One of the toughest challenges remaining in US healthcare is to improve the success rates of kidney transplants. Not only reducing the number of acute organ rejections (10% in year 1) and enhancing patient care, but also cutting hospital costs and eliminating expensive dialysis (Est $100k pa) and poorly targeted immunosuppression.
Enter Verici Dx (Mrkcap £8.3m). A precision diagnostics specialist that is commercialising its best-in-class suite of AI powered kidney transplant tests, that provide doctors with earlier, actionable and more personalised data. In simple terms, these next-generation blood tests spot organ rejection before damage occurs, allowing physicians to intervene sooner and tailor treatment more intelligently at a lower cost.
So how are things progressing?
Well today, VRCI announced another important regulatory and commercial milestone – receiving certification from the New York State Department of Health’s clinical laboratory evaluation program, widely regarded as one of the most rigorous approval processes in the US. Meaning Verici Dx now has authorisation to provide laboratory testing services across all 50 US states and the District of Columbia, creating true nationwide coverage for Tutivia, its flagship post-kidney transplant blood test.
What’s more New York is one of America’s most active kidney transplant markets, with more than 2,000 operations performed in 2025. Additionally the state has also approved Tutivia as a laboratory developed test, enabling clinicians to use the product to stratify patients as either low or high risk of acute rejection via an easy-to-interpret risk score.
CEO Sara Barrington commenting: this approval “not only expands access to Tutivia for transplant centres in the state, but also provides independent validation of our laboratory and data science operations and clinical performance.”
Trading is currently being driven by Tutivia, where test volumes grew 32% sequentially to 392 in Q1'26 (vs 296 Q4'25) - comfortably ahead of management expectations. This strong demand is being driver by superior product efficacy, wider reimbursement access (re Medicare, Prime Health Services and Blue Cross Blue Shield), greater transplant centre penetration and increased sales resource. The main near-term headwind remains cash burn (est $400k/month) - although earlier in June the group raised £2.6m at 0.35p/share. Extending its cash runway to at least the end of 2026, with Thermo Fisher milestones and additional licence payments representing further upside.
In terms of the numbers, the Board is guiding to FY26 revenues of $5.1m, up 34% on last year’s £3.8m (est LBITDA £5.7m). As of 31 March 2026, net cash was $1.3m.
Disclosure: Verici Dx is a Vox Markets client.