Veracyte Announces Third Quarter 2024 Financial Results
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 ha riportato i suoi risultati finanziari del terzo trimestre 2024, mostrando un aumento del 29% del fatturato totale, che ha raggiunto $115,9 milioni, e un incremento del 34% nel fatturato dei test, arrivato a $109,5 milioni. L'azienda ha registrato un utile netto di $15,2 milioni, con un miglioramento del 151% rispetto all'anno precedente, e un EBITDA rettificato in crescita del 117% a $27,3 milioni. Il volume dei test è aumentato del 24%, raggiungendo i 36.792 test, grazie a un'ottima performance dei test Decipher e Afirma. I ricavi di Decipher sono cresciuti del 48%, mentre quelli di Afirma sono aumentati del 19%. I ricavi da prodotti e quelli biofarmaceutici hanno registrato cali rispettivamente del 21% e del 23%. Veracyte ha alzato le previsioni di fatturato per l'intero anno 2024 a $442-$445 milioni, il che rappresenta una crescita del 22%-23%. L'azienda prevede che il capitale e le disponibilità liquide a fine anno saranno tra $280-$285 milioni.
Veracyte reportó sus resultados financieros del tercer trimestre de 2024, mostrando un aumento del 29% en los ingresos totales hasta $115.9 millones y un incremento del 34% en los ingresos por pruebas, que alcanzaron $109.5 millones. La empresa logró un ingreso neto de $15.2 millones, una mejora del 151% en comparación con el año anterior, y un EBITDA ajustado creciendo un 117% hasta $27.3 millones. El volumen de pruebas aumentó un 24% hasta 36,792 pruebas, impulsado por un sólido desempeño en las pruebas Decipher y Afirma. Los ingresos de Decipher crecieron un 48%, mientras que los de Afirma aumentaron un 19%. Los ingresos por productos y los ingresos biofarmacéuticos vieron disminuciones del 21% y 23%, respectivamente. Veracyte elevó su guía de ingresos para el año completo 2024 a $442-$445 millones, lo que representa un crecimiento del 22%-23%. La empresa espera que el efectivo y equivalentes a fin de año se sitúen entre $280-$285 millones.
Veracyte는 2024년 3분기 재무 결과를 발표하며 총 수익이 $115.9 백만으로 29% 증가하고, 검사 수익이 $109.5 백만으로 34% 증가했다고 보고했습니다. 회사는 $15.2 백만의 순이익을 달성했으며, 이는 전년 대비 151% 향상된 수치이고, 조정된 EBITDA는 117% 증가하여 $27.3 백만에 이르렀습니다. 검사량은 Decipher 및 Afirma 검사의 강력한 성과 덕분에 24% 증가하여 36,792건에 달했습니다. Decipher 수익은 48% 증가했으며, Afirma 수익은 19% 증가했습니다. 제품 수익과 생물 제약 수익은 각각 21%와 23% 감소했습니다. Veracyte는 2024년 전체 연간 수익 전망을 $442-$445 백만으로 상향 조정하여 22%-23%의 성장을 나타냈습니다. 또한 회사는 연말 현금 및 현금 등가물이 $280-$285 백만 사이에 있을 것으로 예상하고 있습니다.
Veracyte a rapporté ses résultats financiers du troisième trimestre 2024, montrant une augmentation de 29% du chiffre d'affaires total, atteignant 115,9 millions de dollars, et une hausse de 34% des revenus liés aux tests, qui ont atteint 109,5 millions de dollars. L'entreprise a réalisé un bénéfice net de 15,2 millions de dollars, soit une amélioration de 151% par rapport à l'année précédente, avec un EBITDA ajusté en hausse de 117% à 27,3 millions de dollars. Le volume des tests a augmenté de 24% pour atteindre 36 792 tests, grâce à de bonnes performances dans les tests Decipher et Afirma. Les revenus de Decipher ont augmenté de 48%, tandis que les revenus d'Afirma ont augmenté de 19%. Les revenus des produits et ceux des biopharmaceutiques ont enregistré des baisses respectives de 21% et 23%. Veracyte a rehaussé ses prévisions de revenus pour l'année 2024 à 442-445 millions de dollars, représentant une croissance de 22%-23%. L'entreprise prévoit que la trésorerie et les équivalents de trésorerie à la fin de l'année se situeront entre 280-285 millions de dollars.
