Verici Dx (LSE:VRCI), the AIM-listed developer of clinical diagnostics for organ transplant patients, generated total revenues of $3.7m in the year ended 31 December 2025, up from $3.3m a year earlier, as its lead Tutivia test moved from pilot to commercial traction for the first time.
The $2.9m recognised from Tutivia sales compared with nothing in 2024, though the figure came in slightly below market expectations, with $3.2m worth of tests ordered during the year reflecting timing differences in revenue recognition.
License income, comprising a $0.8m milestone payment from Thermo Fisher Scientific for the pre-transplant risk assessment product, fell from $3.3m in 2024, reflecting the expected cadence of milestone payments under that contract.
The adjusted EBITDA loss widened to $6.2m from $5.4m, with the company investing in its commercial team, which stood at ten people at the time of reporting.
Test adoption accelerated sharply: 1,173 Tutivia tests were ordered in 2025, up roughly 250% from 334 in 2024, with centres representing 20% of annual US kidney transplants now using the product.
Momentum has continued into the current year, with 392 tests ordered in the first quarter of 2026, up 32% on the fourth quarter of 2025 and described by management as "significantly ahead" of their expectations.
"We are confident that our clinical and regulatory foundations will continue to show successful commercial traction across 2026 and beyond," said chief executive Sara Barrington.
The company's Protega test for longer-term fibrosis outcomes remains on track for a research-use-only launch before the end of 2026.
