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Mar 31, 2023
Veracyte Q1 2023 Earnings Report
Veracyte's Q1 2023 financial results were announced, with total revenue growing to $82.4 million, a 22% increase year-over-year.
Key Takeaways
Veracyte reported strong first quarter results with revenue reaching $82.4 million, a 22% increase compared to Q1 2022. The company saw growth in Afirma and Decipher tests, maintained financial discipline, and ended the quarter with a robust cash balance. They are raising full-year 2023 total revenue guidance to $330 million to $340 million.
Total revenue increased by 22% to $82.4 million compared to the first quarter of 2022.
Total test volume grew by 24% to 28,788 compared to the first quarter of 2022.
Afirma offering was enhanced with the addition of TERT promoter mutation testing.
Ended the first quarter with cash, cash equivalents and short-term investments of $177.9 million.
Revenue by Segment
Forward Guidance
The company is raising full-year 2023 total revenue guidance to $330 million to $340 million, representing year-over-year growth of 11% to 15%, and an improvement compared to prior guidance of $325 million to $335 million. Further, the updated outlook reflects testing revenue year-over-year growth of mid-to-high teens.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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