Veracyte (VCYT) Tops Q1 EPS by 78c, Revenues Beat

Veracyte (NASDAQ: VCYT) reported Q1 EPS of $0.66, $0.78 better than the analyst estimate of ($0.12). Revenue for the quarter came in at $36.7 million versus the consensus estimate of $32.67 million.

• Total Revenue was $36.7 million, including $3.8 million for urologic cancer testing, an increase of 18%;
• Gross Margin was 66%;
• Operating Expenses were $82.1 million. Operating Expenses, Excluding Cost of Revenue, were $69.7 million, including $35.1 million related to the acquisition of Decipher Biosciences;
• Net Loss and Comprehensive Loss was $41.9 million, including $35.1 million of expenses related to the acquisition of Decipher Biosciences;
• Basic and Diluted Net Loss Per Common Share was $0.66, including $0.55 per share attributable to the acquisition related expenses recorded in G&A;
• Net Cash Used in Operating Activities was $40.6 million; and
• Cash and Cash Equivalents were $324.1 million at March 31, 2021.

“We delivered strong financial results for the first quarter of 2021, with particular momentum in March, as our business continues to emerge from the COVID-19 pandemic,” said Bonnie Anderson, chairman and chief executive officer of Veracyte. “On March 12, we completed our acquisition of Decipher Biosciences which, with its market-leading urologic cancer portfolio, expands our reach into 7 of the top 10 cancers in the U.S. and will accelerate revenue growth.

“Additionally, we are excited to unveil pivotal clinical validation data at ASCO for our Percepta Nasal Swab test for early lung cancer detection. We expect to launch it and the Percepta Genomic Atlas as part of our comprehensive lung cancer portfolio later this year. We also anticipate strengthening our global commercial footprint with the introduction of the Envisia classifier, for improved diagnosis of interstitial lung diseases, on the nCounter Analysis System by the end of this year.”

For earnings history and earnings-related data on Veracyte (VCYT) click here.

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