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Veracyte Q2 Revenues up 32 Percent, Beat Analyst Expectations

NEW YORK – Veracyte said Tuesday that second quarter revenues rose 32 percent year over year as it continues to build clinical evidence for its suite of oncology tests.

For the three months ended June 30, the South San Francisco, California-based molecular diagnostics company reported total revenues of $72.9 million compared to $55.1 million in the same period of 2021. Q2 revenues came in well ahead of analysts' average expectation of $68.0 million.

Testing revenue was $59.7 million, an increase of 18 percent compared to $50.8 million in Q2 2021, driven primarily by its urology portfolio, which includes Decipher tests for prostate and bladder cancer. The company said it grew its total test volume 19 percent year over year to 24,904.

Product revenue was up 16 percent to $3.1 million from $2.7 million in the same period last year. Biopharmaceutical and other revenue ballooned to $10.0 million from $1.6 million, largely due to the company's acquisition of HalioDx.

The company's R&D expenses increased 52 percent year over year to $9.4 million while its SG&A expenses grew 24 percent to $43.8 million. CEO Marc Stapley said in a statement that the company is "firmly focused on exercising financial discipline as we continue to invest in our near- and long-term growth opportunities."

Veracyte's Q2 net loss was $9.5 million, or $.13 per share, compared to $9 million, also $.13 per share, in the same quarter last year. On average, analysts expected a loss per share of $.22.

The firm ended the quarter with cash, cash equivalents and short-term investments of $164.0 million. Veracyte said it is now projecting higher full-year 2022 total revenues of $272 million to $280 million compared to prior guidance of $265 million to $275 million and representing year-over-year growth of 24 percent to 28 percent.