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Veracyte, Inc. (symbol: VCYT) is a pioneering genomic diagnostics company dedicated to significantly enhancing patient care through innovative diagnostic solutions. The company specializes in developing and providing genomic diagnostic products and services that improve clinical outcomes by resolving the uncertainties inherent in traditional diagnostic methods.
Veracyte's core business revolves around creating tests that offer more accurate diagnoses without resorting to risky, costly, and often unnecessary surgeries. By employing top-tier scientific rigor, state-of-the-art tools, and the brightest minds in the field, Veracyte delivers diagnostic solutions that bring clarity and assurance to patients and physicians alike.
The company's product portfolio includes the Afirma analysis, Percepta, Envisia, and other cutting-edge diagnostic tests. These products are designed to tackle diseases such as thyroid cancer, lung cancer, and idiopathic pulmonary fibrosis. Veracyte's diagnostic tests are distinguished by their ability to provide conclusive results where traditional methods fall short, thereby sparing patients from unnecessary surgical procedures.
Recent achievements highlight Veracyte's commitment to innovation and excellence. The company consistently introduces evidence that sets new standards in genomic tests, fundamentally altering current clinical practice norms. This commitment to scientific excellence ensures that Veracyte remains at the forefront of the genomic diagnostics industry.
Veracyte's impact extends beyond just clinical outcomes; it significantly influences the lives of both patients and physicians by offering a clearer path forward. Through continuous research, strategic partnerships, and an unwavering dedication to improving patient care, Veracyte stands out as a leader in the genomic diagnostics field.
Veracyte's Decipher Prostate Genomic Classifier has achieved a significant milestone as the only gene expression test included in the 2025 NCCN Clinical Practice Guidelines for prostate cancer. The test, which uses a 22-gene signature to assess the likelihood of prostate tumor metastasis, helps clinicians make informed treatment decisions.
The test's inclusion in the guidelines is backed by extensive validation through numerous peer-reviewed studies and analyses from multiple Phase 3 clinical trials. As the most widely used molecular test in prostate cancer, this recognition in the NCCN guidelines is expected to increase its accessibility to more patients.
Veracyte reported its third quarter 2024 financial results, showing a 29% increase in total revenue to $115.9 million and a 34% rise in testing revenue to $109.5 million. The company achieved a net income of $15.2 million, a 151% improvement year-over-year, with adjusted EBITDA growing by 117% to $27.3 million. Testing volume increased by 24% to 36,792 tests, driven by strong performance in Decipher and Afirma tests. Decipher revenue grew by 48%, while Afirma revenue increased by 19%. Product revenue and biopharmaceutical revenue saw declines of 21% and 23%, respectively. Veracyte raised its full-year 2024 revenue guidance to $442-$445 million, representing 22%-23% growth. The company expects year-end cash and equivalents to be between $280-$285 million.
Veracyte (VCYT) has announced its participation in four major investor conferences in November. The cancer diagnostics company will conduct fireside chats at the UBS Healthcare Conference (November 12th, 2:45 PM ET), Guggenheim Inaugural Healthcare Innovation Conference (November 13th, 3:00 PM ET), Wolfe Research Healthcare Conference (November 19th, 1:40 PM ET), and Stephens Annual Investor Conference (November 20th, 4:00 PM ET). Live audio webcasts will be available on Veracyte's investor website, with replays accessible for 90 days after each presentation.
Veracyte, Inc. (Nasdaq: VCYT), a leading cancer diagnostics company, has announced the release date for its third quarter 2024 financial results. The company will disclose these results after the market closes on Wednesday, November 6, 2024.
Following the release, Veracyte's management team will host a conference call and webcast at 4:30 p.m. Eastern Time on the same day. This event will provide a general business update and discuss the financial results. Investors and interested parties can access the live webcast through the company's website or via the provided link: https://edge.media-server.com/mmc/p/kzh3s376.
For those unable to attend the live event, a webcast replay will be made available on Veracyte's investor relations website. Conference call dial-in information can be obtained by registering at the provided link.
Veracyte, Inc. (Nasdaq: VCYT) announced new data from the VANDAAM trial showing that the Decipher Prostate Genomic Classifier accurately predicts aggressive prostate cancer in African American men with early-stage disease. The findings were presented at ASTRO 2024 in Washington, D.C.
