, Chairman
and Independent Director
(Appointed 2016)
Chris joined the Board in
2016 and was appointed as
Chairman in August 2016. A
New Zealand citizen resident
in Melbourne, Chris has held
senior positions in both CEO
and CFO roles with a number of large international
companies and was a partner in Arthur Young,
Chartered Accountants. Prior to retiring from full
time corporate life, he was CFO of Fulton Hogan,
a large NZ resources based civil contractor. Chris
holds a BCom from Otago University, is a Chartered
Accountant, a member of the Australian Institute
of Company Directors and is Chairman of Vinlink
(Marlborough) Ltd and Mariposa Holdings Ltd.
Anatole Masfen, Independent
Director (Appointed 2008)
Anatole is the co-founder
of Artemis Capital, a
private equity investment
firm based in Auckland.
He graduated from the
University of Auckland
with an MCom (Hons) in
Finance and Economics. Following that he spent
eight years with Air New Zealand (and later the
merged entity with Ansett Australia) holding senior
positions in Pricing, Revenue Management and
Systems implementation. He holds directorships in
numerous private companies and has significant
knowledge of financial capital markets. As a long
standing director of PEB and investor in numerous
medical and tech companies, Anatole has an a
detailed knowledge of the medical sector and future
trends. In particular human sciences and disruptive
technologies.
Sarah Park, Independent
Director and Chair of Audit
and Risk Committee
(Appointed 2018)
Sarah brings 20+ years
international corporate
finance and capital markets
experience to Pacific Edge
after a professional career
with PwC in NZ and HSBC Investment Bank in
London. During her executive career, Sarah held a
variety of roles including being involved in M&A and
capital market transactions, managing family office
investment arms and as an Equity Research Analyst.
She had a lead role in seeking private capital from
Asia, the Middle East and Europe for early -stage
US biopharmaceutical companies. Sarah is the co-
founder of Even Capital, a VC fund focused on of
investing in female entrepreneurs. Sarah is a Director
of National Provident Fund, Hawke’s Bay Airport
and Orbis Diagnostics. Sarah has a MA(Hons) in
Economics from the University of Edinburgh.
Bryan Williams, Independent
Director (Appointed 2013)
Bryan is an internationally
recognised cancer researcher
and research administrator,
with significant business
experience. He has held
a number of governance
roles, including with a
NASDAQ listed biotech company. Presently, he
serves on the board of two privately held Australian
biotechnology companies. Bryan was Director and
CEO of the Hudson Institute of Medical Research.
He is currently Emeritus Director and Distinguished
Scientist at the Hudson Institute in Melbourne and
serves as Scientific Director, Strategic Alliances and
Technology Development, Lerner Research Institute,
Cleveland Clinic USA. He has a BSc (Hons)and PhD
in Microbiology from the University of Otago.
Anna Stove, Independent
Director (Appointed 2021)
Anna has a successful track
record in leading and driving
transformational change
within the pharmaceutical
sector. She has significant
Global business experience
having held a variety of
senior executive roles within NZ, Asia Pacific and
Europe. Anna most recently retired from being the
NZ General Manager of GlaxoSmthKline & she is
now committed to growing businesses through best
practice governance. Anna is also Deputy Chair of
TAB NZ & Director of Rua Bioscience.
Mark Green, Independent
Director (Appointed 2021)
Mark is an experienced
corporate finance
professional, with
approximately 25 years of
experience in the Australasian
capital, corporate and
financial markets. He was
an Executive Director for Investment Banking at
Goldman Sachs where he worked for nearly 20 years
and has been involved in many large prominent
New Zealand transactions including the IPOs of
Meridian, Mighty River Power and Vector. Mark is
a Director of a number of entities including being
Chair of Astrolab VC Investment Committee and a
Director of Mariposa Holdings (a large charitable
organisation).
Tony Barclay, Independent
Director (Appointed 2022)
Tony brings over 30 years
experience in business and 22
years healthcare experience.
Tony was CFO at medical
device company Fisher &
Paykel Healthcare from the
time of separation from
Fisher & Paykel Appliances in 2001 until retiring
from full-time employment in 2018. Prior to Fisher &
Paykel Healthcare Tony worked for PriceWaterhouse
and Arnott’s Biscuits in finance roles. Tony holds a
number of directorships in private companies, all in
MedTech. Tony holds a BCom from the University
of Otago and is a Chartered Accountant and a
member of the New Zealand Institute of Directors
and INFINZ.
BOARD AND MANAGEMENT
PACIFIC EDGE BOARD
PACIFIC EDGE LIMITED ANNUAL REPORT 2022 3736 PACIFIC EDGE LIMITED ANNUAL REPORT 2022

Dr Peter Meintjes, CEO
Peter is a molecular diagnostics and genomics
leader focused on nascent market development
of disruptive innovations to drive commercial
success. Prior to joining Pacific Edge, he was
based in Boston, USA for a number of molecular
diagnostic leadership roles. Most recently the Chief
Commercial Officer at Eurofins Transplant Genomics
(TGI), a transplant diagnostics company focused
on revolutionizing post-transplant care for kidney
transplant recipients with non-invasive biomarkers
he was responsible for scaling the commercial team
behind TruGraf (now OmniGraf), the only CMS-
reimbursed test for subclinical organ rejection. Prior
to TGI, Peter was CEO at Omixon Inc, a molecular
diagnostics company focused on the pre-transplant
market, world leader in HLA typing by NGS, and
recipient of the Innovation Grand Prize among
all companies in Hungary in 2018. Prior to his US
career, Peter worked at Auckland-based Biomatters,
the creators of Geneious – software specializing in
translating genetic and genomic data into biological
insights for researchers and medical insights for
clinicians. Biomatters was acquired by GraphPad in
2019.
Prof. Parry Guilford, Chief Scientific Officer,
Pacific Edge
Parry has led the science, research and development
at Pacific Edge from its early days. As one of
the founding scientists and a member of the
Scientific Advisory Board of the Company, Parry
is the architect of many of the Company’s product
prototypes. Parry’s focus is to bring his world
class skills and experience on the step change in
biotechnology for the Company’s next generation of
products.
Grant Gibson, Chief Financial Officer, Pacific Edge
Grant is an experienced financial executive and
chartered accountant, who brings significant
financial experience to the role. Prior to joining
Pacific Edge in late 2019, Grant was Chief Financial
and Operating Officer for Dunedin-based company,
TracMap, where he was responsible for leading the
financial management and operations across the
company. Prior to that, Grant worked in executive
finance roles at Westpac, including as Head of
Finance for Westpac New Zealand. During his time
with Westpac, he headed the finance team for New
Zealand’s largest financial transaction, the local
incorporation of Westpac New Zealand.
Brent Pownall, Vice President Commercial,
Pacific Edge
Brent brings significant strategic marketing, business
development and commercialisation experience,
including sales and marketing of biologics and
biomedical products in New Zealand, Australia,
Asia and the United States. Brent joined Pacific
Edge in 2013 to lead the commercial and business
development activities of Pacific Edge and its
commercial arm, Pacific Edge Diagnostics New
Zealand, successfully establishing Cxbladder in the
standard of care for New Zealand’s public healthcare
system and serving developing markets in Australia,
Singapore and Southeast Asia.
Dr Tony Lough, Vice President Clinical Science,
Pacific Edge
Tony joined Pacific Edge in 2016 and brings research
management experience to the senior management
team. His most recent role was chief executive of a
government-university funded project to provide
a national genomics infrastructure to the research
sector. Prior to that he was a team leader at the
Auckland-based biotechnology company, Genesis
Research and Development Corporation, leading
projects in the commercialisation of macromolecular
signaling.
Andy McIntosh, Chief Digital Officer
Andy is an experienced executive leader with
strengths across digital transformation, strategy
development and delivery, product management
and people leadership. His focus is on creating a
more sustainable future for business through digital
technology, and in developing technology capability
and services. Andy has worked in a number of
senior roles including General Manager Technology
and Fleet at Citycare Group in Christchurch, Global
Commercial Manager for Tait Communications in
New Zealand, UK and Houston, and for Vodafone
New Zealand.
Dr Justin Harvey, Chief Technology Officer
Justin has been with Pacific Edge since 2004 and
came on board with a background in medical
laboratory testing, diagnostics and cancer genetics.
Justin has been involved in the development
and commercialisation of the Cxbladder suite of
products and is now leading Pacific Edge’s scientific
Research and Development program to develop
novel products to help improve people’s lives and
patient outcomes by providing leading solutions for
the early detection and management of cancer.
David Levison, President (effective September 1,
2022), Pacific Edge Diagnostics USA
David has spent more than 25 years in the
healthcare industry, working across a range of
sectors from pharmaceuticals to services and
diagnostics. He has been the founder and CEO
of a number of high growth medical and medical
technology businesses in the US as well as working
in private equity.
David stepped down from the Pacific Edge Board
in November 2020, after four years as a director, to
take up the role of Executive Chairman of PED USA
and will lead the organization operationally
and strategically as President from 1 September
2022.
Jackie Walker, Chief Executive Officer (retiring
August 31, 2022), Pacific Edge Diagnostics USA
Jackie brings to the company over 25 years of
extensive leadership experience in commercialising
medical technologies in the US and a strong general
management background. Prior to joining Pacific
Edge Diagnostics USA, Jackie held senior executive
positions at OSspray Ltd, Ondine Biomedical,
Dentsply Sirona, a NASDAQ-100 company, and
Ohmeda Medical. Jackie has led the establishment
and growth of the USA subsidiary since 2012. She
will retire on August 31, 2022 and continue as a part-
time consultant
Jack Atchason, Senior Vice President of Sales,
Pacific Edge Diagnostics USA
Jack brings over 30 years of successful experience
in sales, sales leadership, and commercial operations,
with large and small pharmaceutical, biotech, and
medical device organisations in the US. A proven
leader in start-up organisations, product launches
and succedding in complex selling environments,
Jack held roles of increasing responsibility for
Abbott Laboratories, Amgen, Cytogen, Idenix,
Millenium, and Targanta. Jack has led the growth of
US sales and customer acquisition since 2013.
Dr Tamer Aboushwareb, Vice President of Medical
Affairs, Pacific Edge Diagnostics USA
Tamer joined Pacific Edge in June and brings to
the company a depth of experience in clinical,
medical research, and commercial roles in urological
medicine in Egypt and the USA. Prior to joining
the company, he was Senior Director of Oncology
Clinical Development at colorectal, breast and
prostate cancer detection company Exact Sciences
and prior to that he was Global Therapy Area Head,
Urology, Medical Affairs at the global pharmaceutical
company Allergan. He is a graduate of the Ain
Shams University Medical School in Cairo. He also
holds Masters and Doctoral degrees in urology and
has held residency, post-doctoral and research roles
in Egypt and the US.
Gerhard Schulz, Vice President of Marketing,
Pacific Edge Diagnostics USA
Gerhard joined Pacific Edge in 2016 after spending
20 years in the US pharmaceutical industry. With
extensive experience in Marketing, Sales, Sales
Leadership, and Sales Training, Gerhard took the
lead for the US Marketing function, but soon after
assumed the lead for the US Training function as
well. Leveraging his wealth of experience with both
established brands and launch products, Gerhard
works collaboratively with Sales, Medical, Clinical
and Regulatory, as well as with the NZ Marketing
and Commercial teams in driving increased
commercial utilization of Cxbladder.
BOARD AND MANAGEMENT
PACIFIC EDGE MANAGEMENT
PACIFIC EDGE LIMITED ANNUAL REPORT 2022 3938 PACIFIC EDGE LIMITED ANNUAL REPORT 2022

