Slide 1: Q2 2024 Business and Financial Presentation
Q2 2024 Business and Financial Presentation August 6, 2024 © Ve r a c y t e , I n c . A l l r i g h t s r e s e r ve d . © 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; and ou
Slide 3: Key Q2 2024 results and FY 2024 outlook
Key Q2 2024 results and FY 2024 outlook 1. Record sequential growth of tests with revenue of $114.4M driven by Decipher Prostate and Afirma 2. Achieved record test volumes across both Decipher Prostate and Afirma 3. Delivered $5.7M in net income for the quarter and notable adjusted EBITDA of $24.0M
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 © Veracyte, Inc. All rights reserved. © 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 Q2 total revenue growth of 27%
Q2 2024 REVENUE AND VOLUME Delivered Q2 total revenue growth of 27% Total Revenue by Quarter1 Total Volume by Quarter $114.4 39,023 $3.6 2,966 $98.2 $3.9 33,836 33,424 $96.8 31,809 32,544 $90.3 $90.1 $4.1 $3.0 2,861 2,643 2,455 $3.7 $3.5 2,748 $4.6 $4.1 $4.0 $4.0 $107.0 36,057 $90.4 $90.3 29,683 31,
Slide 7: Proven profitability profile
Q2 2024 NON-GAAP GROSS MARGIN AND ADJUSTED EBITDA Proven profitability profile Non-GAAP Gross Margin by Quarter1 Adjusted EBITDA Margin by Quarter1 21% 70% 71% 71% 68% 68% 15% 15% 14% 12% Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 1. Non-GAAP reconciliations avai
Slide 8: Cash balance of $235.9M
Q2 2024 CASH BALANCE Cash balance of $235.9M1 Cash balance1 $235.9 $216.5 • Q2 cash provided by operations of $202.5 $209.2 $191.1 $29.6M • 2024 outlook: • Ending 2024 cash balance of $260M to $270M2 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 1. Ending balance of cash, cash equivalents and short-term i
Slide 9: 2024 revenue guidance of $432M to $438M
2024 REVENUE GUIDANCE 1,2 2024 revenue guidance of $432M to $438M $432-$438 $361.1 • Expect year-over-year testing $18.9 20% - 21% $15.6 revenue growth of ~25% (previously $296.5 year-over-year revenue growth 15% to 18%) $33.4 $12.6 $219.5 • Increasing full year guidance by $19.9 $29M due to year-to
Slide 10: Contact Us
Contact Us INVESTORS investors@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 94080 650.243.6300 © Veracyte, Inc. All rights reserved. © Veracyte, Inc. All rights reserved.
Slide 11: © Veracyte, Inc. All rights reserved.
© Veracyte, Inc. All rights reserved. 8/6/2024 11
Slide 12: Reconciliation of Non-GAAP Gross Margin
Reconciliation of Non-GAAP Gross Margin (Unaudited) (In thousands of dollars) Three Months Ended Mar 31, 2023 Jun 30, 2023 Sep 30, 2023 Dec 31, 2023 Mar 31, 2024 Jun 30, 2024 GAAP Gross Profit $ 51,389 $ 55,820 $ 57,687 $ 64,788 $ 62,468 $ 77,913 GAAP Gross Margin 62 % 62 % 64 % 66 % 65 % 68 % Amort
Slide 13: Reconciliation of Non-GAAP Operating Expenses
Reconciliation of Non-GAAP Operating Expenses (Unaudited) (In thousands of dollars) Three Months Ended Mar 31, 2023 Jun 30, 2023 Sep 30, 2023 Dec 31, 2023 Mar 31, 2024 Jun 30, 2024 GAAP research and development $ 12,769 $ 12,541 $ 13,322 $ 18,673 $ 15,965 $ 16,465 Stock-based compensation expense (1
Slide 14: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA (Unaudited) (In thousands of dollars) Three Months Ended Mar 31, 2023 Jun 30, 2023 Sep 30, 2023 Dec 31, 2023 Mar 31, 2024 Jun 30, 2024 GAAP Net Income (Loss) $ (8,091) $ (8,402) $ (29,618) $ (28,293) $ (1,864) $ 5,734 Amortization of intangible assets 5,329 5,341 5,
Slide 15: Reconciliation of Non-GAAP Net Income and EPS
Reconciliation of Non-GAAP Net Income and EPS (Unaudited) (In thousands of dollars) Three Months Ended Mar 31, 2023 Jun 30, 2023 Sep 30, 2023 Dec 31, 2023 Mar 31, 2024 Jun 30, 2024 GAAP Net Income (Loss) $ (8,091) $ (8,402) $ (29,618) $ (28,293) $ (1,864) $ 5,734 Amortization of intangible assets 5,