Veracyte (NASDAQ: VCYT) reported Q4 EPS of ($0.08), $0.07 better than the analyst estimate of ($0.15). Revenue for the quarter came in at $25.8 million versus the consensus estimate of $24.36 million.

“We delivered exceptional growth in 2018 and are off to a strong start in 2019,” said Bonnie Anderson, Veracyte’s chairman and chief executive officer. “Our 2018 performance was driven by several factors. Our Afirma GSC and Xpression Atlas launch broadened our thyroid offering to inform both diagnosis and treatment decisions, and the first full year of Percepta classifier adoption was strong with the fourth quarter acceleration in growth positioning us for a strong 2019. Clearly, our multi-product sales strategy that is designed to give us the leverage we need to be a profitable enterprise is working.”

Anderson added, “In 2018, we also entered into biopharmaceutical collaborations with Loxo Oncology and Johnson & Johnson Innovation and the Johnson & Johnson Lung Cancer Initiative that recognize the value of our novel scientific platform and can help advance our pipeline. As we look to 2019 and beyond, we believe we are well-positioned for continued success as we further increase the number of patients whose lives can be improved by our innovative tests.”

Fourth Quarter and Full-Year 2018 Financial Results

For the three- and twelve-month periods ended December 31, 2018, compared to the prior year:

• Revenue was $25.8 million and $92.0 million, respectively, an increase of 31% and 28%;
• Gross Margin was 66% and 64%, respectively, an increase of 6% and 3%;
• Operating Expenses, Excluding Cost of Revenue, were $20.1 million and $81.2 million, respectively, an increase of 12% and 15%;
• Net Loss and Comprehensive Loss was ($3.1) million and ($23.0) million, respectively, an improvement of 63% and 26%;
• Basic and Diluted Net Loss Per Common Share was ($0.08) and ($0.62), respectively, an improvement of 67% and 32%;
• Net Cash Used in Operating Activities was $1.2 million and $13.5 million, respectively, an improvement of 79% and 44%;
• Cash Burn1 was $1.7 million and $15.4 million, respectively, an improvement of 73% and 39%; and
• Cash and Cash Equivalents were $78.0 million at December 31, 2018.

GUIDANCE:

Veracyte sees FY2019 revenue of $113-117 million, versus the consensus of $109.43 million.

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