Business
Veracyte Announces First Quarter 2023 Financial Results
Grew Total Revenue to $82.4 million, an Increase of 22% Conference Call and Webcast Today at 4:30 p.m. ET SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--
About this update from Veracyte, Inc.
[{"type":"text","content":"\nGrew Total Revenue to $82.4 million, an Increase of 22%\n\n\nConference Call and Webcast Today at 4:30 p.m. ET\n\n\n SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--\nVeracyte, Inc. (Nasdaq: VCYT) today announced financial results for the first quarter ended March 31, 2023.\n\n\n“We had an excellent first quarter, as many areas of our business greatly exceeded our expectations. Not only did we deliver strong Afirma and Decipher growth, we also demonstrated continued financial discipline and outstanding execution, which resulted in a meaningfully higher cash balance than we had projected,” said Marc Stapley, Veracyte’s chief executive officer. “In addition, we further enhanced our Afirma test, as well as augmented the clinical evidence in support of adoption and reimbursement of our products, ultimately helping to advance our vision of transforming cancer care for patients all over the world.”\n\n\nKey Business Highlights\n\n\n\nIncreased first quarter total revenue by 22% to $82.4 million, compared to the first quarter of 2022.\n\n\n\nGrew total test volume to 28,788, an increase of 24% compared to the first quarter of 2022.\n\n\n\nEnhanced our Afirma offering with the addition of TERT promoter mutation testing to help further guide treatment decisions for patients with suspected or diagnosed thyroid cancer.\n\n\n\nSecured four new payer contracts for Afirma GSC, making the test an in-network benefit for over four million additional health plan enrollees.\n\n\n\nPresented 17 abstracts for our diagnostic tests and biopharmaceutical offerings at major medical and research conferences.\n\n\n\nPublished multiple papers that demonstrate the clinical utility of our Decipher Prostate Genomic Classifier and advance the science around prostate cancer.\n\n\n\nPublished our inaugural Environmental, Social and Governance report.\n\n\n\nEnded the first quarter with cash, cash equivalents and short-term investments of $177.9 million, roughly flat to $178.9 million at the end of 2022.\n\n\n\nFirst Quarter 2023 Financial Results\n\n\nTotal revenue for the first quarter of 2023 was $82.4 million, an increase of 22% compared to $67.8 million in the first quarter of 2022. Testing revenue was $72.4 million, an increase of 29% compared to $56.0 million in the first quarter of 2022 driven primarily by the strong performance of our Decipher Prostate a...