Veracyte (NASDAQ: VCYT) reported Q3 EPS of ($0.08), $0.13 better than the analyst estimate of ($0.21). Revenue for the quarter came in at $31.1 million versus the consensus estimate of $23.88 million.

Third Quarter 2020 Financial Results

For the third quarter of 2020:

• Total Revenue was $31.1 million, comprising $30.3 million in testing and product revenue and $0.8 million in biopharmaceutical partnership revenue;
• Gross Margin was 67%;
• Operating Expenses, Excluding Cost of Revenue, were $24.8 million;
• Net Loss and Comprehensive Loss was $4.1 million;
• Basic and Diluted Net Loss Per Common Share was $0.08;
• Net Cash Provided by Operating Activities was $1.8 million; and
• Cash and Cash Equivalents were $345.1 million at September 30, 2020.

“We are pleased with the strong rebound in our business during the third quarter, with revenue returning to pre-pandemic levels, led by our Afirma franchise,” said Bonnie Anderson, Veracyte’s chairman and chief executive officer. “We also achieved important reimbursement and clinical-evidence milestones for our tests, which we believe will help further drive adoption and revenue growth. We also remain on track to launch four new clinical products in 2021. Moreover, we believe we are well-positioned in the near- and long-term with our tests that help patients avoid unnecessary invasive diagnostic procedures and accelerate access to appropriate treatment.”

2020 Financial Guidance

While Veracyte experienced improved business trends in the third quarter, due to the continued uncertainties with respect to the COVID-19 pandemic, the company will not be providing guidance at this time.

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