Renalytix (AIM:RENX) has reported flat revenue of $3.0 million for the twelve months to 30 June, unchanged from the prior year, as the AIM-listed kidney disease diagnostics company shifted toward a partnered distribution model that has since produced a national agreement with Quest Diagnostics.
The company's KidneyIntelX platform uses artificial intelligence to assess early-stage risk in chronic kidney disease, and its kidneyintelX.dkd test holds FDA approval and Medicare reimbursement for diabetic kidney disease, the only prognostic test of its kind to do so.
Commercial test revenues fell to $2.2 million from $2.7 million a year earlier, which Renalytix attributed to a smaller sales team and the timing of electronic medical record integrations as it moved away from a direct sales approach.
Life sciences revenue rose to $0.8 million from $0.3 million on higher research and clinical study-related testing.
Underlying EBITDA loss narrowed to $12.1 million from $14.0 million, while the operating loss fell to $14.0 million from $17.2 million, helped by a $3.2 million reduction in administrative costs to $15.2 million.
The pre-tax loss for the period was $14.7 million, against $21.8 million a year earlier, and the loss for the period was $14.2 million compared with $20.4 million previously.
Cash and cash equivalents stood at $1.4 million at 30 June, down from $3.6 million a year earlier.
Since the period end, Renalytix has executed a multi-year national distribution agreement with Quest Diagnostics, announced in September, giving clinicians access to order kidneyintelX.dkd through Quest's connectivity across all 50 US states and its network of roughly 2,000 patient service centres and 6,000 phlebotomists.
The company said the arrangement removes the need for bespoke IT integration work with individual health systems and is expected to allow physician ordering to begin in the first quarter of 2027, with a target of roughly 25,000 tests ordered that year.
Renalytix also raised $14 million gross through an over-subscribed institutional placing in September to support the Quest collaboration, and converted $4.6 million of debt into equity, leaving no convertible debt outstanding.
During the twelve-month period itself, the company had raised $9 million gross through an over-subscribed placing and retail offer in September 2025, and converted $4.2 million of debt into equity in October 2025.
A June 2026 outcomes study spanning 2,470 patients across Mount Sinai Health System and Wake Forest/Atrium Health showed use of protective medications rose by up to 70% over two years in patients tested with kidneyintelX.dkd, with 29% of higher-risk patients shifting to a lower risk category after 12 months of repeat testing.
The company also completed relocation of its New York laboratory to Long Island City, more than tripling testing capacity at roughly a third of the previous facility cost, part of a push toward a target annual testing throughput of 200,000 by 2028.
Chief executive James McCullough said the Quest agreement, the outcomes publication and the September balance sheet renewal had "significantly altered our ability to grow our kidneyintelX.dkd commercial testing program in 2027 and beyond."
Renalytix has also submitted a CE marking application to support planned expansion into European markets.
