Grew total revenue to $115.9 million, an
increase of 29%
Grew testing revenue to $109.5 million, an
increase of 34%
Conference call and webcast today at 4:30 p.m.
ET
Veracyte, Inc. (Nasdaq: VCYT) today announced financial results
for the third quarter ended September 30, 2024.
"The strong momentum across our testing business continued
during the third quarter as we delivered record revenue along with
profitability and cash generation,” said Marc Stapley, Veracyte’s
chief executive officer. “Looking ahead, we see tremendous
opportunities for further market penetration for both Decipher and
Afirma, to serve even more patients and their physicians. We also
remain excited about our focused portfolio of strategic growth
drivers. The Veracyte Diagnostics Platform is generating the data,
insights and evidence to drive commercial success and sustained
long-term growth.”
Key Financial Highlights
- Increased third quarter total revenue by 29%, to $115.9
million, and total volume by 20%, to 39,032 tests, compared to the
third quarter of 2023.
- Increased testing revenue by 34%, to $109.5 million, and
testing volume by 24%, to 36,792 tests, compared to the third
quarter of 2023.
- Grew Decipher revenue by 48% and volume by 36%, to
approximately 21,250 tests, compared to the third quarter of
2023.
- Grew Afirma revenue by 19% and volume by 12%, to close to
15,100 tests, compared to the third quarter of 2023.
- Increased third quarter net income to $15.2 million and
delivered adjusted EBITDA of $27.3 million, or 24% of revenue.
- Generated $30.0 million of cash from operations during the
third quarter to end the quarter with $274.1 million of cash and
cash equivalents.
Key Business Highlights
- Expanded clinical evidence for Decipher Prostate with a
presentation at the European Society for Medical Oncology (ESMO)
2024 Congress on new data from the STAMPEDE trial, a multi-center,
randomized, phase 3 clinical trial showing that the test was
prognostic for clinical outcomes and predicted benefit from
docetaxel in patients with metastatic prostate cancer.
- Demonstrated Veracyte’s commitment to expanding clinical
evidence in populations disproportionately impacted by prostate
cancer with data from the VANDAAM study shared at ASTRO 2024, the
annual meeting of the American Society for Radiation Oncology,
demonstrating that Decipher Prostate accurately predicts aggressive
prostate cancer among African-American men with early-stage
disease.
- Promoted Keith Gligorich Ph.D. to Senior Vice President of
Global Operations and a member of the executive leadership
team.
- Appointed Tom Miller, Ph.D., and Brent Shafer to our Board of
Directors.
A reconciliation of GAAP to non-GAAP financial measures has been
provided in the tables included in this press release. An
explanation of these measures is also included below under the
heading "Note Regarding Use of Non-GAAP Financial Measures."
Third Quarter 2024 Financial Results
Total revenue for the third quarter of 2024 was $115.9 million,
an increase of 29% compared to $90.1 million reported in the third
quarter of 2023. Testing revenue was $109.5 million, an increase of
34% compared to $82.0 million in the third quarter of 2023, driven
by the strong performance of our Decipher Prostate and Afirma
tests. Product revenue was $3.2 million, a decrease of 21% compared
to $4.0 million in the third quarter of 2023. Biopharmaceutical and
other revenue was $3.1 million, a decrease of 23% compared to $4.1
million in the third quarter of 2023.
Total gross margin for the third quarter of 2024 was 68%,
compared to 64% in the third quarter of 2023. Non-GAAP gross margin
was 71%, compared to 70% in the third quarter of 2023.
Operating expenses were $67.0 million for the third quarter of
2024. Non-GAAP operating expenses grew 11% to $57.6 million
compared to $51.8 million in the third quarter of 2023.
Net income for the third quarter of 2024 was $15.2 million, an
improvement of 151% compared to the third quarter of 2023. Diluted
net earnings per common share was $0.19, an improvement of $0.60
compared to the third quarter of 2023. Non-GAAP diluted net
earnings per common share was $0.33, an improvement of $0.16
compared to the third quarter of 2023. Net cash provided by
operating activities in the first nine months of 2024 was $50.6
million, an improvement of $21.9 million compared to the same
period in 2023.
