The investment bank noted Veracyte's "disciplined" approach to developing and commercializing tests, and said the company stands out in its sector.
Tests sold by Veracyte, CareDx, Biodesix, Genomic Health, BioTheranostics, and fetal aneuploidy trisomy risk testing will see improved rates from earlier proposals.
The investment bank said Veracyte's negative classifier tests are of significant value to healthcare providers and payors.
The revenue increase was driven by increased sales of its Afirma gene classifier thyroid test, as well as improved predictability of payments.
The company said it would use the net proceeds from the offering for working capital, and possibly to acquire or invest in other companies or technologies.
The company said that the anticipated revenue growth reflects higher sales and gains made with payers for its Afirma gene expression classifier thyroid test.
The draft LCD comes one week after Noridian issued its own draft determination on the test.
A recent draft local coverage determination from Medicare contractor Noridian is one step along a growth path, according to Veracyte's CEO.
The firm expects the final LCD will go into effect around the beginning of next year, and that three remaining Medicare contractors will soon post draft LCDs for its test.
The revenue growth was driven by increased demand for the company's Afirma gene expression classifier test, which differentiates benign thyroid nodules from cancerous ones.
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