© 2026 Veracyte, Inc. All rights reserved. 1
February 25, 2026
Our vision i to transform cancer care for patients
the
© 2026 Veracyte, Inc. All rights reserved. 3
3
Strong topline growth driven by testing revenue
Total Revenue (M)
Q4 Full-Year
$517
Testing Revenue (M) 1
Q4 Full-Year
$493
$119
19%
YOY growth
$141
$446
16%
YOY growth
$112
$136
21%
YOY growth
$419
18%
YOY growth
Q4 2024 Q4 2025
2024 2025
Q4 2024 Q4 2025
2024 2025
20% YOY growth*
18% YOY growth*
22% YOY growth* 19% YOY growth*
*adjusting for discontinuation of Envisia2
Testing revenue includes cytology revenue of $2.4M in Q4 2025 and $2.3M in Q4 2024 as well as $9.8M in the full year 2025 and $9.4M in the full year 2024
Adjusting for Envisia, Q4 2024 revenue of $1.1M and volume of ~270 tests as well as full year 2024 revenue of $5.6M and volume of ~1.450 tests
© 2026 Veracyte, Inc. All rights reserved. 4
Further penetration and share gains
Launched Decipher for metastatic patients
Achieved >25% adj. EBITDA in 2025
Expanded Afirma and Decipher clinical evidence
Transitioned Afirma to v2 transcriptome
Completed Veracyte SAS restructuring
Completed NIGHTINGALE enrollment
© 2026 Veracyte, Inc. All rights reserved. 5
Phased strategic growth drivers expand the reach of our platform near-term, mid-term & long-term
Prosigna®
IVDs
TrueMRD
Nasal Swab
Afirma®
Growing Afirma
Quarterly Volume
12%
16,950
17,000
15,200
15,700
16,300
15,450
14,000
15,100
18,250
Steady pipeline of new account wins and increased utilization per account
Completed the full transition to new v2 transcriptome, benefiting scalability, cost profile, and patient impact
4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25
Increased Afirma-related publications, with
the majority driven by Afirma GRID
Decipher®
Growing Decipher
15th consecutive quarter of >20% YOY volume growth
Quarterly Volume
21%
25,500
26,700
27,200
19,900
21,250
22,400
22,550
15,500
16,500
Highest number of quarterly ordering providers, up 18% YOY, and orders per physician
4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25
Of the >300,000 prostate cancer patients tested to date, >100,000 were tested in 2025 alone
Expand clinical signatures available on the Decipher report
For example, PORTOS, PTEN and PAM 50 to further enhance clinical insights
Drive continued penetration into advanced disease
with the launch of metastatic and the development of expanded clinical signatures to drive growth in high-risk, post surgery BCR and metastatic
Scan all slides to build digital pathology database
Currently >210,000 slides from
>150,000 patients with outcomes data for digital pathology research - representing the majority of the historical database on Decipher
© 2026 Veracyte, Inc. All rights reserved. 9
15 abstracts across Decipher prostate, bladder, and GRID at ASCO GU
Decipher Prostate
Multiple papers will showcase the power of Decipher GRID
Several abstracts will be presented leveraging real-world data on the usage of the Decipher prostate score in important patient populations
Decipher Bladder
5 abstracts will be presented highlighting Decipher Bladder
Findings from the SURE-02 trial will be presented underscoring the importance of molecular subtyping in MIBC and integration into clinical trial design and treatment planning
TrueMRD
Differentiated approach:
Whole genome every step of the way
Oral presentation at ASCO GU supports TrueMRD's use in MIBC patients for bladder-sparing and confident disease management
Commercial launch on track for 1H 2026
with reimbursement expected
First indication
targeted is muscle invasive bladder cancer (MIBC)
Expanding indications
expected annually
Multiple studies already completed in MIBC, CRC, and Lung
Robust study pipeline 10 in testing / analysis 13 in contracting
17 in active planning
Prosigna
Prognostic testing for breast cancerProvides additional data around the risk of recurrence and biological classification of the cancer to help inform treatment decisions
