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Renalytix
(LSE:RENX)
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Rating:45Neutral
Price Target:
2.00 p
▼(-66.10% Downside)
Action:Upgraded
Date:07/01/26
The score is primarily constrained by high financial risk—large ongoing losses, persistent negative free cash flow, and negative equity—despite improving revenue and gross margin. Technicals are mixed (short-term strength vs weak long-term trend), while valuation offers limited support due to losses (negative P/E) and no dividend yield.
Positive Factors
Revenue growth & improving gross margin
A 26% revenue increase alongside a jump to ~40% gross margin materially improves unit economics for the KidneyIntelX test. Durable margin expansion reduces incremental cash required per test, helping the company scale commercial programs and narrow structural losses as volumes rise.
Negative Factors
Negative shareholders' equity
Negative equity indicates past losses have eroded capital and limits financial flexibility. It typically forces dependence on external financing or dilutive capital raises, increasing execution risk and constraining strategic options for scaling commercial operations over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth & improving gross margin
A 26% revenue increase alongside a jump to ~40% gross margin materially improves unit economics for the KidneyIntelX test. Durable margin expansion reduces incremental cash required per test, helping the company scale commercial programs and narrow structural losses as volumes rise.
Read all positive factors
Renalytix (RENX) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£10.05M
Dividend YieldN/A
Average Volume (3M)10.03M
Price to Earnings (P/E)―
Beta (1Y)0.19
Revenue GrowthN/A
EPS GrowthN/A
CountryUK
Employees102
SectorHealthcare
Sector Strength45
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)-0.22
Shares Outstanding437,018,680
10 Day Avg. Volume3,807,103
30 Day Avg. Volume10,033,489
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)-1.38
Price to Sales (P/S)3.23
P/FCF Ratio-0.54
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.24
Revenue Forecast (FY)£114.30M
Renalytix Business Overview & Revenue Model
Company Description
Renalytix Plc specializes in developing cutting-edge in vitro diagnostic solutions for kidney diseases, leveraging the power of artificial intelligence. Their primary offering, KidneyIntelX, is an advanced diagnostic platform. It employs a sophist...
How the Company Makes Money
Renalytix primarily makes money by commercializing its diagnostic tests, most notably KidneyIntelX, generating revenue when the test is ordered for patients and processed through the company’s testing/laboratory pathway (or an authorized laborator...
Renalytix Earnings Call Summary
Earnings Call Date:May 15, 2024
(Q3-2024)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted significant strategic achievements, including Medicare coverage developments, inclusion in clinical guidelines, successful fundraising, and cost reduction efforts. However, there are challenges such as a decline in revenue and testing volumes, and adoption hurdles in the VA system. The sentiment is balanced, with positive long-term strategic developments countered by short-term operational challenges.Positive Updates
Positive Medicare Coverage Developments
Medicare contractor National Government Services issued a draft local coverage determination for KidneyIntelX, with expectations for a final coverage determination in the near term.
Negative Updates
Revenue Decline
Recorded revenue of $535,000 for Q3 2024, down from $724,000 in the prior year period.
Read all updates
Q3-2024 Updates
Positive
Negative
Positive Medicare Coverage Developments
Medicare contractor National Government Services issued a draft local coverage determination for KidneyIntelX, with expectations for a final coverage determination in the near term.
