Verici Dx FY25 trading update: first Tutivia revenues and Medicare coverage unlock scale
Verici Dx has posted a year of real commercial progress. FY25 unaudited revenue rose to $3.8m (2024: $3.3m), with the first recognised revenue from its post-transplant test, Tutivia, and a major win on US reimbursement via Medicare coverage. Adoption stepped up across centres and payors, setting a stronger base for 2026.
The mix has shifted markedly. Licence income eased as expected, while clinical revenues began to do the heavy lifting. Cash is tighter but in line with prior guidance on runway, supported by growing receivables as testing scales.
- First Tutivia revenues recognised: $3.0m, with $3.2m of test orders in the year
- Medicare coverage secured, covering a national estimate of 68% of US transplant tests
- 1,173 Tutivia tests ordered in FY25 (Q4: 296) vs 334 in FY24
- 34 centres now using Tutivia, representing 18% of annual US kidney transplants
- Year-end cash $3.3m and accounts receivable $1.6m; runway guided into H2 2026
Key FY25 numbers at a glance
| Metric | FY25 (unaudited) | FY24 |
|---|---|---|
| Total revenue | $3.8m | $3.3m |
| Tutivia recognised revenue | $3.0m | $Nil |
| Licence income | $0.8m | $3.3m |
| Tutivia orders (value) | $3.2m | Not disclosed |
| Tutivia tests ordered | 1,173 (Q4: 296) | 334 |
| Year-end cash | $3.3m | $4.1m |
| Accounts receivable | $1.6m | $Nil |
Revenue mix: Tutivia ramps while licence income normalises
The story of FY25 is the pivot from licence fees to clinical revenue. Tutivia recognised revenue came in at $3.0m, from $3.2m of test orders, while licence income was $0.8m, reflecting expected milestone timing under the outlicensed contract. The Company notes recognised Tutivia revenue was slightly behind market expectations, but testing volumes are accelerating.
A quick word on revenue recognition. Medicare pays a fixed price per test, but commercial payors vary by plan and policy. Management applies judgement on average reimbursement and denial rates, updating estimates as cash collection data firm up. The growth in accounts receivable to $1.6m is consistent with scaling tests and the lag between testing, billing and collection.
Commercial traction: centres, payors and adoption are broadening
Verici’s commercial footprint has widened. Centres using Tutivia rose to 34, representing 18% of annual US kidney transplants, with four new ordering centres added in Q4. That network growth underpins the step-up to 1,173 tests in FY25 from 334 in FY24.
On reimbursement, Medicare coverage is the big milestone. Coverage for a national estimate of 68% of all US transplant tests should materially improve patient access and reduce reimbursement friction. Alongside that, Verici signed a Provider Participation Agreement with Prime Health Services, extending reach into a large PPO network.
Importantly, the Company has secured an in-network contract with Blue Cross Blue Shield of Illinois with contracted pricing across multiple lines of business, plus access to open contract processes with other BCBS entities. While it is one BCBS plan at this stage, it creates a pathway for broader BCBS adoption if performance data and economics stack up.
The Thermo Fisher Scientific milestone of $0.8m for PTRA (Clarava) validates the platform on the industry side, even as licence income becomes a smaller part of the P&L. Verici also modestly expanded its commercial team, which should help with centre onboarding and payor engagement.
Cash and runway: supported by receivables, but watch collections
Year-end cash was $3.3m (2024: $4.1m), slightly ahead of expectations, with $1.6m of accounts receivable. Management reiterates an expected cash runway into H2 2026, consistent with prior communication. That runway clearly leans on converting receivables and maintaining reimbursement momentum.
There is no disclosure on operating loss, burn rate or gross margin. The key moving parts are the speed of Medicare and commercial payor payments, denial rates, and the mix between fixed-price Medicare and more variable commercial reimbursement. As volume grows, working capital may stay elevated, so cash conversion will be a focal point through 2026.
Why this update matters for AIM investors
- Proof of commercialisation: First Tutivia revenues shift the narrative from development to execution, with measurable adoption metrics.
- Structural reimbursement progress: Medicare coverage for 68% of US transplant tests reduces one of the biggest commercial hurdles in diagnostics.
- Expanding clinical footprint: 34 centres and rising test volumes build a recurring revenue base less dependent on lumpy licence fees.
- Payor optionality: BCBS of Illinois in-network status and the Prime Health Services agreement widen the addressable reimbursed population.
- Runway visibility: Cash plus receivables and guided runway into H2 2026 alleviate near-term financing concerns, assuming collections track to plan.
Balanced take: momentum is real, but revenue recognition and payor mix are key
On the positive side, Verici has delivered what matters most at this stage: Medicare coverage, growing test adoption, and a broader base of ordering centres. The move from $Nil to $3.0m of recognised Tutivia revenue and 1,173 tests ordered is a clear inflection, and the BCBS of Illinois contract is a welcome foothold in commercial payor land.
On the cautious side, total revenue growth to $3.8m is muted by the step-down in licence income to $0.8m, and recognised Tutivia revenue was slightly below market expectations. Revenue recognition requires judgements on commercial reimbursement and denial rates, so actual cash collection will be the arbiter. With cash at $3.3m, ongoing discipline on working capital and payor contracting will matter.
Net-net, the operational progress looks genuine and sets up 2026 well. If Verici can keep onboarding centres, deepen BCBS and other commercial coverage, and convert orders into recognised revenue and cash at a steady clip, the P&L should start to reflect the installed base more visibly.
What to watch in 2026
- Quarterly test volumes and new ordering centres added
- Share of tests reimbursed by Medicare versus commercial payors
- Commercial payor wins beyond BCBS of Illinois and any additional BCBS entities
- Collections and denial rates relative to revenue recognition assumptions
- Further milestones on licensed products and any new partnerships
Next newsflow
Verici expects to announce full-year audited results no later than May 2026. A specific date will be confirmed in due course.
