However, the company's long-suffering shareholders took umbrage and its shares were hammered, down at the close by 16% at 18c, almost 28% down on a year ago.
As of March, Pacific Edge has $12.9million cash in hand, following recent capital raising of $12million.
For the past year, Pacific Edge's total operating revenue rose from $3.4million a year ago to $3.81million, operating expenses declined from $24.6million to $23million and its loss this year declined from $19.6million to $17.9million.
Since listing in 2003, Pacific Edge has accumulated consecutive losses totalling $132.9million.
Pacific Edge chief executive David Darling said many of the foundations for commercial success had been completed.
''We have a proven business model and a growing list of compelling clinical evidence published in top-tier international journals,'' he said in a NZX statement yesterday.
While the United States remains the key market to turning a profit, the company said based on sales and demand, the New Zealand business is expected to become cashflow positive during full year 2020.
Under numerous health boards, up to 3million New Zealanders are covered for use of Cx-bladder diagnosis, but it is tens of million of people covered in the US which has the potential to get Pacific Edge into a cashflow positive position.
The US service providers include heavyweight blue-chip organisations Kaiser Permanente, Johns Hopkins Medicine, the Veterans Administration and Tricare, the Centers for Medicare and Medicaid Services (CMS).
Chairman Chris Gallaher said the board is committed to achieving the key milestone of cashflow break-even for the group.
''The barriers to entry for medical devices are high and Pacific Edge remains the only company in the world to have bought a new diagnostic for urothelial cancer to market in the last 17 years,'' he said.
Total laboratory throughput, which includes commercial sales as well as tests from user programmes, grew to 15,697 tests for the year, up 9%.
Pacific Edge cut total expenses by 7% to $23million and said its net operating cash outflow was $17.5million for the year, a 3% improvement on the previous period.
Given the success in New Zealand with the commercial contracting of public healthcare providers, Pacific Edge has increased its focus on large institutional healthcare organisations in the US, Southeast Asia and Australasian markets, BusinessDesk reported
Pacific Edge said two of the three milestones required for US national public reimbursement were completed during the year to March 31 and progress continues to be made with the third and final reimbursement milestone, which is to have Cxbladder included in a ''local coverage determination''.
This allows for reimbursement of tests used by patients covered by the CMS. The CMS currently accounts for about 50% of Pacific Edge's total laboratory throughput in the US.
- Additional reporting BusinessDesk