>300,000 patients diagnosed annually
~225,000 are eligible for Prosigna testing (US)1
Positive outcomes data
from 10-year OPTIMA PRELIM study shared in May 2025, with full study readout expected in June 20262
LDT launch anticipated in mid-2026
Following expected key clinical utility evidence readouts
Company estimates based on breastcancer.org estimate of ~317,000 women in the US that were diagnosed with breast cancer in 2025 & komen.org estimate that about 70% to 80% of newly diagnosed breast cancers are HR+; 2. Full OPTIMA trial readout is subject to acceptance of ASCO presentation
© 2026 Veracyte, Inc. All rights reserved. 12
Strong topline growth driven by testing revenue
Total Revenue (M) 1
Testing Revenue (M)1
Testing Volume (K)
Q4
Q4
Q4
$141
$136
45.5
$119
$112
39.1
19%
YOY growth
21%
YOY growth
16%
YOY growth
Q4 2024
Q4 2025
Q4 2024 Q4 2025
Q4 2024
Q4 2025
Testing ASP: $2,9842
ASP increased 1% versus the prior year when adjusted for prior period collections
Testing revenue includes cytology revenue of $2.4M in the fourth quarter of 2025 and $2.3M in the fourth quarter of 2024 as well as
$9.8M in the full year 2025 and $9.4M in the full year 2024
ASP calculated as testing revenue of $135.8M divided by testing volume of approximately 45,516
© 2026 Veracyte, Inc. All rights reserved. 13
Record quarter for net income and adjusted EBITDA
GAAP Net Income (M) | Adjusted EBITDA Margin | Cash and short-term investments (M)1 | |||
Q4 | Q4 | End of Quarter | |||
$41.1 | 30.1% | $412.9 | |||
$5.1 | 22.0% | $289.4 | |||
Q4 2024 | Q4 2025 | Q4 2024 | Q4 2025 | Q4 2024 | Q4 2025 |
Driving profitable growth with our proven platform
Total Revenue (M)
$297
$361
$446
$517
$493
Product
Other
$251
$327
$419
2022 2023 2024 2025
Adj. EBITDA
Margin
8.3% 12.6% 20.6% 27.6%Exceeded 25% target
Revenue (M)1 Adjusted EBITDA Margin1,2
$517
$570 - $582
10-13%
YOY growth
2025 2026
$560M - $570M testing revenue
14 - 16% YOY growth
excluding the contribution of new tests
~25% adjusted EBITDA
Guidance provided on February 25, 2026
The company is unable to provide a quantitative reconciliation of expected adjusted EBITDA as a percentage of revenue to the most directly comparable forward-looking GAAP measure, without unreasonable effort, because of the inherent difficulty in accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such reconciliations that have not yet occurred, that are dependent on various factors, are out of the company's control, or that cannot be reasonably predicted. Such adjustments include, but are not limited to, acquisition related expenses and other adjustments. Any associated estimate of these items and their impact on GAAP performance for the guidance period could vary materially. For more information on the non-GAAP financial measures, please refer to the section titled "Forward-looking statements and non-GAAP information" at the beginning of this presentation
© 2©022062V6eVrearcayctyet,eI,nIcn.c.AAlllrl irgighhttssrreesseerrvveedd.. 16
Fueling growth with a steady cadence of expected catalysts
2026 2027+
Decipher
Expand Decipher clinical signatures
TrueMRD Additional TrueMRD indications
TrueMRD
Launch TrueMRD in MIBC
Decipher
Launch Decipher qPCR IVD
Prosigna
Launch Prosigna LDT1
Prosigna Launch Prosigna NGS IVD
IVDs
Secure IVDR certification
Nasal Swab
NIGHTINGALE readout
1. Transcriptome-based laboratory developed test to provide Prosigna score and intrinsic subtypes, also referred to as Prosigna LDT
© 2026 Veracyte, Inc. All rights reserved. 17
Reconciliation of Non-GAAP Gross Profit and Gross Margin
(Unaudited)
(In thousands of dollars)
Three Months Ended | Sep 30, 2024 | Dec 31, 2024 | Mar 31, 2025 | Jun 30, 2025 | Sep 30, 2025 | Dec 31, 2025 | |||||||
GAAP cost of testing revenue | $ 29,029 | $ 31,645 | $ 28,260 | $ 32,407 | $ 33,777 | $ 33,118 | |||||||
