Executive Summary

Q1 FY2025 revenue was $0.52M, up from $0.46M in Q1 FY2024, with net loss per share improving to $(0.04) from $(0.11) y/y as operating expenses were cut by >50% (to $4.2M) amid a commercial pivot and cost restructuring .
The company introduced multi-year revenue guidance for the first time: ~$3.2M (FY25), $8.5M (FY26), and $17.5M (FY27), underpinned by reimbursement and physician adoption initiatives; this is the most actionable near-term stock catalyst (execution vs guidance) .
Street (S&P Global, via Moomoo) had Q1 revenue consensus ~$0.90M vs actual $0.52M (miss), while EPS consensus was not available; prior two quarters’ actual revenues were ~$0.59M (Q4 FY2024) and ~$0.54M (Q3 FY2024), indicating a modest sequential decline in Q1 .
Liquidity improved post-quarter via ~~£11.8M (~~$14.9M) equity commitments and liability restructurings; management believes cash on balance sheet is sufficient to fund current operations as of November 2024, reducing going-concern risk near term .

What Went Well and What Went Wrong

What Went Well
- Cost discipline: Total operating expenses fell to $4.2M in Q1 FY2025 from $8.8M y/y, enabling net loss improvement to $(4.7)M from $(10.1)M .
- Balance sheet actions: Post-quarter equity commitments of ~~£11.8M (~~$14.9M) and liability restructurings led management to state sufficient cash to fund current operations as of November 2024 .
- Strategic narrative: Management introduced multi-year revenue guidance and highlighted momentum in test ordering at a large NY physician group; CEO: “We are pleased to have positioned Renalytix financially and commercially…to propel the Company’s growth while supporting better patient outcomes” .
What Went Wrong
- Top-line shortfall vs Street: Q1 revenue of $0.52M missed S&P consensus of ~$0.90M (via Moomoo), suggesting adoption ramp below external expectations in the first quarter of FY25 .
- Sequential dip: Revenue declined q/q to $0.52M from ~$0.59M in Q4 FY2024 (Moomoo actuals), implying near-term volatility in realized volumes/reimbursement .
- Limited disclosures on volumes in Q1 release vs prior quarters; while qualitative momentum was cited, fewer operational KPIs (e.g., billable mix, test counts) make it harder to triangulate near-term revenue cadence .

Financial Results

Q1 FY2025 vs prior year and estimates

Metric	Q1 FY2024 (y/y comp)	Q1 FY2025	Vs. Est. (S&P)
Revenue ($USD Millions)	$0.459	$0.522	$0.522 vs $0.900 (miss)
Net Loss per Share (EPS)	$(0.11)	$(0.04)	n/a (consensus not available)
Gross Profit ($USD Millions)	$(0.043) [Q1 FY2024 gross loss]	$0.100	n/a

Sequential revenue trend

Metric	Q3 FY2024	Q4 FY2024	Q1 FY2025
Revenue ($USD Millions)	$0.535	$0.586	$0.522

Margins and operating items (Q1 FY2025)

Metric	Q1 FY2025	Notes
Gross Profit Margin %	19.2% (calc. $0.100 / $0.522) [based on reported revenue and cost of revenue]	Derived from reported revenue ($0.522M) and cost of revenue ($0.422M)
Operating Expenses ($USD Millions)	$4.192	Down >50% y/y from $8.846M
Cash and Cash Equivalents (period-end)	$0.909M (9/30/24)	Post-quarter ~~£11.8M (~~$14.9M) equity commitments

KPIs and operating context

Test ordering momentum at a large New York physician group commenced in September 2024 (Q1 period) .
Prior quarter disclosed volume context: Q3 FY2024 total tests of 806 with 82% billable, underscoring a focus on billability and reimbursement cadence .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY2025	None disclosed previously	~$3.2M	Introduced new multi-year revenue guidance
Revenue	FY2026	None disclosed previously	$8.5M	Introduced
Revenue	FY2027	None disclosed previously	$17.5M	Introduced
Cash burn	FY2025 exit run-rate	Not quantified previously	~~£560k (~~$725k) per month target by FY25 year-end	New explicit opex target

Note: On March 18, 2025 (post-Q1), management reiterated revenue growth targets and later (Sept. 23, 2025) updated long-term guidance (FY26: $8.4M; FY27: $19.0M; FY28: $42.0M) linked to distribution partnerships—contextual but not part of Q1 guidance .

