An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Veracyte Provides Statement on Impact of Events Surrounding Silicon Valley Bank
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Veracyte, Inc. (NASDAQ: VCYT) has announced its financial standing as of December 31, 2022, following the Silicon Valley Bank events. The company reported $178.9 million in cash, cash equivalents, and short-term investments, primarily unaffected by the FDIC's actions regarding SVB. Veracyte maintains that its accessible financial resources will be adequate for ongoing operations and obligations. The company focuses on transforming cancer care, providing high-value diagnostic insights for various cancers and lung diseases, and aims to expand its testing capabilities globally.
Positive
Company has $178.9 million in cash and investments, indicating financial stability.
Funds are largely unaffected by the recent Silicon Valley Bank situation, enhancing liquidity.
Negative
None.
SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--
Veracyte, Inc. (Nasdaq: VCYT) outlined the company’s cash, cash equivalents and short-term investment status in light of the events surrounding Silicon Valley Bank (SVB).
As of December 31, 2022, the company had $178.9 million in cash, cash equivalents and short-term investments. The majority of these assets are not restricted by the Federal Deposit Insurance Corporation’s (FDIC) action to take control of SVB. The company believes its currently accessible cash, cash equivalents and short-term investments will be sufficient to satisfy its operations and obligations.
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 high-performing tests enable clinicians to make more confident diagnostic, prognostic and treatment decisions for some of the most challenging diseases such as thyroid, prostate, breast, bladder and lung cancers, as well as interstitial lung diseases. We help patients avoid unnecessary procedures and speed time to diagnosis and appropriate treatment. In addition to making our tests available in the U.S. through our central laboratories, we also aim to deliver our tests to patients worldwide through a distributed model to laboratories that can perform them locally. Veracyte is based in South San Francisco, California. For more information, please visit www.veracyte.com and follow the company on Twitter (@veracyte).
This press release contains forward-looking statements, including, but not limited to our statements related to our plans, objectives, expectations (financial and otherwise). Forward-looking statements can be identified by words such as: “appears,” "anticipate," "intend," "plan," "expect," "believe," "should," "may," "will," “positioned,” “designed” and similar references to future periods. Examples of forward-looking statements include, among others, that the company believes its currently accessible cash, cash equivalents, and short-term investments will be sufficient to satisfy its operations and obligations. Additional factors that may impact these forward-looking statements can be found under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022, filed on March 1, 2023. Copies of this document may be found in the Investors section of our website at https://investor.veracyte.com/. These forward-looking statements speak only as of the date hereof and, except as required by law, we specifically disclaim any obligation to update these forward-looking statements or reasons why actual results might differ, whether as a result of new information, future events or otherwise.
