NEW YORK — Renalytix said this week that its third quarter revenue declined approximately 26 percent to $535,000, from $724,000 a year ago. The company posted a net loss of approximately $7.7 million, or $.08 per share, compared to a net loss of approximately $12.1 million, or $.14 per share, in the same quarter last year. The firm pared its R&D spending to $2.2 million from $3.9 million in Q3 2023 and trimmed its SG&A expenses to approximately $3.8 million, down from nearly $7.1 million last year. The company stated that it made progress toward commercial adoption over the last quarter, with the inclusion of its KidneyIntelX in vitro diagnostic test in clinical guidelines, a proposed local coverage determination by Medicare administrative contractor National Government Services, and the April launch of KidneyIntelX.dkd. Renalytix finished the quarter with $4.7 million in cash and cash equivalents.
DermTech said this week that its first quarter revenues grew 9 percent to $3.8 million from $3.5 million a year ago. Test revenues rose to $3.7 million from $3.4 million, while contract revenues were $168,000 compared to $52,000 in Q1 2023. Billable sample volume in the recently completed quarter dropped 14 percent year over year to about 15,360 samples, the firm said. The San Diego-based developer of skin cancer diagnostics recorded a net loss of $20.0 million, or $.58 per share, compared to a net loss of $31.3 million, or $1.02 per share, a year ago. Its R&D spending was lowered to $3.3 million from $4.4 million a year ago, while its SG&A costs were cut to $18.0 million from $27.3 million. DermTech ended Q1 2024 with $27.6 million in cash and cash equivalents and $11.4 million in short-term marketable securities.
Oncocyte announced its Q1 2024 financial results this week, reporting that its net revenues were $176,000, down 41 percent from $297,000 in Q1 2023 due to decreased revenue from the firm's Pharma Services business. Net loss for the quarter was $9.1 million, or $1.13 per share, compared to a gain of $3.0 million, or $.82 per share, in the prior-year quarter. Oncocyte ended the quarter with $5.6 million in cash and cash equivalents.
Aspira Women's Health said this week that its first quarter revenues dropped 4 percent to $2.2 million from $2.3 million a year ago. All its revenues for the three months ended March 31 derived from product revenues, which were down from $2.3 million in the year-ago period. The number of OvaSuite tests performed in the recently completed quarter was down 7 percent to 5,829 in Q1 2024 from 6,259 a year ago. The firm had no genetics revenues in Q1 2024 compared to $1,000 a year ago.
Aspira had a net loss of $4.6 million, or $.39 per share, compared to a net loss of $6.6 million, or $.79 per share, a year ago. The firm trimmed its R&D spending to $906,000 from $1.3 million in Q1 2023 and lowered its SG&A costs to $5.0 million from $6.2 million. Aspira finished the quarter with $3.4 million in cash and cash equivalents.
Autoimmune testing firm Exagen reported this week that its first quarter revenues rose 29 percent to $14.4 million from $11.2 million in the year-ago quarter. The Carlsbad, California-based firm recorded a net loss of $3.4 million for the quarter ended March 31, or a loss of $.19 per share, compared to a net loss of $7.7 million, or a loss of $.44 per share, in Q1 2023. The firm ended the quarter with $27.3 million in cash and cash equivalents. Exagen President and CEO John Aballi said in a statement that the firm is also planning to add T-cell and new RA biomarkers to its flagship Avise CTD assay, which is designed to aid in the differential diagnosis of systemic lupus erythematosus.
Lucid Diagnostics this week announced its Q1 2024 financial results, reporting that its revenues were $1.0 million for the period, more than doubling from $446,000 in the year-ago quarter. Net loss for the first quarter was $10.6 million, or $.40 per share, compared to $16.2 million, or $.40 per share, in Q1 2023. Adjusted EPS for the quarter was a loss of $.21 per share. Lucid Diagnostics ended the quarter with $24.8 million in cash and cash equivalents. During the quarter, Lucid performed 2,420 commercial EsoGuard Esophageal DNA tests, up 31 percent from the same quarter in 2023.
Gradientech this week said its first quarter revenues rose 28 percent to SEK 485,000 ($45,200) from SEK 380,000 ($35,000) a year ago. The Swedish developer of ultrafast antibiotic susceptibility tests recorded a net loss of SEK 15.6 million, or SEK .68 per share, compared to a net loss of SEK 18.1 million, or SEK 1.08 per share, a year ago. For the three months ended March 31, Gradientech had SEK 21.3 million in cash and cash equivalents.