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Veracyte

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.

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.

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