Veracyte Q3 2024 Earnings Report
Key Takeaways
Veracyte announced strong third-quarter results with a 29% increase in total revenue to $115.9 million and a 34% increase in testing revenue to $109.5 million. The company achieved profitability and cash generation, driven by growth in Decipher and Afirma tests. Veracyte is raising its full-year 2024 total revenue guidance to $442 million to $445 million.
Total revenue increased by 29% to $115.9 million, with total volume up by 20% to 39,032 tests.
Testing revenue grew by 34% to $109.5 million, with testing volume up by 24% to 36,792 tests.
Net income increased to $15.2 million, with adjusted EBITDA of $27.3 million, representing 24% of revenue.
Cash from operations generated $30.0 million, ending the quarter with $274.1 million in cash and cash equivalents.
Veracyte
Veracyte
Veracyte Revenue by Segment
Forward Guidance
Veracyte is raising full-year 2024 total revenue guidance to $442 million to $445 million, representing year-over-year growth of 22% to 23% and testing revenue growth of approximately 28%. The company now expects cash, cash equivalents and short-term investments at the end of the year to be $280 million to $285 million.
Positive Outlook
- Total revenue guidance raised to $442M - $445M.
- Year-over-year revenue growth expected to be 22%-23%.
- Testing revenue growth projected at approximately 28%.
- Cash, cash equivalents, and short-term investments expected to be $280M - $285M at year-end.
- Prior total revenue guidance was $432M - $438M.
Revenue & Expenses
Visualization of income flow from segment revenue to net income