The latest research note from Singer Capital Markets highlights a notably strong start to the year for Verici Dx (LON:VRCI), with first quarter performance demonstrating clear operational progress and growing commercial traction.
Verici Dx, a life sciences company focused on transplant diagnostics, delivered a robust Q1 update, underpinned by increasing adoption of its Tutivia test. According to the note, testing volumes rose significantly, reflecting both deeper engagement with existing centres and successful expansion into new locations.
Research Analyst Edward Sham summarised the performance clearly, stating: “An excellent Q1 trading update, highlighting strong Tutivia adoption, notably volumes +32% QoQ to 392 (Q4 25, 296) and +34% YoY (Q1 25, 292). Positively, the increase reflects higher utilisation in existing centres, as well as growth from new transplant centres (seven new centres ordered during the period).”
Growing Adoption Across Transplant Centres
A key driver of the quarter was the continued rollout of Tutivia across transplant centres in the United States. Seven new centres placed initial orders during the period, while existing relationships strengthened, with several repeat customers increasing their testing volumes by more than 20 percent.
Importantly, Tutivia is also beginning to be embedded into clinical protocols. One additional transplant centre adopted the test into its formal procedures during the quarter, bringing the total number of such protocols to two. This development suggests increasing clinical confidence in the product’s utility, particularly in more complex transplant cases.
Expanding Market Opportunity
Singer Capital Markets highlights a substantial addressable market for Verici Dx. The US post transplant kidney testing market is estimated at approximately 900 million dollars, with a significant portion of patients presenting complex clinical conditions that are not well served by traditional diagnostic methods.
Tutivia appears well positioned within this niche. The report notes its ability to detect transplant rejection in challenging scenarios, including patients with BK virus, delayed graft function, prior transplants and multi organ recipients. This creates a meaningful opportunity within an estimated 300 million dollar segment where differentiation is critical.
Operational Highlights from Q1
- Testing volumes increased 32 percent quarter on quarter to 392
- Year on year growth reached 34 percent compared to Q1 2025
- Seven new transplant centres initiated orders
- Two centres now include Tutivia within clinical protocols
- Six repeat order centres delivered volume growth exceeding 20 percent
- Two additional Medicaid states added, bringing the total to 17
These metrics collectively point to a business gaining traction across multiple fronts, commercial, clinical and geographic.
Strengthening Leadership to Support Growth
To support its expanding footprint, Verici Dx has appointed Keith Gilliard as Senior Director of Sales. His background includes roles at CareDx, OrganOx, Bristol Myers Squibb and Novartis, bringing relevant experience in scaling diagnostics businesses.
This addition is expected to help deepen relationships with transplant centres while supporting further adoption of Tutivia throughout the year.
Financial Outlook and Market Position
While formal forecasts are yet to be introduced, Singer Capital Markets maintains a positive stance, with a Buy rating and a target price of 2.9p. The company’s market capitalisation currently stands at approximately 7.2 million pounds, suggesting significant potential upside if commercial momentum continues.
The report also notes that full year 2025 results are expected by the end of May 2026, which should provide further clarity on the company’s trajectory.
Final Thoughts
Verici Dx has entered the year with encouraging momentum, supported by strong growth in testing volumes, expanding clinical adoption and a growing presence across transplant centres. With a clear opportunity in complex transplant diagnostics and continued commercial execution, the company appears well positioned to build on its early progress. The latest research note from Singer Capital Markets reinforces confidence in the longer term outlook, particularly as adoption of Tutivia continues to broaden.
