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Mar 31, 2024
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Renalytix Q3 2024 Earnings Report
Renalytix's financial results for Q3 2024 were reported, highlighting progress in commercial adoption, expense reductions, and strategic initiatives.
Key Takeaways
Renalytix reported $0.5 million in revenue for Q3 2024, a decrease from $0.7 million in the same period last year. The company's operating expenses decreased to $6.5 million from $11.0 million year-over-year, and the net loss was $7.7 million, compared to $12.1 million in the prior year period. Cash and cash equivalents totaled $4.7 million as of March 31, 2024.
KidneyIntelX was included as the only biomarker test for prognostic risk assessment in a landmark update of international clinical practice guidelines.
A Medicare Local Coverage Determination draft was issued for FDA-authorized kidneyintelX.dkd by Medicare contractor National Government Services (NGS), with final issuance expected in the near term.
The formal launch of the FDA-authorized kidneyintelX.dkd occurred in April 2024.
Operating expense reduction continued with a 50% year-over-year reduction in head count and approximately 40% total lower operating costs.
Renalytix
Renalytix
Forward Guidance
The company did not provide specific forward guidance in the earnings report.