Renalytix, the developer of a blood-based kidney health risk test, on Wednesday reported $969,000 in first-quarter fiscal 2023 revenues, a more than twofold increase over $482,000 in the prior-year quarter, but missing analysts’ average estimate of $1.1 million.
During the quarter ended September 30, the company conducted more than 1,200 KidneyIntelX tests, of which more than 80% were billable.
The test uses a machine-learning enabled algorithm to process predictive blood biomarkers with key features from a patient's health record to generate an early kidney health risk score. The score identifies those patients at the most risk for kidney disease progression and/or failure and further guides ongoing clinical decisions.
Among the highlights for the company during and after the recently completed quarter, Renalytix reported that it has obtained new commercial coverage for KidneyIntelX, inking 30 private insurance and network provider contracts to date. Those include contracts with the largest private payer in Illinois with 8.1 million members, and the largest independent provider network in the tristate North Carolina, South Carolina, and Virginia region, with more than 100,000 health care providers in-network.
The London-based firm was granted Medicare coverage for KidneyIntelX through the individual claims review process based on clinical lab fee schedule (CLFS) pricing of $950 per test; 33 state Medicaid programs are contracted to date.
Renalytix posted a net loss of $12 million, or a loss of $.16 per share, compared to a net loss of $10.1 million, or a loss of $.14 per share, in the prior-year quarter, missing analysts’ average estimate for a loss of $.13.
At the end of its first quarter, the firm had cash and cash equivalents of $31 million.
In early Wednesday afternoon trading on the Nasdaq, shares of Renalytix were up more than 2% to $1.93.
