14th Nov 2023 11:38
(Alliance News) - Renalytix PLC on Tuesday said it was focused on cost reductions and sales growth as it reported a sharp drop in revenue.
Renalytix shares fell 23% to 29.00 pence each on Tuesday late morning in London.
The London-based kidney health-focused diagnostics company said revenue halved to USD459,000 from USD969,000 a year before, but pretax loss narrowed to USD10.2 million from USD12.0 million.
Operating expenses decreased 26% to USD8.8 million from USD11.7 million.
The firm company cash and cash equivalents of USD13.9 million at the end of September, down 44% compared to USD24.7 million at the end of June.
Looking ahead, the company said financing discussions were in process with the goal to provide operating runway through at least early 2026, which would be enabled by cost cuts and increased sales from adoptions by new hospital systems and independent physicians.
By Tom Budszus, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Related Shares:
Renalytix Plc