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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 $459,000 from $969,000 a year before, but pretax loss narrowed to $10.2 million from $12.0 million. Operating expenses decreased 26% to $8.8 million from $11.7 million. The firm company cash and cash equivalents of $13.9 million at the end of September, down 44% compared to $24.7 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. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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