Veracyte

Veracyte will use its Afirma assay to analyze thyroid cancers and inform Loxo's drug development pipeline for targeted therapies.

The company plans to launch an RNA sequencing-based test to help subtype and determine treatment for thyroid cancer, and a test to detect noninvasive lung cancer.

The genomic testing firm beat the consensus top line estimates by reporting Q4 2017 revenues of $19.6 million and full-year 2017 revenues of $72.0 million.

Veracyte attributed its lower Afirma sales in part to slowing down the rollout of an updated version of the test that relies on RNA sequencing.

The genomic testing company's total revenues were down to $17.5 million in the quarter, although its genomic testing volume increased 14 percent.

The biggest losers following the release of the preliminary PAMA rates may be Quest and LabCorp, analysts said today. 

Among its business highlights for the quarter, the firm established coverage for the Afirma genomic sequencing classifier by all major insurance plans.

The genomic test is designed to identify benign thyroid nodules in patients with indeterminate fine needle aspiration biopsy results.

The company missed analyst estimates on the top line, but beat expectations for loss per share during the quarter.

The firm touted recent Blues coverage decisions for the Afirma thyroid cancer test, and final Medicare coverage policies for the Percepta lung cancer test.

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