Renalytix PLC (AIM:RENX) shares moved up on Thursday thanks to an upbeat trading update, revealing a 20% rise in third-quarter revenue.
The company, which specialises in artificial intelligence-enabled in vitro diagnostics, told investors it processed more than 1,000 billable kidneyintelX.dkd tests in the quarter.
That marks a new company record, with performance boosted by the onboarding of a New York-based primary care network, plus traction from direct-to-physician sales.
"Billable testing volume paid by insurance companies, including Medicare, continues to grow and I am very pleased we have crossed the 1,000 billable testing mark,” chief executive James McCullough said.
“We remain on track to meet our full-year expectations and expect to expand distribution of kidneyintelX.dkd with initiatives from both new insurance payors, care networks and hospital systems this year."
In London, Renalytix shares rose 13.3% to trade at 8.5p which values the firm at around £28 million.