Earnings Call Themes & Trends

There was no Q1 FY2025 earnings call transcript identified. The narrative below triangulates from the Q1 press release (current) and prior two quarters’ materials for trend context.

Topic	Previous Mentions (Q-2: Q3 FY2024)	Previous Mentions (Q-1: Q4 FY2024 context)	Current Period (Q1 FY2025)	Trend
Reimbursement (Medicare/coverage)	KDIGO guideline inclusion and draft LCD (Medicare) supported commercial adoption	FY2024 audited commentary highlighted reorg toward commercial sales after regulatory/reimbursement “trifecta”	Management cites sufficient cash and test ordering momentum; guidance issued anchored in adoption	Improving structural backdrop; execution pacing matters
Physician adoption	Q3 reported 806 tests, 82% billable; ramp in direct-to-physician sales	Annual commentary: pivot to commercial sales model	“Continued test ordering momentum” at a large NY physician group following Sept. 2024 start	Momentum present but quarterly variability evident
Cost discipline	Q3 FY2024 opex $6.5M vs $11.0M y/y	FY2024 admin expenses reduced vs FY2023; reorg completed	Q1 opex $4.2M (down >50% y/y); burn run-rate target disclosed	Improving
Liquidity/financing	n/a	Post-year-end equity and debt restructuring detailed (Oct/Nov 2024)	~~£11.8M (~~$14.9M) equity commitments; sufficient cash for operations as of Nov 2024	Improved near-term visibility
Lab/operational execution	n/a in Q3 release	n/a	Emphasis on operational progress; later, H1 FY25 cited ~50% reduction in turn-around time (contextual, post-Q1)	Operational leverage developing

Management Commentary

Strategic focus and tone: “We are pleased to have positioned Renalytix financially and commercially for what we believe will be an exciting fiscal year that represents a breakout from our development phase into a commercially focused business…” — James McCullough, CEO .
Commercial initiatives: Continued ordering momentum at a large NY physician group after go-live in September 2024; multi-year revenue guidance reflects greater confidence in adoption trajectory .
Post-Q1 context (H1 FY25): “With Medicare coverage and additional insurance contracts in place this fiscal year, we are now seeing a significantly higher portion of our total revenue coming from commercially insured testing…” — Half-Year Report (Mar 18, 2025) .

Q&A Highlights

No Q1 FY2025 earnings call transcript was available. For context, on Mar 18, 2025 (H1 FY25), management reiterated targeting ~20% average q/q revenue growth across FY25 and cited >850 unique ordering physicians and >15,000 patient risk reports to date, supporting confidence in scaling (not part of Q1 but indicative of trajectory) .

Estimates Context

Q1 FY2025 Street (S&P Global via Moomoo) revenue consensus ~$0.90M vs actual $0.522M — miss; EPS consensus was not available on the source; actual EPS was $(0.04) .
Implications: Given the revenue miss and the newly introduced multi-year guidance, Street models may revisit near-term quarterly cadence while focusing on FY25–FY27 annual targets and execution milestones (payer coverage, ordering intensity, billable mix). .

Key Takeaways for Investors

Execution vs new multi-year revenue targets is the primary stock driver; watch physician ordering ramp, billable mix, and realized ASPs to close the gap vs external expectations .
Cost structure reset is working (opex down >50% y/y); if revenue scales as guided, operating leverage can accelerate losses-to-breakeven trajectory .
Near-term liquidity risk moderated by post-quarter equity commitments and liability restructurings, enabling focus on commercial execution rather than financing overhangs in the next 12 months (per management statement) .
Expect quarterly volatility as payer mix and claims cycles normalize; sequential Q1 dip vs Q4 highlights that adoption is not yet linear, but macro tailwinds (Medicare coverage, guideline inclusion) remain intact .
Near-term trading setup: Results missed Street revenue, but guidance introduction and improved balance sheet can be catalysts if follow-on updates (e.g., payer adds, large practice rollouts, pharma collaborations) evidence durable volume growth .

Supporting Documents Referenced

Q1 FY2025 press release: Financial Results for First Quarter of Fiscal Year 2025 (Nov 20, 2024) .
Prior quarter (Q3 FY2024) press release (May 15, 2024) .
FY2024 audited results/context (Nov 21, 2024) .
Half-Year Report H1 FY25 (Mar 18, 2025) .
Street estimates and prior-quarter actuals (S&P Global via Moomoo) .

Renalytix plc (RNLX)·Q1 2025 Earnings Summary