Company Performance - Veracyte reported quarterly earnings of $0.44 per share, exceeding the Zacks Consensus Estimate of $0.31 per share, and up from $0.30 per share a year ago, representing an earnings surprise of +41.94% [1] - The company achieved revenues of $130.16 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 7.06%, compared to $114.43 million in the same quarter last year [2] - Over the last four quarters, Veracyte has consistently surpassed consensus EPS and revenue estimates [2] Stock Performance - Veracyte shares have declined approximately 36.8% since the beginning of the year, contrasting with the S&P 500's gain of 7.1% [3] - The current Zacks Rank for Veracyte is 3 (Hold), indicating that the shares are expected to perform in line with the market in the near future [6] Future Outlook - The consensus EPS estimate for the upcoming quarter is $0.33 on revenues of $125.73 million, and for the current fiscal year, it is $1.32 on revenues of $493.72 million [7] - The outlook for the Medical - Instruments industry, where Veracyte operates, is currently in the bottom 41% of over 250 Zacks industries, which may impact the stock's performance [8]

Financial Data and Key Metrics Changes - The company reported total revenue of $130 million for Q2 2025, reflecting a 14% year-over-year growth [8][31] - Testing revenue also grew by 14% year-over-year, amounting to $122.3 million, driven by significant growth in Decipher and Afirma [31] - Adjusted EBITDA margin reached 27.5%, significantly exceeding expectations [9][35] - Non-GAAP gross margin was 71.5%, up approximately 30 basis points compared to the prior year [33] Business Line Data and Key Metrics Changes - Decipher tests delivered approximately 25,500 tests, achieving a year-over-year volume growth of 28% [10][11] - Afirma volume growth increased by 8% year-over-year, resulting in approximately 16,950 tests [17] - Prosigna is set to launch as an LDT in the U.S. breast cancer market in mid-2026, targeting a large patient population [21][22] Market Data and Key Metrics Changes - The company believes it holds a 65% market share in the prostate testing market, with Decipher positioned as the leading brand among clinicians [16] - The NCCN high-risk patient population is estimated to be approximately 25% of the incidence population, indicating a significant growth opportunity [13] Company Strategy and Development Direction - The company aims to transform cancer care globally through strategic initiatives focused on short-term, mid-term, and long-term growth drivers [9][29] - Plans include expanding the MRD testing platform and launching innovative products like the Percepta nasal swab for lung cancer [23][28] - The company is committed to geographic expansion and enhancing its research and development capabilities [26][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Decipher's long-term growth trajectory, anticipating sustained double-digit growth driven by market penetration and share gains [16][55] - The company expects to generate approximately $13 million in savings compared to 2024 results, which will be reinvested in growth drivers [37] - The updated 2025 total revenue guidance is set at $496 million to $500 million, reflecting strong performance in the first half of the year [38] Other Important Information - The company has scanned over 90,000 slides from over 50,000 de-identified patients to support ongoing research in digital pathology [15][104] - The sale of the Veracyte SaaS manufacturing business was completed on August 1, allowing for continuity of supply for the Prosigna IVD [26][36] Q&A Session Summary Question: What are the key drivers for maintaining Decipher's growth? - Management highlighted market penetration, share gains, and digital pathology integration as key drivers for sustaining growth [45][49] Question: What is the expected growth contribution from the metastatic population for Decipher? - Management indicated that while the metastatic launch is promising, it is not expected to have a significant impact in 2025, with more substantial contributions anticipated in 2026 and beyond [58][65] Question: What milestones will drive greater adoption and revenue growth for Prosigna? - Key milestones include the mid-2026 launch, pivotal study results, and ongoing clinical studies to support the test [67][68] Question: How is the company approaching MRD testing? - The company plans to leverage its existing Decipher sales channel and cross-train sales representatives to target both academic and community oncology [79][80] Question: What feedback has been received regarding the digital pathology offering? - Initial feedback has been positive, with a focus on ensuring that digital pathology complements existing molecular diagnostics [100][102]

