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Mar 31, 2024
Veracyte Q1 2024 Earnings Report
Veracyte reported a strong start to 2024, driven by growth from Decipher Prostate and Afirma tests and the acquisition of C2i Genomics.
Key Takeaways
Veracyte announced first quarter 2024 financial results with total revenue of $96.8 million, a 17% increase compared to the first quarter of 2023. Testing revenue grew by 25%, driven by the strong performance of Decipher Prostate and Afirma tests. The company raised its full-year 2024 total revenue guidance to $402 million to $410 million.
Total revenue increased by 17% to $96.8 million compared to the first quarter of 2023.
Total test volume grew by 16% to 33,424 compared to the first quarter of 2023.
The Decipher Prostate Genomic Classifier received the highest-level rating in updated NCCN prostate cancer guidelines.
Veracyte completed the acquisition of C2i Genomics and initiated development of an MRD test for muscle-invasive bladder cancer.
Veracyte
Veracyte
Veracyte Revenue by Segment
Revenue by Segment
Testing Revenue
CapyFin.comProduct Revenue
CapyFin.comBiopharmaceutical and Other Revenue
CapyFin.com Forward Guidance
The company is raising full-year 2024 total revenue guidance to $402 million to $410 million, representing year-over-year growth of 11% to 14% and testing growth of 15% to 18%. The company now expects cash, cash equivalents and short-term investments at the end of the year to be $236 million to $240 million.
Positive Outlook
- Total revenue guidance raised to $402 million - $410 million, representing 11%-14% year-over-year growth.
- Testing revenue growth projected at 15%-18%.
- Cash, cash equivalents, and short-term investments expected to be $236 million - $240 million at year-end.
Revenue & Expenses
Visualization of income flow from segment revenue to net income