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.
Some of the proposed payment rates for 2017 are low, but diagnostics firms will likely try to negotiate higher pricing during the 30-day comment period.
When molecular testing did affect the surgical plan, it often led to overtreatment, according to the Johns Hopkins University School of Medicine team.
The revenue increase was driven by greater demand for its Afirma gene expression classifier test for differentiating benign thyroid nodules from cancerous ones.
The funding, which comes through a loan agreement with a securities purchase option, will be used in part by Veracyte to pay down an existing loan.
The company's revenues in the quarter rose 15 percent to $14 million on a 38 percent rise in Afirma test volume, but fell short of analysts' consensus estimate.
The test uses a 23-gene panel to identify suspected lung cancer patients at low risk of cancer following an inconclusive bronchoscopy result.
The New York State Department of Health has cleared the test for use in the state under Veracyte's existing laboratory permit while it conducts a final review.
The investment bank initiated coverage on Rosetta Genomics and Veracyte, rating the molecular diagnostic firms' shares speculative buy and buy, respectively.
Health Care Service Corporation and New York's Excellus BlueCross BlueShield will begin covering the test as medically necessary for its members.
The Wall Street Journal looks into FamilyTreeDNA's handling of genetic genealogy searches by law enforcement.
In a point-counterpoint in the Boston Globe, researchers discuss the potential of gene editing to prevent Lyme disease, but also the pitfalls of doing so.
MIT's Technology Review reports that researchers hope to develop a CRISPR-based pain therapy.
In Science this week: atlas of malaria parasites' gene expression across their life cycles, and more.