Renalytix plc, a precision medicine company, released its unaudited financial results for the six months ended December 31, 2024. The companys lead testing service, kidneyintelX.dkd, is the only FDA-approved and Medicare-reimbursed prognostic test for early-stage risk assessment in chronic kidney disease. Renalytixs technology combines proprietary blood biomarkers, advanced machine learning algorithms, and clinical data to provide accurate measurements of chronic disease progression.
Key financial highlights include being on track to meet or exceed the target of 20% average quarter-to-quarter growth, with forward guidance on expected revenue remaining at $3.2 million for FY25, $8.5 million for FY26, and $17.5 million for FY27. Revenues for H1 FY25 were $1.3 million, with continued sales growth into Q3 FY25. Commercial insurance reimbursed testing revenue increased by 28% over H1 FY24, and the total number of commercial payers rose by 51%.
The company made significant progress in reducing its overall cash burn rate and expects to reach its target of c.£560,000 ($710,000) per month by the end of FY25. Administrative costs were reduced by 56.5% to $8.0 million. Cash and cash equivalents as of December 31, 2024, were $9.2 million, up from $4.7 million as of June 30, 2024.
Renalytixs commercial strategy is showing strong progress, with approximately 850 doctors ordering over 15,000 kidneyintelX.dkd tests to date. The company has diversified its revenue and doctor base with the full rollout of ACPNY care in New York. Operational improvements have led to a 65% reduction in the time from billing to payment received and a 50% reduction in laboratory test turnaround time.
The Chairmans statement emphasizes the companys progress in delivering consistent test sales growth and meeting revenue expectations. The unique prognostic test, kidneyintelX.dkd, supports improved patient outcomes and reduces costs associated with chronic kidney disease management. With increasing sales and strategic interest, the market is recognizing the benefits of kidneyIntelX in patient care.
