Renalytix Q1 FY2024 revenue drops 50% YoY to $0.5M; net loss $10.2M; cost cuts underway

Renalytix plc

2024-Q1 EPS reported -$0.11 revenue$459,000

Revenue $0.5M, down 50% from $1.0M in Q1 FY2023; net loss $10.2M vs $12.0M.
Cost cutting to reduce payroll >35% and total SG&A >30% YoY; cash $13.9M.
Testing volumes 1,297 (56% billable); CMS recommended $950/test for kidneyintelX.dkd, decision Dec 2023.
Howard Doran appointed chief business officer; financing discussions for runway through early 2026.
Expanded commercial payor coverage: BlueCross BlueShield Texas (7M members), Parkland, PNOA.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Renalytix plc reported first quarter ended September 30, 2023 results: revenue $0.5 million, net income Net loss was $10.2 million.

Period: first quarter ended September 30, 2023
Revenue: $0.5 million
Net income: Net loss was $10.2 million
Result: reported results

Exact text from the filing

During the three months ended September 30, 2023, the Company recognized $0.5 million of revenue, compared to $1.0 million for the three months ended September 30, 2022.

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Source: SEC EDGAR

accession 0000950170-23-063352

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