Renalytix PLC on Thursday said its new commercial strategy is working and that it is delivering growth from its Direct-to-Doctor sales force.
The London-based diagnostics company said it was on target to sharply reduce cash burn by June next year.
Executive Chair Julian Baines said on Thursday, before Renalytix held its annual general meeting the same day: ‘We remain confident that continued growth will deliver our estimated $3.2 million revenue target for the year ended June 2025. We also remain steadfast in aligning management and shareholder interests through performance related long-term incentive plans and management market share purchases during open periods. Our goal remains that of delivering significant value to our fellow shareholders.’
Earlier in December, Renalytix said it appointed Robert Naylor as non-executive director.
Naylor is the chief executive officer & co-founder of Intuitive Investments Group PLC, a specialist funds segment investment company that provides investors with exposure to ‘fast growing’ technology and life sciences businesses.
He is also the former chair of Hipgnosis Songs Fund Ltd.
In late November, the company hailed continued test ordering momentum at a ‘large’ New York-based physician group practice, after test ordering and processing started in September.
Renalytix back then said it expects revenue of $3.2 million in financial year 2025, up 40% from $2.3 million it had reported for financial 2024. The firm expects revenue to further rise to $8.5 million in financial 2026 and to surge to $17.5 million in financial 2027. The company’s financial year ends on June 30.
In October, Renalytix said it started trading on the OTCQB in the US.
Chief Executive Officer James McCullough at the time said: ‘Moving to the OTC along with our continued shares listing on the London Stock Exchange significantly decreases our general and administrative costs as a public company. Along with other actions taken within the business, this allows us to redirect valuable capital resources towards the commercialization of kidneyintelX and focus on delivering shareholder value.’
Renalytix shares closed 4.7% higher at 9.95 pence each on Friday in London.
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