Slide 1: Q4 and Full Year 2024 Earnings Presentation
Q4 and Full Year 2024 Earnings Presentation February 24, 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 Marseille, France operations; 2025 and 2
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) Testing Revenue (M)1 Q4 Full Year Q4 Full Year $446 $419 $112 $361 $119 $327 $90 $98 23% 28% 21% YOY growth 24% YOY growth YOY growth YOY growth Q4 2023 Q4 2024 2023 2024 Q4 2023 Q4 2024 2023 2024 Testing accounted for ~95% of total r
Slide 5: Durable testing revenue growth driving profitability
Durable testing revenue growth driving profitability Testing Revenue (M) Decipher Afirma Other 1 $112 $107 $110 $90 $90 $82 $82 $40 $41 $72 $41 $39 $36 $34 $34 $32 $61 $65 $67 $43 $44 $47 $50 $37 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Cash and short-term investments GAAP Net
Slide 6: Growing Decipher
Growing Decipher Quarterly Volume Significant growth across all 45% NCCN localized risk categories in Q4 and 2024 22,400 21,250 85 clinical studies on clinical 19,900 utility and validity including 42 15,500 15,500 16,500 biopsy, over a dozen that 15,000 could inform active 12,500 surveillance decis
Slide 7: Market leader in molecular diagnostics for prostate cancer
Market US TAM ~314,000 patients leader in diagnosed with prostate cancer1 molecular diagnostics Penetrated Market for prostate ~40% cancer of TAM >65% prognosis & share prediction 1American Cancer Society. Cancer Facts & Figures 2025. Atlanta: American Cancer Society; 2025. © 2025 Veracyte, Inc. All
Slide 8: Growth opportunities for Decipher in 2025 driven by our platform
Growth opportunities for Decipher in 2025 driven by our platform Received approval of the technical assessment from the Training and launch planning are 22-Gene Genomic Classifier Molecular Diagnostic Services underway for a first half of 2025 (GC) (Decipher) is the only gene Program (MolDx), and se
Slide 9: Growing Afirma
Growing Afirma Quarterly Volume 8% 12% Y/Y Afirma volume growth in 2024 16,300 Deeper penetration & sizeable 15,200 15,700 15,100 14,000 new customers, drove Q4 13,500 12,500 13,000 growth >80% Q4 Y/Y revenue growth for Bethesda V/VI nodule testing Assume high-single-digit 1Q23 2Q23 3Q23 4Q23 1Q24 2
Slide 10: Market leader in thyroid molecular diagnostics
TAM ~177,000 patients Market indeterminate, suspected or diagnosed with thyroid cancer1 leader in thyroid Penetrated Market molecular diagnostics ~65% of TAM ~52% share 1Company estimates of the annual incidence of Bethesda III, IV, V and VI nodules based on market data © 2025 Veracyte, Inc. All rig
Slide 11: 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 established tests patient journey geographically cancer challenges MRD IVD Nasal Swab Balance growth with financial discipline © 2025 Veracyte, Inc. All rights reserved. 11
Slide 12: Strong topline growth driven by testing revenue
Strong topline growth driven by testing revenue Total Revenue (M) Testing Revenue (M)1 Q4 Full Year Q4 Full Year $446 $419 $112 $119 $361 $327 $90 $98 23% 28% 21% YOY growth 24% YOY growth YOY growth YOY growth Q4 2023 Q4 2024 2023 2024 Q4 2023 Q4 2024 2023 2024 1. Testing revenue includes cytology
Slide 13: Profitable growth driven by our proven platform
Profitable growth driven by our proven platform Cash and short-term GAAP Net Income (Loss)1 Adjusted EBITDA Margin investments balance2 Full Year Full Year End of Year $289 $24 20.6% $216 12.6% ($74) 2023 2024 2023 2024 2023 2024 1. In millions 2. Ending balance of cash, cash equivalents and short-t
Slide 14: Veracyte SAS financials
Veracyte SAS financials Assumed Quarterly Cost Structure and Assumed Quarterly Revenue Trends Cash Burn Revenue could be impacted at any time Cost structure will be impacted if a sale or depending on our ability to continue servicing bankruptcy proceeding are completed existing customers Product: Bi
Slide 15: Initiating outlook for 2025
Initiating outlook for 2025 Testing Revenue (M)1,2 Adjusted EBITDA Margin1,2 $470 – $480 $419 100bps improvement compared to 2024 adjusted EBITDA margin of 20.6% 12%-15% YOY revenue growth 2024 2025 Guidance 14%-16% YOY revenue growth adjusting for ~$6M of Envisia revenue in 2024 1. The company is u
Slide 16: Looking forward
Looking forward 2025 2026-2028 Further penetration and share gains MIBC MRD Launch in 1H’26 Decipher for metastatic patients Launch IVD products Afirma and Decipher clinical evidence Additional MRD platform launches NIGHTINGALE enrollment NIGHTINGALE readout Enhanced profitability with a goal of 25%
Slide 17: © 2025 Veracyte, Inc. All rights reserved.
