9th Jun 2023 14:30
(Alliance News) - Renalytix PLC on Friday said its net loss for the three months ended March 30 narrowed amid cuts in administrative costs.
The London-based kidney health-focused diagnostics company said pretax net loss for the third quarter of financial 2023 narrowed to USD12.1 million from USD14.7 million the year before, as general and administrative expenses fell by 11% to USD7.1 million.
Revenue fell 11% to USD724,000 from USD812,000 the year before. Renalytix said this related to its KidneyIntelX test, which is used to test type two diabetes and chronic kidney disease, as the transition to commercial payments for testing with Mount Sinai Healthcare had a short-term impact on testing volumes.
Looking ahead, Renalytix said it will continue working with the US Food & Drug Administration in their evaluation of a marketing application for KidneyIntelX and strengthen its balance sheet with new funding.
Shares in Renalytix were down 1.7% at 86.00 pence each in London on Friday afternoon.
By Sabrina Penty, Alliance News reporter
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