$VCYT

VERACYTE, INC.

CIK:0001384101|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 150,321	$ 130,164	$ 289,392	$ 244,637
Cost of revenue:
Intangible asset amortization - cost of revenue	2,741	2,667	5,448	5,252
Total cost of revenue	41,772	40,395	79,684	75,360
Gross profit	108,549	89,769	209,708	169,277
Operating expenses:
Research and development	29,442	16,264	56,540	33,984
Selling and marketing	28,263	25,316	55,419	49,770
General and administrative	27,443	32,331	51,123	66,139
Impairment loss	0	20,505	0	20,505
Total operating expenses	85,569	95,037	164,082	171,641
Income (loss) from operations	22,980	(5,268)	45,626	(2,364)
Other income, net	3,543	6,518	10,871	11,042
Income before income taxes	26,523	1,250	56,497	8,678
Income tax provision	1,033	2,230	2,300	2,611
Net income (loss)	$ 25,490	$ (980)	$ 54,197	$ 6,067
Earnings (loss) per share:
Basic (in USD per share)	$ 0.32	$ (0.01)	$ 0.68	$ 0.08
Diluted (in USD per share)	$ 0.31	$ (0.01)	$ 0.66	$ 0.08
Shares used to compute earnings (loss) per common share:
Basic (in shares)	79,972,389	78,391,502	79,755,699	78,210,881
Diluted (in shares)	82,059,442	78,391,502	81,753,292	79,905,121
Testing revenue
Revenue:
Total revenue	$ 145,661	$ 122,263	$ 280,752	$ 229,572
Cost of revenue:
Cost of revenue	36,309	32,407	69,615	60,667
Product revenue
Revenue:
Total revenue	3,858	3,598	7,537	7,178
Cost of revenue:
Cost of revenue	2,515	1,749	4,406	3,171
Biopharmaceutical and other revenue
Revenue:
Total revenue	802	4,303	1,103	7,887
Cost of revenue:
Cost of revenue	207	3,572	215	6,270
Intangible asset amortization - operating expenses
Operating expenses:
Intangible asset amortization - operating expenses	$ 421	$ 621	$ 1,000	$ 1,243

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net income	$ 54,197	$ 6,067
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	10,268	10,851
Loss on disposal of property, plant and equipment	367	15
Stock-based compensation	26,847	21,943
Deferred income taxes	(9)	74
Noncash lease expense	1,436	1,600
Revaluation of acquisition-related contingent consideration	(668)	(2,879)
Effect of foreign currency on operations	(69)	(5,050)
Amortization of discount on short-term investments	(1,337)	(1,929)
Impairment loss	0	20,505
Changes in operating assets and liabilities:
Accounts receivable	(9,729)	(4,283)
Supplies	(2,110)	(2,863)
Prepaid expenses and other current assets	(2,429)	(5,460)
Other assets	(451)	540
Operating lease liabilities	453	(1,186)
Accounts payable	3,758	3,113
Accrued liabilities and deferred revenue	517	(2,091)
Net cash provided by operating activities	81,041	38,967
Investing activities
Purchase of short-term investments	(184,998)	(99,998)
Proceeds from maturity of short-term investments	50,935	51,061
Issuance of loan receivable	(1,622)	0
Purchases of property, plant and equipment	(5,821)	(3,105)
Net cash used in investing activities	(141,506)	(52,042)
Financing activities
Payment of taxes on vested restricted stock units	(13,658)	(11,831)
Proceeds from the exercise of common stock options and employee stock purchases	11,168	4,781
Net cash used in financing activities	(2,490)	(7,050)
Decrease in cash, cash equivalents and restricted cash	(62,955)	(20,125)
Effect of foreign currency on cash, cash equivalents and restricted cash	(84)	647
Net decrease in cash, cash equivalents and restricted cash	(63,039)	(19,478)
Cash, cash equivalents and restricted cash at beginning of period	364,226	240,631
Cash, cash equivalents and restricted cash at end of period	301,187	221,153
Supplementary cash flow information:
Purchases of property, plant and equipment included in accounts payable and accrued liability	414	505
Cash paid for tax	$ 1,517	$ 1,553

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 299,521	$ 362,578
Short-term investments	185,711	50,311
Accounts receivable	54,177	44,660
Supplies	22,656	20,546
Prepaid expenses and other current assets	12,710	10,281
Total current assets	574,775	488,376
Property, plant and equipment, net	21,933	22,192
Right-of-use assets, operating leases	35,163	36,599
Intangible assets, net	82,700	89,148
Goodwill	767,154	767,154
Restricted cash	1,666	1,648
Other assets	2,975	902
Total assets	1,486,366	1,406,019
Current liabilities:
Accounts payable	8,024	4,593
Accrued liabilities	47,677	48,801
Current portion of deferred revenue	597	1,160
Current portion of acquisition-related contingent consideration	662	1,332
Current portion of operating lease liabilities	5,776	4,051
Total current liabilities	62,736	59,937
Deferred tax liabilities	637	646
Acquisition-related contingent consideration, net of current portion	259	257
Operating lease liabilities, net of current portion	34,331	35,603
Total liabilities	97,963	96,443
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 5,000,000 shares authorized, no shares issued and outstanding as of June 30, 2026 and December 31, 2025	0	0
Common stock, $0.001 par value; 125,000,000 shares authorized, 80,363,927 and 79,359,005 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	80	79
Additional paid-in capital	1,719,695	1,695,339
Accumulated deficit	(323,433)	(377,630)
Accumulated other comprehensive loss	(7,939)	(8,212)
Total stockholders’ equity	1,388,403	1,309,576
Total liabilities and stockholders’ equity	$ 1,486,366	$ 1,406,019