Stock-based compensation expense | (524) | (562) | (446) | (542) | (555) | (616) | |||||||
Acquisition related expenses (1) | - | - | - | - | - | - | |||||||
Other adjustments (2) | - | - | - | - | - | - | |||||||
Non-GAAP cost of testing revenue | $ | 28,505 | $ | 31,083 | $ | 27,814 | $ | 31,865 | $ | 33,222 | $ | 32,502 | |
GAAP cost of product revenue | $ | 1,792 | $ | 2,800 | $ | 1,422 | 1,749 | 3,015 | 2,621 | ||||
Stock-based compensation expense | (1) | (1) | (1) | (1) | - | - | |||||||
Acquisition related expenses (1) | - | - | - | - | - | - | |||||||
Other adjustments (2) | - | - | - | (32) | (1,418) | (281) | |||||||
Non-GAAP cost of product revenue | $ | 1,791 | $ | 2,799 | $ | 1,421 | $ | 1,716 | $ 1,597 | $ | 2,340 | ||
GAAP cost of biopharmaceutical and other revenue | $ | 3,112 | $ | 2,622 | $ | 2,698 | $ | 3,572 | $ | 1,091 | $ | 217 | |
Stock-based compensation expense | (62) | (78) | (73) | (65) | 15 | (2) | |||||||
Acquisition related expenses (1) | - | - | - | - | - | - | |||||||
Other adjustments (2) | - | - | - | - | - | - | |||||||
Non-GAAP cost of biopharmaceutical and other revenue | $ | 3,050 | $ | 2,544 | $ | 2,625 | $ | 3,507 | $ | 1,106 | $ | 215 | |
GAAP Gross Profit $ | 79,010 | $ | 78,754 | $ | 79,508 | $ | 89,769 | $ | 91,282 | $ 101,973 |
GAAP Gross Margin | 68.2 % | 66.4 % | 69.5 % | 69.0 % | 69.2 % | 72.5 % | ||||
Amortization of intangible assets | 2,917 | 2,811 | 2,585 | 2,667 | 2,707 | 2,707 | ||||
Stock-based compensation expense | 587 | 641 | 520 | 608 | 540 | 618 | ||||
Acquisition related expenses (1) | - | - | - | - | - | - | ||||
Other adjustments (2) | - | - | - | 32 | 1,418 | 281 | ||||
Non-GAAP Gross Profit $ | 82,514 | $ | 82,206 | $ | 82,613 | $ | 93,076 | $ | 95,947 | $ 105,579 |
Non-GAAP Gross Margin | 71.2 % | 69.3 % | 72.2 % | 71.5 % | 72.8 % | 75.1 % |
Includes transaction-related expenses as well as post-combination compensation expenses.
For the three months ended December 31, 2025, adjustments include expenses related to the restructuring of Veracyte SAS ($0.3M). For the three months ended September 30, 2025, and the three months ended June 30, 2025, adjustments include expenses related to the restructuring and liquidation proceedings of Veracyte SAS.
Some figures rounded for reporting purposes. Summed quarters may differ slightly from year-to-date figures presented due to rounding.
Reconciliation of Non-GAAP Gross Profit and Gross Margin
(Unaudited)
(In thousands of dollars)
Twelve Months Ended | Dec 31, 2024 | Dec 31, 2025 | ||
GAAP cost of testing revenue | $ 114,573 | $ 127,562 | ||
Stock-based compensation expense | (1,973) | (2,159) | ||
Acquisition related expenses (1) | (60) | - | ||
Other adjustments (2) | (6) | - | ||
Non-GAAP cost of testing revenue | $ 112,534 | $ 125,403 | ||
GAAP cost of product revenue | $ | 9,110 | $ | 8,807 |
Stock-based compensation expense | (4) | (2) | ||
Acquisition related expenses (1) | - | - | ||
Other adjustments (2) | - | (1,731) | ||
Non-GAAP cost of product revenue | $ | 9,106 | $ | 7,074 |
GAAP cost of biopharmaceutical and other revenue | $ | 12,384 | $ | 7,578 |
Stock-based compensation expense | (342) | (125) | ||
Acquisition related expenses (1) | - | - | ||
Other adjustments (2) | - | - | ||
Non-GAAP cost of biopharmaceutical and other revenue | $ | 12,042 | $ | 7,453 |
GAAP Gross Profit | $ 298,145 | $ 362,532 |
GAAP Gross Margin | 66.9 % | 70.1 % |
Amortization of intangible assets | 11,552 | 10,666 |
Stock-based compensation expense | 2,319 | 2,286 |
Acquisition related expenses (1) | 60 | - |
Other adjustments (2) | 6 | 1,731 |
Non-GAAP Gross Profit | $ 312,082 | $ 377,215 |
Non-GAAP Gross Margin | 70.0 % | 72.9 % |
Includes transaction-related expenses and post-combination compensation expenses. For the twelve months ended December 31, 2024, adjustments consist primarily of transaction related expenses associated with the acquisition of C2i Genomics.
