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Jun 30, 2020
Veracyte Q2 2020 Earnings Report
Veracyte announced solid second quarter results despite COVID-19 headwinds, with genomic testing volume doubling between April and June and progress in pipeline development and global expansion.
Key Takeaways
Veracyte reported revenue of $20.7 million for the second quarter of 2020. The company's genomic testing volume saw a significant increase between April and June. They are on track to launch four new tests in 2021 and continued to grow biopharmaceutical and diagnostic partnerships.
Delivered solid second quarter results despite COVID-19 headwinds.
Genomic testing volume doubled between April and June.
Began leveraging opportunities for new virtual sales and marketing models.
Remain on track to bring four new tests to market in 2021.
Veracyte
Veracyte
Forward Guidance
Veracyte anticipates launching four new tests in 2021 and expanding its global presence through biopharmaceutical and diagnostic partnerships, extending its total addressable market.
Positive Outlook
- On track to bring four new tests to market in 2021
- Opportunities for new virtual sales and marketing models to increase efficiency and drive growth
- Continued to grow our biopharmaceutical and diagnostic partnerships
- Comprehensive test menu
- Extends total addressable market beyond the $40 billion for our current and pipeline products
Challenges Ahead
- Headwinds from the COVID-19 pandemic
- Net Loss and Comprehensive Loss was $11.0 million
- Basic and Diluted Net Loss Per Common Share was $0.22
- Net Cash Used in Operating Activities was $8.4 million
- Impact of COVID-19 on Veracyte’s business and operating results