Business Strategy & Product Development - Veracyte is expanding geographically with IVD products to address patient needs outside the US, with development on track for completion by the end of 2026[20, 21] - NIGHTINGALE enrollment is on track for completion in Q3, targeting 2,400 individuals to demonstrate clinical utility for the nasal swab test for lung cancer risk assessment[22] - The company plans further penetration and share gains, along with launches of MIBC MRD in 1H 2026 and Prosigna LDT2 in mid-2026, with additional MRD platform launches planned[34] Financial Performance (Q2 2025) - GAAP cost of testing revenue reached $32407 thousand[38] - GAAP gross profit was $89769 thousand, with a GAAP gross margin of 690%[38] - GAAP research and development expenses were $16264 thousand[40] - GAAP sales and marketing expenses amounted to $25316 thousand[40] - GAAP general and administrative expenses totaled $32331 thousand[40] - Adjusted EBITDA reached $35776 thousand, representing 275% of revenue[43] - GAAP net loss was $980 thousand, or -08% of revenue[43]

[Executive Summary](index=1&type=section&id=Executive%20Summary) Veracyte achieved strong Q2 2025 revenue growth and improved adjusted EBITDA, driven by increased test volumes and strategic product launches, despite a GAAP net loss from an impairment charge [Second Quarter 2025 Performance Highlights](index=1&type=section&id=Key%20Financial%20Highlights) Veracyte achieved significant year-over-year growth in total revenue and testing revenue, driven by increased test volumes for Decipher and Afirma, with adjusted EBITDA showing strong improvement despite a GAAP net loss due to one-time impairment charges Q2 2025 Key Financial and Volume Highlights | Metric | Q2 2025 | Q2 2024 | YoY Change | | :------------------------------------ | :-------------- | :-------------- | :--------- | | Total Revenue | $130.2 million | $114.4 million | +14% | | Testing Revenue | $122.3 million | $107.0 million | +14% | | Total Volume | 44,966 tests | N/A | +15% | | Testing Volume | 42,441 tests | N/A | +18% | | Decipher Revenue | $76.3 million | N/A | +24% | | Afirma Revenue | $43.4 million | N/A | +5% | | Decipher Volume | ~25,500 tests | N/A | +28% | | Afirma Volume | ~16,950 tests | N/A | +8% | | GAAP Net Loss | $1.0 million | $5.7 million (Net Income) | -117% | | Adjusted EBITDA | $35.8 million | $24.0 million | +49% | | Cash from Operations (Q2) | $33.6 million | N/A | N/A | | Cash, Cash Equivalents, Short-term Investments (as of June 30, 2025) | $320.7 million | N/A | N/A | [Key Business Developments](index=1&type=section&id=Key%20Business%20Highlights) Veracyte initiated its high-risk and metastatic growth strategy with the full launch of Decipher for metastatic populations, presented extensive clinical data for its Decipher, Afirma, and Prosigna tests, and completed the restructuring of its French entity - Launched **Decipher** for use in the metastatic population, initiating a **high-risk and metastatic growth strategy**[4](index=4&type=chunk) - Demonstrated utility of **Decipher Prostate** and **Decipher Bladder Genomic Classifiers**, as well as **Decipher GRID** research capabilities, through **29 abstracts** and **9 new publications**[4](index=4&type=chunk) - Completed the **French entity restructuring process**, including the **sale of the Veracyte SAS product manufacturing business** and **deconsolidation of operations**[4](index=4&type=chunk) [Second Quarter 2025 Financial Results](index=2&type=section&id=Second%20Quarter%202025%20Financial%20Results) This section details Veracyte's Q2 2025 financial performance, highlighting revenue growth, gross margin improvements, and the impact of an impairment charge on net income [Revenue Performance](index=2&type=section&id=Revenue%20Performance) Total revenue increased by 14% year-over-year, primarily driven by a 14% increase in testing revenue from Decipher Prostate and Afirma tests, with biopharmaceutical and other revenue also growing significantly Q2 2025 Revenue Breakdown | Revenue Type | Q2 2025 (Millions) | Q2 2024 (Millions) | YoY Change | | :-------------------------------- | :----------------- | :----------------- | :--------- | | Total Revenue | $130.2 | $114.4 | +14% | | Testing Revenue | $122.3 | $107.0 | +14% | | Product Revenue | $3.6 | $3.9 | -8% | | Biopharmaceutical and other revenue | $4.3 | $3.6 | +21% | [Gross Margin and Operating Expenses](index=2&type=section&id=Gross%20Margin%20and%20Operating%20Expenses) GAAP gross margin improved to 69% from 68% year-over-year, with non-GAAP gross margin also increasing, while operating expenses rose significantly due to a $20.5 million impairment charge related to the French subsidiary Q2 2025 Gross Margin and Operating Expenses | Metric | Q2 2025 | Q2 2024 | Change | | :------------------------ | :------ | :------ | :----- | | Total Gross Margin (GAAP) | 69% | 68% | +1 p.p. | | Non-GAAP Gross Margin | 72% | 71% | +1 p.p. | | Operating Expenses (GAAP) | $95.0 million | $73.3 million | +$21.7 million | | Non-GAAP Operating Expenses | $60.3 million | $59.0 million | +2% | - Operating expenses for Q2 2025 included a **$20.5 million impairment charge** due to the partial sale and liquidation proceedings of the French subsidiary[6](index=6&type=chunk) [Net Income (Loss) and Adjusted EBITDA](index=2&type=section&id=Net%20Income%20%28Loss%29%20and%20Adjusted%20EBITDA) The company reported a GAAP net loss of $1.0 million, a significant decrease from the prior year's net income, primarily due to the impairment charge, though Adjusted EBITDA surged by 49% to $35.8 million, representing 27.5% of revenue Q2 2025 Net Income (Loss) and Adjusted EBITDA | Metric | Q2 2025 | Q2 2024 | YoY Change | | :------------------------------------ | :-------------- | :-------------- | :--------- | | GAAP Net Loss | $1.0 million | $5.7 million (Net Income) | -117% | | Diluted Net Loss Per Share (GAAP) | $0.01 | $0.07 (EPS) | -$0.08 | | Non-GAAP Diluted Net Earnings Per Share | $0.44 | $0.30 | +$0.14 | | Adjusted EBITDA | $35.8 million | $24.0 million | +49% | | Adjusted EBITDA as % of Revenue | 27.5% | 21.0% | +6.5 p.p. | | Net Cash Provided by Operating Activities (YTD) | $39.0 million | $20.6 million | +$18.4 million | [Operational Updates](index=2&type=section&id=Operational%20Updates) This section outlines significant operational changes, including the restructuring of Marseille operations and its financial implications [Marseille Operations Restructuring](index=2&type=section&id=Update%20on%20Marseille%20Operations) The Commercial Court of Marseille approved the sale of Veracyte SAS's manufacturing operations to Helio Diagnostics SAS, which closed on August 1, 2025, leading to a $20.5 million impairment charge in Q2 and the deconsolidation of the entity - On **July 16, 2025**, the Marseille Commercial Court approved the **sale of Veracyte SAS's manufacturing operations** to Helio Diagnostics SAS, with the sale closing on **August 1, 2025**[10](index=10&type=chunk) - The sale and subsequent liquidation proceedings resulted in a **$20.5 million impairment charge** on related assets in Q2 and the **deconsolidation of the entity** as of **August 1, 2025**[10](index=10&type=chunk) [Financial Outlook](index=2&type=section&id=2025%20Financial%20Outlook) Veracyte updated its full-year 2025 financial guidance, raising testing and total revenue projections and increasing adjusted EBITDA expectations [Full-Year 2025 Guidance](index=2&type=section&id=Full-Year%202025%20Guidance) Veracyte raised its full-year 2025 testing revenue guidance and initiated total revenue guidance, reflecting confidence in continued growth and the resolution of the French subsidiary proceedings, also increasing its guidance for adjusted EBITDA as a percentage of revenue Full-Year 2025 Financial Guidance | Metric | New Full-Year 2025 Guidance | Prior Guidance | YoY Growth | | :-------------------------- | :-------------------------- | :------------- | :--------- | | Testing Revenue | $477 million - $483 million | $470 million - $480 million | 14% - 15% | | Total Revenue | $496 million - $504 million | N/A (initiated) | 11% - 13% | | Adjusted EBITDA as % of Revenue | 23.5% | 22.5% | +1 p.p. | - Adjusting for the paused Envisia test, the testing revenue guidance implies **16% to 17% year-over-year growth**[12](index=12&type=chunk) [Company Information](index=3&type=section&id=Company%20Information) This section provides an overview of Veracyte's diagnostic platform and mission, alongside important cautionary notes on forward-looking statements [About Veracyte](index=3&type=section&id=About%20Veracyte) Veracyte is a global diagnostics company focused on transforming cancer care by providing high-value insights to clinicians through its AI-powered Veracyte Diagnostics Platform, which leverages genomic and clinical data to drive test reimbursement and innovation - **Veracyte** is a global diagnostics company with a vision to transform cancer care for patients worldwide, empowering clinicians with **high-value insights**[18](index=18&type=chunk) - The **Veracyte Diagnostics Platform** delivers high-performing cancer tests fueled by broad genomic and clinical data, deep bioinformatic and AI capabilities, and an evidence-generation engine[18](index=18&type=chunk) [Cautionary Note Regarding Forward-Looking Statements](index=3&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) The press release contains forward-looking statements concerning future plans, objectives, and financial expectations, which are subject to risks and uncertainties that could cause