For the twelve months ended December 31, 2025, adjustments include expenses related to the restructuring and liquidation proceedings of Veracyte SAS. For the twelve months ended December 31, 2024, adjustments include expense related to restructuring costs associated with portfolio prioritization.
Reconciliation of Non-GAAP Operating Expenses
(Unaudited)
(In thousands of dollars)
Three Months Ended | Sep 30, 2024 | Dec 31, 2024 | Mar 31, 2025 | Jun 30, 2025 | Sep 30, 2025 | Dec 31, 2025 | ||||||
GAAP research and development | $ 17,574 | $ 19,290 | $ 17,720 | $ 16,264 | $ 15,981 | $ 20,849 | ||||||
Stock-based compensation expense | (1,957) | (1,896) | (2,066) | (2,008) | (1,949) | (1,895) | ||||||
Acquisition related expenses (1) | 459 | - | - | - | - | - | ||||||
Other adjustments (2) | 5 | - | - | - | - | - | ||||||
Non-GAAP research and development | $ 16,081 | $ 17,394 | $ 15,654 | $ 14,256 | $ 14,032 | $ 18,954 | ||||||
GAAP sales and marketing | $ | 22,612 | $ | 24,824 | $ | 24,454 | $ | 25,316 | $ | 24,455 | $ | 25,940 |
Stock-based compensation expense | (1,790) | (1,872) | (1,958) | (2,198) | (2,102) | (2,060) | ||||||
Acquisition related expenses (1) | - | - | - | - | - | - | ||||||
Other adjustments (2) | 7 | - | - | - | - | - | ||||||
Non-GAAP sales and marketing | $ 20,829 | $ 22,952 | $ 22,496 | $ 23,118 | $ 22,353 | $ 23,880 | ||||||
GAAP general and administrative | $ | 25,742 | $ | 26,913 | $ | 33,808 | $ | 32,331 | $ | 27,278 | $ | 17,367 |
Stock-based compensation expense | (4,413) | (5,220) | (6,414) | (6,171) | (6,166) | (6,328) | ||||||
Acquisition related expenses (1) | (349) | (928) | (1,352) | 925 | (166) | 12,564 | ||||||
Other adjustments (2) | (248) | (3,196) | (3,694) | (4,144) | 1,308 | (1,309) | ||||||
Non-GAAP general and administrative | $ 20,732 | $ 17,569 | $ 22,348 | $ 22,941 | $ 22,254 | $ 22,294 | ||||||
GAAP total operating expenses | $ | 66,993 | $ | 74,579 | $ | 76,604 | $ | 95,037 | $ | 68,336 | $ | 64,778 |
Amortization of intangible assets | (880) | (798) | (622) | (621) | (622) | (622) | ||||||
Stock-based compensation expense | (8,160) | (8,988) | (10,438) | (10,377) | (10,217) | (10,283) | ||||||
Acquisition related expenses (1) | (75) | (961) | (1,352) | 925 | (166) | 12,564 | ||||||
Other adjustments (2) | (236) | (5,917) | (3,694) | (24,649) | 1,308 | (1,309) | ||||||
Non-GAAP total operating expenses | $ 57,642 | $ 57,915 | $ 60,498 | $ 60,315 | $ 58,639 | $ 65,128 | ||||||
Includes transaction-related expenses as well as post-combination compensation expenses. For the three months ended December 31, 2025, adjustments consist primarily of transaction-related expenses associated with contingent consideration related to the NanoString Technologies, Inc. ("NanoString") transaction ($0.7M) and contingent consideration associated with the C2i Genomics acquisition ($11.9M). For the three months ended September 30, 2025, adjustments consist primarily of transaction-related expenses associated with contingent consideration related to the NanoString transaction and contingent consideration associated with the C2i Genomics acquisition. For the three months ended June 30, 2025, adjustments consist primarily of transaction-related expenses associated with contingent consideration related to the NanoString transaction ($1.0M) partially offset by contingent consideration associated with the acquisition of C2i Genomics ($0.1M). For the three months ended March 31, 2025, adjustments consist primarily of transaction-related expenses associated with the acquisition of C2i Genomics ($1.3M). For the three months ended December 31, 2024, adjustments consist primarily of transaction related expenses associated with the acquisition of C2i Genomics ($1.0M). For the three months ended Sep 30, 2024, adjustments consist primarily of transaction related expenses associated with the acquisition of C2i Genomics ($0.1M).
