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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 (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.
Veracyte (Nasdaq: VCYT) has announced that it will release its second quarter 2024 financial results after market close on Tuesday, August 6, 2024. The company will host a conference call and webcast at 4:30 p.m. Eastern Time on the same day to discuss the results and provide a general business update. Investors and interested parties can access the live webcast from Veracyte's website or via a provided link. A webcast replay will be available after the broadcast on the company's investor relations page. For those who prefer to join by phone, dial-in registration is available through a separate link.
Veracyte has unveiled new data at the ENDO 2024 conference showcasing the potential of their Afirma GRID tool in identifying aggressive thyroid tumors. The research suggests that molecular signatures can aid in distinguishing between non-aggressive and aggressive thyroid cancers, thus aiding personalized treatment plans. Key findings from three studies were presented. One study highlighted the high negative predictive value of certain molecular signatures in ruling out significant tumor invasion in over 50% of cases. Another study identified cancer-associated fibroblasts linked to aggressive tumor behavior. A third study detailed the variability of PSMA expression in aggressive thyroid nodules. These insights reinforce Veracyte's commitment to advancing thyroid cancer diagnostics.
Veracyte (Nasdaq: VCYT) announced that data from three studies using the Afirma GRID tool will be presented at ENDO 2024, scheduled for June 1-4 in Boston. These studies aim to provide new molecular insights into thyroid tumors, potentially personalizing treatment further. Key presentations include research on mRNA expression in thyroid tumors, PSMA expression in thyroid nodules, and the correlation of cancer-associated fibroblasts with aggressive thyroid cancer behavior. These findings could help clinicians offer individualized care based on molecular characteristics of patients' tumors.
Veracyte (Nasdaq: VCYT), a prominent cancer diagnostics firm, announced its participation in two upcoming investor conferences. The first is the Leerink Partners 2024 Healthcare Crossroads Conference in Austin, TX, where Veracyte will host a fireside chat on May 29th at 12:20 p.m. ET. The second is the William Blair 44th Annual Growth Stock Conference in Chicago, IL, with Veracyte presenting on June 4th at 5:40 p.m. ET. Live audio webcasts of these events will be available on Veracyte's investor relations website, with replays accessible following the live broadcasts.
Veracyte, Inc. (Nasdaq: VCYT) reported first quarter 2024 financial results, achieving $96.8 million in total revenue, a 17% increase from the previous year. The company experienced a 25% growth in testing revenue and expanded its clinical evidence for Decipher Prostate and Afirma tests. Veracyte acquired C2i Genomics to develop an MRD test, received Medicare coverage for Afirma TERT promoter gene mutation test, and secured a contract with a major U.S. commercial payer. The company improved net loss, raised full-year 2024 revenue guidance to $402-$410 million, and expects $236-$240 million in cash, cash equivalents, and short-term investments by year-end.
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