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Renalytix Posts $2.9M in Revenue for Fiscal 2022

NEW YORK — Renalytix reported on Monday $2.9 million in revenues for its full fiscal year 2022, nearly double the $1.5 million reported for fiscal year 2021.

The London-based firm boasted it now has commercial coverage contracts with 28 private insurance and network provider companies and it secured Medicare payment authorization for its KidneyIntelX blood-based assay for acute and chronic kidney disease detection at a price of $950 per test. The company said it is close to finishing its work with the Food and Drug Administration on de novo marketing authorization for KidneyIntelX, and it expects a decision from the agency in the first quarter of calendar year 2023.

The firm also said it issued 1,200 patient KidneyIntelX test reports in Q1 2023, which ended Sept. 30, double the volume from the quarter one year previous.

For fiscal 2022, Renalytix reported a comprehensive loss of $67.9 million compared to a comprehensive loss of $19.4 million in fiscal 2021. Its loss from continuing operations for FY 2022 was $56.7 million, or $.78 per share, versus $31.0 million, or $.43 per share, in FY 2021.

The company's administrative costs rose year over year to $58.3 million from $33.3 million.

Renalytix had $41.3 million in cash and cash equivalents as of June 30.

Company shares were up $.23 in early morning trading on the Nasdaq to $1.95.