Veracyte Inc · Q2 2022 earnings

Briefing

Veracyte's Q2 2022 results reflected continued focus on execution, with the portfolio delivering robust revenue growth and significant expansion of clinical evidence for genomic tests and biopharma offerings.

Veracyte announced a 32% increase in total revenue to $72.9 million for the second quarter of 2022, driven by strong performance in testing revenue and the contribution of the HalioDx acquisition. The company also grew total test volume by 19% and ended the quarter with $164.0 million in cash, cash equivalents and short-term investments.

• Increased second quarter total revenue by 32% to $72.9 million, compared to the second quarter of 2021.
• Grew total test volume to 24,904, an increase of 19% compared to the second quarter of 2021.
• Announced that an updated clinical guideline from the American Urological Association and American Society for Radiation Oncology features a favorable statement for genomic testing, including Decipher Prostate.
• Unveiled key clinical evidence across Veracyte’s portfolio, including Decipher Prostate, Afirma Genomic Sequencing Classifier, Prosigna Breast Cancer Assay, Biopharma, and Percepta Nasal Swab.

Headline financials

Revenue & EPS history

The company is currently projecting full-year 2022 total revenue of $272 million to $280 million, representing year-over-year growth of 24% to 28% compared to the prior year, assuming currency rates as of August 2, 2022. This represents an improved outlook compared to prior guidance of $265 million to $275 million.