Verici Dx Plc (LON:VRCI), a developer of advanced clinical diagnostics for organ transplant, has announced audited final results for the year ended 31 December 2025, a year of strong growth and commercial progress.
Financial Highlights
· Total revenues1 of $3.7m (2024: $3.3m) comprising:
o $2.9m recognised revenue from Tutivia sales (2024: $Nil). $3.2m worth of tests were ordered during the year.
o $0.8m from license income (2024: $3.3m), reflecting the expected timing of milestone payments under the outlicensed contract.
· Equity fundraise of $7.9m (net) completed in July 2025.
· Cash balance at year-end of $3.3m (2024: $4.1m), slightly ahead of expectations, with $1.5m accounts receivable (2024: $Nil) which, together with the net proceeds of the post period fundraise described below and based on commercial progress continues to support expected cash runway to end of 2026.
· Adjusted EBITDA2 loss for the year of US$6.2m (2024: US$5.4m).
· Post-period end: Equity fundraise completed in June 2026 raising gross proceeds of £2.6m.
Operational Highlights
· Significant commercial progress across the year with first revenues from Tutivia™ test results.
· Secured Medicare coverage for Tutivia™ covering a national estimate of 68% of all US transplant tests and greatly improving patient access.
· Receipt of milestone payment of $0.8m from Thermo Fisher Scientific for the product licensing of PTRA (Clarava).
· Continued increase in test adoption with:
o 1,173 Tutivia™ tests ordered in FY25 (FY24: 334), up c. 250% from the previous year.
o Saw a strong acceleration in the Tutivia™ testing order rate of 296 tests in Q4 25, a 68% increase over the previous quarter (Q4 24) and compares favourably to a total test ordering figure of 334 for the whole of FY 2024.
· Increased adoption of Tutivia, now used in centres representing 20% of annual kidney transplants in the US.
· Provider Participation Agreement signed with Prime Health Services, a dynamic US-based healthcare technology company focused on delivering innovative, data-driven solutions through its Preferred Provider Organization network.
· Commercial team expanded with two key hires.
· Contract signed with Blue Cross Blue Shield (“BCBS”) of Illinois, with contracted pricing across multiple lines of business, giving in-network status for BCBS covered patients and providing access to open contract processes with other BCBS entities.
Q1 Highlights (3 months ended 31 March 2026)
· Strong Q1 26 growth in Tutivia™ testing volumes – up 32% to 392 tests (Q4 25: 296), significantly ahead of management expectations.
· Seven new transplant centres onboarded and ordering tests in Q1 26, with a second centre now including Tutivia™ in its clinical protocols.
· Verici Dx and Thermo Fisher jointly hosted an educational symposium at CEoT conference at the end of February 2026 on the use of RNA signatures in the clinic, citing both PTRA and Tutivia.
1 Revenue is reimbursed from two core types of payor: Medicare and commercial payors. For Medicare patients, there is a fixed price for the test. For commercial payors, there are a number of factors which determine whether, and for how much, the test is reimbursed, which can vary by commercial payor. Revenue recognition therefore requires a significant amount of judgement and estimation, as we continue to gather information to inform a reasonable average reimbursement from these commercial payors. This assessment is monitored monthly, with revisions made based on the actual reimbursement price achieved and denial rates, once known with reasonable certainty.
2 Earnings before income tax, depreciation and amortisation, adjusted to exclude share-based payments
Sara Barrington, Chief Executive Officer, said: “We are proud to have achieved substantial growth in FY25, reflected in the continued adoption of Tutivia™ and an increase in sales across the year. Whilst Tutivia™ revenues that were recognised of $2.9m were slightly below market expectations for the full year, we continue to see strong testing volume acceleration beyond the $3.2m of orders received during the year. We are confident that our clinical and regulatory foundations will continue to show successful commercial traction across 2026 and beyond.”
Annual Report and Accounts & Notice of AGM
The Annual Report and Accounts for the year ended 31 December 2025 and the Notice of the Annual General Meeting have now been published on the Company’s website: vericidx.com/investors/
The 2025 Annual Report, the Notice of AGM and details for voting by proxy will be posted to shareholders who have not consented to receive electronic communications today. The AGM will be held on 28 July 2026 at 11.30 a.m. BST at Shoosmiths LLP, No. 1 Bow Churchyard, London EC4M 9DQ and will consider the Resolutions set out in the Notice of AGM.