Adjusted EBITDA for the third quarter of 2024 was $27.3 million,
an improvement of 117% compared to the third quarter of 2023,
representing 24% of revenue compared to 14% of revenue in the same
period of 2023.
A reconciliation of GAAP to non-GAAP financial measures has been
provided in the tables included in this press release. An
explanation of these measures is also included below under the
heading "Note Regarding Use of Non-GAAP Financial Measures."
2024 Financial Outlook
The company is raising full-year 2024 total revenue guidance to
$442 million to $445 million, representing year-over-year growth of
22% to 23% and testing revenue growth of approximately 28%. This
guidance range represents an increase compared to prior guidance of
$432 million to $438 million. In addition, the company now expects
cash, cash equivalents and short-term investments at the end of the
year to be $280 million to $285 million compared to prior guidance
of $260 million to $270 million.
Conference Call and Webcast Details
Veracyte will host a conference call and webcast today at 4:30
p.m. Eastern Time to discuss the company's financial results and
provide a general business update. The conference call will be
webcast live from the company’s website and will be available via
the following link: https://edge.media-server.com/mmc/p/kzh3s376.
The webcast should be accessed 10 minutes prior to the conference
call start time. A replay of the webcast will be available for one
year following the conclusion of the live broadcast and will be
accessible on the company’s website at
https://investor.veracyte.com/events-presentations.
The conference call dial-in can be accessed by registering at
the following link:
https://register.vevent.com/register/BI945e651d9e5f40acbfaec616e1b85b4e
About Veracyte
Veracyte (Nasdaq: VCYT) is a global diagnostics company whose
vision is to transform cancer care for patients all over the world.
We empower clinicians with the high-value insights they need to
guide and assure patients at pivotal moments in the race to
diagnose and treat cancer. Our Veracyte Diagnostics Platform
delivers high-performing cancer tests that are fueled by broad
genomic and clinical data, deep bioinformatic and AI capabilities,
and a powerful evidence-generation engine, which ultimately drives
durable reimbursement and guideline inclusion for our tests, along
with new insights to support continued innovation and pipeline
development. For more information, please visit www.veracyte.com or
follow us on LinkedIn or X (Twitter).
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements,
including, but not limited to our statements related to our plans,
objectives, and expectations (financial and otherwise), including
with respect to 2024 financial and operating results; and our
intentions with respect to our tests and products, for use in
diagnosing and treating diseases, in and outside of the United
States. Forward-looking statements can be identified by words such
as: “appears,” “anticipate,” “intend,” “plan,” “expect,” “believe,”
“should,” “may,” “will,” “enable,” “positioned,” “offers,”
“designed” and similar references to future periods. Actual results
may differ materially from those projected or suggested in any
forward-looking statements. These statements involve risks and
uncertainties, which could cause actual results to differ
materially from our predictions, and include, but are not limited
to: our ability to launch, commercialize and receive reimbursement
for our products; our ability to execute on our business strategies
relating to the C2i Genomics acquisition, integration of the
business and the realization of expected benefits and synergies;
our ability to demonstrate the validity and utility of our genomic
tests and biopharma and other offerings; our ability to continue
executing on our business plan; our ability to continue to scale
our global operations and enhance our internal control environment;
the impact of the war in Ukraine and other regional conflicts on
European economies and our facilities in France; the impact of
foreign currency fluctuations, increasing interest rates,
inflation, the U.S. election and turmoil in the global banking and
finance system; the ongoing conflict in the Middle East and the
performance and utility of our tests in the clinical environment.
Additional factors that may impact these forward-looking statements
can be found under the caption “Risk Factors” in our Annual Report
on Form 10-K filed on February 29, 2024, and our Quarterly Report
on Form 10-Q filed for the three months ended September 30, 2024,
to be filed on November 7, 2024, as well as in other documents that
we may file from time to time with the Securities and Exchange
Commission. Copies of these documents, when available, may be found
in the Investors section of our website at investor.veracyte.com.
