Renalytix plc (LSE: RENX), the AI-enabled precision diagnostics company behind kidneyintelX.dkd — the only FDA-approved and Medicare-reimbursed prognostic test for early-stage chronic diabetic kidney disease — has published unaudited results for the twelve months ended 30 June 2026. Revenue held flat at $3.0 million year-on-year, while the underlying EBITDA loss narrowed to $12.1 million from $14.0 million, reflecting disciplined cost reduction. Investors are likely to focus on the post-period execution of a multi-year national distribution agreement with Quest Diagnostics and a $14 million oversubscribed equity placing completed in September 2026 to fund the collaboration.

Key Points

  • Renalytix plc (LSE: RENX / OTCQB: RNLXY) — AI-enabled kidney disease diagnostics company operating in the United States and United Kingdom
  • Total revenue of $3.0 million for the twelve months to 30 June 2026, unchanged from the prior year period; operating loss narrowed to $14.0 million from $17.2 million
  • Post-period: Quest Diagnostics multi-year national distribution agreement executed September 2026; $4.6 million convertible debt converted to equity, leaving the company debt-free on convertibles; CE marking application submitted for European expansion
  • Investors should watch the planned Q1 2027 national US launch of kidneyintelX.dkd through Quest's network of 2,000 patient service centres and 6,000 in-office phlebotomists

Renalytix Revenue Holds Flat at $3.0m as Commercial Test Income Dips and Life Sciences Revenues Rise

Total revenue for the twelve months to 30 June 2026 was $3.0 million, matching the prior year. However, the composition shifted: commercial test revenues fell to $2.2 million from $2.7 million, which the company attributed to a deliberate reduction in the size of the direct sales team and the timing of electronic medical record integrations. Life sciences revenues, reflecting research and clinical study-related testing activities, increased to $0.8 million from $0.3 million. Administrative costs fell to $15.2 million from $18.4 million, a reduction of $3.2 million, driven by lower headcount, reduced professional fees, and lower share-based payment charges. Medicare and Medicare Advantage billing continued to achieve greater than 95% payment on submitted claims.

Quest Diagnostics National Distribution Agreement Positions kidneyintelX.dkd for Scaled US Launch in Q1 2027

The most consequential development disclosed in the announcement is the post-period execution of a multi-year national distribution agreement with Quest Diagnostics in September 2026. The agreement provides clinicians across all 50 US states with access to order kidneyintelX.dkd testing via Quest's existing connectivity infrastructure, including its 2,000 patient service centres and 6,000 in-office phlebotomists. Blood samples will be shipped to Renalytix's New York laboratory, with results returned electronically to ordering physicians. The company states this arrangement removes the need for bespoke IT integrations and will deploy kidneyintelX.dkd directly to approximately 50% of all US physicians currently using Quest services, materially reducing logistics costs.

Two-Year Outcomes Study Across 2,470 Patients Strengthens kidneyintelX.dkd Clinical Evidence Base

A landmark real-world outcomes study published in June 2026 covered 2,470 patients with type 2 diabetes and early-stage chronic kidney disease across Mount Sinai Health System in New York and Wake Forest/Atrium Health in North Carolina. The study reported that use of protective medications — including SGLT2 inhibitors and GLP-1 agonists — increased by up to 70% over two years compared with baseline among patients tested using kidneyintelX.dkd. Additionally, 29% of higher-risk patients who underwent repeat testing after 12 months moved into a lower risk category. The company states it expects this evidence to support additional US commercial insurance coverage and broader global market discussions.

Balance Sheet Restructured with $14m Equity Raise and Full Elimination of Convertible Debt Post-Period

At 30 June 2026, Renalytix held cash and cash equivalents of $1.4 million, reduced from $3.6 million at 30 June 2025, with net cash used in operating activities of $10.9 million during the period. Total equity remained negative at $(6.3) million. Post-period, the company completed a $14 million oversubscribed institutional equity placing in September 2026 and converted $4.6 million of debt into equity, leaving no outstanding convertible debt. The company also relocated its New York laboratory to Long Island City, reporting more than three times the capacity at approximately one-third of the previous facility cost, with a target testing throughput of 200,000 annually by 2028.