Veracyte (VCYT) Announces Retirement of CFO and Preliminary Q1 Results
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Veracyte, Inc. (Nasdaq: VCYT) announced that Keith Kennedy, chief financial officer and chief operating officer, will retire from the company, effective May 15, 2021, following the company’s release of its full quarterly financial results and the filing of its Form 10-Q for the first quarter 2021. Jane Alley, vice president and corporate controller, will become acting CFO until a replacement is named. Veracyte is conducting a search for a new CFO.
“Keith has played a key role in Veracyte’s growth and success over the last four years and the board and I deeply appreciate his many contributions. These include building a strong financial infrastructure and team that we believe will help position us for continued success. Keith will be missed and we wish him the very best in his next chapter,” said Bonnie Anderson, Veracyte’s chairman and chief executive officer.
Veracyte also announced preliminary results for the first quarter ended March 31, 2021.
The company expects to report total revenue of between $36 million and $37 million, including between $3.5 million and $3.8 million for urologic cancers, for the first quarter ended March 31, 2021, an increase of 17.3% at the midpoint of the total range, compared to the first quarter of 2020. The company expects product and reported testing volume of between 14,000 and 14,500 tests, including between 1,400 and 1,500 tests in urologic cancers, for the first quarter of 2021, an increase of 9.3% at the midpoint of the total range, compared to prior year. The foregoing amounts are preliminary, have not been audited or reviewed and are subject to change in connection with the completion of Veracyte’s financial statements for the first quarter ended March 31, 2021.
(*Consensus sees Q1 revenue of $32 million)
“We are off to a strong start for the year. Revenue and genomic testing and product volume continued to gain momentum in the first quarter and were further boosted by our acquisition in mid-March of Decipher Biosciences, with its market-leading prostate cancer test. We also remain on track to launch key pipeline products in the second half of the year, including our Percepta Nasal Swab test and Genomic Atlas in lung cancer and our Envisia classifier on the nCounter Analysis System in international markets,” said Ms. Anderson.
Veracyte expects to announce full first quarter 2021 financial results on May 10, 2021, after market close. Management will host a conference call and webcast to discuss the company’s financial results and to provide a general business update, later that same day. Additional details on the call will be released in a separate press release.
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