Renalytix (RENX) H2 2026 earnings summary

Executive summary

• Unaudited results for the 12 months to 30 June 2026: revenue held at $3.0M; underlying EBITDA loss narrowed to $12.1M from $14.0M.

• Commercial reach expanded with 233+ physicians onboarded, 10 fully integrated practices versus two, and successful integrations across Epic, athenahealth and eClinicalWorks.

• A multi-year national distribution agreement with Quest Diagnostics was signed in September 2026, with national rollout planned from Q1 2027.

Financial highlights

• Revenue was $3.0M in both periods; commercial testing revenue declined to $2.2M from $2.7M, while life sciences revenue rose to $0.8M from $0.3M.

• Gross profit was $1.2M in both periods; cost of sales was $1.8M in both periods.

• Operating loss narrowed to $14.0M from $17.2M; net loss narrowed to $14.2M from $20.4M, including a $3.5M convertible-bond settlement loss in 2025.

• Basic and diluted loss per share improved to $0.03 from $0.07.

• Administrative expenses fell to $15.2M from $18.4M; underlying EBITDA loss improved to $12.1M from $14.0M, excluding share-based payments, severance, depreciation and amortisation.

Outlook and guidance

• National launch with Quest Diagnostics is planned for Q1 2027; testing growth is expected to accelerate into H2 2027 and beyond.

• Current forecasts indicate cash runway of ~12 months from the report date; cash burn is expected to decline as testing volumes increase and operating leverage improves.

• Laboratory automation and expanded facility capacity support a target annual testing throughput of 200,000 in 2028.

• Audited results for the 18-month period ending 31 December 2026 are expected by 30 June 2027 following the accounting reference date change.