actual results to differ materially from projections - This press release contains **forward-looking statements** regarding plans, objectives, and financial expectations, including those related to Marseille operations and 2025 financial results[19](index=19&type=chunk) - Actual results may differ materially due to various risks and uncertainties, including commercialization, reimbursement, business strategy execution, global operations, and macroeconomic factors[19](index=19&type=chunk) [Non-GAAP Financial Measures](index=4&type=section&id=Note%20Regarding%20Use%20of%20Non-GAAP%20Financial%20Measures) This section explains the company's use of non-GAAP financial measures and provides detailed reconciliations to their GAAP equivalents [Explanation of Non-GAAP Measures](index=4&type=section&id=Explanation%20of%20Non-GAAP%20Measures) Veracyte uses non-GAAP measures like gross margin, operating expenses, adjusted EBITDA, and EPS to provide useful supplemental information, enable period-over-period comparisons, and align with how management evaluates performance, offering insights into core operating results - **Non-GAAP financial measures** are used to internally evaluate and analyze financial results, providing investors with useful supplemental information and enabling comparisons[21](index=21&type=chunk)[22](index=22&type=chunk) - These measures are computed by adjusting GAAP figures to remove the impact of certain recurring and non-recurring charges and gains, including amortization of acquired intangibles, acquisition-related expenses, impairment charges, stock-based compensation, and restructuring costs[23](index=23&type=chunk) - Beginning in **Q2 2024**, the non-GAAP policy was changed to exclude all **stock-based compensation** to align with peers, with prior periods restated[23](index=23&type=chunk) [Reconciliation of Non-GAAP Measures](index=11&type=section&id=Reconciliation%20of%20U.S.%20GAAP%20to%20NON-GAAP%20FINANCIAL%20MEASURES) This section provides detailed reconciliations of GAAP to non-GAAP financial measures for cost of revenue, gross margin, operating expenses, adjusted EBITDA, net income, and earnings per share for the three and six months ended June 30, 2025, and 2024 Reconciliation of GAAP to Non-GAAP Gross Margin (in thousands) | Metric | Three Months Ended June 30, 2025 (GAAP) | Three Months Ended June 30, 2025 (Non-GAAP) | Three Months Ended June 30, 2024 (GAAP) | Three Months Ended June 30, 2024 (Non-GAAP) | | :---------------- | :-------------------------------------- | :------------------------------------------ | :-------------------------------------- | :------------------------------------------ | | Gross Profit | $89,769 | $93,076 | $77,913 | $81,426 | | Gross Margin | 69.0% | 71.5% | 68.1% | 71.2% | Reconciliation of GAAP to Non-GAAP Operating Expenses (in thousands) | Metric | Three Months Ended June 30, 2025 (GAAP) | Three Months Ended June 30, 2025 (Non-GAAP) | Three Months Ended June 30, 2024 (GAAP) | Three Months Ended June 30, 2024 (Non-GAAP) | | :----------------------- | :-------------------------------------- | :------------------------------------------ | :-------------------------------------- | :------------------------------------------ | | Total Operating Expenses | $95,037 | $60,315 | $73,307 | $59,037 | Reconciliation of GAAP to Non-GAAP Net Income and Adjusted EBITDA (in thousands) | Metric | Three Months Ended June 30, 2025 (GAAP) | Three Months Ended June 30, 2025 (Non-GAAP) | Three Months Ended June 30, 2024 (GAAP) | Three Months Ended June 30, 2024 (Non-GAAP) | | :-------------------- | :-------------------------------------- | :------------------------------------------ | :-------------------------------------- | :------------------------------------------ | | Net Income (Loss) | $(980) | $34,952 | $5,734 | $23,403 | | Adjusted EBITDA | N/A | $35,776 | N/A | $24,040 | | Diluted EPS | $(0.01) | $0.44 | $0.07 | $0.30 | [Condensed Consolidated Financial Statements (GAAP)](index=5&type=section&id=VERACYTE%2C%20INC.%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section presents Veracyte's condensed consolidated GAAP financial statements, including statements of operations, comprehensive income, balance sheets, and cash flows [Statements of Operations](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) The condensed consolidated statements of operations show total revenue of $130.2 million for Q2 2025, a gross profit of $89.8 million, and a net loss of $1.0 million, with detailed stock-based compensation expenses Q2 2025 Condensed Consolidated Statements of Operations (Selected Data, in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | | Total Revenue | $130,164 | $114,428 | | Total Cost of Revenue | $40,395 | $36,515 | | Gross Profit | $89,769 | $77,913 | | Total Operating Expenses | $95,037 | $73,307 | | Income (loss) from operations | $(5,268) | $4,606 | | Net income (loss) | $(980) | $5,734 | | Diluted EPS | $(0.01) | $0.07 | Stock-Based Compensation Expense by Category (in thousands) | Expense Category | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :------------------------------ | :------------------------------- | :------------------------------- | | Cost of revenue | $608 | $604 | | Research and development | $2,008 | $1,895 | | Selling and marketing | $2,198 | $2,142 | | General and administrative | $6,171 | $5,213 | | Total stock-based compensation expense | $10,985 | $9,854 | [Statement of Comprehensive Income (Loss)](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20COMPREHENSIVE%20INCOME%20%28LOSS%29) For Q2 2025, the company reported a net comprehensive income of $15.7 million, significantly higher than the net loss, primarily due to a positive change in currency translation adjustments Q2 2025 Condensed Consolidated Statement of Comprehensive Income (Loss) (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | | Net income (loss) | $(980) | $5,734 | | Change in currency translation adjustments | $16,682 | $(1,703) | | Net comprehensive income (loss) | $15,702 | $4,031 | [Balance Sheets](index=8&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of June 30, 2025, Veracyte reported total assets of $1,344.1 million, an increase from December 31, 2024, driven by growth in current assets, particularly short-term investments, while total liabilities remained stable and total stockholders' equity increased Condensed Consolidated Balance Sheets (Selected Data, in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------- | :------------ | :---------------- | | Total Assets | $1,344,104 | $1,300,035 | | Total Current Assets | $414,681 | $372,267 | | Cash and cash equivalents | $219,499 | $239,087 | | Short-term investments | $101,220 | $50,354 | | Goodwill | $773,255 | $745,800 | | Total Liabilities | $123,047 | $124,069 | | Total Stockholders' Equity | $1,221,057 | $1,175,966 | [Statements of Cash Flows](index=9&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) For the first six months of 2025, net cash provided by operating activities significantly increased to $39.0 million, while investing activities resulted in a net cash outflow primarily due to purchases of short-term investments, and financing activities also used cash Condensed Consolidated Statements of Cash Flows (Selected Data, in thousands) | Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------------- | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $38,967 | $20,609 | | Net cash (used in) provided by investing activities | $(52,042) | $108 | | Net cash used in financing activities | $(7,050) | $(875) | | Cash, cash equivalents and restricted cash at end of period | $221,153 | $237,003 |

Company Overview - Veracyte (VCYT) shares increased by 7% to close at $25.25, following a notable trading volume that exceeded typical levels, contrasting with a 12% loss over the past four weeks [1] - The company is set to release its second-quarter 2025 financial results on August 6, 2025, after the market closes, which has generated investor optimism [2] Financial Performance Expectations - The consensus estimate for Veracyte's upcoming quarterly earnings is $0.31 per share, reflecting a year-over-year increase of 3.3%, while revenues are projected to reach $121.58 million, marking a 6.3% rise from the same quarter last year [3] - The Zacks Consensus Estimate indicates a revenue improvement of 6.2% and an EPS increase of 3.3% for the second quarter [2] Market Sentiment and Stock Trends - The consensus EPS estimate for Veracyte has remained unchanged over the last 30 days, suggesting that stock price movements may not sustain without trends in earnings estimate revisions [4] - The stock currently holds a Zacks Rank of 3 (Hold), indicating a neutral outlook [4]

Core Points - Veracyte Inc. will replace Triumph Group Inc. in the S&P SmallCap 600 effective July 29, 2025 [1] - The acquisition of Triumph Group by Warburg Pincus LLC and Berkshire Partners LLC is expected to close soon, pending final conditions [1] Summary by Category Company Changes - Veracyte Inc. (Ticker: VCYT) will be added to the S&P SmallCap 600 in the Health Care sector [1] - Triumph Group Inc. (Ticker: TGI) will be deleted from the S&P SmallCap 600 in the Industrials sector [1] Index Information - The changes will take effect prior to the opening of trading on the specified date [1]

