Veracyte (VCYT) Tops Q1 EPS by 15c, Revenues Beat

Veracyte (NASDAQ: VCYT) reported Q1 EPS of ($0.05), $0.15 better than the analyst estimate of ($0.20). Revenue for the quarter came in at $31.12 million versus the consensus estimate of $30.6 million.

First Quarter 2020 Financial Results

For the first quarter of 2020, as compared with the first quarter of 2019:

• Total Testing and Product Revenue was $30.4 million, an increase of 20%; including biopharmaceutical revenue, total revenue was $31.1 million, an increase of 5%;
• Gross Margin was 61%, which included a $1.1 million write-down of supplies;
• Operating Expenses, Excluding Cost of Revenue, were $31.1 million, an increase of 35%;
• Net Loss and Comprehensive Loss was $(11.7) million, versus $(1.9) million;
• Basic and Diluted Net Loss Per Common Share was $(0.24), versus $(0.05);
• Net Cash Used in Operating Activities was $5.3 million, versus $1.0 million; and
• Cash and Cash Equivalents were $153.1 million at March 31, 2020.

“Despite late-quarter challenges from the COVID-19 pandemic, we delivered solid results for the first quarter of 2020, with strong revenue and volume growth across our genomic testing business. We continued to strengthen our position for long-term success by advancing our pipeline and solidifying our infrastructure for global expansion. We also established a new biopharmaceutical partnership in lymphoma, our newest clinical indication, and made strong progress with all of our biopharmaceutical collaborations,” said Bonnie Anderson, chairman and chief executive officer of Veracyte.

“While we anticipate impact to our business from the pandemic through 2020, we believe we are well-positioned to emerge strong over the long term due to the fundamental strength and diversification of our business, as well as our strong cash position. Moreover, we believe our focus on improving diagnosis and treatment decisions for patients with cancer and lung disease, while reducing unnecessary procedures, aligns with the needs of our healthcare system.”

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

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