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 March 2022
Note: These Financial Statements are to be read in conjunction with the Notes to the Financial Statements
Notes
2022
($000)
2021
($000)
REVENUE
Operating Revenue 5 11,445 7,701
Total Operating Revenue 11,445 7,701
Other Income5 1,691 2,386
Interest Income9 549 351
Foreign Exchange Gain 193 1
Total Revenue and Other Income 13,878 10,439
OPERATING EXPENSES
Laboratory Operations 6,498 5,466
Research6 5,135 4,584
Sales and Marketing 14,277 9,202
General and Administration7 7,756 5,410
Total Operating Expenses 33,666 24,662
NET LOSS BEFORE TAX (19,788) (14,223)
Income Tax Expense16--
LOSS FOR THE YEAR AFTER TAX (19,788) (14,223)
Items that may be reclassified to profit or loss:
Translation of Foreign Operations 114 46
TOTAL COMPREHENSIVE LOSS attributable to
equity holders of the Company
(19,674) (14,177)
Earnings per share for loss attributable to the equity
holders of the Company during the year
Basic and Diluted Earnings per share3 (0.026) (0.020)
CONSOLIDATED FINANCIAL
STATEMENTS
For the year ended 31 March 2022
PACIFIC EDGE LIMITED ANNUAL REPORT 2022 4140 PACIFIC EDGE LIMITED ANNUAL REPORT 2022

Share
Capital
Accumulated
Losses
Share
Based
Payments
Reserve
Foreign
Currency
Translation
Reserve
Total
Equity
Notes($000)($000)($000)($000)($000)
Balance as at 31 March 2020 165,423 (156,242) 4,542 781 14,504
Loss after tax- (14,223)-- (14,223)
Other Comprehensive Income--- 46 46
TOTAL COMPREHENSIVE LOSS
attributable to equity holders of the
Company
- (14,223)- 46 (14,177)
Transactions with owners in their
capacity as owners:
Issue of Share Capital18 21,962 --- 21,962
Share Based Payments - Employee
Remuneration
8 284 --- 284
Share Based Payment - Employee
Share Options
8 2,636 404 (504)- 2,536
Balance as at 31 March 2021 190,305 (170,061) 4,038 827 25,109
Balance as at 31 March 2021 190,305 (170,061) 4,038 827 25,109
Loss after tax- (19,788)-- (19,788)
Other Comprehensive Income--- 114 114
TOTAL COMPREHENSIVE LOSS
attributable to equity holders of the
Company
- (19,788)- 114 (19,674)
Transactions with owners in their
capacity as owners:
Issue of Share Capital18 99,622 --- 99,622
Share Based Payments - Employee
Remuneration
8 172 --- 172
Share Based Payment - Employee
Share Options
8 4,040 - (893)-3,147
Balance as at 31 March 2022 294,139 (189,849) 3,145 941 108,376
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2022
Note: These Financial Statements are to be read in conjunction with the Notes to the Financial Statements
CONSOLIDATED BALANCE SHEET
As at 31 March 2022
Notes
2022
($000)
2021
($000)
CURRENT ASSETS
Cash and Cash Equivalents935,412 4,129
Short Term Deposits9 70,000 19,000
Receivables10 4,012 2,866
Inventory11 1,007 790
Other Assets12 1,183 557
Total Current Assets 111,614 27,342
NON-CURRENT ASSETS
Property, Plant and Equipment13 1,404 688
Right of Use Assets23 1,830 2,977
Intangible Assets14 434 177
Total Non-Current Assets 3,668 3,842
TOTAL ASSETS 115,282 31,184
CURRENT LIABILITIES
Payables and Accruals17 4,983 3,197
Lease Liabilities23 1,072 1,098
Total Current Liabilities 6,055 4,295
NON-CURRENT LIABILITIES
Lease Liabilities23 851 1,780
Total Current Liabilities 851 1,780
TOTAL LIABILITIES 6,906 6,075
NET ASSETS 108,376 25,109
Represented by:
EQUITY
Share Capital18 294,139 190,305
Accumulated Losses (189,849) (170,061)
Share Based Payments Reserve 3,145 4,038
Foreign Translation Reserve 941 827
TOTAL EQUITY 108,376 25,109
FURTHER INFORMATION
Net Tangible Assets per share ($) 0.133 0.034
For and on behalf of the Board of Directors dated the 25th day of May 2022:
Director Director
Note: These Financial Statements are to be read in conjunction with the Notes to the Financial Statements
PACIFIC EDGE LIMITED ANNUAL REPORT 2022 4342 PACIFIC EDGE LIMITED ANNUAL REPORT 2022

CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 March 2022
Note: These Financial Statements are to be read in conjunction with the Notes to the Financial Statements
Notes
2022
($000)
2021
($000)
CASH FLOWS TO OPERATING ACTIVITIES
Cash was provided from:
Receipts from Customers10,942 6,747
Receipts from Grant Providers 1,413 1,059
Interest Received 365 271
12,720 8,077
Cash was disbursed to:
Payments to Suppliers and Employees30,198 21,643
Net GST cash outflow 74 4
30,272 21,647
Net Cash Flows To Operating Activities20 (17,552) (13,570)
CASH FLOWS TO INVESTING ACTIVITIES:
Cash was provided from:
Proceeds from Short Term Deposits51,837 23,081
51,837 23,081
Cash was disbursed to:
Purchase of Short Term Deposits 102,837 29,052
Capital Expenditure on Plant and Equipment 713 270
Capital Expenditure on Intangible Assets 413 108
103,963 29,430
Net Cash Flows To Investing Activities(52,126) (6,349)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash was received from:
Ordinary Shares Issued18 103,488 22,000
Exercising of Share Options 2,306 1,500
105,794 23,500
Cash was disbursed to:
Repayment of Leases - Principal231,1471,143
Repayment of Leases - Interest23126107
Issue Expenses18 3,865 38
5,138 1,288
Net Cash Flows From Financing Activities 100,656 22,212
Net increase in Cash Held30,978 2,293
Add Opening Cash Brought Forward 4,129 1,755
Effect of exchange rate changes on net cash 305 81
Ending Cash Carried Forward935,412 4,129
1. ACCOUNTING POLICIES
SUMMARY OF ACCOUNTING POLICIES
Reporting Entity
The consolidated financial statements (hereafter referred to as the ‘financial statements’) presented for the year
ended 31 March 2022 are for Pacific Edge Limited (the ‘Company’) and its subsidiaries (collectively referred to as
the ‘Group’). The Group’s purpose is to research, develop and commercialise new diagnostic and prognostic tools
for the early detection and management of cancers.
Pacific Edge Limited is registered in New Zealand under the Companies Act 1993 and is a Financial Markets
Conduct (FMC) reporting entity under Part 7 of the Financial Markets Conduct Act 2013. The financial statements
of the Group have been prepared in accordance with the requirements of the Financial Markets Conduct Act 2013
and the NZX Listing Rules. The financial statements presented are those of the Group, consisting of the Parent
entity, Pacific Edge Limited and its subsidiaries. The Company is dual listed, with its primary listing of ordinary
shares quoted in New Zealand on the NZX Main Board, and a secondary listing in Australia as a Foreign Exempt
Entity on the ASX.
These financial statements have been approved for issue by the Board of Directors on the 25th May 2022.
Basis of Preparation
These financial statements of the Group have been prepared in accordance with Generally Accepted Accounting
Practice in New Zealand (NZ GAAP). The Group is a for-profit entity for the purposes of complying with NZ GAAP.
The financial statements comply with New Zealand equivalents to International Financial Reporting Standards (NZ
IFRS), other New Zealand accounting standards and authoritative notices that are applicable to entities that apply
NZ IFRS. The financial statements also comply with International Financial Reporting Standards.
The financial statements are presented in New Zealand Dollars, which is the Company’s functional currency and
Group’s presentation currency, and all values are rounded to the nearest thousand dollars ($000). The accounting
principles recognised as appropriate for the measurement and reporting of earnings, cash flows and financial
position on a historical cost basis have been used.
The Consolidated Statement of Comprehensive Income and Consolidated Statement of Cash Flows have been
prepared so that all components are stated net of GST. All items in the Consolidated Balance Sheet are stated net
of GST, with the exception of receivables and payables.
Management of Capital
The capital structure of the Group consists of equity raised by the issue of ordinary shares in the Company. The
Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going
concern in order to provide returns for shareholders, provide benefit for other stakeholders and to maintain an
optimal capital structure to support the development of its business. The Company meets these objectives through
closely managing revenue and expenditure, and where required issues new shares. As part of meeting these
objectives, the Company completed a Share Placement in September 2021 (issuing 59,259,259 shares at $1.35) and
a further Retail Offer in October 2021 (issuing 17,398,099 shares at $1.35 per share). Refer to Note 18 for further
details on the capital raising activity during FY22.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
For the year ended 31 March 2022
PACIFIC EDGE LIMITED ANNUAL REPORT 2022 4544 PACIFIC EDGE LIMITED ANNUAL REPORT 2022

Basis of Consolidation
The following entities and the basis of their inclusion for consolidation in these Financial Statements are as follows:
Name of Subsidiary
Place of
Incorporation
(or registration)
& Operation
Principal Activity
Ownership Interests
& Voting Rights
31 March
2022
%
31 March
2021
%
Pacific Edge Diagnostics New Zealand
Limited
New Zealand
Commercial Sales and
Diagnostic Laboratory
Operation
100100
Pacific Edge (Australia) Pty LimitedAustralia
Biotechnology Research
& Development
100100
Pacific Edge Diagnostics USA LimitedUSA
Commercial Sales and
Diagnostic Laboratory
Operation
100100
Pacific Edge Diagnostics Singapore
Pte Limited
Singapore
Commercial Sales and
Biotechnology Research
& Development
100100
Pacific Edge Analytical Services
Limited
New ZealandDormant Company100100
The financial statements incorporate the assets, liabilities and results of all subsidiaries of Pacific Edge Limited as at 31
March 2022 and for the year then ended. All subsidiaries have the same balance date as the Company of 31 March.
Pacific Edge Limited consolidates all entities over which Pacific Edge Limited has control. Control is achieved when
the Group:
• Has power to direct the activities of the entity;
• Is exposed, or has rights, to variable returns from involvement with the entity; and
• Has the ability to use its power to affect its returns.
Subsidiaries which form part of the Group are consolidated from the date on which control is transferred to the
Group. They are de-consolidated from the date that control ceases.
The acquisition method of accounting is used to account for business combinations by the Group. The consideration
transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the
equity interest issued by the Group.
The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration
arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and
contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition
date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either
at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets. Inter-company
transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised
losses are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure
consistency with the policies adopted by the Group.
Critical Accounting Estimates and Assumptions
In preparing these financial statements, the Group made estimates and assumptions concerning the future.
These estimates and assumptions may differ from the subsequent actual results. Estimates and assumptions are
continually evaluated and are based on historical experience and other factors including expectations or future
events that are believed to be reasonable under the circumstances.
All significant accounting policies have been applied on a basis consistent with those used in the audited financial
statements of Pacific Edge Limited for the year ended 31 March 2021.
2. NEW STANDARDS
New and Amended Standards Adopted by the Group
There are no new standards or interpretations material to the Group to be applied during the year.
New Standards and Interpretations Not Yet Adopted by the Group
Certain new accounting standards and interpretations have been published that are not mandatory for 31 March
2022 reporting periods and have not been early adopted by the Group. These standards are not expected to have
a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.
3. EARNINGS PER SHARE
(a) Basic
Basic earnings per share is calculated by dividing the profit (or loss) attributable to equity holders of the Company
by the weighted average number of ordinary shares on issue during the year excluding ordinary shares purchased
by the Company (Note 18).
GROUP
2022
($000)
2021
($000)
Loss attributable to equity holders of the Company (19,788) (14,223)
Weighted average number of ordinary shares on issue 767,924 714,031
Earnings per share (0.026) (0.020)
(b) Diluted
Diluted earnings per share is calculated by adjusting the weighted average number of shares outstanding to
assume conversion of all dilutive potential ordinary shares. The Group’s dilutive potential ordinary shares are in the
form of share options. As the Group made a loss during the current year and losses cannot be diluted, basic and
diluted earnings per share are the same.
4. LABORATORY THROUGHPUT AND COMMERCIAL TESTS –
NON-GAAP REPORTING
Laboratory Throughput is a key metric for the Group: Laboratory Throughput provides evidence of the usage
of Cxbladder products globally and the rates of adoption between different customer segments. The inclusion of
this non-GAAP reporting is considered helpful to readers of these accounts, as it allows readers to compare the
current period to prior periods and assess usage trends on a consistent basis. Total laboratory throughput includes
commercial tests, which are invoiced to customers (including tests for patients covered by the US government’s
medical program through the Centers for Medicare and Medicaid Services (CMS)), and tests which are not
considered to be commercial as these tests relate to Research Tests or other nonchargeable activities.
Commercial Test numbers are also a key metric for the Group: Commercial Tests are those tests for which the
Company is actively seeking reimbursement and cash receipts, and tests performed at no charge in order to gain
new customers. The inclusion of this non-GAAP reporting is considered helpful to readers of these accounts as it
allows readers to compare the current period to prior periods and assess trends on a consistent basis.