These forward-looking statements speak only as of the date hereof
and, except as required by law, we specifically disclaim any
obligation to update these forward-looking statements or reasons
why actual results might differ, whether as a result of new
information, future events or otherwise.
Veracyte, the Veracyte logo, Decipher, C2i Genomics, and Afirma
are registered trademarks of Veracyte, Inc., and its subsidiaries
in the U.S. and selected countries.
Note Regarding Use of Non-GAAP Financial Measures
In addition to the financial measures prepared in accordance
with generally accepted accounting principles (GAAP), this press
release and the accompanying tables contain, and reference certain
non‐GAAP results including non-GAAP gross margin, non-GAAP
operating expenses, adjusted EBITDA and non-GAAP earnings per share
(EPS). These non-GAAP financial measures are not meant to be
considered superior to or a substitute for financial measures
calculated in accordance with GAAP, and investors are cautioned
that there are material limitations associated with the use of
non-GAAP financial measures as an analytical tool.
We use non-GAAP financial measures to internally evaluate and
analyze financial results. We believe these non-GAAP financial
measures provide investors with useful supplemental information
about the financial performance of our business, enable comparison
of financial results between periods where certain items may vary
independent of business performance, and enable comparison of our
financial results with other public companies, many of which
present similar non-GAAP financial measures. However, the non-GAAP
financial measures we present may be different from those used by
other companies.
We exclude amortization of acquired intangible assets,
acquisition-related expenses relating to our acquisitions of
Decipher Biosciences, HalioDx and C2i Genomics, impairment charges
associated with the nCounter license and other biopharmaceutical
services related to HalioDx intangible assets, all stock-based
compensation and certain costs related to restructuring from our
non-GAAP financial measures. Beginning in the second quarter of
2024, we changed our non-GAAP policy to exclude all stock-based
compensation to align with our peers and we have also excluded all
stock-based compensation from our prior period non-GAAP financial
measures. Management has excluded the effects of these items in
non-GAAP financial measures to help investors gain a better
understanding of the core operating results and future prospects of
the company, consistent with how management measures and forecasts
the company's performance, especially when comparing such results
to previous periods or forecasts. The company encourages investors
to carefully consider its results under GAAP, as well as its
supplemental non‐GAAP information and the reconciliation between
these presentations, to more fully understand its business.
VERACYTE, INC. CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands,
except share and per share amounts)
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Revenue:
Testing revenue
$
109,536
$
82,012
$
306,809
$
236,157
Product revenue
3,188
4,020
10,631
11,923
Biopharmaceutical and other revenue
3,136
4,076
9,692
14,772
Total revenue
115,860
90,108
327,132
262,852
Cost of revenue: (1)
Cost of testing revenue
29,029
21,827
82,928
64,808
Cost of product revenue
1,792
2,436
6,310
6,913
Cost of biopharmaceutical and other
revenue
3,112
3,347
9,762
11,806
Intangible asset amortization - cost of
revenue
2,917
4,811
8,741
14,429
Total cost of revenue
36,850
32,421
107,741
97,956
Gross profit
79,010
57,687
219,391
164,896
Operating expenses: (1)
Research and development
17,574
13,322
50,004
38,632
Selling and marketing
22,612
24,344
70,610
76,230
General and administrative
25,742
16,334
83,697
62,434
Impairment of long-lived assets
185
34,900
614
36,310
Intangible asset amortization - operating
expenses
880
526
2,499
1,578
Total operating expenses
66,993
89,426
207,424
215,184
Income (loss) from operations
12,017
(31,739
)
11,967
(50,288
)
Other income, net
4,831
1,967
10,334
4,148
Income (loss) before income taxes
16,848
(29,772
)
22,301
(46,140
)
Income tax provision (benefit)
1,693
(154
)
3,276
(29
)
Net income (loss)
$
15,155
$
(29,618
)
$
19,025
$
(46,111
)
Earnings (loss) per share:
Basic
$
0.20
$
(0.41
)
$
0.25
$
(0.64
)
Diluted
$
0.19
$
(0.41
)
$
0.25
$
(0.64
)
Shares used to compute earnings (loss) per
common share:
Basic
77,013,831
72,804,770
76,107,302
72,488,601
Diluted
78,464,654
72,804,770
77,339,897
72,488,601
1.
