Renalytix said this week that its third-quarter revenue fell about 26 percent to $535,000 from $724,000 a year ago. The company posted a net loss of about $7.7 million, or $0.08 per share, compared with a net loss of about $12.1 million, or $0.14 per share, a year ago. The company cut its research and development expenses to $2.2 million from $3.9 million in the third quarter of 2023 and cut its SG&A expenses to about $3.8 million from nearly $7.1 million last year. The company said it made progress on commercial adoption last quarter with the inclusion of its KidneyIntelX in vitro diagnostic test in clinical guidelines, a proposal from Medicare administrative contractor National Government Services to determine local coverage, and the launch of KidneyIntelX.dkd in April.Renalytix ended the quarter with $4.7 million in cash and cash equivalents.
DermTech said this week that its first-quarter revenue rose 9 percent to $3.8 million from $3.5 million in the same period last year. Testing revenue increased to $3.7 million from $3.4 million and contract revenue was $168,000 compared to $52,000 in the first quarter of 2023. Billable sample volume for the most recently completed quarter fell 14% year-over-year to about 15,360 samples, the company said. The San Diego-based developer of skin cancer diagnostics recorded a net loss of $20 million, or $0.58 per share, compared with a net loss of $31.3 million, or $1.02 per share, a year ago. Its R&D expenses fell to $3.3 million from $4.4 million a year ago, while its SG&A costs fell to $18 million from $27.3 million. As of the first quarter of 2024, DermTech had $27.6 million in cash and cash equivalents and $11.4 million in short-term marketable securities.
Oncocyte this week announced its financial results for the first quarter of 2024, reporting net income of $176,000, down 41% from $297,000 in the first quarter of 2023, due to lower revenue from the company’s pharmaceutical services business. Net loss for the quarter was $9.1 million, or $1.13 per share, compared to a gain of $3.0 million, or $0.82 per share, in the same period last year.Oncocyte ended the quarter with $5.6 million in cash and cash equivalents.
Aspira Women’s Health said this week that its first-quarter revenue fell 4 percent to $2.2 million from $2.3 million a year ago. All of its revenue for the three months ended March 31 came from product revenue, down from $2.3 million a year ago. The number of OvaSuite tests performed in the recently ended quarter fell 7 percent to 5,829 in the first quarter of 2024 from 6,259 a year ago. The company had no genetics revenue in the first quarter of 2024, compared to $1,000 in the same period last year.
Aspira reported a net loss of $4.6 million, or $0.39 per share, compared to a net loss of $6.6 million, or $0.79 per share, a year ago. The company cut its R&D spending to $906,000 from $1.3 million in the first quarter of 2023 and reduced its SG&A costs to $5.0 million from $6.2 million.Aspira ended the quarter with $3.4 million in cash and cash equivalents.
Immunoassay company Exagen reported this week that its first-quarter revenue rose 29% to $14.4 million from $11.2 million in the same period last year. The Carlsbad, California-based company recorded a net loss of $3.4 million, or $0.19 per share, for the quarter ended March 31, compared to a net loss of $7.7 million, or $0.44 per share, in the first quarter of 2023.The company reported a cash and cash equivalents of $27.3 million at the end of the quarter. The company ended the quarter with $27.3 million in cash and cash equivalents.Exagen also plans to add T cells and a new RA biomarker to its flagship Avise CTD test, which is designed to help in the differential diagnosis of systemic lupus erythematosus, Exagen President and CEO John Aballi said in a statement.
Lucid Diagnostics this week announced its financial results for the first quarter of 2024, reporting revenues of A$1 million for the period, more than double the A$446,000 reported in the same period last year. Net loss for the first quarter was $10.6 million, or $0.40 per share, compared to $16.2 million, or $0.40 per share, in the first quarter of 2023. Adjusted EPS for the quarter was a loss of $0.21 per share.Lucid Diagnostics ended the quarter with $24.8 million in cash and cash equivalents. During the quarter, Lucid performed 2,420 commercial EsoGuard esophageal DNA tests, an increase of 31% over the same period in 2023.
Gradientech said this week that its first-quarter revenue rose 28 percent to SEK485,000 ($45,200) from SEK380,000 ($35,000) a year ago. The Swedish developer of ultra-fast antibiotic drug sensitivity tests recorded a net loss of SEK15.6 million, or SEK0.68 per share, compared with a net loss of SEK18.1 million, or SEK1.08 per share, a year ago. For the three months ended March 31, Gradientech had SEK 21.3 million in cash and cash equivalents.