PACIFIC EDGE LIMITED ANNUAL REPORT 2022 4746 PACIFIC EDGE LIMITED ANNUAL REPORT 2022

Laboratory Throughput and Commercial Tests per financial year are shown below.
FY22FY21
Total Laboratory Throughput (tests) 23,086 15,814
Change in Total Laboratory Throughput (%) 46%(6%)
Change in Throughput from previous year (tests) 7,272 (1,047)
Total Commercial Tests (tests) 19,196 12,976
Commercial Tests as a percentage of Total Laboratory
Throughput (%)
83%82%
Change in Commercial Tests from previous year (%)48%(5%)
5. REVENUE
Background information on US customers and the payment process
A physician orders a Cxbladder test when a patient presents to their clinic with symptoms that indicate the
possibility of bladder cancer. The most common and significant symptom is haematuria or blood in their urine.
A urine sample is collected from the patient and sent in the Cxbladder Urine Sampling System to the Group’s
laboratory in the US or in New Zealand. The Group receives and processes the urine sample and returns the results
of the test back to the ordering physician. The individual patient is the Group’s customer, however typically in the
US market, the patient’s insurer may pay the Group for some or all of the cost of the test.
When a physician orders a Cxbladder test, the Group has an obligation to perform the test and report the results to
the ordering physician irrespective of the patient’s insurance contract. A patient may have private insurance cover,
be covered by the US government’s medical program through CMS, self cover or have no insurance cover.
Once the Cxbladder test has been completed, all information required for insurance purposes is sent to the Group’s
billing and reimbursement agent to begin the process to collect reimbursement from any applicable insurance
company/ies for the Cxbladder test performed.
For patients with private insurance cover, the relevant patient and test order information will be sent to their
insurance provider. When the Group does not have an individual agreement with that insurance provider to pay
for Cxbladder tests (“out of network”), the insurance provider will assess that individual patient’s test for medical
necessity and the level of insurance cover (if any) available to cover the cost of the test. This process of assessment
can take many months to work through before the Group receives payments (if any) from the insurance company.
The Group does have agreements with some insurance providers but these currently cover a small proportion of
the Group’s customers.
For patients covered by CMS, invoices are sent to CMS. Prior to 3 July 2020, Pacific Edge was not included in the
Local Coverage Determination (LCD) and as a result, did not normally receive any amounts for tests performed
for patients covered by CMS. On 3 July 2020, Pacific Edge received notice of inclusion in the LCD, resulting in
the Company receiving reimbursement for Cxbladder Monitor and Detect tests performed after 1 July 2020 for
patients covered by the CMS across the US that are deemed medically necessary.
For uninsured patients, the Group has no certainty of when or if the patient will pay.
Rest of World Customers
Revenue from Rest of World customers is primarily from the District Health Boards (DHBs) in New Zealand. In all
Rest Of World locations, there is a clearly defined contract with the customer meeting the requirements of NZ IFRS
15. Pacific Edge Diagnostics New Zealand Limited has individual contracts with DHBs across New Zealand and
revenue is recognised as described on the following pages.
Critical Accounting Estimate
The application of NZ IFRS 15: Revenue from contracts with customers (NZ IFRS 15) requires the application of
significant judgement in determining whether the Group meets the five key criteria identified in NZ IFRS 15, which
must be met before revenue may be recognised as performance obligations are satisfied. For the Group this would
result in some revenue recognised in advance of the receipt of cash.
The significant judgements adopted by the Group relate to :
- Determining if a contract with the customer exists;
- Identifying the rights of each party;
- Identifying the payment terms;
- Ensuring the contract has commercial substance; and
- Determining whether it is probable that the Group will collect the consideration to which it is entitled.
While there has been significant judgement applied to all five criteria, there are two criteria that have higher levels
of uncertainty, requiring increased levels of judgement. The significant judgements applied to determine the
Transaction Price and determining the probability of collecting consideration are detailed in the Accounting Policy
relating to Revenue from Cxbladder Tests.
ACCOUNTING POLICY
Revenue from Cxbladder tests
The Group performs Cxbladder tests when requested by a patient’s physician. At the point the test results are
returned to the physician, the Group has satisfied its performance obligation and has the right to issue an invoice.
The Group has determined a contract exists, and payment terms are identified, the contract has commercial
substance and the rights of each party have been identified.
On the 3 July 2020, Pacific Edge received notice of inclusion in the LCD, resulting in the Company receiving
reimbursement for Cxbladder Monitor and Detect tests performed after 1 July 2020 for patients covered by
the CMS across the US that are deemed medically necessary. Reimbursement for these tests is at the already
determined national CMS price for Cxbladder of US$760 per test.
Since Cxbladder’s inclusion in the LCD, based on historical data, the Group has been able to reliably estimate both
the probability and size of payment received from the CMS. The inclusion within LCD combined with the growing
support for the use of Cxbladder within the US has also allowed the Group to reliably estimate both the probability
and size of payment received from customers covered by Medicare Advantage policies provided by private
insurers.
Tests performed for patients covered by other private policies, or tests performed for those with no insurance
cover continue to be recognised as revenue when cash is received due to not being able to reliably estimate both
probability and size of payment received.
The Group have concluded that the contracts with the CMS and customers covered by Medicare Advantage
include variable consideration because the amounts paid by Medicare or the commercial health insurance
carriers that provide Medicare Advantage may be paid at less than our standard rates or not paid at all, with such
differences considered implicit price concessions. Variable consideration attributable to these price concessions is
measured at the expected value, and are determined by historical average collection rates by test type and payor
category taking into consideration the range of possible outcomes, the predictive value of our past experiences.
Such variable consideration is included in the transaction price only to the extent it is probable that a significant
reversal in the amount of cumulative revenue recognised will not occur.
A provision of $143,000 has been included to allow for tests that have been paid to the group and recognised
as revenue for the period to 31 March 2022, which are subsequently required to be refunded back to the payer
after the 31 March 2022 as a result of internal reviews undertaken by that payer. The estimation of the appropriate
allowance has been made by reviewing historical data of the Group.
As a result of the Significant Judgements applied, the Group have determined the criteria under NZ IFRS 15 which
allows revenue to be recognised in advance of the receipt of cash have been met, and the Group has recognised
revenue for tests which were performed from 1 April 2021 to 31 March 2022 for which payment has not been
received by 31 March 2022 for CMS and Medicare Advantage.
Rest of World revenue recognition from tests performed
There has been no change in accounting policy or estimates for Operating Revenue for the Rest of World.
The Group performs Cxbladder tests when requested by a patient’s physician in New Zealand, Australia and
Singapore. At the point the test results are returned to the physician, the Group has satisfied its performance
obligations have been met. At the end of the month an invoice is issued to the cutomer based on the number of
tests performed. Revenue is recognised when the test is returned.
PACIFIC EDGE LIMITED ANNUAL REPORT 2022 4948 PACIFIC EDGE LIMITED ANNUAL REPORT 2022

OTHER INCOME
Grant Income
Government Grants are not recognised until there is reasonable assurance that the Group will comply with the
conditions attached to them and that the grants will be received. Government Grants are recognised in Other
Income in the Consolidated Statement of Comprehensive Income, on a systematic basis over the periods in which
the Group recognises the related costs as expenses for which the grants are intended to compensate.
The Company receives grants from Callaghan Innovation for postgraduate internships and summer students.
New Zealand Trade and Enterprise awarded the Company an International Growth Fund grant, to support the
growth of the Group’s commercial and marketing operations in the US. The grant commenced on 17 August 2020
and runs until 16 August 2023. New Zealand Trade and Enterprise reimburses the Company for 50 percent of
eligible expenditure, up to a maximum of NZ$600,000, which was reached during the year ended 31 March 2022.
All conditions of the grants have been complied with.
Research Rebates and Tax Incentives
- New Zealand R&D Tax Incentive (RDTI)
The New Zealand RDTI is a 15% tax credit on the money invested in eligible research and development (R&D) that
has occurred in New Zealand. As the New Zealand companies are in a tax loss position, the Group is eligible for the
Tax Incentive to be refunded.
The RDTI is recognised at its fair value where there is a reasonable assurance that the credit will be received and
the Group will comply with all attached conditions.
All conditions of the New Zealand RDTI have been complied with. Payment will be received after submission of
each annual research and development tax claim.
- Australia Cxbladder Research Rebate
A Cxbladder research programme is administered by Pacific Edge Pty Limited and tax rebates are received as a
result of this programme.
The Cxbladder research rebate is recognised at its fair value where there is a reasonable assurance that the rebate
will be received and the Group will comply with all attached conditions.
All conditions of the research rebate have been complied with. Payment will be received after submission of each
annual research and development tax claim.
Covid-19 Support
During the previous year ended 31 March 2021, the Group received Covid-19 support in the countries in which it
operates. No support was received during the year ended 31 March 2022.
REVENUE AND OTHER INCOME
2022
($000)
2021
($000)
Cxbladder Sales
– US - Accrual Accounting 9,687 5,549
– US - Cash Accounting 953 1,339
– Total US Sales 10,640 6,888
– Rest Of World 805 813
Total Operating Revenue 11,445 7,701
Other Income
Grant Revenue 321 322
Research Rebates and Tax Incentives 1,370 952
Covid-19 Support 1,112
Total Other Income 1,691 2,386
PREVIOUSLY UNRECOGNISED REVENUE
Approximately 40% of Cxbladder tests performed by the Group in the US up to 30 June 2020 relate to patients
covered by the Centers for Medicare and Medicaid Services (CMS). The Group invoiced CMS for tests performed
for all patients with CMS coverage, however no revenue from these 22,634 tests has been recognised in the past.
In previous Financial Statements the Group reported that while no revenue has been received or recognised on
these 22,634 tests, the Group still noted the potential of future receipt as negotiations continued. Negotiations
have concluded and no further avenue is available for the Group to obtain reimbursement.
6. RESEARCH AND DEVELOPMENT COSTS
ACCOUNTING POLICY
Research is the original and planned investigation undertaken with the prospect of gaining new scientific
knowledge and understanding. This includes: direct and overhead expenses for diagnostic and prognostic
biomarker discovery and research; pre-clinical trials; and costs associated with clinical trial activities. All research
costs are expensed when incurred.
Development is the application of research findings to a plan or design for the production of new or substantially
improved processes or products prior to the commencement of commercial production.
When a project reaches the stage where it is probable that future expenditure can be recovered through the
process or products produced, expenditure that is directly attributed or reasonably allocated to that project is
recognised as a development asset within intangible assets. If the expenditure also benefits processes or products
for which it cannot be recovered, it will be expensed. The asset will be amortised from the date of commencement
of commercial production of the product to which it relates on a straight-line basis over the period of expected
benefit. Development assets are reviewed annually for any impairment in their carrying value.
GROUP
Notes
2022
($000)
2021
($000)
Research Expenses 5,135 4,584
Includes:
Employee Benefits8 2,664 2,423
PACIFIC EDGE LIMITED ANNUAL REPORT 2022 5150 PACIFIC EDGE LIMITED ANNUAL REPORT 2022

