Medicare Coverage Decision for Pacific Edge Still Pending

Highlights:

• Ongoing Medicare Discussions: Pacific Edge (NZX: PEB) awaits a decision from Novitas and CMS on the Local Coverage Determination (LCD) for 'Genetic Testing for Oncology,' with no definitive timeline available.
• Reimbursements Maintained: Pacific Edge's Cxbladder tests will continue to receive Medicare and Medicare Advantage reimbursements at historical rates, adhering to medical necessity guidelines.
• Company Updates: Pacific Edge will keep shareholders informed about the LCD status and resolution timeline, with no further comments until a final decision is reached.

Ongoing Discussions

Pacific Edge (NZX: PEB), a cancer diagnostics company based in Dunedin, New Zealand, is awaiting a crucial decision from Novitas, the Medicare Administrative Contractor (MAC) responsible for their US lab. Novitas is in discussions with the Centers for Medicare & Medicaid Services (CMS) regarding the Local Coverage Determination (LCD) for 'Genetic Testing for Oncology' (DL 39365). Despite expectations for a decision within 365 days of the initial posting, a definitive timeline for finalization remains unavailable.

Impact on Reimbursements

As deliberations continue, Pacific Edge's Cxbladder tests, including Cxbladder Triage, Detect, and Monitor, will maintain reimbursement from Medicare and Medicare Advantage payers. These reimbursements will adhere to historical rates and medical necessity guidelines. The company's proactive communication with Novitas has confirmed the ongoing discussions but provided no further clarity on when a decision might be reached.

Company Outlook

Pacific Edge remains hopeful that Novitas will finalize the LCD soon, although the exact timing is uncertain. The company is committed to keeping shareholders informed as they gain more information about the LCD's status and resolution timeline. Until a final decision is announced, Pacific Edge will refrain from making additional comments on the matter.

The outcome of these discussions is critical for Pacific Edge, as it will determine the future reimbursement framework for their innovative cancer diagnostic tests. Shareholders and stakeholders are advised to monitor the company's updates closely for any developments.

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