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Veracyte, Inc. Announces Third Quarter 2013 Financial Results
Date:11/25/2013

amp; Metabolism and presented at the 83rd Annual Meeting of the American Thyroid Association (ATA).
  • Positive findings presented at the American Society of Cytopathology's 61st Annual Scientific Meeting suggest that the Afirma GEC, when supplemented with an additional gene set, can accurately identify medullary thyroid cancer (MTC) pre-operatively among thyroid nodule fine needle aspiration (FNA) samples that are indeterminate by cytopathology.
  • Received a New York State Department of Health clinical laboratory permit for Veracyte's CLIA laboratory facility located in Austin, Texas.
  • Completed an IPO on November 4, 2013, raising gross proceeds of $65 million.
  • Third Quarter 2013 Financial Results

  • Cash and cash equivalents as of September 30, 2013 totaled $15.4 million.
  • The company received 12,417 FNA samples during the third quarter of 2013, compared to 7,052 FNA samples during the same period in 2012, an increase of 76%. Afirma GEC tests continued to be performed at a rate of approximately 20% of FNA samples received.
  • Revenue for the third quarter of 2013 was $5.6 million, compared with revenue of $3.2 million for the comparable period in 2012.
  • Total operating expenses for the third quarter of 2013 were $11.7 million, compared with total operating expenses of $8.2 million for the comparable period in 2012. Cost of revenue was $3.1 million for the third quarter of 2013, compared with $2.0 million for the comparable period in 2012. Research and development expenses were $2.0 million for the three months ended September 30, 2013, compared to $1.7 million for the same period in 2012. Selling and marketing expenses were $3.3 million for the third quarter of 2013, compared with $2.3 million for the third quarter of 2012. General and administrative expenses were $3.2 million for the third quarter 2013, compared with $2.1 million for the same period in 2012.

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