7. GENERAL AND ADMINISTRATION EXPENSES
GROUP
Notes
2022
($000)
2021
($000)
Amortisation14 78 55
Auditors Remuneration: PricewaterhouseCoopers New Zealand*
- Group year end financial statements
- Half year review of financial statements
- Singapore Statutory financial statements
172
28
12
155
29
11
Auditors Remuneration: PricewaterhouseCoopers Singapore
- Statutory financial statements 12 12
Depreciation13 132 94
Depreciation on Right of Use Assets23 176 225
Directors Fees 413 278
Employee Benefits83,2162,507
Insurance 418 273
Interest on Lease Liabilities23 23 39
NZX, ASX and Registry Fees 901 121
Other Operating Expenses 2,175 1,611
7,756 5,410
* In addition to the Auditors Remuneration in the General and Administration Expenses, $NZ42,000 was paid to PwC Australia for
the review of the proforma financials related to the ASX Listing and Capital Raise and has been included in Issue Expenses within
Share Capital.
Note: Amounts displayed for Amortisation, Depreciation and Employee Benefits are only the General and Administration Expenses
component of the total expenses. Refer to relevant notes for full expense disclosure.
Other Operating Expenses
The major categories of expenditure which make up General and Administration Expenses, but are not disclosed
separately above are Information Technology costs, Compliance and Regulatory costs, Investor Relations costs,
Consultants and Contractors.

8. EMPLOYEE BENEFITS
GROUP
Notes
2022
($000)
2021
($000)
Represented by:
Employee Benefits:
Employee Benefits in Lab Operations 2,1451,879
Employee Benefits in Research62,6642,423
Employee Benefits in Sales and Marketing9,8486,616
Employee Benefits in General and Administration73,2162,507
Total Employee Benefits17,87313,425
Employee Share Scheme
The Company has an Employee Share Scheme where ordinary shares in the Company may be issued to selected
employees to recognise performance or a significant contribution to the Company. These shares may be issued
in lieu of a cash bonus or in addition to the employee’s remuneration. The ordinary shares are issued directly to
the employee and the Company accounts for the cost of the shares. The shares are allocated to the employee on
the date that the Board approves the issue of the share capital. All employees who hold ordinary shares in the
Company must comply with the Company’s Share Trading Policy.
The issuance of ordinary shares to employees is treated as equity settled share-based payments. Equity-settled
share-based payments to employees are measured at the fair value of the equity instruments at the grant date
based on the market price at the time of issuance. The fair value of shares granted is recognised as an employee
expense in the Consolidated Statement of Comprehensive Income when the shares are issued. During the 2022
financial year, 123,000 (2021: 645,000) ordinary shares were issued to employees as part of the Employee Share
Scheme. The associated non-cash cost of these shares was $172,000 (2021: $284,000). Refer to Note 18 for further
details on the shares issued during the financial year.
Employee Share Option Scheme
The Board believes that the issue of share options provides an appropriate incentive for participating employees
to grow the total shareholder return of the Company. Share options are issued to selected employees to recognise
performance or contribution to the Company or as a long-term component of remuneration in accordance with the
Group’s remuneration policy.
The Company has two categories of Share Options which are outlined below:
Performance Options
Performance Options are issued to selected employees to recognise performance or a significant contribution to
the Company. Performance Options entitle the holder, on payment of the exercise price, to one ordinary share of
the Company. The exercise price of the granted options is determined using the fair value of the Company’s share
price at the time of the options being granted. Performance Options vest immediately and there is no service
requirement linked to the options or any other vesting conditions. The term in which options may be exercised, and
ultimately lapse if not exercised, is up to ten years.
Incentive Options
Incentive Options are issued to selected employees as a long-term component of remuneration in accordance
with the Group’s remuneration policy. Incentive Options entitle the holder, on payment of the exercise price, to one
ordinary share of the Company.
The exercise price of the granted options is determined using the fair value of the Company’s share price at the
time of the options being granted. Incentive Options vest over three years and there is a requirement to remain
as an employee of the Company in order for the options to vest. Tranches of options are exercisable over four to
ten years from the relevant vesting date. No options can be exercised later than the tenth anniversary of the final
vesting date.
ACCOUNTING POLICY
All options are accounted for as equity settled share based payments as the Group has no legal or constructive
obligation to repurchase or settle any awards in cash. The fair value of all options granted is recognised as an
expense in the Consolidated Statement of Comprehensive Income over their vesting period, with a corresponding
increase in the employee share option reserve.
The fair value is determined at the grant date of the options and expensed on a straight-line basis over the vesting
period, based on the Group’s estimate of equity instruments that will eventually vest, with a corresponding increase
in equity. At the end of each reporting period, the Group revisits its estimate of the number of equity instruments
expected to vest. The impact of the revision of the original estimates, if any, is recognised in the Consolidated
Statement of Comprehensive Income such that the cumulative expense reflects the revised estimate, with a
corresponding adjustment to the share based payments reserve.
During the year, there were 5,527,000 (2021: 3,636,000) share options exercised resulting in an increase in share
capital of $4,040,000 (2021: $2,636,000). Refer to note 18 for further details on the share options that were
exercised.
PACIFIC EDGE LIMITED ANNUAL REPORT 2022 5352 PACIFIC EDGE LIMITED ANNUAL REPORT 2022

Movements in the number of options outstanding and their related weighted average exercise prices are as follows:
GROUP
20222021
Weighted average
exercise price
$
Options
#
Weighted average
exercise price
$
Options
#
Outstanding at 1 April0.42 15,952,289 0.42 18,137,598
Granted1.23 3,682,500 0.30 2,493,836
Forfeited 0.32 (246,076)0.23 (277,490)
Exercised*0.42 (5,527,394)0.41 (3,635,838)
Expired-- 0.80 (765,817)
Outstanding at 31 March0.60 13,861,319 0.39 15,952,289
Exercisable at 31 March0.27 9,908,171 0.31 12,765,384
* The weighted average share price at the date of options exercised during the year ended 31 March 2022 was NZ$1.35
(2021: NZ$0.92).
The Group used the Black-Scholes valuation model to determine the fair value of the equity instruments granted.
The Black-Scholes valuation model has been determined as the most appropriate method as it estimates the
theoretical value of derivatives taking into account the impact of time and other risk factors. The significant inputs
into the Black-Scholes valuation model were the market share price at grant date, the exercise price shown below,
the expected annualised volatility of 50-70%, a dividend yield of 0%, an expected option life of between one and
ten years and an annual risk-free interest rate of between 0.65% and 4.71%.
The volatility measured is the standard deviation of continuously compounded share returns and is based on a
statistical analysis of daily share prices in the past one to ten years.
Share options outstanding at the end of the reporting periods have the following expiry dates, vesting dates and
exercise prices:
Expiry MonthVesting Date
Exercise
Price
$
31 March 2022
Options
#
31 March 2021
Options
#
September 2021September 20170.80- 750,000
September 2024September 20140.6995,000180,000 *
April 2025April 20150.696,6666,666
July 2025July 20150.6912,49812,498
August 2025August 20150.724,1664,166
September 2025September 2015 0.72 14,99814,998
September 2025September 2015 0.69 15,00015,000
September 2025September 20150.5085,000190,000 *
November 2025November 20150.7283,33383,333
January 2026January 20160.7217,49817,498
April 2026April 20160.696,6676,667
July 2026July 20160.6912,50112,501
July 2026July 20160.508,3328,332
August 2026August 20160.722,8662,866
August 2026August 20160.508,3328,332
September 2026September 20160.7215,00115,001
September 2026September 20160.6915,00015,000
Expiry MonthVesting Date
Exercise
Price
$
31 March 2022
Options
#
31 March 2021
Options
#
September 2026September 20160.5085,33385,333
November 2026November 20160.7283,33383,333
November 2026November 20160.608,3328,332
November 2026November 20160.4810,00030,000 *
December 2026December 20160.6010,83210,832
January 2027January 20170.7210,83410,834
February 2027February 20231.15600,000-
March 2027March 20170.604,1664,166
April 2027April 20170.696,6676,667
April 2027April 20170.6075,00075,000
July 2027July 20170.6910,012343,346
July 2027July 20170.504,1904,190
August 2027August 20170.508,3348,334
August 2027August 20170.484,1664,166
September 2027September 20170.7210,59410,594
September 2027September 20170.6915,00015,000
September 2027September 20170.5079,16879,168
September 2027September 20170.486,6666,666
November 2027November 20170.7283,33483,334
November 2027November 20170.608,3348,334
December 2027December 20170.603,7903,790
December 2027December 2017 0.51 4,1664,166
January 2028January 20180.727,4737,473
January 2028January 20180.5112,49812,498
February 2028February 20241.25600,000-
March 2028March 20180.604,1674,167
April 2028April 20180.6075,00075,000
May 2028May 20180.51836,6641,319,994
May 2028May 20180.286,6666,666
July 2028July 20180.502,6712,671
August 2028August 20180.504,3154,315
August 2028August 20180.483,9163,916
September 2028September 20180.50219219
September 2028September 20180.484,1284,128
October 2028October 20180.48-30,000
October 2028October 20180.288,3328,332
November 2028November 20180.606,8166,816
December 2028December 20180.514,1674,167
January 2029January 20190.516,4166,416
February 2029February 20190.286,6666,666
PACIFIC EDGE LIMITED ANNUAL REPORT 2022 5554 PACIFIC EDGE LIMITED ANNUAL REPORT 2022

Expiry MonthVesting Date
Exercise
Price
$
31 March 2022
Options
#
31 March 2021
Options
#
February 2029February 20251.25600,000-
March 2029March 20190.606868
April 2029April 20190.6075,00075,000
May 2029May 20190.51964,2471,414,249
May 2029May 20190.286,6676,667
June 2029June 20190.284,1664,166
July 2029July 2019 0.28 4,1664,166
August 2029August 20190.234,1664,166
October 2029October 20190.4840,00040,000
October 2029October 20190.288,3348,334
October 2029October 20190.234,1664,166
November 2029November 20190.238,3328,332
December 2029December 20190.512,7172,717
January 2030January 20200.513,7673,767
February 2030February 20200.286,6676,667
February 2030February 20261.25600,000-
May 2030May 20200.51906,3221,322,990
May 2030May 20200.285,3345,334
June 2030June 2020 0.28 2,4322,432
July 2030July 20200.284,1674,167
August 2030August 2020 0.23 437,4941,260,826
October 2030October 20200.288,3348,334
October 2030October 20200.234,1674,167
November 2030November 20200.238,3348,334
February 2031February 20210.286,6676,667
February 2031February 20271.25600,000-
June 2031June 20210.22388,888719,612
July 2031July 20210.284,1674,167
August 2031August 20210.23990,7462,754,172
October 2031October 20210.234,1674,167
November 2031November 20210.238,3348,334
December 2031December 20210.8335,000335,000
June 2032June 20220.22719,612719,612
August 2032August 20221.23210,825-
August 2032August 20220.232,617,3602,750,011
June 2033June 20230.22719,612719,612
August 2033August 20231.23210,837-
August 2034August 20241.23210,838-
13,861,31915,952,290
* Included within these tranches are 190,000 options (2021: 400,000 options) that vested immediately.
9. CASH, CASH EQUIVALENTS AND SHORT TERM DEPOSITS
ACCOUNTING POLICY
Cash and cash equivalents includes cash in hand and deposits held on call with banks, and bank overdrafts. Term
deposits are also presented as cash equivalents if they have a maturity of three months or less from acquisition
date.
Short Term Deposits and Cash Equivalents include investments with ANZ, BNZ, Kiwibank and Westpac (2021: ANZ,
BNZ and Heartland), with periods ranging up to 365 days. Funds held on term deposit with ANZ, BNZ Westpac
and Kiwibank can be accessed with one month’s notice at the request of the authorised bank signatories of Pacific
Edge Limited.
GROUP
2022
($000)
2021
($000)
Cash and Cash Equivalents35,4124,129
Short Term Deposits70,00019,000
Total Cash, Cash Equivalents and Short Term Deposits105,41223,129
NZD84,51722,513
USD18,601578
AUD2,28425
EUR11
SGD912
Total Cash, Cash Equivalents and Short Term Deposits105,41223,129
INTEREST INCOME
ACCOUNTING POLICY
Interest income is recognised using the effective interest method.
Interest on the bank balances ranges from 0% to 1.89% (2021: 0% to 1.70%) per annum.
10. RECEIVABLES
ACCOUNTING POLICY
Receivables are initially measured at fair value and subsequently measured at amortised cost using the effective
interest rate method, less any provision for impairment. An allowance for impairment is made up of expected
credit losses based on the assessment of the trade receivables debt at the individual level for impairment, plus an
additional allowance on the remaining balance for potential credit losses not yet identified.
GROUP
2022
($000)
2021
($000)
Trade Receivables 1,633 1,016
Sundry Debtors 1,925 1,655
Accrued Interest 337 152
GST Refund Due / (Payable) 117 43
Total Receivables 4,012 2,866
PACIFIC EDGE LIMITED ANNUAL REPORT 2022 5756 PACIFIC EDGE LIMITED ANNUAL REPORT 2022

