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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) announced results from the VANDAAM Phase 2 clinical study, published in the Journal of the National Cancer Institute, highlighting the effectiveness of its Decipher Prostate Genomic Classifier. This genomic test may significantly enhance the identification of African American men with localized prostate cancer at risk for more aggressive disease. The study involved a balanced cohort of 226 men, showcasing that African American participants were over twice as likely to have higher Decipher scores compared to non-African American men. This advancement could help in reducing disparities in prostate cancer outcomes.
Veracyte, Inc. (NASDAQ: VCYT) has appointed Dr. John Leite as the new Senior Vice President and General Manager of Pulmonology & Market Access. Dr. Leite will oversee commercial activities for Veracyte’s lung portfolio, including the Percepta Nasal Swab test for lung cancer, prior to its broad commercialization. His extensive experience in the diagnostics industry, particularly in market development and strategy, is expected to significantly impact Veracyte's goals in addressing unmet needs in pulmonology and improving patient care in lung diseases.
Veracyte (NASDAQ: VCYT) announced findings from the Phase 3 STAMPEDE trial indicating that the Decipher Prostate Genomic Classifier is effective in predicting clinical outcomes for men with high-risk prostate cancer. The study found that the test can help determine which patients may benefit from intensified treatment with abiraterone acetate and prednisolone in addition to standard therapies. The company aims to expand the test's availability in the U.S. and internationally as an in vitro diagnostic.
Veracyte (NASDAQ: VCYT) announced findings at the European Respiratory Society International Congress 2022 indicating that the Envisia Genomic Classifier can predict which interstitial lung disease (ILD) patients, including those with idiopathic pulmonary fibrosis (IPF), are likely to decline with combination immunosuppressive therapy. The study, involving 135 patients, revealed that EGC-positive patients showed a lung function decline of 9.4% with the therapy, compared to 1.9% for EGC-negative patients. Veracyte plans to submit the Envisia IVD test for regulatory approval in Europe in 2023.
Veracyte (Nasdaq: VCYT) has announced that CEO Marc Stapley and CFO Rebecca Chambers will participate in a fireside chat at the Morgan Stanley 20th Annual Global Healthcare Conference on September 13 at 2:55 p.m. Eastern Time. A live audio webcast of this presentation can be accessed on Veracyte's website, and a replay will be available for 90 days post-event. Veracyte is dedicated to improving patient care through advanced diagnostic tests, helping patients avoid unnecessary procedures and reducing time to appropriate treatments.
Veracyte (NASDAQ: VCYT) will present seven abstracts on its genomic tests for prostate and breast cancers at the ESMO Congress 2022 from September 9-13 in Paris. A notable highlight includes data from a post-hoc analysis of the Decipher Prostate test within the STAMPEDE trial, potentially expanding its use among advanced prostate cancer patients in the U.S. and abroad. Veracyte aims to enhance patient care through its diagnostic tests, which are designed to minimize risky procedures and ensure faster treatment decisions.
Veracyte (VCYT) announced findings showing that its immuno-oncology biomarkers can predict responses to CAR T-cell therapy in large B-cell lymphoma patients. Published in Nature Medicine, the study highlights the prognostic importance of the tumor microenvironment (TME) prior to treatment. Key results indicate that the Immunoscore CR and Immunosign 21 biomarkers are associated with improved survival rates following CAR T-cell therapy. These insights may enhance patient outcomes and inform clinical trials, demonstrating Veracyte's potential in advancing precision medicine.
Veracyte (NASDAQ: VCYT) announced the immediate appointment of Dr. Eliav Barr to its board of directors. Dr. Barr brings extensive biopharmaceutical experience, particularly in global clinical development, which is expected to enhance Veracyte's strategic initiatives, especially in immuno-oncology. CEO Marc Stapley emphasized the potential for improved patient outcomes through this new leadership. Dr. Barr previously held high-level positions at Merck, overseeing critical therapeutic areas and leading the development of key vaccines. Veracyte aims to leverage his expertise to expand biopharmaceutical partnerships.
Veracyte reported a 32% increase in total revenue, reaching $72.9 million for Q2 2022, compared to Q2 2021. Total test volume grew by 19% to 24,904 tests.
Key highlights included significant advancements in clinical evidence for its genomic tests and an updated clinical guideline endorsing its Decipher Prostate test. Operating expenses rose 29% year-over-year to $53.7 million, with a net loss of $9.5 million.
The company projects full-year 2022 revenue between $272 million and $280 million, reflecting growth of 24% to 28%.
Veracyte, Inc. (NASDAQ: VCYT) announced that its Afirma Medullary Thyroid Cancer (MTC) Classifier achieved 100% sensitivity and 100% specificity in identifying MTC from pre-operative thyroid samples. The study evaluated 211 fine needle aspiration samples, successfully identifying all 21 MTC cases and 190 non-MTC cases. This genomic test may lead to more timely diagnoses, improving surgical planning and patient outcomes for this aggressive cancer type. The Afirma MTC Classifier is part of Veracyte’s offerings for patients with indeterminate thyroid nodules.
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