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Veracyte, Inc. Announces Second Quarter 2014 Financial Results
Date:8/13/2014

o amend the agreement to optimize their joint presence internationally with a country-by-country decision to co-promote or to revert exclusivity back to Veracyte.

"We are pleased we have reached agreement to amend the terms of the co-promotion agreement, which we believe will help position Veracyte for long-term profitability and growth. At this point in the Afirma adoption curve, we believe the shift in sales responsibility is particularly critical to continued successful penetration into more complex institutional accounts and integrated health networks, where a dedicated team approach is required," said Ms. Anderson. "We look forward to our relationship evolving and are committed to its continued success for both companies."

Second Quarter 2014 Financial Results

  • Revenue for the second quarter of 2014 was $8.7 million, compared to revenue of $5.1 million for the comparable period in 2013, an increase of 71%.
  • The company received 16,458 fine needle aspiration (FNA) samples during the second quarter of 2014, compared to 12,424 FNA samples during the same period in 2013, an increase of 32%.
  • The rate of GEC tests performed continued to be slightly above 22% of FNA samples received during the quarter, reflecting the company's strong progress with large institutional accounts, which handle initial cytopathology on-site and only submit indeterminate samples for genomic testing.  
  • Operating expenses for the second quarter of 2014 were $15.2 million, compared to $10.5 million for the same period in 2013.
  • Net loss for the second quarter of 2014 was $6.7 million, or $0.31 per common share, compared with a net loss of $6.5 million, or $7.53 per common share, for the comparable period in 2013.
  • Cash and cash equivalents as of June 30, 2014 totaled $58.0 million.
  • Recent Business Highlights

  • Uniquely met, with our Afirma GEC, the proposed inclusion criteria of preliminary American Thyro
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