There is no provision for impairment relating to the revenue from Cxbladder sales in New Zealand. All outstanding
sales are current and there are no expected credit losses on the amounts outstanding at balance date.
US Trade Receivables includes a provision for future refunds of $143,000.
Sundry Debtors include accruals for grants and rebates that have not yet been paid. These are expected to be paid
once the relevant claims have been submitted. The Company has met all conditions of the claims and there is no
indication that there is impairment of these balances.
Included in trade receivables are the below amounts which were past due but not impaired. These relate to a
number of customers for whom there is no history of default.
GROUP
2022
($000)
2021
($000)
3 to 6 Months 109 27
Total Overdue Trade Receivables 109 27
The foreign currency split of Receivables is:
GROUP
2022
($000)
2021
($000)
NZD 1,579 1,310
USD 1,550 935
AUD 883 621
Total Receivables 4,012 2,866
11. INVENTORY
ACCOUNTING POLICY
Inventories are stated at the lower of cost and net realisable value. Cost is determined using the weighted average
formula.
GROUP
2022
($000)
2021
($000)
Laboratory Supplies 1,007 790
Total Inventory 1,007 790
The major items of Inventory are laboratory reagents, chemicals and Cxbladder urine sampling systems.
Laboratory supplies used during the year of $1,569,000 (2021: $1,261,000) are included within the Consolidated
Statement of Comprehensive Income in Laboratory Operations and Research.
12. OTHER ASSETS
GROUP
2022
($000)
2021
($000)
Prepayments
1,014 398
Security Deposits
169 159
Total Other Assets
1,183 557
Prepayments are largely made up of insurance, industry conferences, subscriptions and travel not used. Security
deposits are paid to secure properties for lease in US and Singapore and to secure credit cards in the US.
13. PROPERTY, PLANT AND EQUIPMENT
ACCOUNTING POLICY
Property, Plant and Equipment are those assets held by the Group for the purpose of carrying on its business
activities on an ongoing basis. All Property, Plant and Equipment is stated at cost less subsequent accumulated
depreciation and any accumulated impairment losses. The cost of purchased assets includes the original purchase
consideration given to acquire the assets, and the value of other directly attributable costs that have been
incurred in bringing the assets to the location and condition necessary for their intended service. This includes the
laboratory equipment for the establishment of the laboratories.
Gains and losses on disposals are determined by comparing the net proceeds with the carrying amount and are
recognised within the Consolidated Statement of Comprehensive Income when they occur.

Depreciation
Depreciation of plant and equipment is based on writing off the assets over their useful lives, using the straight line
(SL) and diminishing value (DV) basis.
Main rates used are:
Plant and Laboratory Equipment 5% to 40% DV
Computer Equipment 5% to 67% DV
Leasehold Improvements 6% to 10% SL
Furniture and Fittings 5% to 25% DV
The assets’ useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
PACIFIC EDGE LIMITED ANNUAL REPORT 2022 5958 PACIFIC EDGE LIMITED ANNUAL REPORT 2022

Plant &
Laboratory
Equipment
($000)
Computer
Equipment
($000)
Leasehold
Improvements
($000)
Furniture
& Fittings
($000)
Total
($000)
Cost
Balance at 1 April 2020 2,385 764 331 348 3,828
Additions 195 46 29 - 270
Disposals (244) (246) (1) (22) (513)
Translation Difference (143) (52) (22) (27) (244)
Balance at 31 March 2021 2,193 512 337 299 3,341
Balance at 1 April 20212,193 512 337 299 3,341
Additions 511 232 213 33 989
Disposals (788) (362) (159) (7) (1,316)
Translation Difference 1 2 1 1 5
Balance at 31 March 2022 1,917 384 392 326 3,019
Accumulated Depreciation
Balance at 1 April 2020 2,073 677 149 277 3,176
Depreciation Expense 118 49 18 4 189
Disposals (237) (241) (1) (20) (499)
Translation Difference (130) (46) (11) (26)(213)
Balance at 31 March 2021 1,824 439 155 235 2,653
Balance at 1 April 2021 1,824 439 155 235 2,653
Depreciation Expense 150 89 14 10 263
Disposals (787) (355) (71) (91) (1,304)
Translation Difference 2 1 - - 3
Balance at 31 March 2022 1,189 174 98 154 1,615
Carrying Amounts
At 1 April 2020 312 87 182 71 652
At 31 March 2021 369 73 182 64 688
At 31 March 2022 728 210 294 172 1,404
14. INTANGIBLE ASSETS
ACCOUNTING POLICY
Intellectual Property
The costs of acquired Intellectual Property are recognised at cost. All Intellectual Property has a finite life.
The carrying value of Intellectual Property is reviewed for impairment, where indicators of impairment exist.
Amortisation is charged on a diminishing value basis over the estimated useful life of the intangible assets (1-20
years). The estimated useful life and amortisation method is reviewed at the end of each reporting period.
The following costs associated with Intellectual Property are expensed as incurred during the research phases of
a project and are only capitalised when incurred as part of the development phase of a process or product within
development assets: Internal Intellectual Property costs including the costs of patents and patent application.
Software Development Costs
Costs associated with the development of software are held at cost. Amortisation is charged on a diminishing value
basis over the estimated useful life of the intangible assets (2-10 years). The estimated useful life and amortisation
method is reviewed at the end of each reporting period.
Cxblader Development Costs
Costs associated with the development of Cxbladder products are held at cost. Amortisation is charged on a
diminishing value basis over the estimated useful life of the intangible assets (20 years). The estimated useful life
and amortisation method is reviewed at the end of each reporting period.
Software
Development
Costs
($000)
Patents
($000)
Cxbladder
Development
Costs
($000)
Total
($000)
Cost
Balance at 1 April 2020 887 347 33 1,267
Additions 40 68 - 108
Foreign Translation Difference (6)-- (6)
Balance at 31 March 2021 921 415 33 1,369
Balance at 1 April 2021 921 415 33 1,369
Additions 278 135 - 413
Foreign Translation Difference----
Balance at 31 March 2022 1,199 550 33 1,782
Accumulated Amortisation
Balance at 1 April 2020 799 273 16 1,088
Amortisation Expense 53 55 2 110
Foreign Translation Difference (6)-- (6)
Balance at 31 March 2021 846 328 18 1,192
Balance at 1 April 2021 846 328 18 1,192
Amortisation Expense 87 67 2 156
Foreign Translation Difference----
Balance at 31 March 2022 933 395 20 1,348
Carrying Amounts
At 31 March 2020 88 74 17 179
At 31 March 2021 75 87 15 177
At 31 March 2022 266 155 13 434
15. SEGMENT INFORMATION
ACCOUNTING POLICY
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing
performance of the operating segments, has been identified as the Chief Executive Officer who makes strategic
decisions.
There are two operating segments at balance date:
1. Commercial: The sales, marketing, laboratory and support operations to run the commercial businesses worldwide.
2. Research: The research and development of diagnostic and prognostic products for human cancer.
PACIFIC EDGE LIMITED ANNUAL REPORT 2022 6160 PACIFIC EDGE LIMITED ANNUAL REPORT 2022

The reportable operating segment Commercial derives its revenue primarily from sales of Cxbladder tests and
the reportable operating segment Research derives its revenue primarily from grant income. The Chief Executive
Officer assesses the performance of the operating segments based on their net result for the period.
Segment income, expenses and profitability are presented on a gross basis excluding inter-segment eliminations
to best represent the performance of each segment operating as independent business units. The segment
information provided to the Chief Executive Officer for the reportable segment described above, for the year
ended 31 March 2022, is shown below.
2022
Commercial
($000)
Research
($000)
Less:
Eliminations
($000)
Total
($000)
Income
Operating Revenue - External 11,445 -- 11,445
- Internal----
Other Income 437 2,187 (933) 1,691
Interest Income 2 547 - 549
Foreign Exchange Gain- 193 - 193
Total Income 11,884 2,927 (933) 13,878
Expenses
Expenses 20,378 12,737 (933) 32,182
Depreciation & Amortisation 977 507 - 1,484
Total Operating Expenses 21,355 13,244 (933) 33,666
Loss Before Tax (9,471) (10,317)- (19,788)
Income Tax Expense----
Loss After Tax (9,471) (10,317)- (19,788)
Net Cash Flow to Operating Activities (8,620) (8,932)- (17,552)
2021
Commercial
($000)
Research
($000)
Less:
Eliminations
($000)
Total
($000)
Income
Operating Revenue - External 7,701 - - 7,701
- Internal-- - -
Other Income 1,224 2,130 (968) 2,386
Interest Income 1 350 - 351
Foreign Exchange Gain 3 (2) - 1
Total Income 8,929 2,478 (968) 10,439
Expenses
Expenses 14,529 9,730 (968) 23,291
Depreciation and Amortisation 934 437 - 1,371
Total Operating Expenses 15,463 10,167 (968) 24,662
Loss Before Tax (6,534) (7,689) - (14,223)
Income Tax Expense-- - -
Loss After Tax (6,534) (7,689) - (14,223)
Net Cash Flow to Operating Activities (6,438) (7,132) - (13,570)
Eliminations
These are the intercompany transactions between the subsidiaries and the Parent. These are eliminated on
consolidation of Group results. The Research segment of the business utilise consumables and other components
that are purchased by the Commercial segments of the business, with the costs of these components allocated to
the Research segment, and the Commercial segment recognising the revenue from the sale.
Segment Assets and Liabilities Information
2022
Commercial
($000)
Research
($000)
Total
($000)
Total Assets 6,031 109,251 115,282
Total Liabilities 4,571 2,335 6,906

