Veracyte, Inc. · NASDAQ:VCYT
Veracyte — Raymond James Institutional Investor Conference 2026
33 slides from Veracyte's conference presentation, March 2026
Slide 1: Raymond James Institutional Investor Conference March 2026
Raymond James Institutional Investor Conference March 2026
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 3
Slide 4: A novel platform for growth
A novel platform for growth Veracyte Diagnostics Platform Broad genomic assays and clinical data, robust evidence generation, and differentiated marked expansion 4
Slide 5: Leveraging our platform across the cancer care continuum
Leveraging our platform across the cancer care continuum Risk Treatment Recurrence Diagnosis Prognosis Assessment Guidance Monitoring WOMEN’S HEALTH Breast UROLOGY + UROLOGY UROLOGY With Decipher With Decipher Prostate Prostate Prostate UROLOGY UROLOGY TrueMRD MIBC Bladder ENDOCRINOLOGY Thyroid PULM
Slide 6: Our platform drives growth and scale
>800K >600 Total patients Publications served with our tests1 utilizing our tests2 Our platform drives growth and scale $517M 18% Total 2025 revenue 2025 testing revenue growth 1. Total patients served with any Veracyte test inception through December 31, 2025; 2. Total publications utilizing any Ve
Slide 7: Delivered all of our 2025 product catalysts
Further penetration and share gains Launched Decipher for metastatic patients Delivered all of our Achieved >25% adj. EBITDA in 2025 2025 product catalysts Expanded Afirma and Decipher clinical evidence Reached profitability target early Transitioned Afirma to v2 transcriptome Completed Veracyte SAS
Slide 8: How aggressive is my prostate cancer?
How Does my Will I need hormone Do I need aggressive is cancer need chemotherapy my prostate treatment? therapy and for how if I have cancer? metastatic long? disease? 8
Slide 9: Helping physicians provide personalized care
Helping physicians provide personalized care >300K ~215M >15% Patients tested Covered lives2 2025 increase in to date1 ordering providers compared to the prior year Market leader for prostate cancer prognosis & prediction 1. Decipher patients tested from inception through December 31, 2025; 2. Decip
Slide 10: Significant opportunity ahead in prostate cancer
Significant opportunity ~33% penetration2 U.S. TAM ahead in prostate ~334,000 cancer patients diagnosed with prostate cancer annually1 1. Company estimates based on 2026 ACS data 2. Company estimates as of December 31, 2025 10
Slide 11: Strong growth trajectory for Decipher following reimbursement
~102K Strong growth trajectory for Decipher following reimbursement Annual Volume 2011 2016 ACQUIRED BY VERACYTE 2025 2025E 2016 2017 2018 2020 2021 2023 Q4 2024 Q2 2025 Biopsy First GRID1 Initial NCCN2 Localized PREDICT-RT, NCCN2 NCCN2 Metastatic launch report guideline prostate cancer GUIDANCE tri
Slide 12: Decipher clinical evidence continues to build
Decipher clinical evidence continues Legend: Accrual / Initiation to build In Analysis Published Decipher Prostate Publications 115 and growing Low Risk Biopsy Intermediate Risk Biopsy High Risk Biopsy Post-Radical Prostatectomy Biochemically Recurrent Advanced Stage & Metastatic 12
Slide 13: Expect sustained growth into 2026 and beyond
Expect sustained growth into 2026 and beyond Expand clinical signatures Drive continued penetration Scan all slides to build digital available on the Decipher report into advanced disease pathology database For example, PORTOS, PTEN and with the launch of metastatic and Currently >210,000 slides fro
Slide 14: Do I have cancer? Should I have surgery?
