Highlights

  • Verici Dx reported FY25 unaudited revenues of USD 3.8 million, supported by first Tutivia test sales.
  • The company’s Tutivia adoption increased sharply, with 1,173 tests ordered during FY25 across US centres.
  • Medicare coverage now applies to an estimated 68% of US transplant testing volumes.
  • Thirty-four US centres now use Tutivia, representing 18% of kidney transplants.

Verici Dx PLC (AIM:VRCI) shares traded 3.10% lower to GBX 0.70 during the morning session on 5 February 2026, extending yearly decline to 81.27%, Today’s decline came despite the release of a trading update outlining revenue growth and commercial progress for the year ended 31 December 2025.

FY25 Revenue Mix Reflects Shift Toward Commercial Sales

For FY25, Verici Dx reported total unaudited revenue of USD 3.8 million, compared with USD 3.3 million in the prior year. The revenue profile shifted materially, with USD 3.0 million recognised from Tutivia, following the product’s commercial launch. During the year, USD 3.2 million worth of Tutivia tests were ordered.

Licence income contributed USD 0.8 million, down from USD 3.3 million in FY24. The change reflected the expected timing of milestone payments under the company’s out-licensing agreement, rather than operational performance.

Cash Position and Runway Update

Unaudited cash at year end stood at USD 3.3 million, compared with USD 4.1 million a year earlier. The company also reported USD 1.6 million in accounts receivable at year end, compared with nil in FY24. Verici Dx stated this position continues to support its previously communicated cash runway into the second half of 2026.

Tutivia Adoption Gains Momentum

Operationally, FY25 marked the first year of commercial revenues from Tutivia, a diagnostic test used in organ transplant monitoring. A total of 1,173 Tutivia tests were ordered during the year, including 296 in the fourth quarter alone. This compared with 334 tests ordered across the entirety of FY24.

The number of centres using Tutivia expanded to 34 by year end, representing approximately 18% of annual kidney transplants in the United States. Four new ordering centres were added during the fourth quarter.

Coverage and Commercial Agreements Expand Access

During the year, Verici Dx secured Medicare coverage for Tutivia, covering an estimated 68% of all US transplant tests. The company also received a USD 0.8 million milestone payment from Thermo Fisher Scientific linked to the licensing of PTRA (Clarava).

In addition, Verici Dx signed a Provider Participation Agreement with Prime Health Services, expanding access through its US-based preferred provider organisation network. A separate contract was also signed with Blue Cross Blue Shield of Illinois, providing in-network status across multiple lines of business and enabling access to further Blue Cross Blue Shield contract processes.

Investor Context

While the FY25 update highlighted revenue growth, expanded test adoption, and broader payer coverage, the share price reaction indicates investors remain focused on execution, cash dynamics, and the pace of commercial scale following a steep one-year decline. 

FAQ

  1. What drove Verici Dx’s revenue growth in FY25?

Revenue growth was driven by the first recognised sales of Tutivia, alongside licensing income from existing agreements.

  1. Why did licence income decline year-on-year?

The decline reflected the timing of milestone payments under an out-licensing contract, as disclosed by the company.

  1. How widely is Tutivia now used in the US?

Tutivia is used by 34 centres, representing approximately 18% of annual US kidney transplants.