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Renalytix Reports Financial Results for Q3 of FY22
Renalytix Reports Financial Results for Q3 of FY22.
About this update from Renalytix Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n Renalytix plc\n \n \n \n \n (\"Renalytix\" or the \"Company\")\n \n \n \n \n \n \n \n \n \n Renalytix Reports Financial Results for Third Quarter of Fiscal Year 2022\n \n \n \n \n \n \n \n \n \n LONDON and SALT LAKE CITY, June 30, 2022\n \n - 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 quarter ended March 31, 2022.\n \n \n \n \n \n \n Recent Highlights (including post period events)\n \n \n \n ·\n Successful completion of $30.0 million financing package ($26.8 million gross proceeds)\n \n \n ·\n Multiple data presentations at the American Diabetes Association (ADA) 82nd Scientific Sessions® meeting\n \n \n ·\n Focused on the value of KidneyIntelX testing in patients with type 2 diabetes (T2D) and early-stage chronic kidney disease (CKD):\n \n \n o KidneyIntelX ability to assess risk of heart failure hospitalization and death in large international diabetic kidney disease patient cohort (also published in Kidney360)\n \n \n o KidneyIntelX testing in 1,112 adult diabetic kidney disease (DKD) patients at Mount Sinai Health System demonstrated utility in driving guideline appropriate use of therapies, including SGLT-2 inhibitors and RAAS inhibitor use, and timely consultation to specialists in high-risk patients.\n \n \n ·\n Continued KidneyIntelX testing volume growth\n \n \n ·\n Over 3,000 KidneyIntelX risk scores generated for Mount Sinai Health System patients and over 300 at Wake Forest Baptist Health\n \n \n ·\n 33 state Medicaid programs contracted to date\n \n \n ·\n New coverage for KidneyIntelX by the largest private payer in Illinois with 8.1 million members\n \n \n ·\n KidneyIntelX coverage from the largest independent provider network in North Carolina, South Carolina and Virginia, with over 100,000 health care providers in-network\n \n \n \n \n \n \n Third Quarter 2022 Financial Results\n \n \n \n During the three months ended March 31, 2022, the Company recognized $0.8 million of revenue (Q3 FY21: $0.6 million). Cost of revenue for the three months ended March 31, 2022 was $0.7 million (Q3 FY21: $0.2 million).\n \n \n \...