Slide 1: Q1 2024 Business and Financial Presentation
Q1 2024 Business and Financial Presentation May 7, 2024 © Vera c yte, Inc . All rig hts reserved . © Veracyte, Inc. All rights reserved.
Slide 2: Forward-looking statements and non-GAAP information
Forward-looking statements and non-GAAP information This presentation contains forward-looking statements, including, but not limited to our statements related to our plans, objectives, and expectations (financial and otherwise), including with respect to 2024 financial and operating results; statem
Slide 3: Key Q1 2024 Results and FY 2024 Outlook
Key Q1 2024 Results and FY 2024 Outlook 1. Strong Q1 2024 revenue of $96.8M driven by Decipher Prostate and Afirma 2. Contracted with one of the largest commercial payers in the U.S., making Decipher Prostate an in-network offering for its close to 30 million members 3. Initiated development of an M
Slide 4: Our vision is to transform cancer care for patients
KP- Revise to leverage innovative image that conveys cancer, AI, “smart diagnostics” that are differentiated by our “grid” process Our vision is to transform cancer care for patients all over the world © Verac y t e, I nc . All right s res erv ed. © Veracyte, Inc. All rights reserved. 4
Slide 5: A novel platform for growth
A novel platform for growth More Data Veracyte More Insights Diagnostics Platform More Evidence More Utility © Veracyte, Inc. All rights reserved.
Slide 6: Delivered Q1 total revenue growth of 17%
Q1 2024 REVENU E AND VOLUM E Delivered Q1 total revenue growth of 17% Total Revenue by Quarter1 Total Volume by Quarter 33,836 33,424 31,809 32,544 $98.2 $96.8 2,643 2,455 $90.3 $90.1 28,788 2,748 2,861 $4.1 $3.0 $3.7 $3.5 $82.4 $4.6 $4.1 2,940 $4.0 $4.0 $6.1 $3.9 29,683 31,193 30,969 $90.4 $90.3 29
Slide 7: Strong non-GAAP gross margin
Q1 2024 NON- GAAP GROSS MARGI N AND OPERATI NG EXPENSE Strong non-GAAP gross margin Non-GAAP Gross Margin by Quarter1 Non-GAAP Operating Expense by Quarter1,2 $65.6 $59.3 $61.6 $58.1 $57.7 68% 67% 69% 70% 68% $21.9 $22.4 $20.1 $21.9 $20.6 $25.0 $24.0 $25.2 $24.9 $23.8 3 $18.7 $15.2 $12.7 $12.5 $13.3
Slide 8: Cash balance of $209.2M
Q1 2024 CASH BALANC E Cash balance of $209.2M1 • Q1 cash used by operations of Cash balance1 $9.0M, due to usual timing of $216.5 $202.5 $209.2 compensation payments $191.1 $177.9 • 2024 outlook: • Ending 2024 cash balance of $236M to $240M2 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 1. Ending balance
Slide 9: 2024 revenue guidance of $402M to $410M
2024 REVENU E GUID ANC E 1 ,2 2024 revenue guidance of $402M to $410M $402-$410 $361.1 $18.9 $15.6 • Expect YoY testing revenue growth $296.5 11% -14% of 15% to 18% (previously 13% to $33.4 year-over-year revenue growth 15%) $220.1 $12.6 • Increasing full year guidance by $19.9 $12.0 $8M due to high
Slide 10: Contact Us
Contact Us INVESTORS investor@Veracyte.com MEDIA media@Veracyte.com twitter.com/Veracyte linkedin.com/company/Veracyte veracyte.com CORPORATE HQ 6000 Shoreline Court, Ste. 300 South San Francisco, CA w94080 650.243.6300 © Verac y t e, I nc . All right s res erv ed. © Veracyte, Inc. All rights reserv
Slide 11: © Veracyte, Inc. All rights reserved.
© Veracyte, Inc. All rights reserved. 5/7/2024 11
Slide 12: Reconciliation of Non-GAAP Financial Measures Q1 2024
Q1 2024 Reconciliation of Non-GAAP Financial Measures (Unaudited) (In thousands of dollars) Identified Expenses Acquisition Related Intangible Assets GAAP Expenses (1) Amortization Expense Other (4) Total Non-GAAP Measure Three Months Ended March 31, 2024 Total revenue $96,844 - - - $96,844 Cost of
Slide 13: Reconciliation of Non-GAAP Financial Measures Q4 2023
Q4 2023 Reconciliation of Non-GAAP Financial Measures (Unaudited) (In thousands of dollars) Identified Expenses Acquisition Related Intangible Assets GAAP Expenses (1) Amortization Expense Other (4) Total Non-GAAP Measure Three Months Ended December 31, 2023 Total revenue $ 98,199 $ — $ — $ — $ 98,1
Slide 14: Reconciliation of Non-GAAP Financial Measures Q3 2023
Q3 2023 Reconciliation of Non-GAAP Financial Measures (Unaudited) (In thousands of dollars) Identified Expenses Acquisition Related Intangible Assets GAAP Expenses (1) Amortization Expense Other (4) Total Non-GAAP Measure Three Months Ended September 30, 2023 Total revenue $ 90,108 $ — $ — $ — $ 90,
Slide 15: Reconciliation of Non-GAAP Financial Measures Q2 2023
Q2 2023 Reconciliation of Non-GAAP Financial Measures (Unaudited) (In thousands of dollars) Identified Expenses Acquisition Related Intangible Assets GAAP Expenses (1) Amortization Expense Other (4) Total Non-GAAP Measure Three Months Ended June 30, 2023 Total revenue $ 90,322 $ — $ — $ — $ 90,322 C
Slide 16: Reconciliation of Non-GAAP Financial Measures Q1 2023
Q1 2023 Reconciliation of Non-GAAP Financial Measures (Unaudited) (In thousands of dollars) Identified Expenses Acquisition Related Intangible Assets GAAP Expenses (1) Amortization Expense Other (4) Total Non-GAAP Measure Three Months Ended March 31, 2023 Total revenue $ 82,422 $ — $ — $ — $ 82,422