Verici Dx Plc (LON:VRCI) has reported FY25 results in line with expectations, while the latest research note from Singer Capital Markets points to a positive outlook for Tutivia, the company’s post-kidney transplant rejection test.
The Singer Capital Markets Company Update, titled “FY25 in line, Tutivia outlook positive”, was written by Research Analysts Chris Glasper and Karl Keegan and dated 29 June 2026. The note reiterates a Buy recommendation and updates the target price to 1.3p, reflecting the enlarged share count after Verici’s recent placing and a move to a core Tutivia discounted cash flow valuation.
Verici Dx is a life sciences company focused on kidney transplant diagnostics. Its portfolio includes Tutivia, designed to help detect early acute rejection after kidney transplant, PTRA, which assesses pre-transplant risk and is licensed to Thermo Fisher Scientific, and Protega, a longer-term fibrosis monitoring test.
Singer Capital Markets wrote: “FY25 was a pivotal year as the first year of recognised Tutivia revenue.”
That sentence captures the central message of the note. Verici is still at an early stage of commercial adoption, but FY25 marked an important shift as Tutivia began contributing recognised revenue. Singer Capital Markets reported FY25 revenue of $3.7m, up 11% year-on-year, with an EBITDA loss of $6.2m and year-end cash of $3.3m.
The broker also highlighted Tutivia’s contribution, with $2.9m of recognised revenue from 1,173 tests and $3.2m in orders. Management has guided to FY26 revenue of $4.9m, representing 33% year-on-year growth, which Singer Capital Markets says is supported by encouraging early momentum, including Q1 2026 volumes tracking 32% higher quarter-on-quarter.
Key highlights from the Singer Capital Markets research note:
• FY25 revenue was $3.7m, up 11% year-on-year.
• FY25 adjusted EBITDA loss was $6.2m.
• Year-end cash was $3.3m.
• Tutivia delivered $2.9m of recognised revenue from 1,173 tests.
• Tutivia orders totalled $3.2m in FY25.
• Verici raised £2.6m gross after the period end, extending its cash runway to the end of FY26.
• Q1 2026 Tutivia test volumes increased 32% quarter-on-quarter.
• Seven new transplant centres were added in Q1 2026.
• Ordering centres now represent around 20% of annual US kidney transplants.
• Management has guided to FY26 revenue of $4.9m, up 33% year-on-year.
• Singer Capital Markets forecasts FY26E revenue of $4.9m and an EBITDA loss of $6.6m.
• Singer Capital Markets reiterates its Buy recommendation and updates its target price to 1.3p.
The fundraise is an important part of the near-term story. Verici raised £2.6m gross at 0.35p per share, comprising a £2.4m placing and a £0.2m retail offer. Singer Capital Markets says the proceeds will be used to accelerate the commercial rollout of Tutivia through additional commercial hires, clinician engagement and further data generation.
Commercial progress across the wider portfolio also featured prominently in the note. PTRA received peer-reviewed validation in Kidney360, with the study reporting an AUC of 0.78, an odds ratio of 7.04 and a negative predictive value of 0.97. Singer Capital Markets also notes that a health economics study estimated around $200m in healthcare savings over two years through earlier identification of high-risk recipients and more targeted intervention.
Protega has also moved forward, receiving a CPT Proprietary Laboratory Analyses billing code, effective from 1 October 2026. This is described as a prerequisite for commercial billing by Medicare and private payers in the United States. Protega is designed to monitor long-term kidney fibrosis in transplant recipients, complementing Tutivia and PTRA within Verici’s kidney transplant diagnostics portfolio.
Another key development is Verici’s New York State laboratory certification, which completes authorisation to provide Tutivia across all 50 US states and the District of Columbia. Singer Capital Markets describes New York’s laboratory-developed test programme as the most rigorous in the United States, making the certification a useful proof point for clinician and payor engagement.
The note also points to improved payor infrastructure. In February 2026, Verici signed a contract with Blue Cross Blue Shield of Illinois, securing in-network status with contracted pricing across multiple lines of business. Alongside Medicare reimbursement and the Prime Health Services PPO agreement signed in November 2025, Singer Capital Markets says this materially broadens the commercial payor infrastructure supporting Tutivia adoption.
Singer Capital Markets values Verici using a discounted cash flow model for the core Tutivia business. Its 1.3p target price implies an equity value of around £28m. The broker excludes PTRA and Protega from its core target price, but says these could represent additional upside, with illustrative valuations of around 0.5p per share for PTRA and 0.6p per share for Protega.
Final Thoughts:
Singer Capital Markets presents Verici Dx as a company building commercial momentum around Tutivia while progressing its broader transplant diagnostics portfolio. The company remains loss-making and is expected to need further funding, but the note highlights stronger test volumes, expanded transplant centre coverage, broader payor access and nationwide availability as important foundations for FY26 growth. The broker’s Buy recommendation and 1.3p target price suggest it sees meaningful potential if Tutivia adoption continues to build.