Core Insights - Veracyte (VCYT) is making significant progress in its long-term growth initiatives, particularly with the NIGHTINGALE study for nasal swabs and the Decipher franchise, which is experiencing strong test volume growth [1][3][8] - The company has a market capitalization of $2.09 billion and has consistently topped earnings estimates, with an average surprise of 507.3% over the past four quarters [2][12] - Despite strong financial health, Veracyte faces challenges from declining Biopharma revenues and macroeconomic pressures [1][10][11] Long-Term Growth Drivers - The NIGHTINGALE study for nasal swab diagnostics has enrolled over 90% of its target 2,400 patients, indicating strong progress [3][4] - The MRD platform has been selected for the UMBRELLA trial, which will include approximately 700 patients and target multiple tumor types, with a planned launch for muscle-invasive bladder cancer in the first half of 2026 [4][6] - International expansion efforts are underway to launch tests as IVDs, further supporting long-term growth [4] Decipher Franchise Strength - Decipher prostate cancer tests delivered over 22,600 tests in Q1 2025, marking a 37% volume increase, and the franchise holds an estimated 65% market share [5][6] - The Decipher platform has been validated by 85 clinical studies, reinforcing its utility in prostate cancer care [5][8] - The franchise is expanding into bladder cancer, addressing nearly 82,000 expected diagnoses annually in the U.S. [6] Financial Position - Veracyte exited Q1 2025 with cash and cash equivalents of $287 million and no current debt, reflecting a strong liquidity position [9] - The current ratio improved to 5.10 from 4.73 in Q4 2024, indicating robust solvency [9] Challenges - The company is experiencing significant declines in Biopharma revenues due to fewer customer projects and longer sales cycles [10] - Macroeconomic challenges, including rising interest rates and inflation, are impacting operations and profit margins [11] - General and administrative expenses rose by 29% and selling and marketing expenses by 2.8% in Q1 2025, indicating cost pressures [11]

Key Financial Results and Guidance - Q3 2024 revenue reached $115.9 million, a 29% year-over-year increase[8] - Testing volumes grew 24% year-over-year to 36,792 tests, with total volume increasing 20% year-over-year to 39,032 tests[8] - The company delivered an adjusted EBITDA margin of 24% for Q3 and 20% year-to-date[8] - Veracyte generated $38 million in cash, including $30 million from operations, resulting in a quarter-end cash balance of $274 million[8] - The company raised its 2024 revenue guidance for the third consecutive quarter to a range of $442 million to $445 million, and year-end cash guidance to $280 million to $285 million[8] Testing Revenue and Volume Growth - Testing revenue demonstrated durable growth, with Q3 2024 reaching $109.5 million[15, 22] - Decipher experienced 36% quarterly volume growth[16] - Afirma showed 12% quarterly volume growth[18] Revenue Guidance and Expectations - The company expects year-over-year testing revenue growth of approximately 28%[29, 31] - Veracyte anticipates high-single-digit growth in 2025 for Afirma[31]

Financial Performance - Veracyte achieved total revenue of $446 million in 2024[21] - The company experienced a 28% growth in testing revenue in 2024[21] - GAAP Net Income for 2024 was $24 million[21] - Adjusted EBITDA margin for 2024 was 20.6%[21] Key Products and Market Position - Decipher is a market leader in molecular diagnostics for prostate cancer prognosis and prediction, with over 275,000 patients tested to date[24] - Decipher saw a 37% volume growth and 33% revenue growth in Q1 2025[24] - Afirma is a market leader in molecular thyroid diagnostics, with over 350,000 patients tested to date[31] - Afirma volume grew by 10% and revenue grew by 6% in Q1 2025[31] Future Products and Expansion - Prosigna LDT is under development for breast cancer, expected to be commercially available in mid-2026[37] - The company plans to launch MRD testing for muscle invasive bladder cancer (MIBC) in the first half of 2026[39]

Financial Performance - Veracyte achieved total revenue of $446 million in 2024[19] - The company experienced a 28% growth in testing revenue in 2024[19] - Veracyte reported GAAP Net Income of $24 million in 2024[19] - The Adjusted EBITDA margin for 2024 was 20.6%[19] Product Performance and Market Position - Decipher Prostate is a market leader in molecular diagnostics for prostate cancer prognosis and prediction[23] - Afirma is a market leader in molecular thyroid diagnostics[33] - Decipher experienced 37% volume growth and 33% revenue growth in Q1 2025[23] - Afirma experienced 10% volume growth and 6% revenue growth in Q1 2025[33] Strategic Initiatives - Veracyte is investing in complementary AI-based imaging and molecular analysis[30] - The company plans to launch Prosigna LDT in its CLIA lab, based on its v2 Veracyte transcriptome, with commercial availability expected in mid-2026[40]