Business
Veracyte Announces Preliminary First Quarter 2020 Financial Results and Provides Business Update in Response to COVID-19 Pandemic
Expects first quarter revenue in the range of $30.5 million to $31.5 million Withdraws full-year 2020 guidance SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--
About this update from Veracyte, Inc.
[{"type":"text","content":"\nExpects first quarter revenue in the range of $30.5 million to $31.5 million\n\n\nWithdraws full-year 2020 guidance\n\n SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--\nVeracyte, Inc. (Nasdaq: VCYT) today announced preliminary, unaudited and unreviewed financial results for the first quarter ended March 31, 2020 and withdrew its previously issued full-year 2020 financial performance guidance.\n\n\nFirst Quarter 2020 Financial Results\n\n\nBased upon preliminary financial information, Veracyte expects to report first quarter 2020 total revenue in the range of $30.5 million to $31.5 million, compared to $29.5 million in the first quarter of 2019. First quarter 2020 testing and product revenue is estimated to be in the range of $30.0 million to $30.6 million, compared to $25.4 million in the first quarter of 2019. The company expects to report genomic test volume from our Afirma, Percepta and Envisia classifiers in the range of 10,500 to 10,600 tests for the first quarter, compared to 9,162 tests in the first quarter of 2019. The company expects to report cash and cash equivalents of approximately $153 million at March 31, 2020.\n\n\nWhile first quarter genomic testing volume increased approximately 15% compared to the first quarter of 2019, the company began to see volume decline in the second half of March and its reported genomic testing volumes in the first fifteen days of April 2020 declined over 50%, compared to the same period in 2019.\n\n\n“We are generally pleased with our first-quarter financial performance, despite the rapid onset of the COVID-19 pandemic and associated shelter-in-place orders towards the end of the quarter,” said Bonnie Anderson, Veracyte’s chairman and chief executive officer. “However, during the second half of March, we experienced a significant decline in the volume of samples received, which has continued into April, resulting in a significant decline in revenue.”\n\n\nBusiness Response to COVID-19 Pandemic\n\n\n“We have taken swift steps to protect our employees and the broader community, while ensuring our ability to deliver genomic test results to physicians and their patients who need them. Our CLIA lab is running and most of our employees are working remotely. Meanwhile, the pandemic continues to have an unprecedented impact on the broader economy and on our business, with significant reducti...