Verici Dx Reports Strong Growth in Tutivia Testing Volumes and Commercial Progress in Final Results

Verici Dx FY25 results: Tutivia sales turn from promise into real revenue

Verici Dx has finally moved from talking about commercialisation to actually booking meaningful product revenue. For the year ended 31 December 2025, total revenue came in at US$3.7 million, up from US$3.3 million in 2024, with the big shift being that US$2.9 million of this came from Tutivia sales. In 2024, Tutivia contributed nothing.

That matters because Tutivia is the lead product and the main reason most investors will be here. A diagnostics business can look clever on paper for years, but once hospitals start ordering tests and insurers start reimbursing them, the story becomes much more tangible.

Key number	FY25	FY24
Total revenue	US$3.7 million	US$3.3 million
Tutivia recognised revenue	US$2.9 million	US$0
Licence income	US$0.8 million	US$3.3 million
Adjusted EBITDA loss	US$6.2 million	US$5.4 million
Year-end cash	US$3.3 million	US$4.1 million
Tutivia tests ordered	1,173	334

There is a catch though. While revenue rose, gross profit fell to US$2.8 million from US$3.3 million, because 2024 included high-margin licence income, whereas 2025 had a more normal commercial mix with cost of sales. That is not necessarily bad – recurring test revenue is more valuable than one-off milestones – but it does show that this business is not yet close to self-funding.

Tutivia Medicare coverage and transplant centre adoption are the engine of growth

The strongest part of this RNS is the operational progress around Tutivia. Verici says 1,173 tests were ordered in FY25, up around 250% from 334 in FY24. That is the sort of growth rate you want to see from a business at this stage.

Even more encouraging, momentum continued into 2026. Q1 2026 testing volumes rose to 392, up 32% from 296 in Q4 2025 and ahead of management expectations.

The real commercial unlock appears to be reimbursement and access:

• Medicare coverage was secured in April 2025
• Medicare reimburses Tutivia at US$2,650 per test
• Medicare covers an estimated 68% of all US kidney transplant tests
• Blue Cross Blue Shield of Illinois was signed in February 2026
• Prime Health Services was added through a provider participation agreement

In plain English, this means more patients can actually get the test paid for. For a diagnostics company, clinical value is only half the battle. If doctors like the test but reimbursement is messy, adoption stays slow. Verici has clearly improved that part of the equation.

The company also says Tutivia is now being used in centres representing 20% of annual kidney transplants in the US, up from 18% at year-end and 10% in FY24. It had 29 ordering centres using Tutivia, and two centres have written it into clinical protocols, which means it is becoming part of routine practice rather than an occasional trial run.

That is a big deal. Protocol inclusion is usually a stronger signal than one-off orders because it suggests repeat usage and stickier demand.

Why Verici Dx recognised US$2.9 million of Tutivia revenue from US$3.2 million of orders

One number that may confuse investors is the gap between US$3.2 million of Tutivia tests ordered and US$2.9 million of recognised revenue. This comes down to revenue recognition, which is the accounting process of deciding when sales can be booked.

Medicare pricing is fixed, but commercial insurers reimburse at different levels and can reject claims. Verici says this requires “significant judgement and estimation” while it builds up a payment history. The company also notes that if denial rates moved by 20%, recognised revenue would shift by US$64,000 either way.

My view is that this is not a red flag on its own, but it does mean reported revenue may stay a bit lumpy for a while. Investors should watch test volumes as well as revenue, because volumes may give the cleaner read on underlying demand.

Verici Dx cash, fundraises and going concern risk are still the biggest investor watchpoint

Now for the part that matters just as much as sales growth: funding. Verici ended 2025 with US$3.3 million of cash, down from US$4.1 million, plus US$1.5 million of accounts receivable. It also raised US$7.9 million net in July 2025 and then raised a further £2.6 million gross in June 2026.

Despite that, the company is still loss-making and cash hungry. Adjusted EBITDA loss widened to US$6.2 million, while cash outflow from operations rose to US$8.3 million from US$6.0 million.

The most important line in the accounts is in the going concern section. Directors say the group will require additional funding before the end of 2026, and they describe this as a material uncertainty. That is serious language.

To be fair, it does not mean collapse is imminent. The highlights say the current cash position, receivables and post-period fundraising support expected cash runway to the end of 2026. The nuance is that to remain a going concern for at least 12 months from signing the accounts in June 2026, more cash will likely be needed.

Still, retail investors should be realistic here. If Tutivia adoption keeps accelerating, the funding need may become easier to solve. If growth stalls, further dilution looks likely.

And dilution has already been heavy. Shares in issue jumped to 1,513,394,127 at 31 December 2025 from 242,541,467 a year earlier. Loss per share improved to 0.9 US cents from 2.5 US cents, but that is largely because there are far more shares in the denominator, not because the company is suddenly profitable.

Thermo Fisher, PTRA and Protega give Verici Dx more than one way to win

Beyond Tutivia, there is useful optionality. Verici received a US$0.8 million milestone payment from Thermo Fisher for PTRA, its pre-transplant risk assessment test. Management says Thermo Fisher has moved from awareness building to sales through early adopter centres.

That matters because Verici could benefit from a future sales-volume milestone and royalties. The size of any future milestone and the royalty rate were not disclosed.

Protega is the next product to watch. The validation study is expected to conclude this year, with a research use only launch targeted before the end of FY26. Management says it has not included Protega sales in its model, so this is upside rather than something investors should bank on today.

What Verici Dx final results mean for retail investors in 2026

This is a better operational update than a quick glance at the profit and loss account might suggest. The commercial foundations are getting stronger: Medicare coverage, more transplant centres, more tests, more repeat usage, and early signs of protocol adoption. That is the bullish case.

The bear case is straightforward too. Verici is still burning cash, still needs more funding, and has already diluted shareholders heavily. So this remains a high-risk AIM growth story rather than a proven cash-generating healthcare business.

• Positive: Tutivia demand is growing fast and reimbursement access has improved materially.
• Positive: Thermo Fisher and Protega offer extra upside beyond the core product.
• Negative: Losses and operating cash outflows increased in FY25.
• Negative: The company says more funding will be needed before the end of 2026.

My take: this RNS shows a company that is finally getting commercial traction, which is exactly what shareholders needed to see. But the next 12 months are about proving that growth can outrun dilution. If Tutivia keeps scaling at this pace, the equity story improves sharply. If not, the science may stay promising while the share count keeps growing.