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Veracyte Expecting 51 Percent Jump in Q3 Revenues

NEW YORK (GenomeWeb) – Veracyte today released its preliminary third quarter financial results, projecting a 51 percent jump in revenues on higher sales and gains made with payors for its Afirma gene expression classifier thyroid test.

For the three-month period ended September 30, Veracyte said that its revenues are expected to be $18.6 million compared to $12.3 million in the same period last year, which would exceed analysts' consensus estimate of $15.8 million.

Contributing to the revenue growth is a 14 percent rise in Afirma test volume over last year's third quarter to 5,740 tests — growth that Veracyte President and CEO Bonnie Anderson said reflected "success securing payer contracts and reimbursement … resulting in faster, more predictable payments."

Veracyte anticipates a third quarter net loss of $5.6 million to $5.9 million, or $.20 to $.21 per share, versus a year-ago loss of $8.9 million, or $.32 a share. Analysts are, on average, expecting the firm to post a loss per share of $.39.

Veracyte said that its Q3 operating expenses are expected to be between $23.5 million and $23.8 million, up from $21.2 million in the third quarter of 2015, and that it expects to finish the quarter with $31.7 million in cash and cash equivalents.

Veracyte is scheduled to release its full third quarter financial results after the close of the markets on Nov. 3.

During early Tuesday morning trading on the Nasdaq, shares of the company were up $.01 at $7.59.