Business
Veracyte Announces Second Quarter 2023 Financial Results
Grew Total Revenue to $90.3 million, an Increase of 24% Conference Call and Webcast Today at 4:30 p.m. ET SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--
About this update from Veracyte, Inc.
[{"type":"text","content":"\nGrew Total Revenue to $90.3 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 second quarter ended June 30, 2023.\n\n\n“We delivered outstanding second quarter results, with revenue and test volume that exceeded our expectations. We also generated a record $17 million in cash from operations this quarter, driven by our exceptional top-line performance and strong cash collections,” said Marc Stapley, Veracyte’s chief executive officer. “The compelling clinical data we shared this quarter demonstrates our focus on producing further evidence that our tests are helping to better guide patient care at pivotal moments in the race to diagnose and treat cancer.”\n\n\nKey Business Highlights\n\n\n\nIncreased second quarter total revenue by 24% to $90.3 million, compared to the second quarter of 2022.\n\n\n\nGrew total test volume to 31,809, an increase of 28% compared to the second quarter of 2022.\n\n\n\nPresented 12 abstracts for our diagnostic tests and biopharmaceutical offerings at major medical conferences. Study findings demonstrate our tests’ positive real-world impact on patient care, and also advance the scientific understanding of a number of diseases that we and our biopharmaceutical customers address.\n\n\n\nPublished real-world Decipher Prostate Genomic Classifier findings in JNCI Cancer Spectrum from a population-based study of the National Cancer Institute’s SEER program database. The findings reinforce the ability of our Decipher Prostate Genomic Classifier to help guide personalized treatment approaches for men with prostate cancer.\n\n\n\nGenerated approximately $17 million of cash from operating activities, ending the second quarter with cash, cash equivalents and short-term investments of $191 million, compared to $178 million at the end of the first quarter.\n\n\n\nSecond Quarter 2023 Financial Results\n\n\nTotal revenue for the second quarter of 2023 was $90.3 million, an increase of 24% compared to $72.9 million reported in the second quarter of 2022. Testing revenue was $81.7 million, an increase of 37% compared to $59.7 million in the second quarter of 2022 driven primarily by the strong performance of our Decipher Prostate and Afirma tests. Product reve...