Business
Veracyte Announces Third Quarter 2021 Financial Results
Total Revenue of $60.4 Million and Volume of 20,972 Tests Company Launches Percepta Nasal Swab and Decipher Bladder Genomic Tests; Completes Acquisition of
About this update from Veracyte, Inc.
[{"type":"text","content":"\nTotal Revenue of $60.4 Million and Volume of 20,972 Tests\n\nCompany Launches Percepta Nasal Swab and Decipher Bladder Genomic Tests; Completes Acquisition of HalioDx\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, 2021.\n\n“We are pleased with our third quarter performance as we experienced strong year-over-year revenue growth despite the headwind of the COVID-19 Delta variant,” said Marc Stapley, Veracyte’s chief executive officer. “With the completion of our acquisition of HalioDx, the launch of our novel noninvasive Percepta Nasal Swab test for early lung cancer risk assessment and of our Decipher Bladder test to help guide bladder cancer treatment decisions, the pieces are coming together to transform our company into a global cancer diagnostics leader.”\n\nThird Quarter 2021 Financial Results\n\nFor the third quarter of 2021, as compared with the third quarter of 2020:\n\n\nTotal Revenue was $60.4 million, an increase of 94%, including $4.7 million of HalioDx revenue;\n\n\nGross Margin was 64%, a decrease of 300 basis points including the impact of HalioDx and the associated purchase accounting; Gross Margin equaled 68%, an increase of 100 basis points, before the impact of HalioDx;\n\n\nOperating Expenses, Excluding Cost of Revenue, were $55.4 million, an increase of 123%, including $7.5 million of HalioDx expenses and $5.8 million in acquisition-related expenses;\n\n\nNet Loss was $14.1 million, an increase of 243%, including $5.8 million of acquisition-related expenses and $6.3 million of HalioDx net loss;\n\n\nBasic and Diluted Net Loss Per Common Share was $0.20, an increase of 150%;\n\n\nNet Cash Used in Operating Activities was $1.4 million including $3.9 million of acquisition-related expenses; and\n\n\nCash and Cash Equivalents were $164.0 million at September 30, 2021.\n\n\nFor the nine months ended September 30, 2021, compared to the prior year:\n\n\nTotal Revenue was $152.2 million, an increase of 83%, including $4.7 million of HalioDx revenue;\n\n\nGross Margin was 66%, an increase of 200 basis points including the impact of HalioDx and the associated purchase accounting; Gross Margin equaled 68%, an increase of 400 basis points, before the impact ...