Cost of revenue, research and development,
sales and marketing and general and administrative expenses include
the following stock-based compensation related expenses:
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Cost of revenue
$
587
$
502
$
1,678
$
1,386
Research and development
1,957
1,135
5,615
3,831
Selling and marketing
1,790
2,521
5,025
7,126
General and administrative
4,413
3,174
14,302
13,539
Total stock-based compensation expense
$
8,747
$
7,332
$
26,620
$
25,882
VERACYTE, INC. CONDENSED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Unaudited)
(In thousands)
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Net income (loss)
$
15,155
$
(29,618
)
$
19,025
$
(46,111
)
Other comprehensive income (loss):
Change in currency translation
adjustments
9,328
(6,414
)
2,736
(2,851
)
Net comprehensive income (loss)
$
24,483
$
(36,032
)
$
21,761
$
(48,962
)
VERACYTE, INC. CONDENSED
CONSOLIDATED BALANCE SHEETS (In thousands)
September 30,
December 31,
2024
2023
(Unaudited)
(See Note 1)
Assets
Current assets:
Cash and cash equivalents
$
274,079
$
216,454
Accounts receivable
48,807
40,378
Supplies and inventory
20,364
16,128
Prepaid expenses and other current
assets
13,604
12,661
Total current assets
356,854
285,621
Property, plant and equipment, net
21,194
20,584
Right-of-use assets, operating leases
17,031
10,277
Intangible assets, net
108,873
88,593
Goodwill
762,117
702,984
Restricted cash
1,080
876
Other assets
7,872
5,971
Total assets
$
1,275,021
$
1,114,906
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$
9,670
$
12,943
Accrued liabilities
43,872
38,427
Current portion of deferred revenue
2,033
2,008
Current portion of acquisition-related
contingent consideration
7,391
2,657
Current portion of operating lease
liabilities
7,294
5,105
Current portion of other liabilities
53
101
Total current liabilities
70,313
61,241
Deferred tax liabilities
1,470
734
Acquisition-related contingent
consideration, net of current portion
14,225
518
Operating lease liabilities, net of
current portion
12,400
7,525
Other liabilities
571
786
Total liabilities
98,979
70,804
Total stockholders’ equity
1,176,042
1,044,102
Total liabilities and stockholders’
equity
$
1,275,021
$
1,114,906
1. The condensed consolidated balance sheet at December 31, 2023
has been derived from the audited financial statements at that date
included in the Company's Form 10-K filed with the Securities and
Exchange Commission dated February 29, 2024.
