Renalytix PLC (AIM:RENX, OTC:RNLXY, FRA:2O9) shares dropped 25% to 4.25p after the company posted first-half revenues of $1.6 million and flagged slower-than-expected progress in rolling out its kidney disease diagnostic test.
The company, which develops the FDA-approved and Medicare-reimbursed kidneyintelX.dkd test for early-stage diabetic kidney disease, said full-year revenue is now expected to reach $4 million, up from $3 million in the previous year.
Delays stemmed from the complexity of integrating test ordering into large healthcare providers’ electronic medical record systems, although Renalytix said it had completed three new integrations during the period and expects three more in the current quarter.
The company is planning a pilot with a large US regional healthcare system covering 1,000 patients, with potential to reach over 40,000. Medicare reimburses the test at $950 per result.
Renalytix is also progressing a real-world evidence study to support broader adoption of kidneyintelX.dkd and is in discussions with strategic partners for additional support.
Collaboration with Tempus AI continues, with the companies exploring opportunities in cardio-kidney-metabolic health.
The company is relocating lab operations to reduce costs and expects $1 million in savings over five years. Cash stood at $6 million at the end of December.