The following is a summary of the Renalytix Plc (RNLX) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Renalytix reported revenue of $535,000 for Q3 2024, a decrease from the previous year due to changes from the original contract model with Mount Sinai.

• Operating expenses were reduced by 40% to $6.5 million, including a 50% reduction in headcount and vendor reductions.

• Net loss improved by 36% to $7.7 million compared to the same quarter the previous year.

• The company had a cash amount of approximately $4.7 million at the end of the quarter.

• Renalytix reported 806 total tests for the quarter, 82% of which were billable.

Business Progress:

• Renalytix received a draft local coverage determination (LCD) for KidneyIntelX from the Medicare contractor and expects a final decision soon.

• KidneyIntelX was included in the final international clinical guidelines for chronic kidney disease.

• The company launched the FDA-approved KidneyIntelX product and started receiving commercial test orders.

• The company managed to reduce overall operational expenses by about 60%, showing efficiency in cost management.

• Renalytix initiated the formal sales process after showing promising interest from a diagnostics company.

• KidneyIntelX has shown significant clinical improvement in patient health including decreased kidney damage and improvement in blood pressure.

• The company identified five key markets showing maximum potential and is planning to increase the sales force to capture more opportunities.

• Renalytix is aiming for broad adoption of its KidneyIntelX test by highlighting the cost benefits and patient outcomes to insurance companies.

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