7th Apr 2025 18:21
(Alliance News) - Verici Dx PLC on Monday reported strong growth in test orders for its Tutivia diagnostic, ahead of an expected decision on US Medicare coverage.
The developer of advanced clinical diagnostics for organ transplants said Tutivia test orders rose to 292 in the first quarter of 2025, up 68% from the fourth quarter and nearing the full-year 2024 total of 334. The company said the growth reflects increasing clinician adoption, even in the absence of insurance coverage.
However, shares of the company closed down 58% at 1.36 pence each in London on Monday as Verici lowered its revenue expectations for its Services business to USD500,000 from USD5.9 million, citing market uncertainty and delays in licensing activity.
Verici said it continues to await a coverage decision from US Medicare contractor MolDX, with a price per test set at USD2,650. A decision is expected imminently.
Chief Executive Officer Sara Barrington said: "The significant increase in orders for Tutivia in the last quarter reflects how it directly addresses areas of unmet need in transplant… We still expect volumes to further accelerate as insurance coverage is established."
The company is currently working with 19 US transplant centres, with strong levels of repeat ordering reported.
Verici also said it achieved a milestone in the first quarter that triggered a USD750,000 payment under its PTRA agreement with Thermo Fisher, which it expects to receive in the second quarter. The cash inflow is expected to extend the company’s funding runway through June.
Cash at March 31 stood at USD1.6 million, and the company noted continued cost-cutting, including reduced headcount and product development spending.
By Eva Castanedo, Alliance News reporter
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