Veracyte hat ihre Finanzergebnisse für das dritte Quartal 2024 veröffentlicht und dabei einen Anstieg der Gesamteinnahmen um 29% auf 115,9 Millionen Dollar sowie einen Anstieg der Einnahmen aus Tests um 34% auf 109,5 Millionen Dollar gezeigt. Das Unternehmen erzielte einen Nettogewinn von 15,2 Millionen Dollar, was einer Verbesserung von 151% im Jahresvergleich entspricht, und das bereinigte EBITDA wuchs um 117% auf 27,3 Millionen Dollar. Das Testvolumen stieg um 24% auf 36.792 Tests, angetrieben durch starke Leistungen bei den Decipher- und Afirma-Tests. Die Einnahmen aus Decipher stiegen um 48%, während die Einnahmen aus Afirma um 19% zunahmen. Die Einnahmen aus Produkten und biopharmazeutischen Einnahmen verzeichneten Rückgänge von 21% bzw. 23%. Veracyte hob seine Jahresprognose für 2024 auf 442-445 Millionen Dollar an, was einem Wachstum von 22%-23% entspricht. Das Unternehmen erwartet, dass der Kassenbestand und die Zahlungsmittel Ende des Jahres zwischen 280-285 Millionen Dollar liegen werden.
- Total revenue increased by 29% to $115.9 million.
- Testing revenue rose by 34% to $109.5 million.
- Net income improved by 151% to $15.2 million.
- Adjusted EBITDA grew by 117% to $27.3 million.
- Decipher revenue increased by 48%.
- Afirma revenue grew by 19%.
- Full-year 2024 revenue guidance raised to $442-$445 million.
- Expected year-end cash and equivalents increased to $280-$285 million.
- Product revenue decreased by 21%.
- Biopharmaceutical and other revenue fell by 23%.
Insights
Strong quarterly performance with
The raised guidance to
Clinical evidence expansion through the STAMPEDE trial for Decipher Prostate strengthens the test's market position by validating its prognostic capabilities for metastatic prostate cancer outcomes. The VANDAAM study results are particularly significant, demonstrating Decipher's accuracy in predicting aggressive prostate cancer among African-American men, addressing an important healthcare disparity and potentially expanding market reach in this underserved population.
The robust volume growth in both Decipher (
Grew total revenue to
Grew testing revenue to
Conference call and webcast today at 4:30 p.m. ET
"The strong momentum across our testing business continued during the third quarter as we delivered record revenue along with profitability and cash generation,” said Marc Stapley, Veracyte’s chief executive officer. “Looking ahead, we see tremendous opportunities for further market penetration for both Decipher and Afirma, to serve even more patients and their physicians. We also remain excited about our focused portfolio of strategic growth drivers. The Veracyte Diagnostics Platform is generating the data, insights and evidence to drive commercial success and sustained long-term growth.”
Key Financial Highlights
-
Increased third quarter total revenue by
29% , to , and total volume by$115.9 million 20% , to 39,032 tests, compared to the third quarter of 2023. -
Increased testing revenue by
34% , to , and testing volume by$109.5 million 24% , to 36,792 tests, compared to the third quarter of 2023. -
Grew Decipher revenue by
48% and volume by36% , to approximately 21,250 tests, compared to the third quarter of 2023. -
Grew Afirma revenue by
19% and volume by12% , to close to 15,100 tests, compared to the third quarter of 2023. -
Increased third quarter net income to
and delivered adjusted EBITDA of$15.2 million , or$27.3 million 24% of revenue. -
Generated
of cash from operations during the third quarter to end the quarter with$30.0 million of cash and cash equivalents.$274.1 million
Key Business Highlights
- Expanded clinical evidence for Decipher Prostate with a presentation at the European Society for Medical Oncology (ESMO) 2024 Congress on new data from the STAMPEDE trial, a multi-center, randomized, phase 3 clinical trial showing that the test was prognostic for clinical outcomes and predicted benefit from docetaxel in patients with metastatic prostate cancer.
- Demonstrated Veracyte’s commitment to expanding clinical evidence in populations disproportionately impacted by prostate cancer with data from the VANDAAM study shared at ASTRO 2024, the annual meeting of the American Society for Radiation Oncology, demonstrating that Decipher Prostate accurately predicts aggressive prostate cancer among African-American men with early-stage disease.
- Promoted Keith Gligorich Ph.D. to Senior Vice President of Global Operations and a member of the executive leadership team.
- Appointed Tom Miller, Ph.D., and Brent Shafer to our Board of Directors.
A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables included in this press release. An explanation of these measures is also included below under the heading "Note Regarding Use of Non-GAAP Financial Measures."
Third Quarter 2024 Financial Results
Total revenue for the third quarter of 2024 was
Total gross margin for the third quarter of 2024 was
Operating expenses were
Net income for the third quarter of 2024 was
Adjusted EBITDA for the third quarter of 2024 was
A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables included in this press release. An explanation of these measures is also included below under the heading "Note Regarding Use of Non-GAAP Financial Measures."
