Business
Veracyte Announces Second Quarter 2024 Financial Results
Grew total revenue to $114.4 million, an increase of 27% Grew testing revenue by 31% Conference call and webcast today at 4:30 p.m. ET SOUTH SAN FRANCISCO,
About this update from Veracyte, Inc.
[{"type":"text","content":"\nGrew total revenue to $114.4 million, an increase of 27%\n\n\nGrew testing revenue by 31%\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, 2024.\n\n\n“Our exceptional second quarter results are a testament to the strength and robustness of Decipher and Afirma,” said Marc Stapley, Veracyte’s chief executive officer. “With both tests clearly gaining share in their respective markets and plenty of headroom for durable future expansion, our confidence in their long-term prospects continues to grow. Meanwhile, our positive cash generation and class-leading profitability profile are fueling a portfolio of tests that are poised to drive meaningful advances in precision medicine.”\n\n\nKey Business Highlights\n\n\n\nIncreased second quarter total revenue by 27%, to $114.4 million, compared to the second quarter of 2023.\n\n\n\nGrew total test volume to 39,023, an increase of 23% compared to the second quarter of 2023.\n\n\n\nIncreased second quarter net income to $5.7 million and delivered adjusted EBITDA of $24.0 million, or 21% of revenue.\n\n\n\nAchieved record Decipher Prostate test volume of close to 19,900 tests, driven by recently updated NCCN* prostate cancer guidelines, in which the Decipher Prostate test received the highest-level rating among gene expression tests.\n\n\n\nDelivered record Afirma test volume of approximately 15,700 and received Medicare coverage for Afirma testing of patients with thyroid nodules classified as “Bethesda V,” giving more patients annually access to the test.\n\n\n\nReinforced Veracyte’s commitment to evidence expansion with three published Decipher Prostate test studies, including a real-world, population-based analysis of Decipher data linked to the National Cancer Institute’s SEER database demonstrating the test’s clinical utility and underscoring the power of the Veracyte Diagnostics Platform.\n\n\n\nGenerated $26.7 million of cash during the second quarter to end the quarter with $235.9 million of cash and cash equivalents.\n\n\n\n* National Comprehensive Cancer Network. NCCN makes no warranties of any kind whatsoever regarding their content, use or application and disclaims any responsibility for their application or use in any w...