Business
Veracyte Announces Fourth Quarter and Full-Year 2019 Financial Results and Provides 2020 Financial Outlook
2019 Total Revenue Grew 31% to $120.4 Million; Genomic Test Volume Grew 25% to 39,612 Achieved Fourth Quarter 2019 Positive Cash Flow from Operations Fourth
About this update from Veracyte, Inc.
[{"type":"text","content":"\n2019 Total Revenue Grew 31% to $120.4 Million; Genomic Test Volume Grew 25% to 39,612\n\n\nAchieved Fourth Quarter 2019 Positive Cash Flow from Operations\n\n\nFourth Quarter Acquisition Positions Company for Global Expansion\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 and business progress for the quarter and full year ended December 31, 2019, and provided financial guidance for 2020.\n\n\n“Veracyte experienced a transformational year in 2019 as we successfully drove strong revenue and volume growth across our products, secured strategic biopharmaceutical collaborations, advanced our pipeline – specifically, our nasal swab test for early lung cancer detection – and positioned the company to become a global leader in advanced genomic diagnostics on a world-class instrumentation platform,” said Bonnie H. Anderson, chairman and chief executive officer of Veracyte. “We also achieved cashflow breakeven status for the fourth quarter of 2019, underscoring our focus on driving business growth, while maintaining financial discipline. We expect 2020 to be a big year for the company as we grow our business, advance our pipeline and leverage the opportunity to expand our global footprint.”\n\n\nFourth Quarter and Full-Year 2019 Financial Results \n\n\nFor the three months ended December 31, 2019, compared to the prior year:\n\n\n\nTotal Revenue was $29.7 million, an increase of 15%;\n\n\nGross Margin was 66%, unchanged;\n\n\nOperating Expenses, Excluding Cost of Revenue, were $27.8 million, an increase of 38%;\n\n\nNet Loss and Comprehensive Loss was ($7.5) million, an increase of 140%;\n\n\nBasic and Diluted Net Loss Per Common Share was ($0.15), an increase of 88%;\n\n\nNet Cash Provided by Operating Activities was $1.8 million, compared to $1.2 million used; and\n\n\nCash and Cash Equivalents was $159.3 million at December 31, 2019.\n\n\n\nFor the year ended December 31, 2019, compared to the prior year:\n\n\n\nTotal Revenue was $120.4 million, an increase of 31%;\n\n\nGross Margin was 70%, an increase of six percentage points;\n\n\nOperating Expenses, Excluding Cost of Revenue, were $99.0 million, an increase of 22%;\n\n\nNet Loss and Comprehensive Loss was ($12.6) million, an improvement of 45%;\n\n\nBasic ...