2024 Financial Outlook
The company is raising full-year 2024 total revenue guidance to
Conference Call and Webcast Details
Veracyte will host a conference call and webcast today at 4:30 p.m. Eastern Time to discuss the company's financial results and provide a general business update. The conference call will be webcast live from the company’s website and will be available via the following link: https://edge.media-server.com/mmc/p/kzh3s376. The webcast should be accessed 10 minutes prior to the conference call start time. A replay of the webcast will be available for one year following the conclusion of the live broadcast and will be accessible on the company’s website at https://investor.veracyte.com/events-presentations.
The conference call dial-in can be accessed by registering at the following link: https://register.vevent.com/register/BI945e651d9e5f40acbfaec616e1b85b4e
About Veracyte
Veracyte (Nasdaq: VCYT) is a global diagnostics company whose vision is to transform cancer care for patients all over the world. We empower clinicians with the high-value insights they need to guide and assure patients at pivotal moments in the race to diagnose and treat cancer. Our Veracyte Diagnostics Platform delivers high-performing cancer tests that are fueled by broad genomic and clinical data, deep bioinformatic and AI capabilities, and a powerful evidence-generation engine, which ultimately drives durable reimbursement and guideline inclusion for our tests, along with new insights to support continued innovation and pipeline development. For more information, please visit www.veracyte.com or follow us on LinkedIn or X (Twitter).
Cautionary Note Regarding Forward-Looking Statements
This press release 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 2024 financial and operating results; and our intentions with respect to our tests and products, for use in diagnosing and treating diseases, in and outside of
Veracyte, the Veracyte logo, Decipher, C2i Genomics, and Afirma are registered trademarks of Veracyte, Inc., and its subsidiaries in the
Note Regarding Use of Non-GAAP Financial Measures
In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this press release and the accompanying tables contain, and reference certain non‐GAAP results including non-GAAP gross margin, non-GAAP operating expenses, adjusted EBITDA and non-GAAP earnings per share (EPS). These non-GAAP financial measures are not meant to be considered superior to or a substitute for financial measures calculated in accordance with GAAP, and investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool.
We use non-GAAP financial measures to internally evaluate and analyze financial results. We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and enable comparison of our financial results with other public companies, many of which present similar non-GAAP financial measures. However, the non-GAAP financial measures we present may be different from those used by other companies.
We exclude amortization of acquired intangible assets, acquisition-related expenses relating to our acquisitions of Decipher Biosciences, HalioDx and C2i Genomics, impairment charges associated with the nCounter license and other biopharmaceutical services related to HalioDx intangible assets, all stock-based compensation and certain costs related to restructuring from our non-GAAP financial measures. Beginning in the second quarter of 2024, we changed our non-GAAP policy to exclude all stock-based compensation to align with our peers and we have also excluded all stock-based compensation from our prior period non-GAAP financial measures. Management has excluded the effects of these items in non-GAAP financial measures to help investors gain a better understanding of the core operating results and future prospects of the company, consistent with how management measures and forecasts the company's performance, especially when comparing such results to previous periods or forecasts. The company encourages investors to carefully consider its results under GAAP, as well as its supplemental non‐GAAP information and the reconciliation between these presentations, to more fully understand its business.
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VERACYTE, INC.
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Three Months Ended
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Nine Months Ended
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2024 |
|
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2023 |
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|
|
2024 |
|
|
2023 |
|
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Revenue: |
|
|
|
|
|
|
|
||||||||
Testing revenue |
$ |
109,536 |
|
$ |
82,012 |
|
|
$ |
306,809 |
|
$ |
236,157 |
|
||
