Group 1 - Veracyte reported quarterly earnings of $0.19 per share, significantly exceeding the Zacks Consensus Estimate of $0.02 per share, and compared to a loss of $0.03 per share a year ago, representing an earnings surprise of 850% [1] - The company achieved revenues of $115.86 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 5.81%, and this is an increase from year-ago revenues of $90.11 million [2] - Veracyte has consistently surpassed consensus EPS estimates over the last four quarters, indicating strong performance [2] Group 2 - The stock has gained approximately 30.6% since the beginning of the year, outperforming the S&P 500's gain of 21.2% [3] - The future performance of Veracyte's stock will depend on management's commentary during the earnings call and the company's earnings outlook [4][6] - The current consensus EPS estimate for the upcoming quarter is $0.07 on revenues of $116.31 million, and for the current fiscal year, it is $0.16 on revenues of $437.08 million [7] Group 3 - The Medical - Instruments industry, to which Veracyte belongs, is currently ranked in the top 36% of over 250 Zacks industries, suggesting a favorable outlook for the sector [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact investor decisions [5]

Financial Performance - Total revenue for Q3 2024 reached $115.9 million, a 29% increase compared to $90.1 million in Q3 2023[5] - Testing revenue grew to $109.5 million, marking a 34% increase from $82.0 million in Q3 2023[5] - Net income for Q3 2024 was $15.2 million, an improvement of 151% year-over-year[7] - Adjusted EBITDA for Q3 2024 was $27.3 million, representing 24% of revenue, up from 14% in Q3 2023[8] - Total revenue for the three months ended September 30, 2024, was $115,860, a 28.6% increase from $90,108 in the same period of 2023[17] - Net income for the three months ended September 30, 2024, was $15,155, a significant improvement from a net loss of $29,618 in the same period of 2023[19] - Non-GAAP Net Income for the nine months ended September 30, 2024, was $64,019,000, compared to $28,046,000 for the same period in 2023, reflecting a growth of about 128%[24] Revenue Guidance and Growth - The company raised its full-year 2024 total revenue guidance to $442 million to $445 million, reflecting year-over-year growth of 22% to 23%[8] - Decipher revenue increased by 48% to approximately 21,250 tests, while Afirma revenue grew by 19% to close to 15,100 tests compared to Q3 2023[3] Cash and Assets - Cash generated from operations in Q3 2024 was $30.0 million, ending the quarter with $274.1 million in cash and cash equivalents[3] - Cash and cash equivalents increased to $274,079 as of September 30, 2024, up from $216,454 at the end of 2023, representing a 26.6% increase[20] - Total assets as of September 30, 2024, were $1,275,021, an increase from $1,114,906 at the end of 2023, representing a 14.4% growth[20] Operating Expenses - Operating expenses for Q3 2024 were $67.0 million, with non-GAAP operating expenses growing 11% to $57.6 million[6] - Operating expenses for the three months ended September 30, 2024, totaled $66,993, down from $89,426 in the same period of 2023, indicating a 25% reduction[17] - Non-GAAP total operating expenses for the three months ended September 30, 2024, were $57,642,000, compared to $51,751,000 for the same period in 2023, showing an increase of 11.0%[23] Profitability Metrics - Total gross margin for Q3 2024 was 68%, compared to 64% in Q3 2023[6] - GAAP gross profit for the three months ended September 30, 2024, was $79,010,000, compared to $57,687,000 for the same period in 2023, resulting in a 37.0% increase[22] - Non-GAAP gross margin improved to 71% for the three months ended September 30, 2024, compared to 70% for the same period in 2023[23] Research and Development - Research and development expenses for the nine months ended September 30, 2024, were $50,004, compared to $38,632 for the same period in 2023, marking a 29.3% increase[17] - The company is focused on expanding clinical evidence for Decipher Prostate and enhancing its strategic growth drivers[4] Stock and Acquisitions - The company completed the acquisition of C2i, resulting in a cash outflow of $5,012 during the nine months ended September 30, 2024[21] - Acquisition-related expenses for Q3 2024 were $75,000, while the previous year reported a benefit of $(4,581,000), indicating a shift in expense recognition[24] Future Outlook - Future outlook includes continued investment in new technologies and potential market expansions following recent acquisitions[25] - The company is focusing on a multi-platform IVD strategy, which has influenced its financial adjustments and performance metrics[25]

Veracyte's (VCYT) progress with the three long-term growth drivers exhibits robust growth potential for the upcoming quarters. The record volume growth of the Decipher Prostrate test instills optimism, supported by the distinct recognition from the NCCN (National Comprehensive Cancer Network). The Afirma GRID offering can help the company extend its reach into the endocrinology market. Meanwhile, declining biopharma revenues and macroeconomic issues are worries for Veracyte. In the past year, this Zacks Ran ...

A month has gone by since the last earnings report for Veracyte (VCYT) . Shares have added about 9.2% in that time frame, outperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is Veracyte due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. Veracyte's Q2 Earnings Top Estimates,'24 Sales View Up Ver ...

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After reaching an important support level, Veracyte, Inc. (VCYT) could be a good stock pick from a technical perspective. VCYT recently experienced a "golden cross" event, which saw its 50-day simple moving average breaking out above its 200-day simple moving average. There's a reason traders love a golden cross -- it's a technical chart pattern that can indicate a bullish breakout is on the horizon. This kind of crossover is formed when a stock's short-term moving average breaks above a longer-term moving ...

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both. Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor. Zacks Premium also includes the Zacks Style Scores. What are the Zacks Style Scores? The Zacks Style ...

Have you been paying attention to shares of Veracyte (VCYT) ? Shares have been on the move with the stock up 27.4% over the past month. The stock hit a new 52-week high of $32.86 in the previous session. Veracyte has gained 18.3% since the start of the year compared to the 8.2% move for the Zacks Medical sector and the 6.2% return for the Zacks Medical - Instruments industry. What's Driving the Outperformance? The stock has an impressive record of positive earnings surprises, as it hasn't missed our earning ...

Veracyte (VCYT) delivered second-quarter 2024 adjusted diluted earnings of 30 cents per share, up a stupendous 150% from the year-ago period's level. The reported figure beat the Zacks Consensus Estimate of a loss of 3 cents per share. Revenues Revenues increased 26.7% year over year to $114.4 million, which outpaced the Zacks Consensus Estimate by 14%. Segmental Details Testing revenues totaled $107 million in the reported quarter, up 31% year over year. This rise was mainly due to increased Decipher and A ...

On Tuesday, Veracyte, Inc VCYT reported second-quarter sales of $114.43 million, up 27% year over year, beating the consensus of $100.3 million. Testing revenue was $107.0 million, an increase of 31%, driven by the strong performance of our Decipher Prostate and Afirma tests. Total test volume grew to 39,023, an increase of 23% compared to the second quarter of 2023. During the quarter, the company achieved a record Decipher Prostate test volume of close to 19,900 tests, driven by recently updated NCCN pros ...