Veracyte (VCYT) Misses Q1 EPS by 2c, Beats on Revenues; Raises FY18 Revenue Outlook

Veracyte (NASDAQ: VCYT) reported Q1 EPS of ($0.27), $0.02 worse than the analyst estimate of ($0.25). Revenue for the quarter came in at $20 million versus the consensus estimate of $18.02 million.

First Quarter 2018 Financial Results

For the first quarter of 2018, as compared to the first quarter of 2017:

• Revenue was $20.0 million, an increase of 22%;
• Genomic Volume was 6,864, an increase of 18%;
• Gross Margin was 61%, a decline of 1%;
• Operating Expenses, Excluding Cost of Revenue were $21.1 million, an increase of 20%;
• Net Loss and Comprehensive Loss was ($9.2) million, an increase of 12%;
• Basic and Diluted Net Loss Per Common Share was ($0.27), an increase of 13%;
• Cash Burn1 was $7.6 million, an improvement of 8%; and
• Cash and Cash Equivalents was $27.2 million at March 31, 2018.

Updated 2018 Financial Outlook

Veracyte is increasing its 2018 annual revenue guidance to $83 million to $86 million, from its prior guidance of $81 million to $83 million. The company reiterates its annual cash burn guidance of $18 million to $22 million.

GUIDANCE:

Veracyte sees FY2018 revenue of $83-86 billion, versus the consensus of $81.64 billion.

For earnings history and earnings-related data on Veracyte (VCYT) click here.

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