Cxbladder Test Volumes Resilient in the Face of Headwinds

Pacific Edge today announces test volumes processed at its laboratories in the second quarter of the 2024 financial year (Q2 24) fell 12% to 8,525 from 9,704 in the prior quarter (Q1 24) amid the reorganization of our US operations and publicity on the Medicare coverage determinations.

However, the volume of tests processed in Q2 24 represents an 8% increase on the 7,864 tests processed in the same quarter of the prior year (Q2 23). The reorganization, detailed in the company’s Q1 24 investor update also released today, weighed on sales activity in August and early September.

Meanwhile, volumes were also impacted by some uncertainty among physicians and healthcare providers over Cxbladder’s coverage status following the Medicare non-coverage determination in June by Novitas and then its July withdrawal. These effects were exacerbated by the normal July holiday season lull.

Tests processed in our US laboratory were 7,335 tests in Q2 24, a 15% decrease on the 8,627 tests in Q1 24. The figure represents a 9% increase on the 6,699 tests processed in Q2 23. The number of unique ordering clinicians in the US fell 7% through the quarter to 1,147 but is up 17.3% on the 978 clinicians who ordered tests in Q2 23.

Asia Pacific volumes in Q2 24 were 1,190 up 10% on the 1,077 tests processed in Q1 24, and up 2% on the 1,165 tests processed in Q2 23 with the quarter-on-quarter increase largely reflecting an increase in test volumes associated with clinical studies in the region.

View the Investor Update.