VERACYTE, INC. VCYT
At Veracyte, we believe that exceptional cancer care begins with exceptional diagnostics. We are a global diagnostics company that empowers clinicians with the high-value insights they need to guide and assure patients at pivotal moments in the race to diagnose and treat cancer. Our high-performing tests enable clinicians to make more confident diagnostic, prognostic and predictive treatment decisions. Insights from these tests help patients avoid unnecessary procedures and interventions and accelerate time to appropriate treatment, thereby improving outcomes for patients across our global markets.
Through our leading portfolio of comprehensive molecular diagnostic tests, we are focused on progressing patient care from the current standard to a more individualized approach, leveraging each patient's unique cancer biology to improve their outcomes. We serve global markets with two complementary models. In the United States, we offer laboratory developed tests, or LDTs, through our centralized Clinical Laboratory Improvement Amendments of 1988, or CLIA, certified laboratories in South San Francisco and San Diego, California, supported by our cytopathology expertise in Austin, Texas. Outside of the United States, we provide in vitro diagnostic, or IVD, tests to patients through distribution to laboratories and hospitals that can perform the tests locally. In the United States, we currently offer tests in prostate cancer (Decipher Prostate), thyroid cancer (Afirma), breast cancer (Prosigna) and bladder cancer (Decipher Bladder). Our international distribution of IVDs is currently focused on our Prosigna test and, in the future, we intend to offer Decipher Prostate as an IVD.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $517.1M | $445.8M | $361.1M | $296.5M | $219.5M | $117.5M | $120.4M | $92.0M | $72.0M | $65.1M |
| Cost of revenue | — | — | — | — | — | — | $36.1M | $33.1M | $28.2M | $25.5M |
| Gross profit | $362.5M | $298.1M | $229.7M | $175.7M | — | — | $84.3M | $58.9M | $43.8M | $39.6M |
| R&D | $70.8M | $69.3M | $57.3M | $40.6M | $29.8M | $17.2M | $14.9M | $14.8M | $13.9M | $15.3M |
| SG&A | $110.8M | $110.6M | $86.2M | $73.2M | $101.4M | $36.7M | $29.0M | $24.0M | $23.1M | $23.8M |
| Total operating expenses | $304.8M | $282.0M | $315.5M | $216.8M | $301.4M | $152.9M | $135.5M | $114.2M | $98.5M | $93.9M |
| Operating income | $57.8M | $16.1M | -$85.8M | -$41.1M | -$81.9M | -$35.4M | -$15.1M | -$22.2M | -$26.5M | -$28.8M |
| Interest expense | — | — | — | — | — | $229.0K | $677.0K | $2.0M | $4.9M | $2.8M |
| Pre-tax income | $68.2M | $25.7M | -$76.6M | -$36.4M | -$81.6M | -$34.9M | -$12.6M | -$23.0M | -$31.0M | -$31.4M |
| Income tax | $1.8M | $1.6M | $2.2M | $133.0K | $6.1M | $0 | $0 | $0 | $0 | $0 |
| Net income | $66.4M | $24.1M | -$74.4M | -$36.6M | -$75.6M | -$34.9M | -$12.6M | -$23.0M | — | — |
| EPS, basic | 0.84 | 0.32 | -1.02 | -0.51 | -1.11 | -0.66 | -0.27 | — | — | — |
| EPS, diluted | 0.82 | 0.31 | -1.02 | -0.51 | -1.11 | -0.66 | -0.27 | -0.62 | -0.91 | -1.09 |
| Shares, diluted (wtd. avg.) | $80.6M | $78.2M | $72.6M | $71.5M | $67.9M | $53.2M | $46.1M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $362.6M | $239.1M | $216.5M | $155.0M | $173.9M | $350.0M | $159.9M | $78.6M | $34.5M | $59.9M |
| Receivables | $44.7M | $46.5M | $40.4M | $44.0M | $41.5M | $18.5M | $19.3M | $13.2M | $12.7M | $8.8M |
| Inventory | $20.5M | $21.8M | $16.1M | $14.3M | $11.2M | $4.7M | $6.8M | $3.4M | $5.3M | $3.5M |
| Total current assets | $488.4M | $372.3M | $285.6M | $248.6M | $243.1M | $375.7M | $187.7M | $97.0M | $53.9M | $73.6M |
| Property, plant and equipment | — | — | — | $17.7M | $15.1M | $9.0M | $8.9M | $8.9M | $9.7M | $11.5M |
| Goodwill | $767.2M | $745.8M | $703.0M | $695.9M | $707.9M | $2.7M | $2.7M | $1.1M | $1.1M | $1.1M |
| Other intangibles | $89.1M | $102.3M | $88.6M | $174.9M | $202.7M | $59.9M | $65.0M | $12.0M | $13.1M | $14.1M |
| Total assets | $1.41B | $1.30B | $1.11B | $1.16B | $1.19B | $457.2M | $275.2M | $120.6M | $78.7M | $101.0M |
| Accounts payable | $4.6M | $8.6M | $12.9M | $11.9M | $12.4M | $3.1M | $2.3M | $2.5M | $3.9M | $2.4M |
| Short-term debt | — | — | — | $0 | $1.1M | $0 | $0 | $1.4M | $0 | — |
| Total current liabilities | $59.9M | $78.6M | $61.2M | $62.6M | $64.2M | $16.8M | $17.5M | $13.1M | $12.0M | $11.5M |
| Long-term debt | — | — | — | — | $0 | $810.0K | $694.0K | $23.9M | $24.9M | $24.9M |
| Total liabilities | $96.4M | $124.1M | $70.8M | $81.2M | $91.3M | $35.9M | $35.8M | $40.9M | $41.4M | $41.5M |
| Retained earnings | -$377.6M | -$444.0M | -$468.1M | -$393.7M | -$357.2M | -$281.6M | -$246.7M | -$234.1M | -$211.1M | -$180.1M |
| Total equity | $1.31B | $1.18B | $1.04B | $1.08B | $1.10B | $421.2M | $239.5M | $79.8M | $37.2M | $59.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $136.3M | $75.1M | $44.2M | $7.5M | -$31.6M | -$9.7M | -$3.2M | -$13.5M | -$23.9M | -$28.0M |
| Depreciation and amortisation | $21.4M | $23.5M | $27.2M | $25.9M | $19.6M | $7.9M | $4.1M | $3.9M | $3.8M | $3.5M |
| Stock-based compensation | $43.6M | $36.2M | $33.1M | $26.7M | $22.5M | $13.0M | $9.8M | $6.0M | $6.6M | $6.4M |
| Capital expenditure | $9.7M | $11.3M | $10.0M | $8.5M | $5.4M | $2.8M | $2.8M | $1.9M | $1.8M | $4.2M |
| Investing cash flow | -$9.2M | -$56.3M | $15.1M | -$29.4M | -$739.2M | -$3.8M | -$42.7M | -$1.9M | -$1.3M | -$4.2M |
| Financing cash flow | -$4.2M | $4.9M | $2.8M | $3.5M | $596.3M | $203.6M | $127.3M | $59.5M | -$218.0K | $52.3M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001384101-26-000021.
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