Business
Veracyte Announces Third Quarter 2020 Financial Results
Revenue of $31.1 Million; Product and Testing Revenue Increased 79% Over Second Quarter of 2020 Achieved Key Reimbursement Milestones Conference Call and
About this update from Veracyte, Inc.
[{"type":"text","content":"\nRevenue of $31.1 Million; Product and Testing Revenue Increased 79% Over Second Quarter of 2020\n\nAchieved Key Reimbursement Milestones\n\nConference Call and Webcast Today at 4:30 p.m. ET\n\n SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--\nVeracyte, Inc. (Nasdaq: VCYT) today announced financial results for the third quarter ended September 30, 2020 and provided an update on recent business progress. For the third quarter of 2020, revenue was $31.1 million, compared to $20.7 million in the second quarter of 2020 and $31.0 million in the third quarter of 2019. Product and testing revenue was $30.3 million, an increase of 79% over the second quarter of 2020 and 13% over the third quarter of 2019.\n\n“We are pleased with the strong rebound in our business during the third quarter, with revenue returning to pre-pandemic levels, led by our Afirma franchise,” said Bonnie Anderson, Veracyte’s chairman and chief executive officer. “We also achieved important reimbursement and clinical-evidence milestones for our tests, which we believe will help further drive adoption and revenue growth. We also remain on track to launch four new clinical products in 2021. Moreover, we believe we are well-positioned in the near- and long-term with our tests that help patients avoid unnecessary invasive diagnostic procedures and accelerate access to appropriate treatment.”\n\nThird Quarter 2020 Financial Results\n\nFor the third quarter of 2020:\n\n\nTotal Revenue was $31.1 million, comprising $30.3 million in testing and product revenue and $0.8 million in biopharmaceutical partnership revenue;\n\n\nGross Margin was 67%;\n\n\nOperating Expenses, Excluding Cost of Revenue, were $24.8 million;\n\n\nNet Loss and Comprehensive Loss was $4.1 million;\n\n\nBasic and Diluted Net Loss Per Common Share was $0.08;\n\n\nNet Cash Provided by Operating Activities was $1.8 million; and \n\n\nCash and Cash Equivalents were $345.1 million at September 30, 2020.\n\n\nFor the nine-month period ended September 30, 2020:\n\n\nTotal revenue was $82.9 million, comprising $77.6 million in testing and product revenue and $5.3 million in biopharmaceutical partnership revenue;\n\n\nGross Margin was 64%;\n\n\nOperating Expenses, Excluding Cost of Revenue were $80.0 million;\n\n\nNet Loss and Comprehensive Loss was $26.9 million;\n\n\nBasic and Diluted Net Loss Per Common Share...