Veracyte

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.

The firm said that the new coverage for its Afirma thyroid cancer test makes it a medically necessary benefit for nearly 24 million Blues plan members.

Veracyte said that Quest’s access to half of the physicians and hospitals in the US will provide patients with broader access to the Afirma GEC.

The firm said it expects that Noridian will similarly confirm its draft local coverage determination, bringing coverage for Percepta to around 35 million.

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.