Product revenue |
|
3,188 |
|
|
4,020 |
|
|
|
10,631 |
|
|
11,923 |
|
||
Biopharmaceutical and other revenue |
|
3,136 |
|
|
4,076 |
|
|
|
9,692 |
|
|
14,772 |
|
||
Total revenue |
|
115,860 |
|
|
90,108 |
|
|
|
327,132 |
|
|
262,852 |
|
||
|
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|
|
|
|
|
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||||||||
Cost of revenue: (1) |
|
|
|
|
|
|
|
||||||||
Cost of testing revenue |
|
29,029 |
|
|
21,827 |
|
|
|
82,928 |
|
|
64,808 |
|
||
Cost of product revenue |
|
1,792 |
|
|
2,436 |
|
|
|
6,310 |
|
|
6,913 |
|
||
Cost of biopharmaceutical and other revenue |
|
3,112 |
|
|
3,347 |
|
|
|
9,762 |
|
|
11,806 |
|
||
Intangible asset amortization - cost of revenue |
|
2,917 |
|
|
4,811 |
|
|
|
8,741 |
|
|
14,429 |
|
||
Total cost of revenue |
|
36,850 |
|
|
32,421 |
|
|
|
107,741 |
|
|
97,956 |
|
||
Gross profit |
|
79,010 |
|
|
57,687 |
|
|
|
219,391 |
|
|
164,896 |
|
||
Operating expenses: (1) |
|
|
|
|
|
|
|
||||||||
Research and development |
|
17,574 |
|
|
13,322 |
|
|
|
50,004 |
|
|
38,632 |
|
||
Selling and marketing |
|
22,612 |
|
|
24,344 |
|
|
|
70,610 |
|
|
76,230 |
|
||
General and administrative |
|
25,742 |
|
|
16,334 |
|
|
|
83,697 |
|
|
62,434 |
|
||
Impairment of long-lived assets |
|
185 |
|
|
34,900 |
|
|
|
614 |
|
|
36,310 |
|
||
Intangible asset amortization - operating expenses |
|
880 |
|
|
526 |
|
|
|
2,499 |
|
|
1,578 |
|
||
Total operating expenses |
|
66,993 |
|
|
89,426 |
|
|
|
207,424 |
|
|
215,184 |
|
||
Income (loss) from operations |
|
12,017 |
|
|
(31,739 |
) |
|
|
11,967 |
|
|
(50,288 |
) |
||
Other income, net |
|
4,831 |
|
|
1,967 |
|
|
|
10,334 |
|
|
4,148 |
|
||
Income (loss) before income taxes |
|
16,848 |
|
|
(29,772 |
) |
|
|
22,301 |
|
|
(46,140 |
) |
||
Income tax provision (benefit) |
|
1,693 |
|
|
(154 |
) |
|
|
3,276 |
|
|
(29 |
) |
||
Net income (loss) |
$ |
15,155 |
|
$ |
(29,618 |
) |
|
$ |
19,025 |
|
$ |
(46,111 |
) |
||
Earnings (loss) per share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.20 |
|
$ |
(0.41 |
) |
|
$ |
0.25 |
|
$ |
(0.64 |
) |
||
Diluted |
$ |
0.19 |
|
$ |
(0.41 |
) |
|
$ |
0.25 |
|
$ |
(0.64 |
) |
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Shares used to compute earnings (loss) per common share: |
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Basic |
|
77,013,831 |
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|
72,804,770 |
|
|
|
76,107,302 |
|
|
72,488,601 |
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||
Diluted |
|
78,464,654 |
|
|
72,804,770 |
|
|
|
77,339,897 |
|
|
72,488,601 |
|
1. |
Cost of revenue, research and development, sales and marketing and general and administrative expenses include the following stock-based compensation related expenses: |
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Three Months Ended
|
|
Nine Months Ended
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|
|
2024 |
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2023 |
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|
2024 |
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|
2023 |
||||
Cost of revenue |
$ |
587 |
|
$ |
502 |
|
$ |
1,678 |
|
$ |
1,386 |
||||
Research and development |
|
1,957 |
|
|
1,135 |
|
|
5,615 |
|
|
3,831 |
||||
Selling and marketing |
|
1,790 |
|
|
2,521 |
|
|
5,025 |
|
|
7,126 |
||||
General and administrative |
|
4,413 |
|
|
3,174 |
|
|
14,302 |
|
|
13,539 |
||||
Total stock-based compensation expense |
$ |
8,747 |
|
$ |
7,332 |
|
$ |
26,620 |
|
$ |
25,882 |
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VERACYTE, INC.
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Three Months Ended
|
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Nine Months Ended
|
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|
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
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Net income (loss) |
$ |
15,155 |
|
$ |
(29,618 |
) |
|
$ |
19,025 |
|
$ |
(46,111 |
) |
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Other comprehensive income (loss): |
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|
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|
|
|
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||||||||
Change in currency translation adjustments |
|
9,328 |
|
|
(6,414 |
) |
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|
2,736 |
|
|
(2,851 |
) |
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|
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|
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|
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||||||||
Net comprehensive income (loss) |
$ |
24,483 |
|
$ |
(36,032 |
) |
|
$ |
21,761 |
|
$ |
(48,962 |
) |
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VERACYTE, INC.
