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Veracyte, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenue to $115,860,000 from $90,108,000 in the same quarter the previous year. This increase is primarily attributed to a 34% growth in testing revenue driven by a 24% increase in test volume and an 8% increase in average selling price.
Cost of revenue for the quarter was $36,850,000, representing 32% of total revenue, compared to 36% in the same quarter of the previous year. This improvement in cost ratio is due to increased efficiency and higher test volumes.
The company reported a gross profit of $79,010,000 for the quarter, compared to $57,687,000 in the previous year, with the growth attributed to increased sales and improved cost management.
Research and development expenses increased to $17,574,000 from $13,322,000, primarily due to ongoing development costs for new IVD and MRD strategies.
Selling and marketing expenses decreased to $22,612,000 from $24,344,000, primarily due to reduced variable compensation and sales support costs.
General and administrative expenses increased to $25,742,000 from $16,334,000, driven by infrastructure investments and costs related to the C2i acquisition.
Net income for the quarter was $15,155,000, compared to a net loss of $29,618,000 in the previous year. The improvement is attributed to increased revenue and improved cost management.
Cash provided by operating activities was $50,572,000, while cash used in investing and financing activities was $2,134,000 and $9,414,000, respectively.
Veracyte had cash and cash equivalents of $274,079,000 as of September 30, 2024. The company anticipates that existing cash and cash flows will be sufficient to meet its anticipated cash requirements for at least the next 12 months.
The filing also details various financial agreements and recent acquisitions, including the acquisition of C2i Genomics, Inc., which is expected to expand Veracyte's capabilities in the MRD space.
Veracyte continues to focus on expanding its test offerings and international presence, with plans to adapt its tests to IVD platforms for broader global distribution.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Veracyte Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.