Should What I have treatment Do I have surgery to options cancer? remove this should nodule? I consider? 14
Slide 15: Guiding informed thyroid nodule care at scale
Guiding informed thyroid nodule care at scale >400K >250K ~280M >150 Patients tested Patients spared Covered lives3 Publications4 to date1 unnecessary surgery2 Market leader in molecular thyroid diagnostics 1. Afirma patients tested from inception through December 31, 2025; 2. Afirma patients spared
Slide 16: Robust opportunity for Afirma growth driven by share gains and penetration
Robust opportunity ~38% penetration2 U.S. TAM for Afirma growth driven ~180,000 by share patients indeterminate, suspected or diagnosed gains and with thyroid cancer1 penetration 1. Company estimates of the annual incidence of Bethesda III, IV, V and VI nodules based on market data as of the end of
Slide 17: Durable growth persists more than a decade after launch
Durable growth persists >67K more than a decade after launch Annual Volume 2011 2025 2011 2012 2018 Q1 2023 Q1 2024 2025 Afirma Afirma TERT GRID1 v2 GEC GSC Transcriptome 1. Research use only Medicare Reimbursement 17
Slide 18: Launch of Afirma GRID drives research
23 Launch of Afirma GRID drives research Launch of Afirma GRID 9 7 5 2022 2023 2024 2025 Afirma GSC focused Afirma GRID focused 18
Slide 19: Phased strategic growth drivers expand the reach of our platform
Nasal Swab Phased strategic IVDs growth drivers expand the reach of our platform TrueMRD near-term, mid- Prosigna® term & long-term 19
Slide 20: Prosigna
Prosigna What kind Will my of breast Do I need cancer cancer do chemotherapy? come back? I have? *Transcriptome-based laboratory developed test io provide Prosigna score and intrinsic subtypes, also referred to as Prosigna LDT
Slide 21: Prognostic testing for breast cancer
Prosigna Prognostic testing for breast cancer Provides additional data around the risk of recurrence and biological classification of the cancer to help inform treatment decisions >300,000 patients Positive outcomes data LDT launch anticipated diagnosed annually from 10-year OPTIMA PRELIM in mid-202
Slide 22: TrueMRD
TrueMRD Has my What other Is my cancer treatment treatment come should I working? back? consider? 22
Slide 23: Differentiated approach: Whole genome every step of the way
TrueMRD Earlier detection Differentiated approach: Widest view of the tumor genetic landscape enabled by whole genome Whole genome every sequencing step of the way Less blood Uses just one tube of blood (<4ml plasma) Combining broad whole-genome tumor data with sophisticated AI to transform how canc
Slide 24: Muscle invasive bladder cancer (MIBC) and indication expansion for MRD
TrueMRD Muscle invasive bladder cancer (MIBC) First indication with launch expected in 1H 2026 Leverages our strong Decipher channel that serves urologists and radiation oncologists Indication expansion for MRD GRID collaboration anticipated to drive additional clinical data New indications expected
Slide 25: TrueMRD's unique insights drive robust clinical data
TrueMRD TrueMRD’s unique insights drive robust clinical data “Incorporating MRD testing into prospective clinical trials is fundamentally changing how we can offer risk stratification and treatment (de)intensity. These data will allow us to move beyond population-based decisions toward more personal
Slide 26: Expanding geographically
Breast Cancer Prostate Cancer IVD Expanding ~270K >450K HR+ patients diagnosed Patients diagnosed geographically annually in Europe1 annually in Europe2 Prosigna IVD on nCounter Decipher IVD on qPCR - Launching our tests in development as IVDs to address patient Prosigna NGS IVD - needs outside of t
Slide 27: Assessing lung cancer risk in patients with lung nodules
Nasal Swab Assessing lung cancer risk in patients with lung nodules Non-invasive nasal brushing with whole-transcriptome data + machine learning to classify ~15M suspicious lung nodules Patients eligible for annual LDCT screening in the US1 NIGHTINGALE Benign patients may avoid unnecessary procedure
Slide 28: Driving profitable growth with our proven platform
Driving profitable growth with our proven platform Total Revenue (M) $517 $446 $361 $297 Testing $493 Product $419 $327 Other $251 2022 2023 2024 2025 Adj. EBITDA Margin 8.3% 12.6% 20.6% 27.6% Exceeded 25% target
Slide 29: Strong financial outlook for 2026
Strong financial outlook for 2026 Revenue (M)1 Adjusted EBITDA Margin1,2 $570 - $582 $517 10-13% YOY growth 2025 2026 ~25% adjusted $560M - $570M testing revenue EBITDA 14 - 16% YOY growth excluding the contribution of new tests 1. Guidance provided on February 25, 2026 2. The company is unable to p
Slide 30: Fueling growth with a steady cadence of expected catalysts
Fueling growth with a steady cadence of expected catalysts 2026 2027+ Decipher Expand Decipher clinical signatures Prosigna Launch Prosigna NGS IVD TrueMRD Launch TrueMRD in MIBC TrueMRD Additional TrueMRD indications Prosigna Launch Prosigna LDT1 Decipher Launch Decipher qPCR IVD IVDs Secure IVDR c
Slide 31: Veracyte
W veracyte.
Slide 32: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA (Unaudited) (In thousands of dollars) Three Months Ended Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 Dec 31, 2025 GAAP Net Income (Loss) $ 15,155 $ 5,113 $ 7,047 $ (980) $ 19,137 $ 41,149 GAAP Net Income (Loss) as a % of Revenue 13.1 % 4.3 % 6.2
Slide 33: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA (Unaudited) (In thousands of dollars) Twelve Months Ended Dec 31, 2022 Dec 31, 2023 Dec 31, 2024 Dec 31, 2025 GAAP Net Income (Loss) $ (36,560) $ (74,404) $ 24,138 $ 66,353 GAAP Net Income (Loss) as a % of Revenue (12.3 %) (20.6 %) 5.4 % 12.8 % Amortization of intan
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