Business
Results for First Quarter of Fiscal Year 2023
Results for First Quarter of Fiscal Year 2023.
About this update from Renalytix Plc
[{"type":"text","content":"\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 First Quarter of Fiscal Year 2023\n \n \n \n \n \n \n \n \n \n LONDON and SALT LAKE CITY, November 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, announces its financial results for the fiscal first quarter ended September 30, 2022.\n \n \n \n \n \n \n Recent Highlights (including post period events)\n \n \n \n ·\n New commercial coverage for KidneyIntelX; now 30 private insurance and network provider contracts executed to date including:\n \n \n o \n Largest private payer in Illinois with 8.1 million members\n \n \n o \n Largest independent provider network in the tristate North Carolina, South Carolina and Virginia, with over 100,000 health care providers in-network\n \n \n ·\n Over 1,200 KidneyIntelX tests performed in the first quarter of fiscal 2023, a record, of which over 80% were billable, yielding approximately $1.0 million revenue\n \n \n ·\n Achieved Medicare payment for KidneyIntelX through the individual claims review (ICR) process based on our Medicare clinical lab fee schedule (CLFS) pricing of $950 per test\n \n \n ·\n 33 state Medicaid programs contracted to date\n \n \n ·\n Publication of new real-world evidence in Primary Care and Community Health in which KidneyIntelX resulted in a 4.5-fold increase in new drug prescriptions (for SGLT2 inhibitors) for high-risk compared to low-risk patients, observed reduction of HbA1c levels in highest risk patients who were prescribed SGLT2 inhibitors, and more than a 20% increase in antihypertensive therapeutic prescriptions in high-risk patients\n \n \n ·\n Continued data generation and analysis reinforcing the benefits of KidneyIntelX as part of collaborative De Novo process with the FDA, with anticipation that the agency's review is nearing completion. Data supports significant breakthrough in risk stratification for patients with diabetic kidney disease\n \n \n ·\n KidneyIntelX clinical utility and health economics validated in multiple data releases at American Society of Nephrology\n \n \n ·\n Data re...