Renalytix plc (LSE:RENX) reported unchanged annual revenue of $3.0 million for the 12 months ended 30 June 2026, while reducing its operating loss and underlying EBITDA loss through lower administrative expenses.
The AIM-listed kidney disease diagnostics company recorded an operating loss of $14.0 million, compared with $17.2 million in the previous year. Its underlying EBITDA loss narrowed to $12.1 million from $14.0 million, while the net loss decreased to $14.2 million from $20.4 million.
Commercial testing revenue declined to $2.2 million from $2.7 million, reflecting changes to the company’s sales organisation and the timing of healthcare system integrations. Life sciences revenue increased to $0.8 million from $0.3 million.
Following the reporting period, Renalytix entered into a multi-year national distribution agreement with Quest Diagnostics and completed a $14 million equity fundraising in September 2026. The company also converted its remaining $4.6 million of convertible debt into equity.
Renalytix is preparing for a broader US rollout of its kidneyintelX.dkd diagnostic test beginning in the first quarter of 2027.
Annual Revenue Remains at $3 Million
Renalytix reported revenue of $3.0 million for the 12 months to 30 June 2026, unchanged from the previous year.
Commercial testing services generated $2.2 million, compared with $2.7 million in the preceding period, representing a decline of approximately 18.5%.
The company attributed the reduction to its decision to reduce the size of its commercial sales team and the timing of electronic medical record integrations and clinical workflow activation.
Renalytix has been transitioning towards a commercial model based on integrating its diagnostic testing service directly into healthcare systems.
Life sciences revenue increased to $0.8 million from $0.3 million, supported by research activities and clinical study-related testing.
Cost of sales remained unchanged at $1.8 million, resulting in gross profit of $1.2 million.
Operating Loss Narrows to $14 Million
Renalytix reported an operating loss of $14.0 million, compared with $17.2 million in the previous year.
Administrative expenses declined to $15.2 million from $18.4 million, a reduction of $3.2 million.
Employee-related expenditure decreased to $8.3 million from $9.0 million, while professional fees fell to $1.3 million from $2.4 million.
Share-based payment expenses declined to $1.6 million from $3.2 million.
Research and laboratory-related expenditure increased to $1.1 million from $0.9 million, while marketing and public relations costs rose to $0.9 million from $0.4 million.
The company reported an underlying EBITDA loss of $12.1 million, compared with $14.0 million in the previous year.
The loss before tax decreased to $14.7 million from $21.8 million, while the net loss narrowed to $14.2 million from $20.4 million.
Basic and diluted losses per share were $0.03, compared with $0.07 in the preceding year.
Operating Cash Outflow Declines to $10.9 Million
Renalytix reported net cash used in operating activities of $10.9 million for the year, compared with $17.9 million in the previous period.
The reduction reflected lower operating expenditure and changes in working capital.
Cash and cash equivalents stood at $1.4 million at 30 June 2026, compared with $3.6 million a year earlier.
The company generated $8.8 million in net proceeds from share issuance during the reporting period, following a $9 million gross fundraising completed in September 2025.
Renalytix subsequently raised approximately $14 million through an institutional equity placing in September 2026, after the reporting period ended.
The company said its existing cash resources, including the subsequent fundraising, are expected to provide approximately 12 months of funding from the date of the report.
However, the directors acknowledged that future funding requirements remain dependent on the timing and scale of revenue growth.
Quest Diagnostics Agreement Supports Planned US Expansion
Renalytix entered into a multi-year national distribution agreement with Quest Diagnostics in September 2026.
The arrangement is intended to expand access to kidneyintelX.dkd testing across the United States by using Quest’s existing diagnostic infrastructure.
Under the agreement, clinicians will be able to order tests through Quest’s systems, with blood samples collected and transported through its national network.
Quest operates approximately 2,000 patient service centres and has around 6,000 in-office phlebotomists across the United States.
Samples will be transported to Renalytix’s laboratory in New York for analysis, with test results returned electronically to the ordering physician.
Renalytix said the collaboration is expected to make kidneyintelX.dkd available through systems used by approximately half of US physicians who currently use Quest services.
The arrangement is designed to reduce the need for individual healthcare system integrations and separate sample collection infrastructure.
Both companies have begun implementation work ahead of the planned national rollout in the first quarter of 2027.
Renalytix expects testing growth to accelerate during the second half of 2027, although the company has not provided a specific revenue or testing volume forecast.
KidneyIntelX Clinical Study Covers 2,470 Patients
Renalytix highlighted the publication of a two-year clinical outcomes study in June 2026 involving 2,470 patients with type 2 diabetes and early-stage chronic kidney disease.
The research was conducted across Mount Sinai Health System in New York and Wake Forest/Atrium Health in North Carolina.
The study evaluated the use of kidneyintelX.dkd in identifying patients at different levels of kidney disease risk and examined changes in clinical management following testing.
According to Renalytix, use of kidney-protective medications, including SGLT2 inhibitors and GLP-1 receptor agonists, increased by up to 70% over two years compared with baseline use.
Among higher-risk patients who underwent repeat testing after 12 months, 29% moved into a lower risk category.
The company said the findings provide additional evidence supporting the clinical application of its diagnostic technology.
Renalytix expects the published data to support discussions with commercial insurers and potential international partners.
Commercial Network Expands Through Physician Onboarding
Renalytix reported that more than 233 new physicians were onboarded during the reporting period.
