Veracyte(VCYT) - 2025 Q2 - Quarterly Report

FORM 10-Q Filing Information Registrant Details Veracyte, Inc.'s Form 10-Q filing details include incorporation state, executive offices, and Nasdaq-registered securities - Veracyte, Inc. filed its Quarterly Report on Form 10-Q for the period ended June 30, 2025[2] - The company is incorporated in Delaware with headquarters in South San Francisco, California[2] Registered Securities | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | :------------------ | :---------------- | :---------------------------------------- | | Common Stock, par value, $0.001 per share | VCYT | The Nasdaq Stock Market LLC | Filer Status and Compliance Veracyte, Inc. confirms SEC filing compliance, classified as a 'large accelerated filer' with all reports submitted - The registrant has filed all required reports under Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months[3] - The registrant has submitted every Interactive Data File required by Rule 405 of Regulation S-T during the preceding 12 months[3] Filer Status Classification | Large accelerated filer | x | | :---------------------- | :-| | Non-accelerated filer | ¨ | | Accelerated filer | ¨ | | Smaller reporting company | ☐ | | Emerging growth company | ☐ | Outstanding Shares As of August 1, 2025, Veracyte, Inc. had 78,671,588 shares of common stock outstanding - As of August 1, 2025, 78,671,588 shares of common stock, par value $0.001 per share, were outstanding[5] Special Note Regarding Forward-Looking Statements General Statement The Form 10-Q contains forward-looking statements, projections about future events, strategy, and financial position - The report contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995[11] - These statements concern business strategy, future operating results, financial position, objectives, and expectations[11] - Forward-looking statements are based on current expectations and projections about future events and trends[13] Specific Forward-Looking Statements Forward-looking statements cover financial results, test volumes, expenses, macroeconomic impacts, product development, acquisitions, and regulations - Expectations include total revenue and test volume, future R&D, G&A, and S&M expenses, and anticipated uses of funds[14] - The company anticipates impacts from inflation, volatile interest rates, foreign exchange fluctuations, regional conflicts, and supply chain disruptions[14] - Statements cover the timing and success of transitioning to IVD tests globally, ability to integrate acquisitions, and obtaining and maintaining payer reimbursement[14] Disclaimer Forward-looking statements are subject to risks and uncertainties, and actual results may differ materially, with no obligation to update - Forward-looking statements are subject to risks, uncertainties, and assumptions, as described in the 'Risk Factors' section[13] - Actual results could differ materially from projections, and reliance on these statements as predictions is cautioned against[13] - The company disclaims any obligation to publicly update or revise forward-looking statements, except as legally required[15] PART I. — FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements (Unaudited) This section presents Veracyte, Inc.'s unaudited condensed consolidated financial statements, including balance sheets, statements of operations, comprehensive income, stockholders' equity, cash flows, and related notes Condensed Consolidated Balance Sheets - Total assets increased by $44.07 million from December 31, 2024, to June 30, 2025[18] - Stockholders' equity increased by $45.09 million over the six-month period[18] Assets and Liabilities (in thousands) | Assets (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Cash and cash equivalents | $219,499 | $239,087 | | Short-term investments | $101,220 | $50,354 | | Total current assets | $414,681 | $372,267 | | Total assets | $1,344,104 | $1,300,035 | | Total current liabilities | $76,433 | $78,633 | | Total liabilities | $123,047 | $124,069 | | Total stockholders' equity | $1,221,057 | $1,175,966 | Condensed Consolidated Statements of Operations - Total revenue increased by 13.75% for the three months and 15.79% for the six months ended June 30, 2025, year-over-year[20] - The company reported a net loss of $0.98 million for the three months ended June 30, 2025, due to a $20.5 million asset impairment[20] Consolidated Statements of Operations (in thousands, except per share) | (in thousands, except per share) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total revenue | $130,164 | $114,428 | $244,637 | $211,272 | | Gross profit | $89,769 | $77,913 | $169,277 | $140,381 | | Income (loss) from operations | $(5,268) | $4,606 | $(2,364) | $(50) | | Net income (loss) | $(980) | $5,734 | $6,067 | $3,870 | | Basic EPS | $(0.01) | $0.07 | $0.08 | $0.05 | | Diluted EPS | $(0.01) | $0.07 | $0.08 | $0.05 | Condensed Consolidated Statements of Comprehensive Income (Loss) - Net comprehensive income significantly increased for both the three and six months ended June 30, 2025, driven by positive currency translation adjustments[23] Consolidated Statements of Comprehensive Income (Loss) (in thousands) | (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income (loss) | $(980) | $5,734 | $6,067 | $3,870 | | Change in currency translation adjustments | $16,682 | $(1,703) | $24,131 | $(6,592) | | Net comprehensive income (loss) | $15,702 | $4,031 | $30,198 | $(2,722) | Condensed Consolidated Statements of Stockholders' Equity - Total stockholders' equity increased from $1,175.97 million at December 31, 2024, to $1,221.06 million at June 30, 2025[26] - Key drivers include net income of $6.07 million, other comprehensive income of $24.13 million, and stock-based compensation expense of $21.47 million[26] Consolidated Statements of Stockholders' Equity (in thousands) | (in thousands) | Balance at Dec 31,