© 2025 Veracyte, Inc. All rights reserved. 17
Slide 18: 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 Sep 30, 2023 Dec 31, 2023 Mar 31, 2024 Jun 30, 2024 Sep 30, 2024 Dec 31, 2024 GAAP cost of testing revenue $ 21,827 $ 24,105 $ 25,979 $ 27,920 $ 29,029 $ 31,645 Stock-based compensation
Slide 19: Reconciliation of Non-GAAP Gross Profit and Gross Margin
Reconciliation of Non-GAAP Gross Profit and Gross Margin (Unaudited) (In thousands of dollars) Twelve Months Ended Dec 31, 2023 Dec 31, 2024 GAAP cost of testing revenue $ 88,913 $ 114,573 Stock-based compensation expense (1,441) (1,973) Acquisition related expenses (1) (74) (60) Other adjustments (
Slide 20: Reconciliation of Non-GAAP Operating Expenses
Reconciliation of Non-GAAP Operating Expenses (Unaudited) (In thousands of dollars) Three Months Ended Sep 30, 2023 Dec 31, 2023 Mar 31, 2024 Jun 30, 2024 Sep 30, 2024 Dec 31, 2024 GAAP research and development $ 13,322 $ 18,673 $ 15,965 $ 16,465 $ 17,574 $ 19,290 Stock-based compensation expense (1
Slide 21: Reconciliation of Non-GAAP Operating Expenses
Reconciliation of Non-GAAP Operating Expenses (Unaudited) (In thousands of dollars) Twelve Months Ended Dec 31, 2023 Dec 31, 2024 GAAP research and development $ 57,305 $ 69,294 Stock-based compensation expense (5,326) (7,511) Acquisition related expenses (1) - 62 Other adjustments (2) - (271) Non-G
Slide 22: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA (Unaudited) (In thousands of dollars) Three Months Ended Sep 30, 2023 Dec 31, 2023 Mar 31, 2024 Jun 30, 2024 Sep 30, 2024 Dec 31, 2024 GAAP Net Income (Loss) $ (29,618) $ (28,293) $ (1,864) $ 5,734 $ 15,155 $ 5,113 GAAP Net Income (Loss) as a % of Revenue (32.9 %) (
Slide 23: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA (Unaudited) (In thousands of dollars) Twelve Months Ended Dec 31, 2023 Dec 31, 2024 GAAP Net Income (Loss) $ (74,404) $ 24,138 GAAP Net Income (Loss) as a % of Revenue (20.6 %) 5.4 % Amortization of intangible assets 20,570 14,849 Depreciation expense 6,618 8,610 St
Slide 24: 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 Sep 30, 2023 Dec 31, 2023 Mar 31, 2024 Jun 30, 2024 Sep 30, 2024 Dec 31, 2024 GAAP Net Income (Loss) $ (29,618) $ (28,293) $ (1,864) $ 5,734 $ 15,155 $ 5,113 Amortization of intangible assets
Slide 25: Reconciliation of Non-GAAP Net Income, EPS and WASO
Reconciliation of Non-GAAP Net Income, EPS and WASO (Unaudited) (In thousands of dollars) Twelve Months Ended Dec 31, 2023 Dec 31, 2024 GAAP Net Income (Loss) $ (74,404) $ 24,138 Amortization of intangible assets 20,570 14,849 Stock-based compensation expense 33,489 36,249 Acquisition related expens
Slide 26: © 2025 Veracyte, Inc. All rights reserved.
© 2025 Veracyte, Inc. All rights reserved. 26