Slide 1: Q4 & FY 2025 Earnings Presentation
Q4 & FY 2025 Earnings Presentation February 25, 2026 © 2026 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 © 2026 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 $517 $493 $446 $136 $419 $141 $112 $119 19% 16% 21% 18% YOY growth YOY growth YOY growth YOY growth Q4 2024 Q4 2025 2024 2025 Q4 2024 Q4 2025 2024 2025 20% YOY growth* 18% YOY growth* 22
Slide 5: 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 6: 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 © 2026 Veracyte, Inc. All rights reserved. 6
Slide 7: Growing Afirma
Afirma® Steady pipeline of new account wins and Growing Afirma increased utilization per account 12% Quarterly Volume 18,250 16,300 16,950 17,000 Completed the full 15,200 15,700 15,100 15,450 transition to new v2 14,000 transcriptome, benefiting scalability, cost profile, and patient impact Increas
Slide 8: Growing Decipher
Decipher® 15th consecutive quarter of >20% YOY volume growth Growing Decipher 21% Quarterly Volume 26,700 27,200 Highest number of 25,500 quarterly ordering 22,400 22,550 providers, up 18% YOY, 21,250 19,900 and orders per physician 16,500 15,500 Of the >300,000 prostate cancer patients tested to da
Slide 9: 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 10: 15 abstracts across Decipher prostate, bladder, and GRID at ASCO GU
15 abstracts across Decipher prostate, bladder, and GRID at ASCO GU Decipher Prostate Decipher Bladder Multiple papers will showcase the power of 5 abstracts will be presented highlighting Decipher GRID Decipher Bladder Several abstracts will be presented leveraging Findings from the SURE-02 trial w
Slide 11: TrueMRD: Whole genome every step of the way
Oral presentation at TrueMRD ASCO GU supports TrueMRD’s use in MIBC patients for bladder- Differentiated approach: sparing and confident Whole genome every step of the way disease management Multiple studies already completed in First indication MIBC, CRC, and Lung targeted is muscle invasive Commer
Slide 12: Prosigna: 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 13: 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) Q4 Q4 Q4 $141 $136 45.5 $112 39.1 $119 19% 21% 16% YOY growth YOY growth YOY growth Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Testing ASP: $2,9842 ASP increased 1% versus the prior year
Slide 14: Record quarter for net income and adjusted EBITDA
Record quarter for net income and adjusted EBITDA Cash and short-term GAAP Net Income (M) Adjusted EBITDA Margin investments (M)1 Q4 Q4 End of Quarter $41.1 30.1% $412.9 $289.4 22.0% $5.1 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 1. Ending balance of cash, cash equivalents and short-term inves
Slide 15: 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 © 2026 Veracyte, Inc. All rights reserved. 15
Slide 16: 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 17: 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 TrueMRD Additional TrueMRD indications TrueMRD Launch TrueMRD in MIBC Decipher Launch Decipher qPCR IVD Prosigna Launch Prosigna LDT1 Prosigna Launch Prosigna NGS IVD IVDs Secure IVDR c
Slide 18: © 2026 Veracyte, Inc. All rights reserved.
© 2026 Veracyte, Inc. All rights reserved. 18
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) Three Months Ended Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 Dec 31, 2025 GAAP cost of testing revenue $ 29,029 $ 31,645 $ 28,260 $ 32,407 $ 33,777 $ 33,118 Stock-based compensation
Slide 20: 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, 2024 Dec 31, 2025 GAAP cost of testing revenue $ 114,573 $ 127,562 Stock-based compensation expense (1,973) (2,159) Acquisition related expenses (1) (60) - Other adjustments (2)
Slide 21: Reconciliation of Non-GAAP Operating Expenses
Reconciliation of Non-GAAP Operating Expenses (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 research and development $ 17,574 $ 19,290 $ 17,720 $ 16,264 $ 15,981 $ 20,849 Stock-based compensation expense (1
Slide 22: Reconciliation of Non-GAAP Operating Expenses
Reconciliation of Non-GAAP Operating Expenses (Unaudited) (In thousands of dollars) Twelve Months Ended Dec 31, 2024 Dec 31, 2025 GAAP research and development $ 69,294 $ 70,814 Stock-based compensation expense (7,511) (7,919) Acquisition related expenses (1) 62 - Other adjustments (2) (271) - Non-G
Slide 23: 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 24: 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
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) 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 Amortization of intangible assets 3,797
Slide 26: 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, 2024 Dec 31, 2025 GAAP Net Income (Loss) $ 24,138 $ 66,353 Amortization of intangible assets 14,849 13,153 Stock-based compensation expense 36,249 43,601 Acquisition related expenses
Slide 27: © 2026 Veracyte, Inc. All rights reserved.
© 2026 Veracyte, Inc. All rights reserved. 27