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September 30, |
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December 31, |
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2024 |
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2023 |
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(Unaudited) |
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(See Note 1) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
$ |
274,079 |
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$ |
216,454 |
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Accounts receivable |
|
48,807 |
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|
40,378 |
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Supplies and inventory |
|
20,364 |
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|
16,128 |
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Prepaid expenses and other current assets |
|
13,604 |
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|
12,661 |
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Total current assets |
|
356,854 |
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|
285,621 |
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Property, plant and equipment, net |
|
21,194 |
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|
20,584 |
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Right-of-use assets, operating leases |
|
17,031 |
|
|
10,277 |
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Intangible assets, net |
|
108,873 |
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|
88,593 |
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Goodwill |
|
762,117 |
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|
702,984 |
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Restricted cash |
|
1,080 |
|
|
876 |
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Other assets |
|
7,872 |
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|
5,971 |
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Total assets |
$ |
1,275,021 |
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$ |
1,114,906 |
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Liabilities and Stockholders’ Equity |
|
|
|
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Current liabilities: |
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|
||||
Accounts payable |
$ |
9,670 |
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$ |
12,943 |
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Accrued liabilities |
|
43,872 |
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|
38,427 |
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Current portion of deferred revenue |
|
2,033 |
|
|
2,008 |
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Current portion of acquisition-related contingent consideration |
|
7,391 |
|
|
2,657 |
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Current portion of operating lease liabilities |
|
7,294 |
|
|
5,105 |
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Current portion of other liabilities |
|
53 |
|
|
101 |
||
Total current liabilities |
|
70,313 |
|
|
61,241 |
||
Deferred tax liabilities |
|
1,470 |
|
|
734 |
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Acquisition-related contingent consideration, net of current portion |
|
14,225 |
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|
518 |
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Operating lease liabilities, net of current portion |
|
12,400 |
|
|
7,525 |
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Other liabilities |
|
571 |
|
|
786 |
||
Total liabilities |
|
98,979 |
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|
70,804 |
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Total stockholders’ equity |
|
1,176,042 |
|
|
1,044,102 |
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Total liabilities and stockholders’ equity |
$ |
1,275,021 |
|
$ |
1,114,906 |
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|
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|
|
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1. The condensed consolidated balance sheet at December 31, 2023 has been derived from the audited financial statements at that date included in the Company's Form 10-K filed with the Securities and Exchange Commission dated February 29, 2024. |
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VERACYTE, INC.
|
|||||||
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|
|
|
||||
|
Nine Months Ended
|
||||||
|
|
2024 |
|
|
|
2023 |
|
Operating activities |
|
|
|
||||
Net income (loss) |
$ |
19,025 |
|
|
$ |
(46,111 |
) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
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|
|
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Depreciation and amortization |
|
17,206 |
|
|
|
20,852 |
|
Loss on disposal of property, plant and equipment |
|
131 |
|
|
|
136 |
|
Stock-based compensation |
|
26,620 |
|
|
|
25,629 |
|
Deferred income taxes |
|
10 |
|
|
|
(843 |
) |
Noncash lease expense |
|
3,628 |
|
|
|
3,130 |
|
Revaluation of acquisition-related contingent consideration |
|
1,242 |
|
|
|
(5,500 |
) |
Effect of foreign currency on operations |
|
(785 |
) |
|
|
657 |
|
Impairment loss |
|
614 |
|
|
|
36,310 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
(8,396 |
) |
|
|
4,650 |
|
Supplies and inventory |
|
(4,175 |
) |
|
|
(1,636 |
) |
Prepaid expenses and other current assets |
|
149 |
|
|
|
(1,578 |
) |
Other assets |
|
(1,710 |
) |
|
|
(586 |
) |
Operating lease liabilities |
|
(3,929 |
) |
|
|
(3,225 |
) |
Accounts payable |
|
(2,950 |
) |
|
|
185 |
|
Accrued liabilities and deferred revenue |
|
3,892 |
|
|
|
(3,400 |
) |
Net cash provided by operating activities |
|
50,572 |
|
|
|
28,670 |
|
Investing activities |
|
|
|
||||
Acquisition of C2i, net of cash acquired |
|
5,012 |
|
|
|
— |
|
Purchase of short-term investments |
|
— |
|
|
|
(19,700 |
) |
Proceeds from sale of short-term investments |
|
— |
|
|
|
39,773 |
|
Proceeds from maturity of short-term investments |
|
— |
|
|
|
5,000 |
|
Purchases of property, plant and equipment |
|
(7,146 |
) |
|
|
(7,464 |
) |
Net cash (used in) provided by investing activities |
|
(2,134 |
) |
|
|
17,609 |
|
Financing activities |
|
|
|
||||
Payment of taxes on vested restricted stock units |
|
(7,315 |
) |
|
|
(5,614 |
) |
Proceeds from the exercise of common stock options and employee stock purchases |
|
16,729 |
|
|
|
7,806 |
|
Net cash provided by financing activities |
|
9,414 |
|
|
|
2,192 |
|
Increase in cash, cash equivalents and restricted cash |
|
57,852 |
|
|
|
48,471 |
|
Effect of foreign currency on cash, cash equivalents and restricted cash |
|
(23 |
) |
|
|
(134 |
) |
Net increase in cash, cash equivalents and restricted cash |
|
57,829 |
|
|
|
48,337 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
217,330 |
|
|
|
154,996 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
275,159 |
|
|
$ |
203,333 |
|
|
|
|
|
|
|||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
|||||||
|
|
|
|
||||
|
September 30, |
|
December 31, |
||||
|
|
2024 |
|
|
2023 |
||
Cash and cash equivalents |
$ |
274,079 |
|
$ |
216,454 |
||
Restricted cash |
|
1,080 |
|
|
876 |
||
Total cash, cash equivalents and restricted cash |
$ |
275,159 |
|
$ |
217,330 |
||
|
|||||||||||||||
VERACYTE, INC.