Read all positive updates
Company Guidance
During the third quarter earnings call for Renalytix (Symbol: RENX.L), management provided a detailed overview of their financial and strategic progress. The company reported a revenue of $535,000 for Q3 2024, with 806 tests processed, 82% of which were billable. This reflects a decline from the previous year, attributed to the conclusion of a $6 million contract with Mount Sinai. Operating expenses were significantly reduced by 40% year-over-year to $6.5 million, following strategic reorganization efforts, including a 50% reduction in headcount. The net loss also decreased by 36% to $7.7 million. The launch of the FDA-authorized KidneyIntelX.dkd product and increased insurance reimbursement were highlighted as key developments. The company emphasized their strategic focus on sales growth with a 33% increase in direct-to-physician test orders quarter-over-quarter, while anticipating further growth with the expected finalization of Medicare coverage and inclusion in international clinical guidelines. Additionally, Renalytix raised $13.5 million in aggregate gross proceeds from recent financings and reported $4.7 million in cash as of March 31, excluding additional financing proceeds. The ongoing strategic review, including potential acquisition interest, was also discussed, though specifics were limited due to regulatory constraints.Renalytix Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
12
Very Negative
Cash Flow
15
Very Negative
| Breakdown | TTM | Jun 2025 | Sep 2024 | Jun 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.37M | 3.00M | 2.29M | 3.40M | 2.97M | 1.49M |
| Gross Profit | 468.00K | 1.20M | 156.00K | 701.00K | 918.00K | 687.00K |
| EBITDA | -23.07M | -21.30M | -28.52M | -41.71M | -52.69M | -32.69M |
| Net Income | -23.43M | -20.40M | -33.46M | -45.61M | -45.28M | -34.73M |
Balance Sheet | ||||||
| Total Assets | 11.44M | 6.10M | 7.97M | 42.12M | 63.26M | 102.58M |
| Cash, Cash Equivalents and Short-Term Investments | 9.63M | 3.70M | 4.68M | 24.68M | 41.33M | 74.45M |
| Total Debt | 8.21M | 8.30M | 8.54M | 12.15M | 12.34M | 352.00K |
| Total Liabilities | 12.81M | 13.10M | 15.83M | 23.66M | 20.09M | 7.48M |
| Stockholders Equity | -1.37M | -7.00M | -7.85M | 6.97M | 30.61M | 95.10M |
Cash Flow | ||||||
| Free Cash Flow | -23.02M | -17.90M | -30.11M | -32.67M | -46.44M | -26.26M |
| Operating Cash Flow | -23.02M | -17.90M | -30.11M | -32.67M | -45.74M | -24.63M |
| Investing Cash Flow | 18.00K | 0.00 | -4.00K | 0.00 | -694.00K | -741.00K |
| Financing Cash Flow | 26.88M | 16.00M | 10.25M | 16.39M | 25.52M | 77.24M |
Renalytix Technical Analysis
Positive
5.90
Price Trends
1.85
Positive
2.48
Negative
4.88
Negative
Market Momentum
0.04
Negative
95.41
Negative
57.14
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:RENX, the sentiment is Positive. The current price of 5.9 is above the 20-day moving average (MA) of 1.90, above the 50-day MA of 1.85, and above the 200-day MA of 4.88, indicating a neutral trend. The MACD of 0.04 indicates Negative momentum. The RSI at 95.41 is Negative, neither overbought nor oversold. The STOCH value of 57.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:RENX.
Renalytix Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
59 Neutral | £116.19M | 57.45 | 3.01% | ― | 2.73% | -65.94% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | £20.87M | -1.19 | -153.92% | ― | 65.60% | 74.84% | |
45 Neutral | £10.05M | -0.33 | 425.97% | ― | ― | ― | |
44 Neutral | £8.58M | -0.40 | -122.54% | ― | 5.41% | 39.06% | |
42 Neutral | £5.79M | -1.59 | 44.15% | ― | -23.14% | 9.57% | |
38 Underperform | £4.29M | -0.10 | -316.67% | ― | 33.37% | 86.41% |
* Healthcare Sector Average
GB:RENX
Renalytix
2.30
-4.70
-67.14%
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Renalytix Corporate Events
Business Operations and StrategyProduct-Related Announcements
Renalytix’s KidneyIntelX Test Shows Two-Year Real-World Benefit in Diabetic Kidney Disease
Positive
Jun 30, 2026
Renalytix has published landmark real-world evidence data in a peer-reviewed medical journal showing that its kidneyintelX.dkd test can meaningfully alter the course of diabetic chronic kidney disease over two years in routine clinical practice. T...
Business Operations and StrategyProduct-Related Announcements
Renalytix boosts kidneyintelX.dkd capacity and advances CE marking for European push
Positive
Apr 22, 2026
Renalytix has completed the transfer of its laboratory operations to a new state-of-the-art facility in New York, boosting kidneyintelX.dkd testing capacity by more than 3.5 times to support over 100,000 tests annually while cutting fixed operatin...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.