Now here is an interesting little snippet for you while we wait for some news - I have attached the map from the Capital Raising document of October 2013 in which Pacific Edge identified the proposed targeted sales territories (how long ago is that? about 16 months ....) I have edited it so that each circle is an identifiable marketing person.
Attachment 7100........................Attachment 7101
I have identified another state covered by an Account Executive of which there are now 12. There are still two that I cannot identify where they are operating, but I do know their start dates.
I have attached an image showing how Pacific Edge Diagnostics (USA) have increased the number of account executives to (
12) in 2013 & 2014. The image also shows the ramp up of Pacific Edge Limited (NZ) staff to support the development and commercialisation.
I cannot comment any further on the uptake of the test; or, the transition from 'User Program' to commercial agreement, because we do not have that information and any prediction would be totally uniformed and irresponsible. And that comment applies equally to both sides of the argument.
Attachment 7103
Of the states where we do know that Pacific Edge Diagnostics have a presence (coloured red) the figures are very interesting. According to the Urology Register there are
11,396 practicing clinicians. The states where Pacific Edge Account Executives have been identified as operating in (two are unidentified as yet) numbers
6 and covers a total of
3,421 urologists or
30% of American Urologists.
This figure could be more because of the two unidentified Account Executives; however, we will park that for the moment; it is a moot point - I think though that this is a really smart allocation of resources. And confirms that the marketing research that Pacific Edge had undertaken and published in the Capital Raising document 2013 is being delivered to share holders.
Keep in mind too that the total number of Urologists in Australasia (NZ & Aust) is ~
300
Attachment 7104
Now, here is an image showing the start dates of the Account Executives and the vertical red lines show the financial periods - the green squares are training and area introduction periods so wouldn't contribute to "Marketing Time". As can be seen by the graphic, March 2014 USA revenues were $95,000 and achieved with two Account Executives for a total of 10 selling months (5 months each). September 2015 USA revenues were $474,000 and achieved with 8 Account Executives for a total of 21 selling months. The March 2015 revenues will be achieved using 12 Account Executives for a total of 74 sales months.
Attachment 7099
In summary, I think that Pacific Edge have certainly ramped up the number of Account Executives and the commercialisation support. They have a great product that is streets ahead of the competition and they are marketing it very intelligently indeed.
CxBladder is a truly disruptive technology because Urine Cytology partnered with Cystoscopy has been the gold standard for a couple of decades. This technology will change the way clinicians diagnose urothelial cancers - however, Pacific Edge identified early that there was a pre-purchase dissonance with urologists; meaning that they would rather wait until it is all proven and included in the clinical pathways. To counter this, Pacific Edge introduced the 'User Program' whereby Pacific Edge would work with urologists to identify the value proposition that best suited their practice and run their tests through the lab. This allows the urologist to test drive the test in a hands on situation and by all accounts they are being very successful. We will see how these 'User Programs' are being turned into commercial agreements when the next report is released. Can anyone realistically predict what is going on? I personally do not think so.