
Kidney Disease Management Company Renalytix Reports Full Year Results; Mitigating Cash Burn Key to Future Success
Renalytix plc (NASDAQ: RNLX) an AI-enabled in vitro diagnostics company specializing in kidney disease management, has released its financial results for the fiscal year ending June 30, 2023. Notable achievements in the fiscal year include:
1) 5,000 KidneyIntelX tests performed in fiscal year 2023, up 55% from the prior year.
2) The FDA has granted marketing authorization to Renalytix for its KidneyIntelX.dkd™ prognostic test in June, making it a first-in-class, AI-enabled prognostic testing platform for adults with type 2 diabetes and early-stage chronic kidney disease (diabetic).
3) Recognition in the draft Kidney Disease Improving Global Outcomes (KDIGO) 2023 Clinical Practice Guideline
4) Renalytix obtained commercial insurance coverage contracts for KidneyIntelX from EmblemHealth, covering over three million lives in New York Tri-state region, CareFirst BlueCross BlueShield, the largest health care plan in the U.S. Mid-Atlantic region, and Texas Blue Cross Blue Shield and Parkland Community Health Plan covering over seven million lives. Furthermore, the company has two Medicare LCD evaluations underway with two separate Medicare Administrative Contractors.
5) Renalytix completed a $20.3 million equity financing round and reduced annual operating expenses by over $11 million. The company ended the year with 24.7 million in cash and cash equivalents.
Revenue for the year remained relatively significant at $3.4 million. The stock has been under significant pressure and the key concern for investors remains whether the company will be able to continue to mitigate losses through continued clinical adoption, reimbursement progress, and continued cash management.