Business
Veracyte Announces Fourth Quarter and Full Year 2024 Financial Results
Grew fourth quarter total revenue to $118.6 million, an increase of 21% Grew fourth quarter testing revenue to $112.2 million, an increase of 24% Conference
About this update from Veracyte, Inc.
[{"type":"text","content":"\nGrew fourth quarter total revenue to $118.6 million, an increase of 21%\nGrew fourth quarter testing revenue to $112.2 million, an increase of 24%\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 fourth quarter and full year ended December 31, 2024.\n\n\n“I’m incredibly proud of what our team accomplished in 2024,” said Marc Stapley, Veracyte’s chief executive officer. “We ended the year with exceptional performance, delivering record revenue in Q4 and achieving our 10th consecutive quarter of 20% or greater testing revenue growth. Looking ahead to 2025, we see significant opportunities for Decipher and Afirma to impact more patients and drive growth for Veracyte. We are focused on moving forward with our exciting portfolio of strategic growth drivers while maintaining the financial discipline that has been core to our success.”\n\n\nKey Fourth Quarter 2024 Financial Highlights\n\n\nFor the three-month period ended December 31, 2024, as compared to the same period in 2023:\n\n\n\nIncreased total revenue by 21% to $118.6 million and testing revenue by 24% to $112.2 million.\n\n\n\nIncreased total volume by 22% to 41,271 tests and testing volume by 25% to 39,107 tests.\n\n\n\nGrew Decipher revenue by 44% and Afirma revenue by 4%.\n\n\n\nGrew Decipher volume by 45% to more than 22,400 tests and Afirma volume by 8% to more than 16,300 tests.\n\n\n\nIncreased net income to $5.1 million, or 4.3% of revenue, and delivered adjusted EBITDA of $26.1 million, or 22.0% of revenue.\n\n\n\nGenerated $24.5 million of cash from operations.\n\n\n\nKey Full Year 2024 Financial Highlights\n\n\nFor the twelve-month period ended December 31, 2024, as compared to the same period in 2023:\n\n\n\nIncreased total revenue by 23% to $445.8 million and testing revenue by 28% to $419.0 million.\n\n\n\nIncreased total volume by 20% to 152,750 tests and testing volume by 23% to 142,925 tests.\n\n\n\nGrew Decipher revenue by 43% and Afirma revenue by 14%.\n\n\n\nGrew Decipher volume by 36% to more than 80,000 tests and Afirma volume by 12% to more than 60,000 tests.\n\n\n\nIncreased net income to $24.1 million, or 5.4% of revenue, and delivered adjusted EBITDA of $91.9 million, or 20.6% of revenue.\n\n\n\nGenerated $75.1 million...