Pacific Edge Shares Plummet 63% Following Medicare Reimbursement Ruling

Cancer diagnostics company Pacific Edge Limited (NZX: PEB) faced a sharp 63% drop in its share price to $0.050 in early Monday trading after a trading halt was lifted. The decline follows a decision by Novitas, the Medicare administrative contractor for its U.S. laboratory, to end reimbursements for its Cxbladder Triage, Detect, and Monitor tests.

Pacific Edge criticized Novitas for disregarding updated peer-reviewed evidence and misinterpreting the standard of care in evaluating hematuria patients. The company asserts that the ruling is based on a flawed analysis and fails to recognize advancements in diagnostic procedures.

This development raises significant concerns about the company’s U.S. revenue streams, with investors reacting strongly to the reimbursement decision.

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