Renalytix plc share price (LSE: RENX) was down today after the leader in AI-enabled diagnostics for kidney disease, provided a business update ahead of its AGM held on 19 December 2024 in London.
Key Highlights
- Funding and Financial Targets: Successfully completed a £11.8 million funding round, with a focus on delivering scalable revenue and reducing costs. The company targets $3.2 million in revenue for the year ending June 2025 and aims to significantly lower cash burn by mid-2025.
- Commercial Success: KidneyintelX.dkd, the first FDA-approved and Medicare-reimbursed prognostic test for kidney disease, achieved full Medicare reimbursement at $950 per test. This milestone provides coverage for over half of Renalytix’s U.S. addressable market of 14 million diabetic kidney disease patients.
- Strategic Growth: Leveraging electronic health record (EHR) integration, the company’s commercial strategy enables automatic patient identification and drives efficiency in its Direct-to-Doctor sales approach. Recent successes include onboarding a large New York-based primary care network in September 2024.
- Operational Momentum: Test orders per sales representative reached record levels, reflecting growing adoption among front-line doctors. Discussions with additional group practices are underway, with new partnerships expected in 2025.
Outlook
Renalytix is confident in its ability to scale kidneyintelX.dkd adoption, reduce costs, and align shareholder interests through performance-related incentives. The company remains focused on addressing the burden of chronic kidney disease in the U.S., where the test is already demonstrating real-world success in improving diagnosis, prognosis, and treatment rates.
Executive Chairman Julian Baines expressed optimism about continued growth, emphasizing the company’s commitment to creating significant shareholder value.
This update underscores Renalytix’s strategic progress in transforming kidney disease management and driving commercial expansion.
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