The number of fully integrated medical practices using its testing service increased to 10, compared with two in the previous year.
The company also completed integrations with electronic medical record platforms including Epic Systems, athenahealth and eClinicalWorks.
These integrations are intended to allow clinicians to order kidneyintelX.dkd tests and receive results through existing medical record systems.
Renalytix said more than 15,000 patients have undergone kidneyintelX.dkd testing to date.
The test has US Food and Drug Administration authorisation and Medicare reimbursement, with an established Medicare payment rate of $950 per reportable result.
The company reported that more than 95% of submitted claims for tests billed to Medicare and Medicare Advantage plans have received payment.
Renalytix continues to develop its commercial operations around the integration of testing into routine clinical workflows.
New Laboratory Increases Testing Capacity
Renalytix completed the relocation of its New York laboratory to a facility in Long Island City during the reporting period.
The company said the new laboratory provides more than three times the capacity of its previous facility at approximately one-third of the facility cost.
The relocation included inspections by the FDA and New York State authorities.
Renalytix is also introducing additional automation into its laboratory operations.
The company is targeting annual kidneyintelX.dkd testing capacity of 200,000 tests by 2028.
Management said the new facility is intended to support increased testing volumes without requiring a proportionate expansion in operating infrastructure.
The laboratory will also process samples collected through the Quest Diagnostics distribution network.
September Fundraising Raises $14 Million
Following the end of the reporting period, Renalytix completed an institutional equity fundraising that raised approximately $14 million in September 2026.
The company said the proceeds will support implementation of its Quest Diagnostics collaboration and the planned expansion of kidneyintelX.dkd testing.
The fundraising followed a separate $9 million gross equity raise completed in September 2025.
Renalytix also completed the conversion of approximately $4.6 million of outstanding convertible debt into equity after the reporting period.
This followed an earlier conversion of approximately $4.2 million of debt in October 2025.
The company confirmed that it no longer has outstanding convertible debt.
At 30 June 2026, Renalytix had reported total liabilities of $10.9 million, compared with $13.1 million a year earlier.
The balance sheet also showed negative total equity of $6.3 million, compared with negative $7.0 million at 30 June 2025.
Cost Reduction Programme Continues
Renalytix said it reduced its cost base by approximately 17% during the reporting period.
The reduction was achieved through lower employee numbers, changes to its commercial organisation and controls over operating expenditure.
Management has been shifting resources towards healthcare system integration, laboratory operations and clinical validation activities.
The company expects its partnership-based distribution model to reduce the need for direct investment in national marketing and logistics infrastructure.
Renalytix said it will continue to manage expenditure while preparing for increased testing activity.
The company has not provided a specific date for reaching operating profitability or cash flow breakeven.
European Expansion Plans Progress
Renalytix has submitted an application for CE marking as part of its preparations to enter European markets.
The application relates to its kidneyintelX.dkd diagnostic technology.
The company has not announced a regulatory approval decision or a timetable for European commercial availability.
Renalytix said it continues to explore opportunities to expand the availability of its diagnostic testing services beyond the United States.
Its immediate commercial priority remains implementation of the Quest Diagnostics agreement and the planned US national rollout.
Accounting Reference Date Changed to December
Renalytix announced on 14 September 2026 that it had changed its accounting reference date to 31 December 2026.
As a result, the company’s next audited financial statements will cover the 18-month period ending 31 December 2026.
The audited results are scheduled to be published by 30 June 2027.
The results for the 12 months ended 30 June 2026 are unaudited.
Funding Requirements and Going Concern Assessment
Renalytix said the September 2026 equity fundraising had increased its available financial resources.
Based on management’s forecasts, the company expects its existing cash resources to provide approximately 12 months of funding from the date of the report.
However, the directors identified a material uncertainty relating to the company’s ability to continue as a going concern.
The uncertainty reflects the company’s continuing losses and its dependence on achieving forecast revenue growth or obtaining additional funding if required.
Renalytix said future financing could involve equity issuance, debt arrangements or strategic partnerships.
The directors nevertheless concluded that preparing the financial statements on a going concern basis remained appropriate.
The company said it would continue to monitor its financial resources as it implements its commercial strategy.
Outlook for 2027
Renalytix expects to begin the national rollout of kidneyintelX.dkd through Quest Diagnostics during the first quarter of 2027.
The company anticipates that the partnership will expand physician access to its testing service and reduce the logistical requirements associated with sample collection.
Management expects testing volumes to increase as the distribution arrangement is implemented, with growth anticipated to accelerate in the second half of 2027.
The company is also continuing work on electronic medical record integrations, laboratory automation and international regulatory submissions.
Renalytix has not issued a numerical revenue forecast for 2027.
Its financial outlook remains dependent on the pace of commercial adoption, reimbursement arrangements and the implementation of its distribution strategy.
More About Renalytix
Renalytix plc is an AIM-listed diagnostics company developing artificial intelligence-enabled technologies for the assessment and management of kidney disease.
Its principal product, kidneyintelX.dkd, is an FDA-authorised diagnostic test designed to assess the risk of disease progression in patients with type 2 diabetes and early-stage chronic kidney disease.
The test combines clinical information and blood-based biomarkers to provide risk assessments intended to support treatment decisions.
Renalytix operates primarily in the United States, where kidneyintelX.dkd is commercially available and eligible for Medicare reimbursement.
The company is expanding its commercial distribution network through healthcare system integrations and its partnership with Quest Diagnostics.
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