May 24, 2018 2:40 PM ET

Biotechnology

Company Overview of Veracyte, Inc.

Company Overview

Veracyte, Inc. operates as a genomic diagnostics company in the United States. The company uses genomic technology to resolve diagnostic uncertainty. It offers Afirma Thyroid FNA Analysis solution; cytopathology testing services; and the Afirma Malignancy Classifiers to manage thyroid nodule patients. The company’s products also include Percepta Bronchial Genomic Classifier solution for use in lung cancer screening and diagnosis; and Envisia Genomic Classifier solution for idiopathic pulmonary fibrosis. Veracyte, Inc. sells its products through product specialists, institutional managers, account managers, and medical science specialists. Veracyte, Inc. has research collaboration agreement w...

6000 Shoreline Court

Suite 300

South San Francisco, CA 94080

United States

Founded in 2006

246 Employees

Phone:

650-243-6300

Fax:

650-243-6301

Key Executives for Veracyte, Inc.

Veracyte, Inc. does not have any Key Executives recorded.

Veracyte, Inc. Key Developments

Veracyte, Inc. Launches Early Access Program for Envisia Genomic Classifier to Improve Diagnosis of IPF

Veracyte, Inc. announced that it has launched an Early Access Program to begin making the Envisia Genomic Classifier available to patients being evaluated for interstitial lung diseases (ILD), including idiopathic pulmonary fibrosis (IPF). Physicians from Jefferson (Philadelphia University + Thomas Jefferson University), Keck Medicine of USC, Providence Sacred Heart Medical Center in Washington state and University of California, Los Angeles (UCLA) are among the first to participate in the program, offering patients the new genomic test to enable more confident IPF diagnoses and help ensure optimal treatment – without the need for surgery.

Veracyte, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Reiterates Earnings Guidance for the Full Year of 2018

Veracyte, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported revenue of $20,041,000 compared to $16,432,000 a year ago. Loss from operations was $8,955,000 compared to $7,517,000 a year ago. Net loss and comprehensive loss was $9,177,000 or $0.27 per basic and diluted share compared to $8,217,000 or $0.24 per basic and diluted share a year ago. Net cash used in operating activities was $7,413,000 compared to $8,086,000 a year ago. Purchases of property and equipment were $227,000 compared to $615,000 a year ago. The company is increasing its 2018 annual revenue guidance to $83 million to $86 million, from its prior guidance of $81 million to $83 million. This reflects a revenue increase of 20% to 24% over 2017 accrued revenue of $69 million, supported by an estimated 15% to 20% growth in genomic test volume over the prior year. The company reiterates its annual cash burn guidance of $18 million to $22 million, an improvement of 20% over the prior year at the midpoint of the range. The company expects relative flatness in gross margins for the year, plus or minus, a couple hundred basis points in any one fiscal quarter.

Veracyte Seeks Acquisitions

Veracyte, Inc. (NasdaqGM:VCYT) seeks acquisitions. The company intends to use the proceeds received from its public offering of $125 million for general corporate purposes, which may include additions to working capital, financing of capital expenditures, repayment or redemption of existing indebtedness, and future acquisitions and strategic investment opportunities.

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