2021
Commercial
($000)
Research
($000)
Total
($000)
Total Assets 5,477 25,707 31,184
Total Liabilities 4,529 1,546 6,075
Additions to Non Current Assets for the period include:
Commercial
($000)
Research
($000)
Total
($000)
Property, Plant and Equipment 823 166 989
Right of Use Assets 148 - 148
Intangible Assets 279 134 413
Total Additions to Non Current Assets 1,250 300 1,550
The amounts provided to the Chief Executive Officer with respect to total assets and total liabilities are measured
in a manner consistent with that of the financial statements. These assets and liabilities are allocated based on the
operation of the segment and the physical location of the asset.
There are no unallocated assets or liabilities.
Geographic Split of Revenue and Non-Current Assets
The Group generates most of the operating revenue from Commercial tests from the US and New Zealand, and
also receives Grant revenue from Australia and New Zealand. Rest of World consists of Revenue from Australia and
Singapore.
2022
($000)
2021
($000)
Operating and Grant Revenue
US 10,640 7,677
New Zealand 1,729 2,133
Rest of World 767 277
Total Operating and Grant Revenue 13,136 10,087
2022
($000)
2021
($000)
Non-Current Assets
US 1,611 2,201
New Zealand 2,057 1,618
Rest of World- 23
Total Non-Current Assets 3,668 3,842
PACIFIC EDGE LIMITED ANNUAL REPORT 2022 6362 PACIFIC EDGE LIMITED ANNUAL REPORT 2022

16. INCOME TAX
ACCOUNTING POLICY
The tax expense for the period comprises current and deferred tax. Tax is recognised in the Consolidated
Statement of Comprehensive Income, except to the extent that it relates to items recognised in other
comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income
or directly in equity, respectively.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the
balance sheet date in the countries where the Company and its subsidiaries operate and generate taxable income.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable
tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts
expected to be paid to the tax authorities.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the
tax bases of assets and liabilities and their carrying amounts in the financial statements in accordance with NZ
IAS 12. Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be
available against which the temporary differences can be utilised.
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by
the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the
deferred income tax liability is settled.
The Company and Group has incurred an operating loss for the 2022 financial year and no income tax is
payable.
GROUP
2022
($000)
2021
($000)
Income Tax recognised in the profit or loss:
Current tax expense--
Deferred Tax in respect of the current year (4,258) (6,291)
Adjustments to deferred tax in respect to prior years94 512
Deferred tax assets not recognised4,164 5,779
Income tax expense--

The prima facie income tax on pre-tax accounting profit
from operations reconciles to:
Accounting loss before income tax (19,788) (14,223)
At the statutory income tax rate of 28% (5,541) (3,982)
Non-deductible expenditure 626 (2,760)
Difference in US, Singapore and Australian income tax rates 657 451
Prior period adjustment94 512
Deferred tax assets not recognised4,164 5,779
Income tax expense reported in Consolidated Statement
of Comprehensive Income
--
Tax Losses
The group has losses to carry forward of approximately $112,330,000 (2021: $94,400,000) with a potential tax
benefit of $25,694,000 (2021: $21,500,000). The tax losses are split between the following jurisdictions:
Tax Losses
($000)
Tax Effect
($000)Rate
New Zealand 29,200 8,200 28%
Australia 1,200 400 30%
Singapore 1,500 200 17%
United States 80,300 16,900 21%
Tax losses are available to be carried forward and offset against future taxable income subject to the various
conditions required by income tax legislation being complied with.
Deferred Research and Development Tax Expenditure:
The Group also has deferred research and development tax expenditure of $45,846,000 (2021: $42,200,000) to
carry forward and claim for income tax purposes in New Zealand in the future. This has a tax effect of $12,889,000
(2021: $11,900,000). The deferred research and development tax expenditure can either be carried forward and
offset against future income arising from the research and development, or subject to meeting the shareholder
continuity requirements can be offset against future other taxable income.
Deferred Tax Assets:
The Group does not recognise a deferred tax asset in the Consolidated Balance Sheet.
Imputation Credit Account
The Group has imputation credits of Nil (2021: Nil).
17. PAYABLES AND ACCRUALS
ACCOUNTING POLICY
Trade and Other Payables Due Within One Year
Trade payables are recognised at the value of the invoice received from a supplier. The carrying value of trade
payables is considered to approximate fair value as amounts are unsecured and are usually paid by the 30th of the
month following recognition.
GROUP
2022
($000)
2021
($000)
Trade Creditors 1,906 818
Accrued Expenses 659 411
Employee Entitlements (refer below) 2,418 1,968
Total Payables and Accruals 4,983 3,197
Payables and accruals are non-interest bearing and are normally settled on 30 day terms, therefore their carrying
value approximates their fair value.
The foreign currency split for Payables and Accruals is:
GROUP
2022
($000)
2021
($000)
NZD 2,161 1,025
AUD 131 126
USD 2,656 2,013
SGD 35 33
4,983 3,197
PACIFIC EDGE LIMITED ANNUAL REPORT 2022 6564 PACIFIC EDGE LIMITED ANNUAL REPORT 2022

Employee Entitlements
Employee entitlements are measured at values based on accrued entitlements at current rates of pay. These include
salaries and wages accrued up to balance date and annual leave earned to, but not yet taken at balance date.
GROUP
2022
($000)
2021
($000)
Income Tax 214 361
Holiday Pay 360 261
Accrued Wages 1,844 1,346
Total Employee Entitlements 2,418 1,968
18. SHARE CAPITAL
ACCOUNTING POLICY
Ordinary shares are described as equity.
Issue expenses, including commission paid, relating to the issue of ordinary share capital, have been written off
against the issued share price received and recorded in the Consolidated Statement of Changes in Equity.
Equity-settled share-based payments to employees and others providing services are measured at the fair value
of the equity instruments at the grant date. Details regarding the determination of the fair value of equity-settled
share based transactions are set out in Note 8.
GROUP
2022
($000)
2021
($000)
Ordinary Shares Authorised 294,139 190,305
Total Share Capital 294,139 190,305
All fully paid shares in the Group are Authorised and have equal voting rights and equal rights to dividends. All
Ordinary Shares are fully paid and have no par value.
Share Capital Group
2022 Shares
(000)
2022
($000)
2021 Shares
(000)
2021
($000)
Opening Balance 727,779 190,305 689,652 165,423
Issue of Ordinary Shares
- Placement
1
76,657 103,487 33,846 22,000
Issue of Ordinary Shares
- Exercise of share options
2
5,528 4,040
3,636
2,636
Issue of Ordinary Shares
- Employee Remuneration
3
123 172 645 284
Less: Issue Expenses
- (3,865)- (38)
Movement 82,308 103,834 38,127 24,882
Closing Balance 810,087 294,139 727,779 190,305
1) During the period 76,657,358 shares were issued under placements at $1.35 per share. (2021: 33,846,154 at $0.65)
2) During the period 5,527,391 share options were exercised at an average price of $0.42 per share (2021: 3,635,835 at an average
price of $0.41)
3) During the period 123,086 shares were issued as part of employees remuneration in lieu of cash payments at an average price
of $1.40 per share. (2021: 645,182 at $0.44)
19. FOREIGN CURRENCY
ACCOUNTING POLICIES
Foreign Currency Transactions
The individual financial statements of the Group are presented in the currency of the primary economic
environment in which the entity operates (its functional currency). For the purpose of the Group financial
statements, the results and financial position of the Group entity are expressed in New Zealand dollars (‘NZ$’),
which is the functional currency of the Parent and the presentation currency for the Group financial statements.
In preparing the financial statements of the individual entities, transactions in currencies other than the entity’s
functional currency (foreign currencies) are recorded at the rates of exchange prevailing at the dates of the
transactions. At the end of each reporting period, monetary items denominated in foreign currencies are
retranslated at the rates prevailing at the end of the reporting period. Non monetary items denominated in foreign
currencies are translated at the rates prevailing on the date the transaction occurs.
Exchange differences are recognised in the Consolidated Statement of Comprehensive Income in the period in
which they arise.
Foreign Operations
For the purpose of presenting the Group financial statements, the assets and liabilities of the Group’s foreign
operations are expressed in New Zealand dollars using exchange rates prevailing at the end of the reporting
period. Income and expense items are translated at the average exchange rates for the period, unless exchange
rates fluctuated significantly during that period, in which case the exchange rates at the dates of the transactions
are used. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated as
a separate component of equity in the Group’s foreign currency translation reserve. Such exchange differences
are reclassified from equity to profit or loss (as a reclassification adjustment) in the period in which the foreign
operation is disposed of.
Foreign Currency Translation Reserve
Exchange differences relating to the translation from the functional currencies of the Group’s foreign subsidiaries into
New Zealand dollars are brought to account by entries made directly to the Foreign Currency Translation Reserve.
20. RECONCILIATION OF CASH FLOWS TO OPERATING ACTIVITIES WITH NET LOSS
GROUP
2022
($000)
2021
$000
Net Loss for the Period (19,788) (14,223)
Add Non Cash Items:
Depreciation 263 189
Loss on disposal of Property, Plant and Equipment 11 13
Amortisation 156 110
Employee Share Options 839 1,035
Employee Bonuses paid in shares in lieu of cash 172 284
Depreciation on Right of Use Assets1,064 1,073
Interest on finance leases shown in lease repayments 126 103
Total Non Cash Items 2,631 2,807
Add Movements in Other Working Capital items:
Increase in Receivables and Other Assets (1,772) (2,088)
Increase (Decrease) in Inventory (217) 6
Increase (Decrease) in Payables and Accruals 1,786 (71)
Effect of exchange rates on net cash (192) (1)
Total Movement in Other Working Capital (395) (2,154)
Net Cash Flows to Operating Activities (17,552) (13,570)
PACIFIC EDGE LIMITED ANNUAL REPORT 2022 6766 PACIFIC EDGE LIMITED ANNUAL REPORT 2022

