Veracyte Q3 2023 Earnings Report
Key Takeaways
Veracyte announced a 19% increase in total revenue to $90.1 million for Q3 2023, driven by a 27% increase in testing revenue. The company raised its full-year 2023 total revenue guidance to $352 million to $354 million.
Total revenue increased by 19% to $90.1 million compared to Q3 2022.
Testing revenue grew by 27% compared to Q3 2022, reaching $82.0 million.
Total test volume increased by 23% to 32,544 compared to Q3 2022.
The company ended the quarter with $202.5 million in cash and cash equivalents.
Veracyte
Veracyte
Veracyte Revenue by Segment
Forward Guidance
The company is raising full-year 2023 total revenue guidance to $352 million to $354 million, representing year-over-year growth of approximately 19%, and an improvement compared to prior guidance of $342 million to $350 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income