Business
Financial Results for Q3 of Fiscal Year 2023
Financial Results for Q3 of Fiscal Year 2023.
About this update from Renalytix Plc
[{"type":"text","content":"\n\n \nRenalytix plc\n(\"Renalytix\" or the \"Company\")\n \nRenalytix Reports Financial Results for Third Quarter of Fiscal Year 2023\n \nLONDON and SALT LAKE CITY, June 9, 2023 - Renalytix plc (NASDAQ: RNLX) (LSE: RENX), an artificial intelligence-enabled in vitro diagnostics company, focused on optimizing clinical management of kidney disease to drive improved patient outcomes and advance value-based care, today reported financial results for the fiscal third quarter ended March 31, 2023.\n \nRecent Highlights (including post period events)\n· Continued progress with FDA De Novo authorization review, with FDA indicating a target date for decision completion by the end of the second calendar quarter of 2023\n· Secured additional key insurance coverage contracts for KidneyIntelX including:\no EmblemHealth, covering over three million lives in New York Tri-state region\no CareFirst BlueCross BlueShield, the largest health care plan in the U.S. Mid-Atlantic region\n· Continuing to maintain contracted pricing at or over the Medicare clinical lab fee schedule (CLFS) of $950 per reportable test result\n· Medicare payment for KidneyIntelX established\no Claims submitted through the individual claims review (ICR) process paid effective July 1, 2022\no Local Coverage Determinations (LCD) are being progressed with two Medicare Administrative Contractors supported by new published real-world utility evidence\n· Milestone achievement converting payment to full, long-term commercial insurance billing model at Mount Sinai Health System\no Insurance payment for over 90% of KidneyIntelX eligible Mount Sinai patients as of the end of the fiscal third quarter\no Short-term reduction in Mount Sinai test volumes during commercial insurance billing transition in the first half of calendar 2023; order mechanism...