Loading...
•
Dec 31, 2023
•/
Renalytix Q2 2024 Earnings Report
Renalytix's revenue decreased due to lower KidneyIntelX billable testing volumes and reduced pharmaceutical services revenue, while operating expenses also decreased due to cost-cutting measures.
Key Takeaways
Renalytix reported $0.7 million in revenue for the second quarter of fiscal year 2024, a decrease compared to the $1.192 million reported in the same period last year. The company's net loss was $8.5 million, an improvement from the $10.4 million loss in the prior year. Operating expenses were reduced to $8.9 million from $10.1 million in the prior year. Cash and cash equivalents totaled $5.6 million as of December 31, 2023.
Revenue for KidneyIntelX sales was $0.7 million.
KidneyintelX.dkd was officially included in the CMS lab fee schedule at $950 per test.
NGS resumed consistent payment for tests under individual claims review, allowing revenue recognition of 318 tests billed to Medicare.
Total billable volume was 734 tests.
Renalytix
Renalytix
Renalytix Revenue by Segment
Revenue by Segment
KidneyIntelX Revenue
CapyFin.com Forward Guidance
Renalytix has taken significant actions to lower annual expenditures with a targeted annualized cash burn rate of under $23 million within our fiscal third quarter of 2024 (down from $37 million in the 2023 fiscal year), while preserving revenue generating activity.