Business
Veracyte Announces First Quarter 2024 Financial Results
Grew total revenue to $96.8 million, an increase of 17% Grew testing revenue by 25% Conference call and webcast today at 4:30 p.m. ET SOUTH SAN FRANCISCO,
About this update from Veracyte, Inc.
[{"type":"text","content":"\nGrew total revenue to $96.8 million, an increase of 17%\n\n\nGrew testing revenue by 25%\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, 2024.\n\n\n“We had a strong start to 2024, driven by robust growth from our market-leading Decipher Prostate and Afirma tests. We executed upon our strategies to further penetrate these markets by expanding our clinical evidence, and, for Decipher, securing enhanced status in guidelines while also achieving a key commercial reimbursement milestone,” said Marc Stapley, Veracyte’s chief executive officer. “We also expanded our capabilities into minimal residual disease (MRD) testing by completing our acquisition of C2i Genomics and initiating development of our first test using their novel, whole-genome approach.”\n\n\nKey Business Highlights\n\n\n\nIncreased first quarter total revenue by 17% to $96.8 million, compared to the first quarter of 2023.\n\n\n\nGrew total test volume to 33,424, an increase of 16% compared to the first quarter of 2023.\n\n\n\nReceived the highest-level rating among gene expression tests for the Decipher Prostate Genomic Classifier in updated NCCN* prostate cancer guidelines.\n\n\n\nExpanded clinical evidence for the Decipher Prostate test with a study published in JCO Precision Oncology showing that it is prognostic for progression in prostate cancer patients undergoing Active Surveillance.\n\n\n\nDemonstrated the power of the Veracyte Diagnostic Platform to expand evidence with the presentation of 14 abstracts at the American Urological Association’s 2024 Annual Meeting, including podium presentations for our research-use-only Decipher GRID offerings in prostate cancer and bladder cancer.\n\n\n\nContracted with one of the largest commercial payers in the U.S., making the Decipher Prostate test an in-network offering for its close to 30 million members.\n\n\n\nReceived Medicare coverage for our Afirma TERT promoter gene mutation test, following publication of analytical validity data for the test in the Journal of Endocrinology & Metabolism.\n\n\n\nCompleted the acquisition of C2i Genomics and initiated development of an MRD test for muscle-invasive bladder cancer.\n\n\n\nEnded the first quarter with $209.2...