Veracyte (NASDAQ: VCYT) reported Q4 EPS of ($0.15), $0.04 worse than the analyst estimate of ($0.11). Revenue for the quarter came in at $34.5 million versus the consensus estimate of $31.93 million.

For the three months ended December 31, 2020, compared to the prior year:

• Total Revenue was $34.5 million, an increase of 16%;
• Gross Margin was 68%, an increase of 2 percentage points;
• Operating Expenses, Excluding Cost of Revenue, were $31.4 million, an increase of 13%;
• Net Loss and Comprehensive Loss was $8.0 million, compared to $7.5 million;
• Basic and Diluted Net Loss Per Common Share was $0.14, versus $0.15;
• Net Cash Provided by Operating Activities was $2.3 million, compared to $1.8 million; and
• Cash and Cash Equivalents were $349.4 million at December 31, 2020.

“Our revenue and genomic testing and product volume continued to rebound from the pandemic during the fourth quarter and we entered 2021 with strong momentum across our business,” said Bonnie Anderson, Veracyte’s chairman and chief executive officer. “We are on track to launch multiple new products this year, including our noninvasive nasal swab test and Percepta Genomic Atlas in lung cancer.

“Additionally, we expect our pending acquisition of Decipher Biosciences, with its market-leading products in urologic cancers, will significantly accelerate our revenue growth by expanding our reach into seven of the ten most common cancers, further solidifying our global leadership in cancer genomic diagnostics. We look forward to welcoming Decipher’s employees when the transaction closes and to strengthening our executive leadership team with the addition of Dr. Tina Nova, Decipher’s president and CEO.”

GUIDANCE:

Veracyte sees Q1 2021 revenue of $190-200 million, versus the consensus of $151.18 million.

Pending the completion of the acquisition of Decipher Biosciences, which is assumed to occur by April 1, 2021, Veracyte expects total combined revenue in 2021 to be approximately $190 million to $200 million, representing growth of approximately 65% over 2020 at the midpoint of the range.

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