Veracyte (VCYT) Tops Q2 EPS by 2c

Veracyte (NASDAQ: VCYT) reported Q2 EPS of ($0.22), $0.02 better than the analyst estimate of ($0.24). Revenue for the quarter came in at $20.7 million versus the consensus estimate of $20.6 million.

Second Quarter 2020 Financial Results

For the second quarter of 2020:

• Total revenue was $20.7 million, comprising $16.9 million in testing and product revenue and $3.8 million in biopharmaceutical partnership and collaboration revenue;
• Gross Margin was 63%;
• Operating Expenses, Excluding Cost of Revenue were $24.1 million;
• Net Loss and Comprehensive Loss was $11.0 million;
• Basic and Diluted Net Loss Per Common Share was $0.22;
• Net Cash Used in Operating Activities was $8.4 million; and
• Cash and Cash Equivalents were $147.5 million at June 30, 2020.

“We delivered solid second quarter results in the face of headwinds from the COVID-19 pandemic,” said Bonnie Anderson, Veracyte’s chairman and chief executive officer. “Our genomic testing volume doubled between April and June as hospitals started performing more non-emergency procedures and physician practices began to open. We have begun leveraging opportunities for new virtual sales and marketing models to increase efficiency and drive growth. We also remain on track to bring four new tests to market in 2021, further accelerating our growth. Additionally, we continued to grow our biopharmaceutical and diagnostic partnerships to fuel our global expansion with a comprehensive test menu that extends our total addressable market beyond the $40 billion for our current and pipeline products.”

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

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