Key points:
- African American men are 70% more likely to be diagnosed with prostate cancer and twice as likely to die from it compared to white men.
- The study included 226 men (113 African American and 113 non-African American) with low- or intermediate-risk prostate cancer.
- Patients with high Decipher test scores were eight times more likely to have biochemical recurrence within 2 years.
- Results showed no significant difference between African American and non-African American men.
This study is the first prospective clinical trial examining genomic risk-stratification in African American men, potentially helping to narrow the prostate cancer disparity gap.
Veracyte (NASDAQ: VCYT) presented new data at ESMO 2024 showing that its Decipher Prostate Genomic Classifier predicts chemotherapy benefit in patients with metastatic prostate cancer. The findings, from an ancillary study of the phase 3 STAMPEDE trial, support Veracyte's plan to expand the Decipher Prostate test to metastatic disease.
Key findings include:
- Higher Decipher scores were associated with increased risk of death
- Patients with higher scores showed a 36% reduction in death risk with docetaxel addition
- The test predicted benefit regardless of cancer volume
Veracyte plans to offer the test for metastatic prostate cancer in early 2025, pending Medicare reimbursement. This expansion demonstrates the power of Veracyte's Diagnostics Platform in delivering high-performing cancer tests and generating evidence for reimbursement and adoption.
Veracyte, Inc. (Nasdaq: VCYT), a leading cancer diagnostics company, has announced the appointment of Brent Shafer and Tom Miller, Ph.D., to its board of directors, effective immediately. Mr. Shafer, with over 40 years of experience in healthcare technologies, will serve on the Compensation Committee. Dr. Miller, a scientist and entrepreneur focusing on AI, chemistry, and biology, will join the Regulatory and Compliance Committee.
Mr. Shafer's background includes roles as chairman and CEO of Cerner and CEO of Philips North America. Dr. Miller is the co-founder and CEO of Iambic Therapeutics and a former tenured professor at Caltech. Both new board members expressed enthusiasm for Veracyte's mission and potential impact on cancer diagnostics and patient care.
Veracyte (Nasdaq: VCYT) has announced its participation in the Morgan Stanley 22nd Annual Global Healthcare Conference. CEO Marc Stapley and CFO Rebecca Chambers will engage in a fireside chat on Thursday, September 5, at 2:35 p.m. Eastern Time.
Investors and interested parties can access a live audio webcast of the presentation through Veracyte's website at http://investor.veracyte.com/events-presentations. For those unable to attend the live event, a replay of the webcast will be available for 90 days following the presentation.
This participation highlights Veracyte's commitment to engaging with the investment community and sharing insights about the company's progress and future prospects in the healthcare sector.
Veracyte (Nasdaq: VCYT), a leading cancer diagnostics company, has been named a Bay Area Top Workplace by the San Francisco Chronicle for the 11th consecutive year. This recognition is based solely on employee feedback gathered through a confidential survey administered by Energage, measuring various aspects of employee experience.
The survey assesses themes such as employee respect, support, growth opportunities, and empowerment. Marc Stapley, Veracyte's CEO, expressed honor in receiving this award, emphasizing the company's commitment to its employees and its vision of transforming cancer care globally. Veracyte believes that its employees are important in guiding clinicians and focusing on advancing cancer care.
Veracyte reported a 27% increase in total revenue for Q2 2024, reaching $114.4 million, driven by robust performance of Decipher and Afirma tests.
Testing revenue grew by 31%, while test volume increased by 23% to 39,023. Net income rose to $5.7 million, up 168%, and adjusted EBITDA was $24.0 million, representing 21% of revenue.
Decipher Prostate test volumes surged to nearly 19,900, aided by updated NCCN guidelines. Afirma test volume was approximately 15,700, bolstered by new Medicare coverage.
Total gross margin improved to 68%, and non-GAAP gross margin to 71%. Despite a 3% decrease in product revenue and a 22% decline in biopharmaceutical revenue, operational cash generation was strong at $26.7 million, ending the quarter with $235.9 million in cash and equivalents.
The company has updated its 2024 financial outlook, raising full-year revenue guidance to $432-$438 million and expecting year-end cash reserves of $260-$270 million.
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