Slide 1: Q3 2025 Earnings Presentation
Q3 2025 Earnings Presentation November 4, 2025 © 2025 Veracyte, Inc. All rights reserved. 1
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 our 2025 and 2026 financial and operating re
Slide 3: Our vision is to transform cancer care for patients all over the world
Our vision is to transform cancer care for patients all over the world © 2025 Veracyte, Inc. All rights reserved. 3
Slide 4: Strong topline growth driven by testing revenue
Strong topline growth driven by testing revenue Total Revenue (M) 1 Testing Revenue (M)1 Testing Volume (K) Q3 Q3 Q3 $132 $128 43.7 $116 $110 36.8 14% 17% 19% YOY growth YOY growth YOY growth Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 15% YOY growth* 18% YOY growth* 20% YOY growth* *adjusting f
Slide 5: Strategic growth drivers to expand the reach of our platform
Strategic growth drivers to expand the reach of our platform Continue to grow Serve more of the Expand Solve new US CLIA tests patient journey geographically cancer challenges Decipher® MRD IVD Nasal Swab Afirma® Prosigna®* Balance growth with financial discipline Improve operational efficiency thro
Slide 6: Growing Decipher
Decipher® 14th consecutive quarter of >25% YOY volume growth Growing Decipher 26% 26,700 Quarterly Volume 25,500 Highest number of 21,250 22,400 22,550 quarterly ordering 19,900 providers and orders per physician 16,500 15,500 Continued broad-based growth across each NCCN risk category 4Q23 1Q24 2Q2
Slide 7: Body of evidence supports strong and sustainable Decipher growth
Body of evidence supports strong and sustainable Decipher growth First validation data Developing Molecular 23 new abstracts Scanned >115,000 from BALANCE trial Features report to and publications across slides from >80,000 shows Decipher GRID further enhance clinical Decipher prostate test deidenti
Slide 8: Growing Afirma
Afirma® Steady pipeline of new account wins and Growing Afirma increased YoY utilization per account 13% Quarterly Volume 16,950 17,000 12 Afirma-related 16,300 15,200 15,700 15,100 15,450 abstracts presented at 14,000 the 2025 ATA Meeting, across the Afirma classifier and GRID Transitioned over a t
Slide 9: Differentiated approach: Whole genome every step of the way
TrueMRD Multiple studies already completed in MIBC, CRC, and Lung Robust study pipeline Differentiated approach: 10 in testing / analysis Whole genome every step of the way 13 in contracting 10 in active planning First indication Expanding indications Commercial launch targeted is muscle invasive ex
Slide 10: Prognostic testing for breast cancer
Prosigna®* Positive outcomes data from 10-year OPTIMA PRELIM study shared in May, with full study readout expected in mid-2026 Prognostic testing Encouraging preliminary results for breast cancer from the RIBOLARIS trial shared at ESMO 2025 highlights the use of the Prosigna test for guiding pre-ope
Slide 11: Steady cadence of expected product catalysts
Steady cadence of expected product catalysts DECIPHER METASTATIC Development Full launch completed by NIGHTINGALE Mid-2026 launch YE 2026 Q3 2025 enrollment PROSIGNA LDT* PROSIGNA NGS IVD Limited access complete 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 AFIRMA V2 TRANSCRIPTOME TrueMRD MIBC DECIPHER PCR IVD
Slide 12: Strong topline growth driven by testing revenue
Strong topline growth driven by testing revenue Total Revenue (M) 1 Testing Revenue (M)1 Testing Volume (K) Q3 Q3 Q3 $132 $128 43.7 $116 36.8 $110 14% 17% 19% YOY growth YOY growth YOY growth Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Testing ASP: $2,9252 ASP was roughly flat versus the prior y
Slide 13: Profitable growth driven by our proven diagnostic platform
Profitable growth driven by our proven diagnostic platform Cash and short-term GAAP Net Income (M) Adjusted EBITDA Margin investments (M)1 Q3 Q3 End of Quarter 30.1% $366 $19.1 $274 23.6% $15.2 $20.6 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 1. Ending balance of cash, cash equivalents and shor
Slide 14: Raised full year revenue and adjusted EBITDA margin guidance
Raised full year revenue and adjusted EBITDA margin guidance Testing Revenue ($M)1 Total Revenue ($M) 1 Adjusted EBITDA Margin1,2 $484 - $487 $506 - $510 $419 $446 Raised expectations to over 25% From prior expectations of 23.5%3 ~16% ~14% and 21.6%4, a nearly 450 bps YOY growth YOY growth improveme
Slide 15: Delivered all of our 2025 catalysts and pulled forward profitability target
Delivered all of our 2025 catalysts and pulled forward profitability target 2025 2026 – 2028 Further penetration and share gains TrueMRD MIBC launch in 1H 2026 1 Decipher for metastatic patients Commercial launch of Prosigna LDT1 in mid-2026 1 Afirma and Decipher clinical evidence Launch IVD product
Slide 16: © 2025 Veracyte, Inc. All rights reserved.
© 2025 Veracyte, Inc. All rights reserved. 16
Slide 17: Reconciliation of Non-GAAP Gross Profit and Gross Margin
Reconciliation of Non-GAAP Gross Profit and Gross Margin (Unaudited) (In thousands of dollars) Three Months Ended Jun 30, 2024 Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 GAAP cost of testing revenue $ 27,920 $ 29,029 $ 31,645 $ 28,260 $ 32,407 $ 33,777 Stock-based compensation
Slide 18: Reconciliation of Non-GAAP Operating Expenses
Reconciliation of Non-GAAP Operating Expenses (Unaudited) (In thousands of dollars) Three Months Ended Jun 30, 2024 Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 GAAP research and development $ 16,465 $ 17,574 $ 19,290 $ 17,720 $ 16,264 $ 15,981 Stock-based compensation expense (1
Slide 19: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA (Unaudited) (In thousands of dollars) Three Months Ended Jun 30, 2024 Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 GAAP Net Income (Loss) $ 5,734 $ 15,155 $ 5,113 $ 7,047 $ (980) $ 19,137 GAAP Net Income (Loss) as a % of Revenue 5.0 % 13.1 % 4.3
Slide 20: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA (Unaudited) (In thousands of dollars) Twelve Months Ended Dec 31, 2024 GAAP Net Income (Loss) $ 24,138 GAAP Net Income (Loss) as a % of Revenue 5.4 % Amortization of intangible assets 14,849 Depreciation expense 8,610 Stock-based compensation expense 36,249 Acquisit
Slide 21: Reconciliation of Non-GAAP Net Income, EPS and WASO
Reconciliation of Non-GAAP Net Income, EPS and WASO (Unaudited) (In thousands of dollars) Three Months Ended Jun 30, 2024 Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 GAAP Net Income (Loss) $ 5,734 $ 15,155 $ 5,113 $ 7,047 $ (980) $ 19,137 Amortization of intangible assets 3,790
Slide 22: © 2025 Veracyte, Inc. All rights reserved.
© 2025 Veracyte, Inc. All rights reserved. 22