Q4 2024 Veracyte Inc Earnings Call Transcript
Key Points
- Veracyte Inc (VCYT) achieved a record year in 2024 with a total revenue of $446 million, marking a robust growth of 23% year-over-year.
- The company's testing revenue, which constitutes nearly 95% of its business, grew by 28% year-over-year, demonstrating strong demand for its products.
- Decipher's market leadership was further solidified with a 36% volume growth, delivering over 80,000 tests in 2024.
- Afirma's volume growth was strong, increasing by 12% in 2024, with significant revenue growth in Bethesda V and VI categories.
- Veracyte Inc (VCYT) maintained a best-in-class financial profile with a full-year adjusted EBITDA margin of 20.6% and generated over $70 million in cash.
- Veracyte Inc (VCYT) faces potential operational challenges with its French subsidiary, Veracyte SAS, which may lead to bankruptcy proceedings if a buyer is not found.
- The company experienced a decline in product revenue, down 18% year-over-year, due to supply and manufacturing challenges with Prosigna.
- Biopharmaceutical and other revenue decreased by 17% year-over-year, reflecting challenges in this segment.
- Non-GAAP gross margin decreased by approximately 130 basis points compared to the prior year period, impacted by lower prior period collections.
- The potential changes in the French entity could impact Veracyte Inc (VCYT)'s timelines for international expansion and development roadmaps.
Good day, and thank you for standing by. Welcome to the Veracyte fourth quarter and full year 2024 financial results webcast. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your 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 fourth quarter and full year 2024 financial results. With me today are Marc Stapley, Veracyte's Chief Executive Officer; and Rebecca Chambers, our Chief Financial Officer. Veracyte issued a press release earlier this afternoon detailing our fourth quarter and full year 2024 financial results. This release and a copy of the presentation we will review during the call today are available in the Investor Relations section of our website at veracyte.com. Before we begin, I'd like to remind you that various statements we make during this call will include forward
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