Verici Dx Reports Strong Q1 Growth with 32% Surge in Tutivia Testing Volumes

Verici Dx’s Q1 2026: Tutivia volumes jump 32% and adoption widens

Verici Dx has opened 2026 with a brisk step. Tutivia testing volumes rose 32% quarter-on-quarter to 392 in Q1 2026 (from 296 in Q4 2025), and were up 34% year-on-year. Management also says the average reimbursement rate remains in line with expectations. For a young commercial diagnostics launch, that combination of faster volumes and steady pay is exactly what you want to see.

Crucially, adoption across US transplant centres keeps expanding. Seven new centres ordered tests in the quarter, a second centre has now embedded Tutivia into its clinical protocols, and repeat centres are growing strongly. Verici says the centres now using Tutivia represent 20% of annual US kidney transplants, based on UNOS data.

Key numbers from the trading update

Metric	Q1 2026	Comparison
Tutivia tests	392	+32% vs Q4 2025 (296); +34% year-on-year
New transplant centres ordering	7	Second centre now includes Tutivia in clinical protocols
Repeat centre growth	6 centres >20% growth	Including two largest centres >30% growth
US kidney transplant coverage	20%	Share of annual transplants at centres using Tutivia
State Medicaid approvals	17 States	Two additional State programmes approved in Q1
Reimbursement rate	In line with expectations	Exact rate not disclosed

Adoption momentum: deeper relationships, broader footprint

The adoption story is doing the heavy lifting here. Seven new centres started ordering during the quarter, but the more telling detail is the behaviour of existing customers. Six repeat centres grew volumes by more than 20%, and two of the largest centres by testing volume increased by more than 30%. That kind of embedded growth suggests Tutivia is earning its place in day-to-day practice rather than relying on one-off evaluations.

Having a second centre formally include Tutivia in its clinical protocols is another quality marker. Clinical protocols are the playbook clinicians follow for patient care; inclusion generally means more predictable, repeatable usage. With centres using Tutivia now representing 20% of US annual kidney transplants, Verici has a credible base from which to scale.

Reimbursement tailwinds: Medicare in place, Medicaid base broadens

Payments are the grease that makes diagnostics adoption frictionless. In addition to Medicare coverage noted last year, two more State Medicaid programmes approved Tutivia in the quarter, taking the total to 17 States. Medicaid is a US public insurance scheme for low-income patients; being on more State fee schedules usually speeds up payment processing and reduces admin friction for hospitals.

Verici also states that the average reimbursement rate remains in line with expectations. While the exact figure is not disclosed, the statement implies there has been no negative surprise as volumes scale.

Sales firepower: seasoned hire to lead the push

The Company appointed Keith Gilliard as Senior Director of Sales to lead the team, in a non-Board role. His CV spans Waters Medical Systems, OrganOx Inc., CareDx, Inc., Bristol-Myers Squibb and Novartis Pharmaceuticals. For a specialist transplant diagnostics product, that kind of domain and channel experience tends to shorten the path from evaluation to protocol-level adoption.

My take: why this update matters for investors

• Evidence of product-market fit – 32% quarter-on-quarter growth to 392 tests is punchy, especially with repeat-centre expansion and protocol inclusion. It suggests Tutivia is moving beyond trials into routine use.
• Network effect building – representing 20% of annual kidney transplants across using centres gives Verici a growing footprint for cross-selling, clinician education and peer-to-peer advocacy.
• Cleaner cash collection setup – Medicare in place and Medicaid approvals now at 17 States should reduce payment delays. That can support working capital as volumes rise.
• Execution bench strength – bringing in a senior sales leader with relevant transplant and diagnostics experience should help maintain momentum as the number of centres increases.

Balanced view: what is not disclosed and what to watch

• Absolute scale remains early – 392 tests is still a modest base. To move the financial needle, investors will want to see sustained sequential growth through 2026.
• Economics not detailed – the RNS does not disclose revenue, per-test pricing, gross margin or cash position. The average reimbursement rate is said to be in line with expectations, but those expectations are not quantified.
• Competitive landscape and uptake drivers – not discussed in this update. The durability of adoption and pricing will be better understood with more centre-level outcomes and usage pattern data.

Upcoming catalyst: FY25 results due by end-May 2026

Verici will announce full year results for the year ended 31 December 2025 by the end of May 2026. That should provide the financial detail missing here. I will be looking for:

• Recognised revenue and any disclosure on revenue per test.
• Cash balance, runway and operating expense trends.
• Updates on reimbursement coverage, including any further State Medicaid progress.
• Centre count progression and the share of tests from repeat users versus new sites.

Quick explainer: a few terms in plain English

• Tutivia – Verici’s post-kidney transplant test focused on early detection of acute rejection.
• Reimbursement rate – the amount paid by insurers (e.g., Medicare/Medicaid) per test; being “in line” means the money coming in per test is as planned.
• Medicare and Medicaid – US public health insurance programmes. Coverage and State-level approvals help hospitals get paid promptly for using a test.
• Clinical protocol – the standard care pathway at a hospital. Once a test is written into the protocol, usage tends to be steady and repeatable.

Bottom line: momentum building, eyes on sustained scale

This is a clean, positive trading update. Stronger volumes, deeper penetration at key centres, broader reimbursement access and a bolstered sales team all point in the same direction. The missing piece is the financial print, which arrives with the FY25 results by end-May.

If Verici can convert its 20% footprint into higher test density per centre and keep reimbursement consistent, 2026 could be a year of meaningful commercial traction. For now, the direction of travel looks encouraging.