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Veracyte Announces Preliminary Full-Year 2023 Results, Acquisition of C2i Genomics to Add Minimal Residual Disease Capabilities to Its Novel Diagnostics Platform
Grew full-year revenue to between $358 million and $359 million, an increase of 21% Acquisition broadens Veracyte’s presence across the cancer care continuum
About this update from Veracyte, Inc.
[{"type":"text","content":"\nGrew full-year revenue to between $358 million and $359 million, an increase of 21%\n\n\nAcquisition broadens Veracyte’s presence across the cancer care continuum\n\n\n SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--\nVeracyte, Inc. (Nasdaq: VCYT), a leading cancer diagnostics company, today announced preliminary unaudited financial results for the fourth quarter and full year ended December 31, 2023. The company also announced it has reached a definitive agreement to acquire C2i Genomics, Inc. a minimal residual disease (MRD) detection company, adding whole-genome MRD capabilities to its novel diagnostics platform and positioning Veracyte to expand its offerings along the cancer care continuum. Under the terms of the agreement, Veracyte will pay $70 million in Veracyte shares at closing, and up to an additional $25 million based on the achievement of future performance milestones over the next two years, payable in Veracyte shares or cash at Veracyte’s election.\n\n\nPreliminary Unaudited Financial Results and 2024 Financial Outlook\n\n\nFor the fourth quarter ended December 31, 2023, as compared to the same period of 2022, Veracyte expects to report:\n\n\n\nRevenue of between $95 million and $96 million, an increase of between 18% and 20%\n\n\n\nTotal test volume of approximately 34,000, an increase of 21%\n\n\n\nFor the full year ended December 31, 2023, as compared to the same period of 2022, Veracyte expects to report:\n\n\n\nRevenue of between $358 million and $359 million, an increase of 21%\n\n\n\nTotal test volume of approximately 127,000, an increase of 24%\n\n\n\nVeracyte expects to report cash, cash equivalents and short-term investments of more than $215 million as of December 31, 2023.\n\n\n“We had an outstanding fourth quarter and finished 2023 with continued growth driven by our Afirma and Decipher businesses,” said Marc Stapley, Veracyte’s chief executive officer. “I could not be prouder of the Veracyte team and their commitment to our physician customers and their patients, and look forward to continued strong execution in 2024 and beyond.”\n\n\nVeracyte is initiating 2024 testing and product revenue guidance of 13% to 15% growth, partially offset by declining biopharma and other revenue, resulting in total company revenue growth of 10% to 12%, or $394 million to $402 million. Further, 2024 cash, cash equivale...