Pacific Edge (PEB) held its annual shareholder meeting in Dunedin this week, outlining its rollout in the US and second product launch in New Zealand, which is targeted for the US next year.
Since 2005, Pacific Edge had ploughed more than $55million into research and development, IP protection and international marketing. Its mainstay Cxbladder diagnostic tool is now beginning to make inroads into the crucial US market, and in Southeast Asia.
Revenue for the past year climbed to $1.9million, while expenses rose to $14.8million.
PEB chairman Chris Swann said the company was building the business scale by creating more products and driving its mainstay Cxbladder tests in an increasing number of markets.
''Our high-growth strategy is firmly in place and we are now starting to see some good traction from our long term investment,'' he said in a statement.
He said the US remained the primary market and offered a massive opportunity for PEB, with ''millions of potential test opportunities''.
In May PEB announced a settlement with the Financial Markets Authority, over what the FMA considered breaches of continuous disclosure obligations.
It paid final compensation to affected investors of $365,000, which could have been as high as $500,000.
From a share price high of 93c last September, PEB shares have steadily eased and traded around 61c yesterday.
PEB's cash and cash equivalents at the end of March this year stood at $7.82million, while a successful capital raising was completed in July this year, raising a total $35.3million.
PEB remains debt-free with funding from capital and a $600,000 technology grants, announced this week, the company said.
PEB is also in the second year of funding from a $4.5million Callaghan Innovation Grant, which is spread over three years.
''Funds will be invested into expanding the commercial programme in the US, launch of new Cxbladder products, evaluation of Southeast Asia opportunity and subsequent commercial programme in Southeast Asia,'' the company said.
Shareholders heard there were a further two products in the pipeline and PEB was on track to deliver its third product to the market, later this year.