21. FINANCIAL INSTRUMENTS
ACCOUNTING POLICY
Foreign Currency Transactions
Financial instruments include cash and cash equivalents, short term deposits, receivables, security deposits, finance
lease liabilities and trade creditors. The particular recognition methods adopted are disclosed in the individual
policy statements associated with each item.
Managing Financial Risk
The Group’s activities expose it to the financial risks of changes in interest rate risk, credit risk, liquidity risk and
foreign currency risk.
Management is of the opinion that the Company and Group’s exposure to market risk during the period and at
balance date is defined as:
Risk FactorDescription
(i) Currency riskFinancial assets and financial liabilities are denominated in NZD, USD, AUD, SGD and
EUR currencies
(ii) Interest rate risk Exposure to changes in Bank interest rates resulting in cashflow interest rate risk
(iii) Credit RiskRisk of financial loss in counterparty fails to meet contractual obligations
(iv) Liquidity RiskRisk the Group may not be able to meet its commitments as they fall due
(v) Other price riskNot applicable as no securities are bought, sold or traded
(i) Foreign Currency Risk
The Group faces the risk of movements in foreign currency exchange rates in relation to the New Zealand dollar.
The Group has significant operations in United States Dollars and less significant operations in Australian dollars,
Euros and Singapore dollars. As a result of this, the financial performance and financial position are impacted by
movements in exchange rates.
The Group manages foreign currency risk by purchasing overseas goods only when necessary. It will also purchase
foreign currency to fund overseas operations based on cash flow forecasts where it can maximise value. There are
no formal foreign currency hedges entered into.
A 10% increase or decrease in foreign currency against the NZD will reduce/increase the loss reported by
approximately $167,000 (2021: $130,000) and increase/reduce equity by the same amount.
(ii) Interest Rate Risk
The Group’s interest rate risk arises from its cash and equivalents, and short term deposits. Cash and equivalents
comprise cash on hand and deposits at call with banks. Short term deposits comprise of term deposits placed with
New Zealand banks on fixed rates for different periods of time.
Management regularly review its banking arrangements to ensure it achieves the best returns on its funds while
maintaining access to necessary liquidity levels to service the Group’s day-to-day activities. The mixture of bank
deposits at floating interest rates and short term deposits at different rates over various periods of time mitigate
the risk of interest rates being received at less than market rates. The Group does not enter into interest rate
hedges.
A 1% increase or decrease in bank deposit interest rates will reduce/increase the loss reported by approximately
$1,041,000 and increase/reduce equity by the same amount (2021: $219,000).
(iii) Credit Risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to
meet its contractual obligations.
The Group incurs credit risk from:
a) Cash and short term deposits;
b) Receivables in the normal course of its business; and
c) Other assets.
The Group has no significant concentration of credit risk other than bank deposits with 26.1% at Westpac, 25.4%
at BNZ, 22.3% at ANZ, 17.4% at Kiwibank and 0.4% at Wells Fargo. The Group’s cash and short term deposits are
placed with high credit quality financial institutions including major banks who have at least a A+ credit rating
Regular monitoring of receivables is undertaken to ensure that the credit exposure remains within the Group’s
normal terms of trade. These receivables balances mainly relate to New Zealand customers, US customers, and the
Australian Government. Refer to note 10 for further details on expected credit losses for receivables.
The Group continues to invoice for every billable test completed in the US, and the billing and reimbursement
process continues to maximise the cash that is received by the Group. The Group has included an accrual for tests
performed from 1 April 2021 to 31 March 2022 for which payment has not been received by 31 March 2022.
Regular monitoring of other assets is undertaken to ensure that the credit exposure is limited. This is firstly done
by determining the credit risk before making security deposits on leased properties and ensuring suppliers are not
paid in advance where there is uncertainty in relation to their credit worthiness.
The carrying values of financial assets represent the maximum exposure to credit risk as represented below:
GROUP
Notes
2022
($000)
2021
($000)
Cash and Cash Equivalents935,4124,129
Short Term Deposits970,00019,000
Trade and Other Receivables (excludes GST)103,8952,824
Other Assets (excludes prepayments)12 169 159
109,47626,112
(iv) Liquidity Risk
Liquidity risk is the risk that the Group may encounter difficulty in raising funds at short notice to meet its
commitments as they fall due. Management maintains sufficient cash balances and uses cash flow forecasts to
determine future cash flow requirements. The Group does not have any external loans but does have four finance
leases.
Payables and Accruals totaling $4,983,000 are due within 3 months of balance date (2021: $3,197,000).
Fair Values
In the opinion of the Directors, the carrying amount of financial assets and financial liabilities approximate their fair
values at balance date.
22. RELATED PARTIES
A shareholder, the University of Otago, provided services, including rental space and car parking, to the Group to
the value of $361,000 (2021: $340,000). The Group has commitments totaling $269,000 (2021: $267,000) with the
University of Otago in the next financial year.
Key Management Compensation
Key management personnel comprise of Directors and the Chief Executive Officer (current and retired) of Pacific
Edge Limited, and the Chief Executive Officer and Executive Chairman of Pacific Edge Diagnostics USA Limited.
Refer to Note 8 for details of the Incentive Plan that includes key management remuneration.
GROUP
2022
($000)
2021
($000)
Salaries and Other Short Term Employee Benefits2,2071,861
Consulting Fees105-
Share Options Benefits 445 313
Total Employee Entitlements2,7572,174
PACIFIC EDGE LIMITED ANNUAL REPORT 2022 6968 PACIFIC EDGE LIMITED ANNUAL REPORT 2022

Directors’ Fees
The current total Directors’ fee pool for non-executive Directors of Pacific Edge Limited, approved by the
shareholders at the Annual Shareholders Meeting on the 29th July 2021 is $465,000 per annum. During the year
ended 31 March 2022, Tony Barclay was appointed to the board (21st March 2022) and David Darling ceased on
the board (17th January 2022). The total amount of fees paid to Directors for the year ended 31 March 2022 was
$413,000.
The table below sets out the total fees approved for non-executive Directors of Pacific Edge Limited for the year
ended 31 March 2022 based on the positions held:
PositionQuantity
2022
Total Fees
Approved
2022
Quantity
2021
Total Fees
Approved
2021
Chair1$115,0001$80,000
Deputy Chair 1$70,0001$50,000
Non-executive Directors4$240,0002$88,000
Chair Audit & Risk Committee1$10,0001$5,000
Special Governance Allocation$30,000-
US-based non-executive Director-1$79,000
Total Fee Pool$465,000$302,000
23. FINANCE AND OPERATING LEASE COMMITMENTS
ACCOUNTING POLICY
The group leases various properties and equipment. Rental contracts vary depending on the type of asset
being leased. Lease terms are negotiated on an individual basis and contain a wide range of different terms and
conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for
borrowing purposes.
Contracts may contain both lease and non-lease components. The Group allocates the consideration in the
contract to the lease and non-lease components based on their relative stand-alone prices.
Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is
available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance
cost is charged to the Consolidated Statement of Comprehensive Income over the lease period to produce a
constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is
depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis.
(i) Measurement basis
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the
net present value of the following lease payments:
• Fixed payments (including in-substance fixed payments), less any lease incentives receivable;
• Variable lease payments that are based on an index or a rate;
• Amounts expected to be payable by the lessee under residual value guarantees;
• The exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and
• Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.
Lease payments to be made under reasonably certain extension options are also included in the measurement of
the liability.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily
determined, which is generally the case for leases in the group, the lessee’s incremental borrowing rate is used. The
incremental borrowing rate is the rate that the individual lessee would have to pay to borrow the funds necessary
to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms,
security and conditions.
To determine the incremental borrowing rate, the Group:
• Where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to
reflect changes in financing conditions since third-party financing was received;
• Uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by Pacific
Edge Limited, which does not have recent third-party financing; and
• Makes adjustments specific to the lease, e.g. term, country, currency and security.
The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are
not included in the lease liability until they take effect. When adjustments to lease payments based on an index or
rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset.
Lease payments are allocated between principal and finance cost. The finance cost is charged to the Consolidated
Statement of Comprehensive Income over the lease period to produce a constant periodic rate of interest on the
remaining balance of the liability for each period. The 2021 comparative for lease repayments in the Consolidated
Statement of Cashflows has been split between principal and interest to be comparable with the current year
reporting.
Right-of-use assets are measured at cost comprising the following:
• The amount of the initial measurement of lease liability;
• Any lease payments made at or before the commencement date;
• Any initial direct costs; and
• Restoration costs.
Right-of-Use assets are generally depreciated over the shorter of the asset’s useful life and the lease term on
a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the Right-of-Use asset is
depreciated over the underlying asset’s useful life.
Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis
as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets
include IT equipment and small items of office furniture.
PACIFIC EDGE LIMITED ANNUAL REPORT 2022 7170 PACIFIC EDGE LIMITED ANNUAL REPORT 2022

Right of Use Assets
GROUP
2022
($000)
2021
($000)
Cost
Opening Balance 3,914 2,518
Additions 179 2,588
Removals (Leases Completed) (366) (1,227)
Foreign Currency Translation(122) 35
Closing Balance3,605 3,914

Accumulated Depreciation
Opening Balance 937 937
Depreciation1,064 1,083
Reversal of Accumulated Depreciation (Leases Completed)(153) (1,204)
Foreign Currency Translation(73) 121
Closing Balance1,775937
Net Right of Use Assets Balance1,8302,977
Right of Use Assets Net Book Value
Buildings 1,792 2,624
Computer Equipment 38 62
Plant and Equipment- 291
1,830 2,977
Depreciation
Buildings1,018 966
Computer Equipment 24 18
Plant and Equipment 22 99
1,064 1,083
Expenses relating to Short Term and Low Value Leases 74 24
Total Cash Outflow relating to Leases 1,273 1,250
GROUP
Lease Liability
2022
($000)
2021
($000)
Opening Balance 2,878 1,554
Additions 148 2,587
Lease Terminated - Liability Reversed- (26)
Lease Repayments (1,230) (1,262)
Interest Charged 126 107
Foreign Currency Translation 1 (82)
Closing Balance 1,923 2,878
Split by:
Current Liability 1,072 1,098
Non-Current Liability 851 1,780
1,923 2,878
The maturity of the Lease Liabilities is as follows:
Less than one year 1,072 1,103
One to two years 671 999
Two to three years 51 595
More than three years 129 181
1,923 2,878
24. OTHER COMMITMENTS AND CONTINGENT LIABILITIES
a) Contingent Liabilities
There were no known contingent liabilities at 31 March 2022 (March 2021: Nil). The Group has not granted any
securities in respect of liabilities payable by any other party whatsoever.
b) Capital Commitments
There are no capital commitments at 31 March 2022 (March 2021: Nil).
25. COVID-19
Covid-19 continues to have had an impact on the throughput, revenue and expenses of the Group for the year
ended 31 March 2022. 
In the markets the Group operates in, measures have been employed by Governments in an attempt to limit the
spread of the virus. This has restricted the ability for people to visit clinics and have tests performed. 
While throughput quantities for the group for the year ended 31 March 2022 are up 46% on the prior year, the
restricted access to clinics has offset some of the increase expected from the increased Sales and Marketing
expenditure (up 55% on the prior year).
The benefits of the increased investment in Sales and Marketing are expected to be realised by the Group in the
next 12 months as Covid-19 restrictions are relaxed and/or removed.
The Group has Cash, Cash Equivalents and Short Term Deposits of $105,412,000, which provides confidence in the
ability of the Group to manage any on-going impacts caused by Covid-19.
26. SUBSEQUENT EVENTS
There are no subsequent events.
PACIFIC EDGE LIMITED ANNUAL REPORT 2022 7372 PACIFIC EDGE LIMITED ANNUAL REPORT 2022

PricewaterhouseCoopers, Westpac Building, 106 George Street, PO Box 5848, Dunedin 9058, New Zealand
T: +64 3 470 3600, pwc.co.nz


Independent auditor’s report
To the shareholders of Pacific Edge Limited
Our opinion
In our opinion, the accompanying consolidated financial statements of Pacific Edge Limited (the
Company), including its subsidiaries (the Group), present fairly, in all material respects, the financial
position of the Group as at 31 March 2022, its financial performance and its cash flows for the year
then ended in accordance with New Zealand Equivalents to International Financial Reporting
Standards (NZ IFRS) and International Financial Reporting Standards (IFRS).
What we have audited
The Group's consolidated financial statements comprise:
● the consolidated balance sheet as at 31 March 2022;
● the consolidated statement of comprehensive income for the year then ended;
● the consolidated statement of changes in equity for the year then ended;
● the consolidated statement of cash flows for the year then ended; and
● the notes to the consolidated financial statements, which include significant accounting policies
and other explanatory information.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs
(NZ)) and International Standards on Auditing (ISAs). Our responsibilities under those standards are
further described in the Auditor’s responsibilities for the audit of the consolidated financial statements
section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Independence
We are independent of the Group in accordance with Professional and Ethical Standard 1 International
Code of Ethics for Assurance Practitioners (including International Independence Standards) (New
Zealand) (PES 1) issued by the New Zealand Auditing and Assurance Standards Board and the
Int ernational Code of Ethics for Professional Accountants (including International Independence
Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code), and we
have fulfilled our other ethical responsibilities in accordance with these requirements.
Our firm carries out other services for the Group in the areas of half year review procedures and with
providing other assurance services. The provision of these other services has not impaired our
independence as auditor of the Group.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the consolidated financial statements of the current year. These matters were addressed
in the context of our audit of the consolidated financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.