For the three months ended December 31, 2025, adjustments primarily include expenses related to the restructuring and liquidation proceedings of Veracyte SAS ($1.1M) and other legal proceedings ($0.2M). For the three months ended September 30, 2025, adjustments primarily include a vendor legal settlement ($2.8M) partially offset by expenses related to the restructuring and liquidation proceedings of Veracyte SAS ($1.0M) and other legal proceedings ($0.5M). For the three months ended June 30, 2025, adjustments primarily include expenses related to Veracyte SAS impairment loss ($20.5M) and expenses related to the restructuring and liquidation proceedings of Veracyte SAS ($4.2M). For the three months ended March 31, 2025, adjustments primarily include expenses related to the restructuring and liquidation proceedings of Veracyte SAS ($3.8M), partially offset by adjustments related to restructuring costs ($0.1M). For the three months ended December 31, 2024, adjustments primarily include expenses related to the restructuring and liquidation proceedings of Veracyte SAS ($3.2M) and expense related to the impairment charge associated with HalioDx ($2.7M). For the three months ended Sep 30, 2024, adjustments primarily include expense related to restructuring costs ($0.2M).
Some figures rounded for reporting purposes. Summed quarters may differ slightly from year-to-date figures presented due to rounding.
Reconciliation of Non-GAAP Operating Expenses
(Unaudited)
(In thousands of dollars)
Twelve Months Ended | Dec 31, 2024 | Dec 31, 2025 |
GAAP research and development | $ 69,294 | $ 70,814 |
Stock-based compensation expense | (7,511) | (7,919) |
Acquisition related expenses (1) | 62 | - |
Other adjustments (2) | (271) | - |
Non-GAAP research and development | $ 61,574 | $ 62,895 |
GAAP sales and marketing | $ 95,434 | $ 100,165 |
Stock-based compensation expense | (6,897) | (8,317) |
Acquisition related expenses (1) | (124) | - |
Other adjustments (2) | (1,087) | - |
Non-GAAP sales and marketing | $ 87,326 | $ 91,848 |
GAAP general and administrative | $ 110,610 | $ 110,784 |
Stock-based compensation expense | (19,522) | (25,079) |
Acquisition related expenses (1) | (5,862) | 11,971 |
Other adjustments (2) | (6,564) | (7,839) |
Non-GAAP general and administrative | $ 78,662 | $ 89,837 |
GAAP total operating expenses | $ 282,003 | $ 304,755 |
Amortization of intangible assets | (3,297) | (2,487) |
Stock-based compensation expense | (33,930) | (41,315) |
Acquisition related expenses (1) | (6,571) | 11,971 |
Other adjustments (2) | (10,643) | (28,344) |
Non-GAAP total operating expenses | $ 227,562 | $ 244,580 |
Includes transaction-related expenses as well as post-combination compensation expenses. For the twelve months ended December 31, 2025, adjustments consist primarily of transaction-related expenses associated with the acquisition of C2i Genomics ($10.3M) and NanoString contingent consideration ($1.7M). For the twelve months ended December 31, 2024, adjustments consist primarily of transaction related expenses associated with the acquisition of C2i Genomics.
For the twelve months ended December 31, 2025, adjustments include expenses related to Veracyte SAS impairment loss ($20.5M), the restructuring and liquidation proceedings of Veracyte SAS ($9.8M), and other legal proceedings ($1.0M), partially offset by adjustments related to vendor legal settlement ($2.8M) and restructuring costs ($0.1M). For the twelve months ended December 31, 2024, adjustments primarily include expense related to restructuring costs associated with a reduction in our Biopharmaceutical and Other segment and with portfolio prioritization, expense related to Veracyte SAS site investment review and expense related to the impairment charge associated with HalioDx.
