LOL... Please see my disclaimer in previous post... :-)
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back down to 18 cents must be a buy now????? Oh wait DYOR
Interesting activity today, WHATSUP ?
Well Chris Gallagher purchased 200k shares and Sarah Park bought about 23k.
Normally insiders buying is seen as a bullish signal.
https://www.nzx.com/announcements/335768
I wrote to Pacific Edge seeking clarification on the revenue from CMS tests undertaken. My email is first, then their reply below, then some comments from me.
I'm a shareholder seeking clarification on some statements made by Pacific Edge about revenue recognition for tests on CMS patients.
One statement was:
As at 31 March 2019, Pacific Edge has completed and invoiced a total of 17,015 tests for CMS patients in the USA, for which we are yet to be reimbursed.
The other from your consolidated financial statements was:
US customers – patients covered by CMS The Group has judged it is not probable that any consideration will be received from CMS as inclusion in the Local Coverage Determination (LCD) with the CMS has not yet been obtained. Therefore, no revenue is recognised for any patients covered by CMS"
So, when you state ".. it is not probably that any consideration will be received from CMS", do you mean any consideration received won't be recognised in the period to 31 March, 2019?
Or, do you mean that you don't expect to receive any consideration at all for the tests undertaken in that period on CMS patients?
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Thanks for your email and questions on how the revenue from Cxbladder tests for CMS patients is recognised. There are two parts to this, as you have identified:
- Cumulatively to 31 March 2019, 17,015 tests have been performed for CMS patients for which Pacific Edge has not been paid. Until Cxbladder is included in the LCD, it is unknown what level of revenue will be received for these tests and because of this uncertainty, no revenue can be recognised. The accounting policy that you have picked up from the consolidated financial statements refers to the treatment of revenue in the 2018 and 2019 financial years.
- Once Cxbladder has been included in the LCD, Pacific Edge will discuss the reimbursement of all tests performed for CMS patients with the CMS. All 17,015 tests have been invoiced to the CMS but the discussion on payment for these tests can only be done once the LCD inclusion is obtained.
Kind regards
Pacific Edge Limited
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This raises 3 questions for me?
(1) 17K tests is well beyond a trial- so why would PEB do so many unless they believed they would eventually get paid for them?
(2) Would the US Government as the operator of CMS, not pay their bills to an important supplier, just because the required approval was received retrospectively?
(3) If PEB can undertake 17K tests to date and there is an ongoing need for them and no indication that CMS are no longer wanting PEB to do them, won't this read to a big jump in eventual revenue?
DYOR
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