RE: Renalytix Reports Full Year Fiscal 2023 Results28 Sep 2023 11:10
Always appreciate the reasoned comments from SB and Hawker. One slightly more optimistic, the other slightly more questioning, makes for a balanced view!
I was going to mention the paltry sales, but it's been done better. I'll just add that with sales up 14% and cost of sales up 31%, gross margins appear to be eroding to boot. Why should that be? Operating expenses, expressed in the tens of millions p.a., are so hideously out of sync with revenue that I really do wonder if this company will ever become profitable or cash generative. Very sad about it. A partnership or JV agreement seems inevitable - if somebody will have us - and while that may not be dilutive in terms of share count it certainly will in terms of revenue and profit share.
Only crumb of comfort is we're not the only biotech suffering - it's an industry wide malaise with my DRDR Healthcare Innovation ETF down 35% in the last 2 years.