After >5 years of hard graft and substantial progress since its Dec’20 IPO, the stars are aligning for AI-powered kidney transplant diagnostics firm Verici Dx.
Here, healthcare systems are realising the benefit of using next generation blood tests like #VRCI’s Tutivia, that not only delivers actionable insights much earlier in the diagnostic process. But also offers lower all-in costs & can drastically improve patient outcomes -particularly for the more challenging kidney transplant operations.
Encouragingly, today’s Q1’26 update suggests commercial traction is now moving up a gear. Tutivia's volumes jumped 32% sequentially QoQ to 392 (est >$0.9m) vs 296 in Q4’25 (1,173 in FY25), comfortably ahead of expectations. While adoption continues to broaden with 7 new transplant centres onboarded and total coverage reaching c.20% of US transplant activity compared to 16% in Oct’25.
Importantly too, utilisation is deepening, with repeat ordering centres lifting volumes >20% - signalling Tutivia is embedding into clinical pathways, the holy grail of diagnostics industry. Add in expanding Medicaid (low income) coverage (now 17 states), improved reimbursement visibility (Medicare, age/disability-based) and the flywheel between adoption, revenues and cashflow looks to be gaining momentum.
CEO Sara Barrington commenting: “We are very pleased to see further adoption of Tutivia and strong testing volume acceleration… underpinning our confidence in achieving further successful commercial traction across 2026 and beyond.”
In term of the numbers, Singer Capital Markets have a 2.9p/share target price, underpinned by FY'25 revenues of $4.2m (vs $3.3m LY) and adjusted LBITDA of -$5.9m.
Finally, Verici Dx ended Dec’25 with net funds of $3.3m and $1.6m of receivables, supporting a cash runway into H2’26. Longer term, the positives remain compelling: a $900m addressable US market, differentiated RNA-based tech (earlier detection vs legacy tests), attractive gross margins and optionality from Thermo Fisher licensing/royalties for Verici’s other blood test Clarava.
Audited FY’25 results are due out in late May.