(Alliance News) - Renalytix PLC said Tuesday it booked some revenue in the first quarter of its financial year, but its loss widened as it spend more to develop its products and bring them to market.
The Cardiff-based artificial intelligence-enabled diagnostics company, focused on optimising the clinical management of kidney disease, reported revenue of USD482,000 for the three-month period ended September 30, compared to none a year ago.
Operating expense more than doubled to USD12.1 million from USD5.4. The company cited research and development expenses - up to USD4.0 million from USD1.7 million - within its overall operating expense for the rise. It said the costs were primarily for professional fees from continued utility studies at Mount Sinai Health System, a hospital network in New York, and the beginning of utility studies at Wake Forest University and the University of Utah.
General and administrative expenses nearly doubled to USD8.1 million from USD4.1 million. Renalytix said the increase was primarily due to an increase in compensation and related benefits, including share-based payments, due to increased headcount, as well as an increase in consulting and professional fees as the company continues to grow.
In line with previous years, Renalytix said it won't pay a dividend. The company said it does not expect to pay a dividend for the "foreseeable future".
Shares in Renalytix were down 6.7% at 560.00 pence near the close on Tuesday in London.
By Heather Rydings; heatherrydings@alliancenews.com
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Renalytix Plc (RENX)