|
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Reconciliation of Non-GAAP Cost of Revenue: |
|
|
|
|
|
|
|
||||||||
GAAP cost of testing revenue |
$ |
29,029 |
|
|
$ |
21,827 |
|
|
$ |
82,928 |
|
|
$ |
64,808 |
|
Stock-based compensation expense |
|
(524 |
) |
|
|
(382 |
) |
|
|
(1,411 |
) |
|
|
(1,048 |
) |
Acquisition related expenses (1) |
|
— |
|
|
|
— |
|
|
|
(60 |
) |
|
|
(74 |
) |
Other adjustments (2) |
|
— |
|
|
|
— |
|
|
|
(6 |
) |
|
|
— |
|
Non-GAAP cost of testing revenue |
$ |
28,505 |
|
|
$ |
21,445 |
|
|
$ |
81,451 |
|
|
$ |
63,686 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP cost of product revenue |
|
1,792 |
|
|
|
2,436 |
|
|
|
6,310 |
|
|
|
6,913 |
|
Stock-based compensation expense |
|
(1 |
) |
|
|
— |
|
|
|
(3 |
) |
|
|
— |
|
Acquisition related expenses (1) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other adjustments (2) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Non-GAAP cost of product revenue |
$ |
1,791 |
|
|
$ |
2,436 |
|
|
$ |
6,307 |
|
|
$ |
6,913 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP cost of biopharmaceutical and other revenue |
|
3,112 |
|
|
|
3,347 |
|
|
|
9,762 |
|
|
|
11,806 |
|
Stock-based compensation expense |
|
(62 |
) |
|
|
(120 |
) |
|
|
(264 |
) |
|
|
(337 |
) |
Acquisition related expenses (1) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other adjustments (2) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Non-GAAP cost of biopharmaceutical and other revenue |
$ |
3,050 |
|
|
$ |
3,227 |
|
|
$ |
9,498 |
|
|
$ |
11,469 |
|
|
|
|
|
|
|
|
|
||||||||
Reconciliation of Non-GAAP Gross Margin: |
|
|
|
|
|
|
|
||||||||
GAAP Gross Profit |
$ |
79,010 |
|
|
$ |
57,687 |
|
|
$ |
219,391 |
|
|
$ |
164,896 |
|
GAAP Gross Margin |
|
68 |
% |
|
|
64 |
% |
|
|
67 |
% |
|
|
63 |
% |
Amortization of intangible assets |
|
2,917 |
|
|
|
4,811 |
|
|
|
8,741 |
|
|
|
14,429 |
|
Stock-based compensation expense |
|
587 |
|
|
|
502 |
|
|
|
1,678 |
|
|
|
1,385 |
|
Acquisition related expenses (1) |
|
— |
|
|
|
— |
|
|
|
60 |
|
|
|
74 |
|
Other adjustments (2) |
|
— |
|
|
|
— |
|
|
|
6 |
|
|
|
— |
|
Non-GAAP Gross Profit |
$ |
82,514 |
|
|
$ |
63,000 |
|
|
$ |
229,876 |
|
|
$ |
180,784 |
|
Non-GAAP Gross Margin |
|
71 |
% |
|
|
70 |
% |
|
|
70 |
% |
|
|
69 |
% |
|
|
|
|
|
|
|
|
||||||||
1. Includes transaction-related expenses as well as post-combination compensation expenses. For the nine months ended September 30, 2024, adjustments consist primarily of transaction related expenses associated with the acquisition of C2i Genomics. For the nine months ended September 30, 2023, adjustments consist primarily of post-combination compensation expenses associated with the acquisition of HalioDx. |
|||||||||||||||
2. For the nine months ended September 30, 2024, adjustments include expense related to restructuring costs associated with portfolio prioritization. |
|||||||||||||||
|
|||||||||||||||
VERACYTE, INC.