Reconciliation of Adjusted EBITDA
(Unaudited)
(In thousands of dollars)
Three Months Ended | Sep 30, 2024 | Dec 31, 2024 | Mar 31, 2025 | Jun 30, 2025 | Sep 30, 2025 | Dec 31, 2025 |
GAAP Net Income (Loss) | $ 15,155 | $ 5,113 | $ 7,047 | $ (980) | $ 19,137 | $ 41,149 |
GAAP Net Income (Loss) as a % of Revenue | 13.1 % | 4.3 % | 6.2 % | (0.8 %) | 14.5 % | 29.3 % |
Amortization of intangible assets | 3,797 | 3,609 | 3,207 | 3,288 | 3,329 | 3,329 |
Depreciation expense | 2,081 | 2,643 | 2,155 | 2,201 | 1,938 | 1,968 |
Stock-based compensation expense | 8,747 | 9,629 | 10,958 | 10,985 | 10,757 | 10,901 |
Acquisition related expenses (1) | 75 | 961 | 1,352 | (925) | 166 | (12,564) |
Other expense (income), net (2) | (3,366) | (1,967) | (2,976) | (3,170) | (3,484) | (3,546) |
Other adjustments (3) | (853) | 7,807 | 2,591 | 22,147 | 8,138 | 1,590 |
Income tax expense (benefit) | 1,693 | (1,670) | 381 | 2,230 | (248) | (515) |
Adjusted EBITDA | $ 27,329 | $ 26,125 | $ 24,715 | $ 35,776 | $ 39,733 | $ 42,312 |
Adjusted EBITDA as a % of Revenue | 23.6 % | 22.0 % | 21.6 % | 27.5 % | 30.1 % | 30.1 % |
Includes transaction-related expenses as well as post-combination compensation expenses. For the three months ended December 31, 2025, adjustments consist primarily of transaction-related expenses associated with contingent consideration related to NanoString ($0.7M) and contingent consideration associated with the acquisition of C2i Genomics ($11.9M). For the three months ended September 30, 2025, adjustments consist primarily of transaction-related expenses associated with contingent consideration related to NanoString and contingent consideration associated with the acquisition of C2i Genomics. For the three months ended June 30, 2025, adjustments consist primarily of transaction-related expenses associated with contingent consideration related to NanoString ($1.0M) partially offset by contingent consideration associated with the acquisition of C2i Genomics ($0.1M). For the three months ended March 31, 2025, adjustments consist primarily of transaction-related expenses associated with the acquisition of C2i Genomics ($1.3M). For the three months ended December 31, 2024, adjustments consist primarily of transaction related expenses associated with the acquisition of C2i Genomics ($1.0M). For the three months ended Sep 30, 2024, adjustments consist primarily of transaction related expenses associated with the acquisition of C2i Genomics ($0.1M).
Includes interest income and income related to research tax credits.
For the three months ended December 31, 2025, adjustments primarily include expenses related to the restructuring and liquidation proceedings of Veracyte SAS ($1.4M) and other legal proceedings ($0.2M). For the three months ended September 30, 2025, adjustments primarily include expenses related to the exclusion of unrealized loss related to Veracyte SAS deconsolidation ($6.7M), the exclusion of unrealized loss associated with foreign exchange impact on stock-based compensation and intercompany loans ($1.3M), the restructuring and liquidation proceedings of Veracyte SAS ($2.4M), and other legal proceedings ($0.5M), partially offset by vendor legal settlement ($2.8M). For the three months ended June 30, 2025, adjustments primarily include expenses related to Veracyte SAS impairment loss ($20.5M) and the restructuring and liquidation proceedings of Veracyte SAS ($4.2M), partially offset by the exclusion of unrealized gains associated with foreign exchange impacts on stock-based compensation and intercompany loans ($2.5M). For the three months ended March 31, 2025, adjustments primarily include expense related to the restructuring and liquidation proceedings of Veracyte SAS ($3.8M), partially offset by adjustments related to restructuring costs ($0.1M) and the exclusion of unrealized gains associated with foreign exchange impacts on stock-based compensation and intercompany loans ($1.1M). For the three months ended December 31, 2024, adjustments primarily include the exclusion of unrealized losses associated with foreign exchange impacts on stock-based compensation and intercompany loans ($1.9M), expense related to the restructuring and liquidation proceedings of Veracyte SAS ($3.2M) and expense related to the impairment charge associated with HalioDx ($2.7M). For the three months ended Sep 30, 2024, adjustments include the exclusion of unrealized gains associated with foreign exchange impacts on stock-based compensation and intercompany loans ($1.1M) partially offset by expense related to restructuring costs ($0.2M).
Some figures rounded for reporting purposes. Summed quarters may differ slightly from year-to-date figures presented due to rounding.
