Veracyte (NASDAQ: VCYT) reported Q3 EPS of ($0.12), $0.13 better than the analyst estimate of ($0.25). Revenue for the quarter came in at $23.5 million versus the consensus estimate of $21.5 million.

• Revenue was $23.5 million, an increase of 34 percent;
• Genomic test volume was 8,006, an increase of 23 percent;
• Gross margin was 65 percent, an increase of 6 percent;
• Operating expenses, excluding cost of revenue, were $19.5 million, an increase of 17 percent;
• Net loss and comprehensive loss was ($4.5) million, an improvement of 37 percent;
• Basic and diluted net loss per common share was ($0.12), an improvement of 43 percent;
• Cash burn1 was $2.4 million, an improvement of 58 percent; and
• Cash and cash equivalents was $77.8 million at September 30, 2018.

“We delivered another quarter of strong revenue and genomic volume growth for our Afirma and Percepta classifiers, which are changing practice in the diagnosis of thyroid and lung cancer,” said Bonnie Anderson, Veracyte’s chairman and chief executive officer. “In addition, we are thrilled that we recently received draft Medicare coverage for our third product, the Envisia Genomic Classifier.”

Anderson continued, “As a result of our strong third quarter performance and our outlook for the remainder of this year, we are raising our annual revenue guidance and lowering our cash burn guidance for 2018. And, as we look to 2019 and beyond, we believe we are well-positioned to continue making a difference in the lives of patients, providing solutions to physicians to help better inform clinical decisions, and delivering cost savings to the healthcare system.”

GUIDANCE:

Veracyte sees FY2018 revenue of $90-91 million, versus the consensus of $88.09 million.

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