|
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Reconciliation of Non-GAAP Operating Expenses: |
|
|
|
|
|
|
|
||||||||
GAAP research and development |
$ |
17,574 |
|
|
$ |
13,322 |
|
|
$ |
50,004 |
|
|
$ |
38,632 |
|
Stock-based compensation expense |
|
(1,957 |
) |
|
|
(1,135 |
) |
|
|
(5,615 |
) |
|
|
(3,831 |
) |
Acquisition related expenses (1) |
|
459 |
|
|
|
— |
|
|
|
62 |
|
|
|
— |
|
Other adjustments (2) |
|
5 |
|
|
|
— |
|
|
|
(271 |
) |
|
|
— |
|
Non-GAAP research and development |
$ |
16,081 |
|
|
$ |
12,187 |
|
|
$ |
44,180 |
|
|
$ |
34,801 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP sales and marketing |
$ |
22,612 |
|
|
$ |
24,344 |
|
|
$ |
70,610 |
|
|
$ |
76,230 |
|
Stock-based compensation expense |
|
(1,790 |
) |
|
|
(2,521 |
) |
|
|
(5,025 |
) |
|
|
(7,126 |
) |
Acquisition related expenses (1) |
|
— |
|
|
|
(209 |
) |
|
|
(124 |
) |
|
|
(1,366 |
) |
Other adjustments (2) |
7 |
— |
(1,087 |
) |
— |
||||||||||
Non-GAAP sales and marketing |
$ |
20,829 |
|
|
$ |
21,614 |
|
|
$ |
64,374 |
|
|
$ |
67,738 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP general and administrative |
$ |
25,742 |
|
|
$ |
16,334 |
|
|
$ |
83,697 |
|
|
$ |
62,434 |
|
Stock-based compensation expense |
|
(4,413 |
) |
|
|
(3,174 |
) |
|
|
(14,302 |
) |
|
|
(13,539 |
) |
Acquisition related expenses (1) |
|
(349 |
) |
|
|
4,790 |
|
|
|
(4,934 |
) |
|
|
3,165 |
|
Other adjustments (2) |
|
(248 |
) |
|
|
— |
|
|
|
(3,368 |
) |
|
|
66 |
|
Non-GAAP general and administrative |
$ |
20,732 |
|
|
$ |
17,950 |
|
|
$ |
61,093 |
|
|
$ |
52,126 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP total operating expenses |
$ |
66,993 |
|
|
$ |
89,426 |
|
|
$ |
207,424 |
|
|
$ |
215,184 |
|
Amortization of intangible assets |
|
(880 |
) |
|
|
(526 |
) |
|
|
(2,499 |
) |
|
|
(1,578 |
) |
Stock-based compensation expense |
|
(8,160 |
) |
|
|
(6,830 |
) |
|
|
(24,942 |
) |
|
|
(24,496 |
) |
Acquisition related expenses (1) |
|
(75 |
) |
|
|
4,581 |
|
|
|
(5,610 |
) |
|
|
1,799 |
|
Other adjustments (2) |
|
(236 |
) |
|
|
(34,900 |
) |
|
|
(4,726 |
) |
|
|
(36,244 |
) |
Non-GAAP total operating expenses |
$ |
57,642 |
|
|
$ |
51,751 |
|
|
$ |
169,647 |
|
|
$ |
154,665 |
|
|
|
|
|
|
|
|
|
||||||||
1. Includes transaction-related expenses as well as post-combination compensation expenses. For the three months ended September 30, 2024, adjustments consist primarily of transaction related expenses associated with the acquisition of C2i Genomics ( |
|||||||||||||||
2. For the three months ended September 30, 2024, adjustments primarily include expense related to restructuring costs ( |
|||||||||||||||
|
|||||||||||||||
VERACYTE, INC.