PricewaterhouseCoopers, Westpac Building, 106 George Street, PO Box 5848, Dunedin 9058, New Zealand
T: +64 3 470 3600, pwc.co.nz


Independent auditor’s report
To the shareholders of Pacific Edge Limited
Our opinion
In our opinion, the accompanying consolidated financial statements of Pacific Edge Limited (the
Company), including its subsidiaries (the Group), present fairly, in all material respects, the financial
position of the Group as at 31 March 2022, its financial performance and its cash flows for the year
then ended in accordance with New Zealand Equivalents to International Financial Reporting
Standards (NZ IFRS) and International Financial Reporting Standards (IFRS).
What we have audited
The Group's consolidated financial statements comprise:
● the consolidated balance sheet as at 31 March 2022;
● the consolidated statement of comprehensive income for the year then ended;
● the consolidated statement of changes in equity for the year then ended;
● the consolidated statement of cash flows for the year then ended; and
● the notes to the consolidated financial statements, which include significant accounting policies
and other explanatory information.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs
(NZ)) and International Standards on Auditing (ISAs). Our responsibilities under those standards are
further described in the Auditor’s responsibilities for the audit of the consolidated financial statements
section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Independence
We are independent of the Group in accordance with Professional and Ethical Standard 1 International
Code of Ethics for Assurance Practitioners (including International Independence Standards) (New
Zealand) (PES 1) issued by the New Zealand Auditing and Assurance Standards Board and the
Int ernational Code of Ethics for Professional Accountants (including International Independence
Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code), and we
have fulfilled our other ethical responsibilities in accordance with these requirements.
Our firm carries out other services for the Group in the areas of half year review procedures and with
providing other assurance services. The provision of these other services has not impaired our
independence as auditor of the Group.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the consolidated financial statements of the current year. These matters were addressed
in the context of our audit of the consolidated financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.





PwC


Description of the key audit matter How our audit addressed the key audit matter
Determining the timing of revenue
recognition for US revenue
As disclosed in Note 5 of the consolidated
financial statements, the timing of revenue
recognition for US based revenue varies by
revenue stream between completion of the
Cxbladder test and receipt of cash.
The Company has two material United States
(US) revenue streams:
1. Coverage via Centers for Medicare and
Medicaid Services (CMS), and
2. Private Insurance.
In July 2020, the Company received Local
Coverage Determination (“LCD”) for CMS. This
determination created a set price for the
Company’s tests of US$760 per test from July
2020. This established a clear transaction price
for the tests. This transaction price, along with a
history of payment, satisfies the NZ IFRS
requirements for revenue recognition.
Accordingly, in the current year US derived
revenue for tests performed for CMS and
Medicare Advantage has been recognised in
advance of cash being received. Revenue for
these customers is recognised when the tests
are performed.
All other US derived revenue is accounted for
on a cash receipts basis as disclosed in Note 5.



Our audit procedures included the following:
We obtained an understanding of management's processes
and controls for the CMS and Private Insurance US revenue
streams, including the relevant controls at the external billing
reimbursement service organisation. We obtained the SOC1
System and Organisation Controls Report for the external
billing reimbursement service organisation, and evaluated
the evidence provided over the design and operating
effectiveness of the relevant controls.
We evaluated management's determination of whether a
contract with customers existed by:
● Assessing the data supporting revenue recognition for
CMS and Medicare Advantage to confirm that the
transaction price can be determined and collectability is
probable;
● Assessing the data supporting revenue recognition for
private insurance to confirm that the transaction price
and collectability is only probable when cash is received;
● Performing subsequent receipt testing to validate the
probability of collection of the year end receivable and
performing look back procedures over the prior year
receivable to test collection rates; and
● Evaluating the application of NZ IFRS 15 against
technical guidance and the accounting standards.
We have no matters to report from the procedures performed
above.

Our audit approach

Overview

Overall group materiality: $467,000, which represents 2.5% of (loss)/earnings
before interest, tax, depreciation and amortisation (EBITDA).
We chose earnings before interest, tax, depreciation and amortisation (EBITDA)
as the benchmark because, in our view, it is the benchmark against which the
performance of the Group is most commonly measured by users, and is a
generally accepted benchmark.
We tailored the scope of our audit in order to perform sufficient work to enable us
to provide an opinion on the consolidated financial statements as a whole, taking
into account the structure of the Group, the accounting processes and controls,
and the industry in which the Group operates.
As reported above, we have one key audit matter, being:
● Determining the timing of revenue recognition for US revenue.

PACIFIC EDGE LIMITED ANNUAL REPORT 2022 7574 PACIFIC EDGE LIMITED ANNUAL REPORT 2022

PwC


As part of designing our audit, we determined materiality and assessed the risks of material
misstatement in the consolidated financial statements. In particular, we considered where
management made subjective judgements; for example, in respect of significant accounting estimates
that involved making assumptions and considering future events that are inherently uncertain. As in all
of our audits, we also addressed the risk of management override of internal controls, including among
other matters, consideration of whether there was evidence of bias that represented a risk of material
misstatement due to fraud.
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain
reasonable assurance about whether the consolidated financial statements are free from material
misstatement. Misstatements may arise due to fraud or error. They are considered material if,
individually or in aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of the consolidated financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality,
including the overall Group materiality for the consolidated financial statements as a whole as set out
above. These, together with qualitative considerations, helped us to determine the scope of our audit,
the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both
individually and in aggregate, on the consolidated financial statements as a whole.
How we tailored our group audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion
on the consolidated financial statements as a whole, taking into account the structure of the Group, the
accounting processes and controls, and the industry in which the Group operates.
We selected transactions and balances to audit based on their materiality to the Group rather than
determining the scope of procedures to perform by auditing only specific subsidiaries or business
units.
Other information
The Directors are responsible for the other information. The other information comprises the
information included in the Annual report, but does not include the consolidated financial statements
and our auditor's report thereon. The Annual report is expected to be made available to us after the
date of this auditor's report.
Our opinion on the consolidated financial statements does not cover the other information and we will
not express any form of audit opinion or assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially inconsistent
with the consolidated financial statements or our knowledge obtained in the audit, or otherwise
appears to be materially misstated.
When we read the other information not yet received, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to the Directors and use our
professional judgement to determine the appropriate action to take.
Responsibilities of the Directors for the consolidated financial statements
The Directors are responsible, on behalf of the Company, for the preparation and fair presentation of
the consolidated financial statements in accordance with NZ IFRS and IFRS, and for such internal
control as the Directors determine is necessary to enable the preparation of consolidated financial
statements that are free from material misstatement, whether due to fraud or error.





PwC


In preparing the consolidated financial statements, the Directors are responsible for assessing the
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the Directors either intend to liquidate
the Group or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial
statements, as a whole, are free from material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with ISAs (NZ) and ISAs will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements is
located at the External Reporting Board’s website at:
https://www.xrb.govt.nz/assurance-standards/auditors-responsibilities/audit-report-1/
This description forms part of our auditor’s report.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our audit work has been
undertaken so that we might state those matters which we are required to state to them in an auditor’s
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the Company’s shareholders, as a body, for our
audit work, for this report or for the opinions we have formed.

The engagement partner on the audit resulting in this independent auditor’s report is Maxwell John
Dixon.

For and on behalf of:





Chartered Accountants Dunedin
25 May 2022

PACIFIC EDGE LIMITED ANNUAL REPORT 2022 7776 PACIFIC EDGE LIMITED ANNUAL REPORT 2022

Strong governance is fundamental to the performance of Pacific Edge Limited and Pacific Edge’s Board is
ultimately responsible for ensuring that the Company and its subsidiaries (the Group) maintain high ethical
standards and corporate governance practices.
Pacific Edge is committed to maintaining the highest standards of governance. It does this by ensuring that
its corporate governance practices are in line with best practice and the NZX Corporate Governance Code
(NZX Code). The Board believes that for FY22 and as at 22 June 2022, Pacific Edge's governance practices
are appropriately aligned with the NZX Code. Any exceptions are identified where appropriate under
Principles 1 to 8 below.
The key corporate governance documents referred to in this report are available on Pacific Edge’s website
https://www.pacificedgedx.com/investors/governance/.
PRINCIPLE 1: CODE OF ETHICAL BEHAVIOUR
“Directors should set high standards of ethical behaviour, model this behaviour and hold management
accountable for these standards being followed throughout the organisation.”
CODE OF ETHICS
Pacific Edge maintains high standards of ethical behaviour and has both a Directors’ Code of Ethics and
an Ethical Behaviour Policy for employees of the Company, setting out the standards that each Director or
employee must adhere to whilst conducting their duties. The Code and Policy are reviewed every two years.
General principles within both Policies include (but are not limited to) requiring all Directors and employees to:
• act honestly and with personal integrity in all actions;
• in the case of Directors, give proper attention to the matters before them and exercise their powers and
duties with a due degree of care and diligence;
• not make improper use of information acquired as a Director or employee, or of assets or resources of
the Company; and
• comply with Company policies at all times.
In particular, the Code and Policy cover conflicts of interest, gifts, confidentiality, behaviour and proper use
of assets and information. Pacific Edge’s policy is that donations are not made to any political parties.
Employees are encouraged to report any breaches. Pacific Edge has a Speak Up Policy that is designed
to ensure its employees and contractors are aware and encouraged to raise concerns regarding actual or
suspected wrong doing with regards to ethical, clinical, professional and legal standards in a safe, supported
and protected environment.
Processes have been established to ensure all employees are aware of and understand these Policies.
SHARE TRADING POLICY
Pacific Edge’s Board and management are committed to ensuring compliance with all regulatory and
market requirements. Pacific Edge’s Share Trading Policy, which applies to all employees and Directors but
has additional trading restrictions applying to Directors and Senior Managers is a core component of this
commitment. Details of Directors’ share dealings are set out on page 97 of this report.
These policies were most recently reviewed and updated in June 2020, and are scheduled to be updated by
the end of August 2022.
PRINCIPLE 2: BOARD COMPOSITION & PERFORMANCE
“To ensure an effective Board, there should be a balance of independence, skills, knowledge, experience
and perspectives.”
Pacific Edge’s Board operates under a written Board of Directors’ Charter (Charter) which sets out the
roles and responsibilities of the Board (and clearly distinguishes and discloses the respective roles and
responsibilities of the Board and management). The focus of the Board is the creation of company and
shareholder value and ensuring the Company is committed to best practice. The Charter is scheduled to be
reviewed at least every two years and was last reviewed by the Board in June 2020, and is scheduled for
review by the end of August 2022.
Responsibility for the day-to-day management of Pacific Edge has been delegated to the Chief Executive
Officer (CEO) and other Senior Management. Management is responsible for implementing the objectives
and strategies approved by the Board, through a set of delegated authorities.
The primary responsibilities of the Board include:
• Overall governance and providing strategic leadership
• Ensuring compliance with the Company’s constitution
• Setting clear goals for the Company, ensuring that there are appropriate strategies in place for
achieving those goals
• Monitoring the Company’s performance against its approved strategic, business and financial plans
• Appointment of the Chair and CEO
• Ensuring that the Company follows high standards of ethical and corporate behaviour
• Ensuring that the Company has appropriate risk management policies in place
• Appointing the Company auditors and setting the annual auditors fees
As at 31 March 2022, the Board was comprised of seven non-executive independent Directors. David Darling
stepped down from the Board on 17 January 2022; and Mark Green was appointed as an independent
director on 10 May 2021, and Tony Barclay was appointed as an independent Director on 21 March 2022.
The Chairman is an independent Director who is elected by the Directors. The Chairman and the CEO roles
are not executed by the same individual.
Directors are selected based on the diversity of skills needed as defined by the Company’s skills matrix
taking into account the composition of the Board in relation to the Company’s needs and operating
environment. The Board considers that its members currently have the appropriate balance of
independence, skills, knowledge, experience and perspectives necessary to lead Pacific Edge.
Posible focus of New
Board Appointments
Medicine/Science
Financial Acumen
Sales/Marketing/Distribution
Legal/Regulatory/Risk
Corporate Governance
New Market Development
Capital and Financial Markets
Health, Safety, Environment and Sustainability
■ High Capability ■ Moderate Capability
Details of each Director, along with their experience, length of service, independence and ownership
interests and attendance at Board meetings is included in this Annual Report. Director Profiles are available
on the Company’s website.
CORPORATE GOVERNANCE
CORPORATE GOVERNANCE
PACIFIC EDGE LIMITED ANNUAL REPORT 2022 7978 PACIFIC EDGE LIMITED ANNUAL REPORT 2022