Q1 2024 Veracyte Inc Earnings Call Transcript
Key Points
- Veracyte Inc (VCYT) reported a strong start to 2024 with first quarter revenue of $96.8 million, a 17% increase year-over-year.
- The testing business grew by 25%, driven by the performance of the Decipher Prostate and Afirma tests.
- Veracyte Inc (VCYT) achieved a new quarterly volume record with 16,500 Decipher Prostate tests, indicating strong market penetration and adoption.
- Updated NCCN guidelines have included the Decipher Prostate test with a high evidence rating, enhancing its credibility and utility in clinical decisions.
- Veracyte Inc (VCYT) signed a significant contract with a major commercial payer, expanding network coverage for the Decipher Prostate test to nearly 30 million members.
- Despite overall growth, product revenue was down 9% year-over-year due to supplier issues impacting demand.
- Biopharmaceutical and other revenue declined by 51% year-over-year, reflecting spending constraints across the industry.
- Non-GAAP gross margin decreased slightly by approximately 70 basis points compared to the prior year period.
- The pace of patient enrollment for the Percepta Nasal Swab test is tracking below updated expectations, which may delay completion.
- Veracyte Inc (VCYT) downsized commercial support for the ViziLite test, indicating a shift in strategic focus and potential challenges in that product segment.
Good day, and thank you for standing by, and welcome to the Veracyte First Quarter 2024 financial results conference call. (Operator Instructions)
Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Shayla Gorman, Senior Director, Investor Relations. Please go ahead.
Good afternoon, everyone, and thank you for joining us today. For a discussion of our first quarter 2024 financial results. With me today are Marc Stapley, Veracyte's Chief Executive Officer; and Rebecca Chambers, our Chief Financial Officer, Verisyse issued a press release earlier this afternoon detailing our first quarter 2024 financial results. This release, along with the business and financial presentation, is available in the Investor Relations section of our website at veracyte.com.
Before we begin, I'd like to remind you that various statements that we may make during this call will include forward looking statements as
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