Although investors probably haven’t yet fully appreciated the upside offered by Verici Dx’s (VRCI ) suite of clinically validated kidney transplant blood tests. It certainly appears the medical world is now waking up the advantages of using these next generation immunodiagnostics.
In fact, hot on the heels of signing a global licensing partnership with healthcare giant Thermo Fisher Scientific (Mrkcap $200bn) in Nov'23 for Clarava, a 1st-in-class pre-transplant prognostic.
The company today said that the US Centers for Medicare & Medicaid Services (CMS) had confirmed a gap-fill price of $2,650 for both Tutivia (post-transplant test) & Clarava effective from 1st January 2024.
To me, this is a very encouraging step toward securing full reimbursement by Medicare, a national health insurance program covering 63.9m people. Indeed intuitively, if Medicare wasn’t planning to pay for these tests, then why would they waste the time/resource approving the price?
CEO Sara Barrington: "We are pleased that the pricing for both Tutivia and Clarava has been finalised at the proposed rates. This is another important milestone in our strategy to develop and commercialise a complementary suite of ground-breaking products that offer end-to-end testing for kidney transplant patients and their clinicians."
Elsewhere Verici Dx has also announced that its CLIA certified laboratory in Franklin (Tennessee, US) has been accredited by the internationally recognised College of American Pathology (CAP) following the completion of an on-site audit.
CAP accreditation is a hallmark of quality and excellence in clinical laboratory services and adds to #VRCI's existing portfolio of quality assurance awards and recognition.
COO Patti Connolly said: "We are pleased that our highly skilled laboratory team successfully achieved this accreditation with no deficiencies, findings, or recommendations identified during the audit. This accomplishment affirms our commitment to operating at the highest standards that healthcare providers, patients, and regulatory bodies expect."
Wrt the numbers, Singer Capital Markets have a 30p/share price target on the stock based on forecast 2024 revenues & adjusted EBITDA of $8.6m & $0.1m respectively.