VERACYTE, INC. CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In
thousands)
Nine Months Ended September
30,
2024
2023
Operating activities
Net income (loss)
$
19,025
$
(46,111
)
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation and amortization
17,206
20,852
Loss on disposal of property, plant and
equipment
131
136
Stock-based compensation
26,620
25,629
Deferred income taxes
10
(843
)
Noncash lease expense
3,628
3,130
Revaluation of acquisition-related
contingent consideration
1,242
(5,500
)
Effect of foreign currency on
operations
(785
)
657
Impairment loss
614
36,310
Changes in operating assets and
liabilities:
Accounts receivable
(8,396
)
4,650
Supplies and inventory
(4,175
)
(1,636
)
Prepaid expenses and other current
assets
149
(1,578
)
Other assets
(1,710
)
(586
)
Operating lease liabilities
(3,929
)
(3,225
)
Accounts payable
(2,950
)
185
Accrued liabilities and deferred
revenue
3,892
(3,400
)
Net cash provided by operating
activities
50,572
28,670
Investing activities
Acquisition of C2i, net of cash
acquired
5,012
—
Purchase of short-term investments
—
(19,700
)
Proceeds from sale of short-term
investments
—
39,773
Proceeds from maturity of short-term
investments
—
5,000
Purchases of property, plant and
equipment
(7,146
)
(7,464
)
Net cash (used in) provided by investing
activities
(2,134
)
17,609
Financing activities
Payment of taxes on vested restricted
stock units
(7,315
)
(5,614
)
Proceeds from the exercise of common stock
options and employee stock purchases
16,729
7,806
Net cash provided by financing
activities
9,414
2,192
Increase in cash, cash equivalents and
restricted cash
57,852
48,471
Effect of foreign currency on cash,
cash equivalents and restricted cash
(23
)
(134
)
Net increase in cash, cash equivalents
and restricted cash
57,829
48,337
Cash, cash equivalents and restricted
cash at beginning of period
217,330
154,996
Cash, cash equivalents and restricted
cash at end of period
$
275,159
$
203,333
CASH, CASH EQUIVALENTS AND
RESTRICTED CASH (Unaudited) (In thousands)
September 30,
December 31,
2024
2023
Cash and cash equivalents
$
274,079
$
216,454
Restricted cash
1,080
876
Total cash, cash equivalents and
restricted cash
$
275,159
$
217,330
VERACYTE, INC. RECONCILIATION OF
U.S. GAAP to NON-GAAP FINANCIAL MEASURES (Unaudited) (In
thousands)
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Reconciliation of Non-GAAP Cost of
Revenue:
GAAP cost of testing revenue
$
29,029
$
21,827
$
82,928
$
64,808
Stock-based compensation expense
(524
)
(382
)
(1,411
)
(1,048
)
Acquisition related expenses (1)
—
—
(60
)
(74
)
Other adjustments (2)
—
—
(6
)
—
Non-GAAP cost of testing revenue
$
28,505
$
21,445
$
81,451
$
63,686
GAAP cost of product revenue
1,792
2,436
6,310
6,913
Stock-based compensation expense
(1
)
—
(3
)
—
Acquisition related expenses (1)
—
—
—
—
Other adjustments (2)
—
—
—
—
Non-GAAP cost of product revenue
$
1,791
$
2,436
$
6,307
$
6,913
GAAP cost of biopharmaceutical and other
revenue
3,112
3,347
9,762
11,806
Stock-based compensation expense
(62
)
(120
)
(264
)
(337
)
Acquisition related expenses (1)
—
—
—
—
Other adjustments (2)
—
—
—
—
Non-GAAP cost of biopharmaceutical and
other revenue
$
3,050
$
3,227
$
9,498
$
11,469
Reconciliation of Non-GAAP Gross
Margin:
GAAP Gross Profit
$
79,010
$
57,687
$
219,391
$
164,896
GAAP Gross Margin
68
%
64
%
67
%
63
%
Amortization of intangible assets
2,917
4,811
8,741
14,429
Stock-based compensation expense
587
502
1,678
1,385
Acquisition related expenses (1)
—
—
60
74
Other adjustments (2)
—
—
6
—
Non-GAAP Gross Profit
$
82,514
$
63,000
$
229,876
$
180,784
Non-GAAP Gross Margin
71
%
70
%
70
%
69
%
1. Includes transaction-related expenses
as well as post-combination compensation expenses. For the nine
months ended September 30, 2024, adjustments consist primarily of
transaction related expenses associated with the acquisition of C2i
Genomics. For the nine months ended September 30, 2023, adjustments
consist primarily of post-combination compensation expenses
associated with the acquisition of HalioDx.
2. For the nine months ended September 30,
2024, adjustments include expense related to restructuring costs
associated with portfolio prioritization.
