Veracyte Inc ( (VCYT) ) has released its Q4 earnings. Here is a breakdown of the information Veracyte Inc presented to its investors.
Veracyte Inc., a global diagnostics company, specializes in transforming cancer care through its high-performing genomic tests and diagnostics platform, focusing on empowering clinicians with critical insights for cancer diagnosis and treatment.
In its latest financial report, Veracyte Inc. announced a strong finish to 2024, achieving record revenue in the fourth quarter and marking its tenth consecutive quarter of 20% or greater testing revenue growth. The company highlighted significant opportunities for its Decipher and Afirma tests to drive further growth in 2025.
Key financial highlights for the fourth quarter of 2024 include a 21% increase in total revenue to $118.6 million and a 24% rise in testing revenue to $112.2 million. The company also reported a 44% growth in Decipher revenue and a 4% increase in Afirma revenue. For the full year, Veracyte achieved a 23% increase in total revenue to $445.8 million and a 28% rise in testing revenue to $419.0 million, with net income reaching $24.1 million.
Strategically, Veracyte secured Level I evidence for its Decipher test in the NCCN Guidelines for Prostate Cancer and received approval for its use in the metastatic population. The company also announced several Decipher-focused abstracts for presentation at the 2025 ASCO GU Symposium, underscoring its commitment to clinical research in urologic cancers.
Looking ahead, Veracyte anticipates testing revenue growth of 12% to 15% in 2025, with adjusted EBITDA as a percentage of revenue expected to rise slightly. The company is also exploring strategic options for its French subsidiary, Veracyte SAS, which may impact its overall financial outlook for the year.