Business
Veracyte Announces First Quarter 2020 Financial Results
Total Testing and Product Revenue Increased 20% to $30.4 Million Genomic Testing Volume Grew 15% to 10,559 Executed Exclusive Licensing Agreement with Yale
About this update from Veracyte, Inc.
[{"type":"text","content":"\nTotal Testing and Product Revenue Increased 20% to $30.4 Million\n\n\nGenomic Testing Volume Grew 15% to 10,559\n\n\nExecuted Exclusive Licensing Agreement with Yale University To Advance Novel, Blood-Based Genomic IPF Monitoring Test on nCounter Platform\n\n\nCompany Outlines COVID-19 Impact and Response\n\n\nConference Call and Webcast Today at 5:00 p.m. ET\n\n SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--\nVeracyte, Inc. (Nasdaq: VCYT) today announced financial results for the first quarter ended March 31, 2020 and provided an update on recent business progress.\n\n\n“Despite late-quarter challenges from the COVID-19 pandemic, we delivered solid results for the first quarter of 2020, with strong revenue and volume growth across our genomic testing business. We continued to strengthen our position for long-term success by advancing our pipeline and solidifying our infrastructure for global expansion. We also established a new biopharmaceutical partnership in lymphoma, our newest clinical indication, and made strong progress with all of our biopharmaceutical collaborations,” said Bonnie Anderson, chairman and chief executive officer of Veracyte.\n\n\n“While we anticipate impact to our business from the pandemic through 2020, we believe we are well-positioned to emerge strong over the long term due to the fundamental strength and diversification of our business, as well as our strong cash position. Moreover, we believe our focus on improving diagnosis and treatment decisions for patients with cancer and lung disease, while reducing unnecessary procedures, aligns with the needs of our healthcare system.”\n\n\nFirst Quarter 2020 Financial Results\n\n\nFor the first quarter of 2020, as compared with the first quarter of 2019:\n\n\n\nTotal Testing and Product Revenue was $30.4 million, an increase of 20%; including biopharmaceutical revenue, total revenue was $31.1 million, an increase of 5%;\n\n\nGross Margin was 61%, which included a $1.1 million write-down of supplies;\n\n\nOperating Expenses, Excluding Cost of Revenue, were $31.1 million, an increase of 35%;\n\n\nNet Loss and Comprehensive Loss was $(11.7) million, versus $(1.9) million;\n\n\nBasic and Diluted Net Loss Per Common Share was $(0.24), versus $(0.05);\n\n\nNet Cash Used in Operating Activities was $5.3 million, versus $1.0 million; and\n\n\nCash and Cash Equivale...