VERACYTE, INC. RECONCILIATION OF
U.S. GAAP to NON-GAAP FINANCIAL MEASURES (Unaudited) (In
thousands)
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Reconciliation of Non-GAAP Operating
Expenses:
GAAP research and development
$
17,574
$
13,322
$
50,004
$
38,632
Stock-based compensation expense
(1,957
)
(1,135
)
(5,615
)
(3,831
)
Acquisition related expenses (1)
459
—
62
—
Other adjustments (2)
5
—
(271
)
—
Non-GAAP research and development
$
16,081
$
12,187
$
44,180
$
34,801
GAAP sales and marketing
$
22,612
$
24,344
$
70,610
$
76,230
Stock-based compensation expense
(1,790
)
(2,521
)
(5,025
)
(7,126
)
Acquisition related expenses (1)
—
(209
)
(124
)
(1,366
)
Other adjustments (2)
7
—
(1,087
)
—
Non-GAAP sales and marketing
$
20,829
$
21,614
$
64,374
$
67,738
GAAP general and administrative
$
25,742
$
16,334
$
83,697
$
62,434
Stock-based compensation expense
(4,413
)
(3,174
)
(14,302
)
(13,539
)
Acquisition related expenses (1)
(349
)
4,790
(4,934
)
3,165
Other adjustments (2)
(248
)
—
(3,368
)
66
Non-GAAP general and administrative
$
20,732
$
17,950
$
61,093
$
52,126
GAAP total operating expenses
$
66,993
$
89,426
$
207,424
$
215,184
Amortization of intangible assets
(880
)
(526
)
(2,499
)
(1,578
)
Stock-based compensation expense
(8,160
)
(6,830
)
(24,942
)
(24,496
)
Acquisition related expenses (1)
(75
)
4,581
(5,610
)
1,799
Other adjustments (2)
(236
)
(34,900
)
(4,726
)
(36,244
)
Non-GAAP total operating expenses
$
57,642
$
51,751
$
169,647
$
154,665
1. Includes transaction-related expenses
as well as post-combination compensation expenses. For the three
months ended September 30, 2024, adjustments consist primarily of
transaction related expenses associated with the acquisition of C2i
Genomics ($0.1 million). For the three months ended September 30,
2023, adjustments consist primarily of remeasurement of contingent
consideration related to our adoption of a multi-platform IVD
strategy and post-combination compensation expenses associated with
the acquisition of HalioDx. For the nine months ended September 30,
2024, adjustments consist of transaction related expenses
associated with the acquisition of C2i Genomics. For the nine
months ended September 30, 2023, adjustments consist primarily of
remeasurement of contingent consideration related to our adoption
of a multi-platform IVD strategy and post-combination compensation
expenses associated with the acquisition of HalioDx.
2. For the three months ended September
30, 2024, adjustments primarily include expense related to
restructuring costs ($0.2 million). For the three months ended
September 30, 2023, adjustments include $34.9 million expense
related to nCounter license impairment related to our adoption of a
multi-platform IVD strategy. For the nine months ended September
30, 2024, adjustments primarily include expense related to
restructuring costs associated with a reduction in our
Biopharmaceutical and Other segment ($3.1 million) and expense
related to restructuring costs associated with portfolio
prioritization including the reduction in Envisia commercial
support ($1.6 million). For the nine months ended September 30,
2023, adjustments primarily include $34.9 million expense related
to the impairment charge associated with the nCounter license
intangible assets and $1.3 million related to other impairment
charges.