|
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Reconciliation of Adjusted EBITDA: |
|
|
|
|
|
|
|
||||||||
GAAP Net Income (Loss) |
$ |
15,155 |
|
|
$ |
(29,618 |
) |
|
$ |
19,025 |
|
|
$ |
(46,111 |
) |
Amortization of intangible assets |
|
3,797 |
|
|
|
5,337 |
|
|
|
11,240 |
|
|
|
16,007 |
|
Depreciation expense |
|
2,081 |
|
|
|
1,985 |
|
|
|
5,966 |
|
|
|
4,845 |
|
Stock-based compensation expense |
|
8,747 |
|
|
|
7,332 |
|
|
|
26,620 |
|
|
|
25,882 |
|
Acquisition related expenses (1) |
|
75 |
|
|
|
(4,581 |
) |
|
|
5,670 |
|
|
|
(1,725 |
) |
Other expense (income), net (2) |
|
(3,366 |
) |
|
|
(2,620 |
) |
|
|
(9,679 |
) |
|
|
(4,523 |
) |
Other adjustments (3) |
|
(853 |
) |
|
|
34,900 |
|
|
|
3,643 |
|
|
|
36,244 |
|
Income tax expense (benefit) |
|
1,693 |
|
|
|
(154 |
) |
|
|
3,276 |
|
|
|
(29 |
) |
Adjusted EBITDA |
$ |
27,329 |
|
|
$ |
12,581 |
|
|
$ |
65,761 |
|
|
$ |
30,590 |
|
|
|
|
|
|
|
|
|
||||||||
Reconciliation of Non-GAAP Net Income (Loss) |
|
|
|
|
|
|
|
||||||||
GAAP Net Income (Loss) |
$ |
15,155 |
|
|
$ |
(29,618 |
) |
|
$ |
19,025 |
|
|
$ |
(46,111 |
) |
Amortization of intangible assets |
|
3,797 |
|
|
|
5,337 |
|
|
|
11,240 |
|
|
|
16,007 |
|
Stock-based compensation expense |
|
8,747 |
|
|
|
7,332 |
|
|
|
26,620 |
|
|
|
25,882 |
|
Acquisition related expenses (1) |
|
75 |
|
|
|
(4,581 |
) |
|
|
5,670 |
|
|
|
(1,725 |
) |
Other adjustments (3) |
|
(853 |
) |
|
|
34,900 |
|
|
|
3,643 |
|
|
|
36,244 |
|
Tax adjustments (4) |
|
(933 |
) |
|
|
(1,124 |
) |
|
|
(2,179 |
) |
|
|
(2,251 |
) |
Non-GAAP Net Income |
$ |
25,988 |
|
|
$ |
12,246 |
|
|
$ |
64,019 |
|
|
$ |
28,046 |
|
|
|
|
|
|
|
|
|
||||||||
Reconciliation of Non-GAAP Earnings per Share |
|
|
|
|
|
|
|
||||||||
Diluted earnings per share, GAAP |
$ |
0.19 |
|
|
$ |
(0.41 |
) |
|
$ |
0.25 |
|
|
$ |
(0.64 |
) |
Amortization of intangible assets |
|
0.05 |
|
|
|
0.07 |
|
|
|
0.15 |
|
|
|
0.22 |
|
Stock-based compensation expense |
|
0.11 |
|
|
|
0.10 |
|
|
|
0.34 |
|
|
|
0.36 |
|
Acquisition related expenses (1) |
|
— |
|
|
|
(0.06 |
) |
|
|
0.07 |
|
|
|
(0.02 |
) |
Other adjustments (3) |
|
(0.01 |
) |
|
|
0.48 |
|
|
|
0.05 |
|
|
|
0.50 |
|
Tax adjustments (4) |
|
(0.01 |
) |
|
|
(0.02 |
) |
|
|
(0.03 |
) |
|
|
(0.03 |
) |
Rounding and impact of dilutive shares |
|
— |
|
|
|
0.01 |
|
|
|
— |
|
|
|
(0.01 |
) |
Diluted earnings per share, non-GAAP |
$ |
0.33 |
|
|
$ |
0.17 |
|
|
$ |
0.83 |
|
|
$ |
0.38 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding used in computing diluted earnings per share |
|
|
|
|
|
|
|
||||||||
Diluted, GAAP |
|
78,464,654 |
|
|
|
72,804,770 |
|
|
|
77,339,897 |
|
|
|
72,488,601 |
|
Dilutive effect of equity awards (5) |
|
— |
|
|
|
1,326,143 |
|
|
|
— |
|
|
|
1,387,582 |
|
Diluted, non-GAAP |
|
78,464,654 |
|
|
|
74,130,913 |
|
|
|
77,339,897 |
|
|
|
73,876,183 |
|
|
|
|
|
|
|
|
|
||||||||
1. Includes transaction-related expenses as well as post-combination compensation expenses. For the three months ended September 30, 2024, adjustments consist primarily of transaction related expenses associated with the acquisition of C2i Genomics ( |
|||||||||||||||
2. Includes interest income and income related to research tax credits. |
|||||||||||||||
3. For the three months ended September 30, 2024, adjustments include the exclusion of unrealized gains associated with foreign exchange impacts on stock-based compensation and intercompany loans ( |
|||||||||||||||
4. Incremental non-GAAP tax expense reflects the tax impact of the non-GAAP adjustments listed. |
|||||||||||||||
5. In those periods in which GAAP net (loss) income is negative and non-GAAP net (loss) income is positive, non-GAAP diluted weighted average shares outstanding includes potentially dilutive common shares from equity awards as determined using the treasury stock method. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106252075/en/
Investors:
Shayla Gorman
investors@veracyte.com
619-393-1545
Media:
Tracy Morris
media@veracyte.com
650-380-4413
Source: Veracyte, Inc.
FAQ
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