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Veracyte(VCYT) - 2023 Q2 - Earnings Call Transcript
2023-08-09 02:05
Financial Data and Key Metrics Changes - The company reported revenue of over $90 million for Q2 2023, representing a growth of 24% compared to the prior year [5][19] - Cash generated from operations reached approximately $17 million, a record for the company [6] - The company ended the quarter with $191 million in cash, cash equivalents, and short-term investments, exceeding expectations [24][27] Business Line Data and Key Metrics Changes - The core testing business grew by 37%, with approximately 15,000 Decipher Prostate tests performed in the quarter [5][7] - Afirma tests reached over 13,000 performed, leading to an increase in revenue growth expectations to the low to mid-teens for 2023 [11] - Biopharmaceutical and other revenue totaled $4.6 million, down 55% year-over-year due to project reductions and extended sales cycles [21] Market Data and Key Metrics Changes - The market for molecular diagnostics in prostate cancer is now estimated to be approximately 30% penetrated, with Decipher representing the majority of that penetration [8] - The company added over 70 new accounts for Afirma tests, contributing to its growth [11] Company Strategy and Development Direction - The company is focused on enhancing clinical evidence for its tests and expanding its library of published studies [9] - The IVD strategy aims to deliver tests outside the United States, with ongoing development of products like Prosigna and Envisia [15][16] - The company is adjusting its estimates for the NIGHTINGALE study enrollment to the second quarter of 2024 due to staffing challenges at investigator sites [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued growth of the Decipher business, citing strong execution and market opportunities [30] - The biopharma business faces macroeconomic challenges, leading to project terminations and longer timelines for new contracts [13][41] - The company raised its revenue guidance for 2023 to $342 million to $350 million, reflecting strong first-half results [25] Other Important Information - Tina Nova will step down from her operational role, transitioning to a consulting capacity, effective September 3 [29] - The company is focused on maintaining a strong financial profile while investing in long-term growth drivers [66] Q&A Session Summary Question: Dynamics driving Afirma growth - Management highlighted enhancements in product offerings and improved ordering capabilities as key drivers of Afirma's growth [33][37] Question: Biopharma business outlook - Management acknowledged ongoing macro headwinds affecting the biopharma business, emphasizing a cautious approach to investments [39][41] Question: Competitive dynamics for Decipher - Management indicated that Decipher is capturing market share, supported by strong evidence generation and sales team performance [74] Question: Enrollment timeline for NIGHTINGALE study - Management provided an updated estimate for the final patient enrollment in the NIGHTINGALE study to the second quarter of 2024, with preliminary data expected thereafter [80][84]
Veracyte(VCYT) - 2023 Q2 - Earnings Call Presentation
2023-08-09 00:29
veracyte. 8/8/2023 1 Q2 2023 Business and Financial Presentation August 8, 2023 © Veracyte, Inc. All rights reserved. Forward-looking statements and non-GAAP information This presentation contains forward-looking statements, including, but not limited to, our statements related to our expected total revenue for 2023 and other financial and operating results and our plans, objectives, expectations (financial and otherwise) or intentions with respect to our tests and products, including our biopharma atlas, f ...
Veracyte(VCYT) - 2023 Q1 - Quarterly Report
2023-05-05 12:07
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-36156 VERACYTE, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Delaware 20-5455398 6000 ...
Veracyte(VCYT) - 2023 Q1 - Earnings Call Transcript
2023-05-05 02:43
Veracyte, Inc. (NASDAQ:VCYT) Q1 2023 Earnings Conference Call May 4, 2023 4:30 PM ET Company Participants Shayla Gorman - Director of Investor Relations Marc Stapley - Chief Executive Officer Rebecca Chambers - Chief Financial Officer Conference Call Participants Puneet Souda - SVB Securities Mason Carrico - Stephens, Inc. Matt Sykes - Goldman Sachs Andrew Brackmann - William Blair Tejas Savant - Morgan Stanley Sung Ji Nam - Scotiabank Andrew Cooper - Raymond James Operator Good day and thank you for standi ...
Veracyte(VCYT) - 2023 Q1 - Earnings Call Presentation
2023-05-04 23:46
veracyte. 5/4/2023 1 Q1 2023 Business and Financial Presentation May 4, 2023 © Veracyte, Inc. All rights reserved. Forward-looking statements and non-GAAP information This presentation contains forward-looking statements, including, but not limited to, our statements related to our expected total revenue for 2023 and other financial and operating results and our plans, objectives, expectations (financial and otherwise) or intentions with respect to our tests and products, including our biopharma atlas, for ...
Veracyte (VCYT) Investor Presentation - Slideshow
2023-03-24 17:00
Our vision is to transform cancer care for patients all over the world. March 2023 3/7/20231 © Veracyte, Inc. All rights reserved. Forward-looking statements This presentation contains forwardlooking statements, including, but not limited to, our statements related to our expected total revenue for 2023, our expected growth rate in testing and product revenue in 2023, our 2023 nonGAAP gross margin, and our plans, objectives, expectations (financial and otherwise), our strategic growth driver, or intentions ...
Veracyte(VCYT) - 2022 Q4 - Annual Report
2023-02-28 22:48
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-36156 VERACYTE, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 20-5455398 (State or Other Jurisdiction of Incor ...
Veracyte(VCYT) - 2022 Q4 - Earnings Call Presentation
2023-02-23 05:14
veracyte. 2/22/2023 1 Q4 and Full-Year 2022 Business and Financial Presentation February 22, 2023 © Veracyte, Inc. All rights reserved. Forward-looking statements and non-GAAP information This presentation contains forward-looking statements, including, but not limited to, our statements related to our expected total revenue for 2023 and our plans, objectives, expectations (financial and otherwise) or intentions with respect to our tests and products. Forward-looking statements can be identified by words su ...
Veracyte(VCYT) - 2022 Q4 - Earnings Call Transcript
2023-02-23 05:13
Start Time: 16:30 January 1, 0000 5:29 PM ET Veracyte, Inc. (NASDAQ:VCYT) Q4 2022 Earnings Conference Call February 22, 2023, 16:30 PM ET Company Participants Marc Stapley - CEO Rebecca Chambers - EVP and CFO Tina Nova - President, U.S. CLIA Business Shayla Gorman - Director, IR Conference Call Participants Andrew Brackman - William Blair Dave Delahunt - Goldman Sachs Puneet Souda - SVB Securities Mason Carrico - Stephens, Inc Mike Matson - Needham & Company Yuko Oku - Morgan Stanley Andrew Cooper - Raymond ...
Veracyte(VCYT) - 2022 Q3 - Quarterly Report
2022-11-03 11:57
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-36156 VERACYTE, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction o ...