Verici Dx (VRCI) H2 2024 earnings summary

Executive summary

• Achieved key milestones for Tutivia™, including Medicare Local Coverage Determination (LCD) in April 2025, enabling revenue recognition and broad reimbursement for the test.

• Notable acceleration in Tutivia™ test orders, with a 68% increase in Q1 2025 over Q4 2024, and strong early adoption at US transplant centers.

• Secured milestone payments from Thermo Fisher for PTRA (pre-transplant test), contributing to $3.34m in revenue for 2024.

• Initiated equity fundraising to extend cash runway and support commercial objectives, with positive investor indications.

• Maintained focus on operational excellence, achieving CAP and ISO 27001 accreditations and expanding educational resources for patients.

Financial highlights

• Revenue rose to $3.34m in 2024 (2023: $1.01m), primarily from licensing and milestone payments.

• Loss after tax reduced to $5.87m (2023: $8.73m); adjusted EBITDA loss was $5.37m (2023: $7.59m).

• Cash balance at year-end was $4.06m (2023: $2.65m), bolstered by a $7.51m net inflow from share issuance in February 2024.

• Net cash outflow from operations was $6.02m (2023: $7.16m).

• Basic and diluted loss per share improved to $(0.025) (2023: $(0.051)).

Outlook and guidance

• Positioned for sustained commercial growth of Tutivia™ with Medicare coverage in place and strong early sales momentum.

• On track to deliver $3.2m in Tutivia™ revenues for FY 2025, in line with market expectations.

• Focus on expanding adoption, raising awareness, and scaling commercial operations in 2025.

• Exploring further product development, data monetization, and new market opportunities.