Business
Veracyte Announces Third Quarter 2023 Financial Results
Grew Total Revenue to $90.1 million, an Increase of 19% Grew Testing Revenue by 27% 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 $90.1 million, an Increase of 19%\nGrew Testing Revenue by 27%\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 third quarter ended September 30, 2023.\n\n\n“I am pleased to share we delivered another quarter of strong revenue growth, fueled by continued demand for our Decipher Prostate and Afirma tests,” said Marc Stapley, Veracyte’s chief executive officer. “These products are serving a critical unmet need for patients dealing with prostate and thyroid cancer, indications for which we believe there remains ample opportunity to fuel outsized, long-term growth.”\n\n\nKey Business Highlights\n\n\n\nIncreased third quarter total revenue by 19% to $90.1 million, compared to the third quarter of 2022.\n\n\n\nGrew total test volume to 32,544, an increase of 23% compared to the third quarter of 2022.\n\n\n\nPresented 13 abstracts for our diagnostic tests and capabilities, as well as our biopharmaceutical offerings, at leading medical conferences. These included an oral presentation, at the American Society for Radiation Oncology (ASTRO) annual meeting, of findings from a phase 3, randomized trial demonstrating the Decipher Prostate Genomic Classifier’s performance as a tool to help guide therapeutic decisions for patients with prostate cancer.\n\n\n\nPublished study findings in JCO Precision Oncology, which suggest the potential of Decipher Genomic Resource for Intelligent Discovery (GRID)-derived gene signatures to predict treatment response in patients with recurrent prostate cancer.\n\n\n\nUnveiled the Afirma GRID, a new research-use-only tool that leverages Veracyte’s Afirma-based whole-transcriptome sequencing platform to help identify new molecular hallmarks of thyroid nodules and cancer.\n\n\n\nEntered into a multi-year in vitro diagnostic agreement with Illumina to broaden availability of our tests for patients globally by offering them on Illumina’s NextSeq 550Dx next-generation sequencing instrument.\n\n\n\nFurther strengthened the Veracyte leadership team with the additions of Phil Febbo, M.D., as chief scientific officer and chief medical officer and Marie-Claire Taine, Ph.D., as GM, IVD Business Unit.\n\n\n\nGenerated $14.2 million of cash from operations and ended the...