Reconciliation of Adjusted EBITDA
(Unaudited) (In thousands of dollars) | ||||
Twelve Months Ended | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2025 |
GAAP Net Income (Loss) | $ (36,560) | $ (74,404) | $ 24,138 | $ 66,353 |
GAAP Net Income (Loss) as a % of Revenue | (12.3 %) | (20.6 %) | 5.4 % | 12.8 % |
Amortization of intangible assets | 21,354 | 20,570 | 14,849 | 13,153 |
Depreciation expense | 4,572 | 6,618 | 8,610 | 8,262 |
Stock-based compensation expense | 27,456 | 33,489 | 36,249 | 43,601 |
Acquisition related expenses (1) | 8,242 | 993 | 6,631 | (11,971) |
Other expense (income), net (2) | (4,280) | (7,922) | (11,647) | (13,176) |
Other adjustments (3) | 3,832 | 68,283 | 11,450 | 34,466 |
Income tax expense (benefit) | 133 | (2,208) | 1,606 | 1,848 |
Adjusted EBITDA | $ 24,749 $ | 45,419 $ | 91,886 $ | 142,536 |
Adjusted EBITDA as a % of Revenue | 8.3 % | 12.6 % | 20.6 % | 27.6 % |
Includes transaction-related expenses as well as post-combination compensation expenses. For the twelve months ended December 31, 2025, adjustments consist primarily of transaction-related expenses associated with the acquisition of C2i Genomics ($10.3M) and the NanoString contingent consideration ($1.7M). For the twelve months ended December 31, 2024, adjustments consist primarily of transaction-related expenses associated with the acquisition of C2i Genomics. For the twelve months ended December 31, 2023, adjustments consist primarily of remeasurement of contingent consideration related to our adoption of a multi-platform IVD strategy, post-combination compensation expenses associated with the acquisition of HalioDx, and transaction related expenses associated with the acquisition of C2i Genomics. For the twelve months ended December 31, 2022, adjustments consist primarily of post-combination compensation expenses associated with the acquisition of HalioDx.
Includes interest income and income related to research tax credits.
For the twelve months ended December 31, 2025, adjustments primarily include expenses related to Veracyte SAS impairment loss ($20.5M), Veracyte SAS investment review ($7.7M), the exclusion of unrealized loss related to Veracyte SAS deconsolidation ($6.7M), the restructuring and liquidation proceedings of Veracyte SAS ($3.8M), and other legal proceedings ($1.0M), partially offset by adjustments related to restructuring costs ($0.1M), vendor legal settlement ($2.8M), and the exclusion of unrealized gains associated with foreign exchange impacts on stock-based compensation and intercompany loans ($2.3M). For the twelve months ended December 31, 2024, adjustments primarily include expense related to restructuring costs associated with a reduction in our Biopharmaceutical and Other segment and with portfolio prioritization, expense related to Veracyte SAS site investment review, expense related to the impairment charge associated with HalioDx and the exclusion of unrealized losses associated with foreign exchange impacts on stock-based compensation and intercompany loans. For the twelve months ended December 31, 2023, adjustments primarily include expense related to the impairment charge associated with the nCounter license intangible assets ($34.9M), expense related to the impairment charge associated with HalioDx ($32.0M) and related to other impairment charges ($1.3M). For the twelve months ended December 31, 2022, adjustments primarily include expense related to the impairment charge associated with certain developed technology intangible assets ($3.3M) and related to restructuring costs ($0.5M).
