Insight Molecular Diagnostics Inc

imdxinc.com

What Do They Do?

Provides assay-development and clinical-testing services to life sciences and biotechnology companies, and develops molecular diagnostic tests and kits for transplant centers, hospitals, and laboratories.

How Do They Make Money?

Most revenue comes from life sciences customers billed for assay development, clinical testing and other lab services when a service or deliverable is complete; customized projects can be billed as work is performed. Research customers buy kits as goods are delivered.

revenue

Segment	Share	How money arrives
Laboratory Services Sold outright	99%	Sold outright
Laboratory Developed Test Services Sold outright	0.0%	Sold outright
Kitted Products Sold outright	0.6%	Sold outright

Who Are Their Customers?

Life sciences and biotechnology companies buy assay-development, clinical-trial support and testing services; hospitals, transplant centers and laboratories are targeted for molecular test kits they can run in-house.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2024: 84% from one customer

Do Revenues Turn Into Profits?

No. It lost $50.2M in FY2025.

Operating income, FY2025

−1261% of revenue

▼ −16% (Loss) vs FY2024 (−$61M, −3245%)

Net income, FY2025

−1239% of revenue

▼ −17% (Loss) vs FY2024 (−$60.7M, −3225%)

Free cash flow, FY2025

−626% of revenue

▲ +20% (Loss) vs FY2024 (−$21.2M, −1127%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −54%; vs $518K in Q2 FY2025
Net income: ▲ +16% (Loss); vs −$9.7M in Q2 FY2025

Laboratory Services share of revenue vs 95.4% in Q2 FY2025

Growing. Revenue grew 84% in 4 years, from $2.2M in FY2021 to $4.1M in FY2025, about 17% a year.

A kit-based transplant offering The older report describes VitaGraft transplant testing in an early-access program and a planned research kit; the latest presents a GraftAssure family with lab, research-kit and clinical-kit versions, and reports initial research-kit sales.

Strategic focus The earlier report called DetermaRx the only commercialized clinical test; the latest makes organ transplant the primary near-term market, treats oncology as secondary, and describes Laboratory Services for life-sciences customers.

Revenue over time

Laboratory Services Laboratory Developed Test Services Kitted Products Pharma Services

$5M$2.5M$0

FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with CareDx, Natera, Transplant Genomics, Omixon, and Devyser

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