US Stock inside Investors Spotlight: Veracyte, Inc. (NASDAQ: VCYT)

Shares of Veracyte, Inc. (NASDAQ: VCYT) closed the trading at a price of $9.94 with the positive change of +2.79 percent. In the past session approximately 89,992 shares were exchanged against the average daily trading volume of 152,615 shares. The stock touched to the maximum level of $9.98, and it reached the lower level of $9.68 in past session. The stock’s market capitalization has now valued at $341.399M.

Veracyte, Inc. (VCYT) recently stated financial results for the 1st quarter ended March 31, 2018 and provided an update on recent business progress. For the 1st quarter of 2018, revenue was $20.0M, an raise of 22 percent, contrast to $16.4M for the 1st quarter of 2017.

1st Quarter 2018 Financial Results

For the 1st quarter of 2018, as contrast to the 1st quarter of 2017:

  • Revenue was $20.0M, an raise of 22 percent;
  • Genomic Volumewas 6,864, an raise of 18 percent;
  • Gross Margin was 61 percent, a decline of 1 percent;
  • Operating Expenses, Not Including Cost of Revenuewere $21.1M, an raise of 20 percent;
  • Net Loss and Comprehensive Losswas ($9.2)M, an raise of 12 percent;
  • Basic and Diluted Net Loss Per Ordinary Share was ($0.27), an raise of 13 percent;
  • Cash Burn1was $7.6M, an improvement of 8 percent; and
  • Cash and Cash Equivalentswas $27.2M at March 31, 2018.

1 A reconciliation of net cash used in operating activities to cash burn has been provided in the financial statement tables included in this press release. An explanation of cash burn is also included below under the heading “Non-GAAP Financial Measures.”

First Quarter 2018 and Recent Business Highlights

Commercial Growth:

  • Stated 6,864 genomic tests in the 1st quarter of 2018, representing 18 percent growth as contrast to the 1st quarter of 2017, and transitioned about 70 percent of the company’s thyroid business to the next-generation Afirma Genomic Sequencing Classifier (GSC), ahead of plan; and
  • Doubled the number of institutions that submitted samples for Percepta testing in the 1st quarter of 2018, contrast to the 4th quarter of 2017.

Reimbursement Expansion:

  • Executed an in-network contract with Anthem, an independent Blues plan and one of the nation’s largest health benefits companies. This achievement nearly completes Veracyte’s contracting efforts to make the Afirma classifier accessible to patients nationally as an in-network service.

Evidence Development:

  • Presented the 1st real-world clinical utility data for the Afirma GSC at ENDO 2018 demonstrating that the genomic test enabled importantly more patients to avoid unnecessary thyroid surgery, contrast to the original Afirma test;
  • Published the INTENSITY study in BMC Pulmonary Medicine, quantifying the challenges of obtaining an IPF diagnosis and the resulting negative impact on patients – and underscoring the clinical need for the Envisia classifier; and
  • Received acceptance of an abstract for a validation study demonstrating the performance of the Afirma Xpression Atlas to be presented at the American Association of Clinical Endocrinologists’ (AACE) 27thYearly Scientific & Clinical Congress in May 2018.

Scientific Innovation:

  • Unveiled the Afirma Xpression Atlas, an extension of the Afirma GSC, at ENDO 2018 in an oral presentation detailing the RNA sequencing-based platform’s ability to derive rich genomic content – 761 DNA variants and 130 RNA fusions in over 500 genes that are associated with thyroid cancer – from thyroid fine needle aspiration samples; and
  • Entered into a research alliance with Loxo Oncology, which will leverage Veracyte’s Afirma Xpression Atlas platform to advance Loxo Oncology’s development of therapies for patients with genetically defined cancers, including thyroid cancer.

Updated 2018 Financial Outlook

Veracyte is increasing its 2018 yearly revenue guidance to $83M to $86M, from its previous guidance of $81M to $83M. The company reiterates its yearly cash burn guidance of $18M to $22M.

(VCYT) is recorded at 0.41 and the relative strength index of the stock stands 78.59. The stock price is going above to its 52 week low with 90.06 percent and lagging above from its 52 week high with 1.02 percent. Analyst recommendation for this stock stands at 1.80.


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