Business
Significant Test Growth with Medicare Pending
Significant Test Growth with Medicare Pending.
About this update from Verici Dx Plc
[{"type":"text","content":"\n\n\n \nVerici Dx plc\n(\"Verici Dx\" or the \"Company\") \n \nSignificant Test Growth with Medicare Pending\n \nVerici Dx plc (AIM: VRCI), a developer of advanced clinical diagnostics for organ transplant, provides an update on operations at quarter end.\n \nIn Q1 2025, Verici Dx recorded its highest Tutivia™ testing order rate of 292 tests. This represents a significant 68% increase in the testing order rate over the previous quarter (Q4 2024) and compares to a total test ordering figure of 334 for FY 2024. This is a highly encouraging ramp up in adoption and test ordering, even before the outcome of the Local Coverage Determination, and the Company expects continued growth in Tutivia™ testing for the remainder of the calendar reporting year.\n \nAccounting recognition of revenues for Tutivia™ will continue to be pending a decision from Medicare contractor MolDX. A decision on our MolDX Technical Assessment review for coverage is expected imminently, and a further announcement will be made at that time. The price per test under Medicare is set at $2,650.\n \nIn addition, the Company notes that the milestone for a payment of $750k under the commercial contract for PTRA was achieved in Q1 2025 and has been invoiced to Thermo Fisher which we expect to receive in Q2 2025.\n \nThe Company has continued to demonstrate a highly disciplined approach to cost control, with further headcount reduction and other cost containment steps in recent months, including reducing external spend on product development. As of 31 March 2025, the Company held a cash position of $1.63 million. Cost controls are expected to provide sufficient cash runway, assuming receipt of the $750k milestone payment mentioned above, through to the end of June 2025. This funding should support the Company in reaching a MolDX insurance coverage decision before conducting an equity financing to continue its current commercial testing trajectory.\n \nSara Barrington, CEO of Verici Dx, said:\n\"I am extremely proud of the progress we have made since our last update, particularly when viewed in the context of limited resources and, ahead of the local coverage determination for TutiviaTM. The significant increase in orders for TutiviaTM in the last quarter reflects how it directly addresses areas of unmet need in tra...