Verici Dx (VRCI) H1 2024 earnings summary

Executive summary

• Shifted from research and product development toward commercial revenue across licensing, direct sales, and services.

• Commercialized Clarava, licensed to Thermo Fisher, and Tutivia, sold directly; ProTeगा remains in development.

• Expanded product applicability to other organs and adjacent diseases, using a research asset of physical samples and transcriptome data.

• Advanced US market access and collaborations, including the Westmead Institute for Medical Research partnership.

Financial highlights

• H1 2024 revenue was $3.339m, from Clarava licensing and urine-data services; FY 2023 revenue was $1.0m.

• EBITDA loss was $1.1m; net loss was $1.348m.

• Cash at 30 June 2024 was $7.015m, versus $2.6m at 31 December 2023; net cash increased by $4.264m.

• Operating cash outflow was $3.177m for H1, down from $4.8m in H1 2023.

Outlook and guidance

• Cash runway is expected to extend into 2026, based on assumptions for commercial rollout, Thermo Fisher milestones, licensing, services, and research collaborations.

• Medicare Technical Assessment determination for Tutivia is expected by end-2024; retrospective reimbursement may be possible.

• Protega 12-month visits are complete; data cleaning is underway, with analysis and initial validation data expected in H1 2025.

• Remaining Thermo Fisher milestones are on track, subject to its launch plans; future royalties and milestone payments are anticipated.