Renalytix PLC on Thursday confirmed that trading during the third quarter of its current financial year is in line with its expectations, and reported the firm has reached a key milestone in processed tests.
Shares in Renalytix were up 13% at 8.50 pence each in London on Thursday morning. The stock is down 71% over the past year.
The London-based diagnostics company said it has delivered a 20% rise in revenue during its third quarter, against revenue in its second quarter.
Renalytix also on Thursday said it has reached a ‘key’ milestone of processing more than 1,000 billable tests within the third quarter, which was partly driven by the onboarding of an unnamed ‘large’ New York-based primary care network in September 2024.
Direct to physician sales efforts have supported the growth in testing revenues, too, Renalytix added.
‘Billable testing volume paid by insurance companies, including Medicare, continues to grow and I am very pleased we have crossed the 1,000 billable testing mark. We remain on track to meet our full year expectations and expect to expand distribution of kidneyintelX.dkd with initiatives from both new insurance payors, care networks and hospital systems this year,’ said Chief Executive Officer James McCullough.
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