VERACYTE, INC. RECONCILIATION OF
U.S. GAAP to NON-GAAP FINANCIAL MEASURES (Unaudited) (In
thousands)
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Reconciliation of Adjusted
EBITDA:
GAAP Net Income (Loss)
$
15,155
$
(29,618
)
$
19,025
$
(46,111
)
Amortization of intangible assets
3,797
5,337
11,240
16,007
Depreciation expense
2,081
1,985
5,966
4,845
Stock-based compensation expense
8,747
7,332
26,620
25,882
Acquisition related expenses (1)
75
(4,581
)
5,670
(1,725
)
Other expense (income), net (2)
(3,366
)
(2,620
)
(9,679
)
(4,523
)
Other adjustments (3)
(853
)
34,900
3,643
36,244
Income tax expense (benefit)
1,693
(154
)
3,276
(29
)
Adjusted EBITDA
$
27,329
$
12,581
$
65,761
$
30,590
Reconciliation of Non-GAAP Net Income
(Loss)
GAAP Net Income (Loss)
$
15,155
$
(29,618
)
$
19,025
$
(46,111
)
Amortization of intangible assets
3,797
5,337
11,240
16,007
Stock-based compensation expense
8,747
7,332
26,620
25,882
Acquisition related expenses (1)
75
(4,581
)
5,670
(1,725
)
Other adjustments (3)
(853
)
34,900
3,643
36,244
Tax adjustments (4)
(933
)
(1,124
)
(2,179
)
(2,251
)
Non-GAAP Net Income
$
25,988
$
12,246
$
64,019
$
28,046
Reconciliation of Non-GAAP Earnings per
Share
Diluted earnings per share, GAAP
$
0.19
$
(0.41
)
$
0.25
$
(0.64
)
Amortization of intangible assets
0.05
0.07
0.15
0.22
Stock-based compensation expense
0.11
0.10
0.34
0.36
Acquisition related expenses (1)
—
(0.06
)
0.07
(0.02
)
Other adjustments (3)
(0.01
)
0.48
0.05
0.50
Tax adjustments (4)
(0.01
)
(0.02
)
(0.03
)
(0.03
)
Rounding and impact of dilutive shares
—
0.01
—
(0.01
)
Diluted earnings per share, non-GAAP
$
0.33
$
0.17
$
0.83
$
0.38
Weighted average shares outstanding used
in computing diluted earnings per share
Diluted, GAAP
78,464,654
72,804,770
77,339,897
72,488,601
Dilutive effect of equity awards (5)
—
1,326,143
—
1,387,582
Diluted, non-GAAP
78,464,654
74,130,913
77,339,897
73,876,183
1. Includes transaction-related expenses
as well as post-combination compensation expenses. For the three
months ended September 30, 2024, adjustments consist primarily of
transaction related expenses associated with the acquisition of C2i
Genomics ($0.1 million). For the three months ended September 30,
2023, adjustments consist primarily of remeasurement of contingent
consideration related to our adoption of a multi-platform IVD
strategy and post-combination compensation expenses associated with
the acquisition of HalioDx. For the nine months ended September 30,
2024, adjustments consist of transaction related expenses
associated with the acquisition of C2i Genomics. For the nine
months ended September 30, 2023, adjustments consist primarily of
remeasurement of contingent consideration related to our adoption
of a multi-platform IVD strategy and post-combination compensation
expenses associated with the acquisition of HalioDx.
2. Includes interest income and income
related to research tax credits.
3. For the three months ended September
30, 2024, adjustments include the exclusion of unrealized gains
associated with foreign exchange impacts on stock-based
compensation and intercompany loans ($1.1 million) partially offset
by expense related to restructuring costs ($0.2 million). For the
three months ended September 30, 2023, adjustments include $34.9
million expense related to nCounter license impairment related to
our adoption of a multi-platform IVD strategy. For the nine months
ended September 30, 2024, adjustments primarily include expense
related to restructuring costs associated with a reduction in our
Biopharmaceutical and Other Segment ($3.1 million) and expense
related to restructuring costs associated with portfolio
prioritization including the reduction in Envisia commercial
support ($1.6 million), partially offset by the exclusion of
unrealized gains associated with foreign exchange impacts on
stock-based compensation and intercompany loans ($1.1 million). For
the nine months ended September 30, 2023, adjustments primarily
include $34.9 million expense related to the impairment charge
associated with the nCounter license intangible assets and $1.3
million related to other impairment charges.
4. Incremental non-GAAP tax expense
reflects the tax impact of the non-GAAP adjustments listed.
5. In those periods in which GAAP net
(loss) income is negative and non-GAAP net (loss) income is
positive, non-GAAP diluted weighted average shares outstanding
includes potentially dilutive common shares from equity awards as
determined using the treasury stock method.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241106252075/en/
Investors: Shayla Gorman investors@veracyte.com
619-393-1545
Media: Tracy Morris media@veracyte.com 650-380-4413
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