Renalytix sinks as first half revenue ramp-up misses expectations

(Alliance News) - Renalytix PLC shares slid on Wednesday as it said revenue ramp-up in the first half of the year was slower than expected.

The London-based diagnostics company reported first half revenue of USD1.6 million for the six months to the end of December, and guided for 33% revenue growth to USD4 million for the full year.

Renalytix said the revenue ramp-up in the first half is slower than expected due to longer lead times and complexities in large healthcare system electronic medical record integrations, but expects acceleration in the second half following three new integrations in the period and additional rollouts to come.

The company also said it has advanced a real-world evidence study for kidneyintelX.dkd and said it is in discussions with potential strategic partners regarding possible investment or logistical support.

Renalytix said its new laboratory facility should deliver over USD1 million of operating cost savings over the next five years.

Shares in Renalytix were down 28% at 4.05 pence each on Wednesday afternoon in London.

By Michael Hennessey, Alliance News reporter

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