Reconciliation of Non-GAAP Net Income, EPS and WASO
(Unaudited)
(In thousands of dollars)
Three Months Ended Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 Dec 31, 2025
GAAP Net Income (Loss) $ 15,155 $ 5,113 $ 7,047 $ (980) $ 19,137 $ 41,149
Amortization of intangible assets
3,797
3,609
3,207
3,288
3,329
3,329
Stock-based compensation expense
8,747
9,629
10,958
10,985
10,757
10,901
Acquisition related expenses (1)
75
961
1,352
(925)
166
(12,564)
Other adjustments (2)
(853)
7,807
2,591
22,147
8,138
1,590
Tax adjustments (3)
(933)
1,830
(679)
437
(565)
(1,590)
Non-GAAP Net Income
$
25,988
$
28,949
$
24,476
$
34,952
$
40,962
$
42,815
Diluted EPS, GAAP
$
0.19
$
0.06
$
0.09
$
(0.01)
$
0.24
$
0.51
Amortization of intangible assets
0.05
0.05
0.04
0.04
0.04
0.04
Stock-based compensation expense
0.11
0.12
0.14
0.14
0.13
0.13
Acquisition related expenses (1)
-
0.01
0.02
(0.01)
-
(0.15)
Other adjustments (2)
(0.01)
0.10
0.03
0.28
0.10
0.02
Tax adjustments (3)
(0.01)
0.02
(0.01)
0.01
(0.01)
(0.02)
Rounding and impact of dilutive shares
-
-
-
(0.01)
0.01
-
Diluted EPS, non-GAAP
$
0.33
$
0.36
$
0.31
$
0.44
$
0.51
$
0.53
Diluted WASO, GAAP
78,464,654
79,905,412
80,056,024
78,391,502
79,691,703
81,387,089
Dilutive effect of equity awards (4)
-
-
-
1,057,711
-
-
Diluted WASO, non-GAAP
78,464,654
79,905,412
80,056,024
79,449,213
79,691,703
81,387,089
Includes transaction-related expenses as well as post-combination compensation expenses. For the three months ended December 31, 2025, adjustments consist primarily of transaction-related expenses associated with contingent consideration related to NanoString ($0.7M) and contingent consideration associated with the acquisition of C2i Genomics ($11.9M). For the three months ended September 30, 2025, adjustments consist primarily of transaction-related expenses associated with contingent consideration related to NanoString and contingent consideration associated with the acquisition of C2i Genomics. For the three months ended June 30, 2025, adjustments consist primarily of transaction-related expenses associated with contingent consideration related to NanoString ($1.0M) partially offset by contingent consideration associated with the acquisition of C2i Genomics ($0.1M). For the three months ended March 31, 2025, adjustments consist primarily of transaction-related expenses associated with the acquisition of C2i Genomics ($1.3M). For the three months ended December 31, 2024, adjustments consist primarily of transaction related expenses associated with the acquisition of C2i Genomics ($1.0M). For the three months ended Sep 30, 2024, adjustments consist primarily of transaction related expenses associated with the acquisition of C2i Genomics ($0.1M).
For the three months ended December 31, 2025, adjustments primarily include expenses related to the restructuring and liquidation proceedings of Veracyte SAS ($1.4M) and other legal proceedings ($0.2M). For the three months ended September 30, 2025, adjustments primarily include expenses related to the exclusion of unrealized loss related to Veracyte SAS deconsolidation ($6.7M), the exclusion of unrealized loss associated with foreign exchange impact on stock-based compensation and intercompany loans ($1.3M), the restructuring and liquidation proceedings of Veracyte SAS ($2.4M), and other legal proceedings ($0.5M), partially offset by vendor legal settlement ($2.8M). For the three months ended June 30, 2025, adjustments primarily include expenses related to Veracyte SAS impairment loss ($20.5M) and the restructuring and liquidation proceedings of Veracyte SAS ($4.2M), partially offset by the exclusion of unrealized gains associated with foreign exchange impacts on stock-based compensation and intercompany loans ($2.5M). For the three months ended March 31, 2025, adjustments primarily include expense related to the restructuring and liquidation proceedings of Veracyte SAS ($3.8M), partially offset by adjustments related to restructuring costs ($0.1M) and the exclusion of unrealized gains associated with foreign exchange impacts on stock-based compensation and intercompany loans ($1.1M). For the three months ended December 31, 2024, adjustments primarily include the exclusion of unrealized losses associated with foreign exchange impacts on stock-based compensation and intercompany loans ($1.9M), expense related to the restructuring and liquidation proceedings of Veracyte SAS ($3.2M) and expense related to the impairment charge associated with HalioDx ($2.7M). For the three months ended Sep 30, 2024, adjustments include the exclusion of unrealized gains associated with foreign exchange impacts on stock-based compensation and intercompany loans ($1.1M) partially offset by expense related to restructuring costs ($0.2M).
Incremental non-GAAP tax expense reflects the tax impact of the non-GAAP adjustments listed.
In those periods in which GAAP net (loss) income is negative and non-GAAP net (loss) income is positive, non-GAAP diluted weighted average shares outstanding includes potentially dilutive common shares from equity awards as determined using the treasury stock method.
Some figures rounded for reporting purposes. Summed quarters may differ slightly from year-to-date figures presented due to rounding or use of weighted-averages when calculating earnings per share.
Reconciliation of Non-GAAP Net Income, EPS and WASO
(Unaudited) (In thousands of dollars) | |||
Twelve Months Ended | Dec | 31, 2024 | Dec 31, 2025 |
GAAP Net Income (Loss) | $ | 24,138 | $ 66,353 |
Amortization of intangible assets | 14,849 | 13,153 | |
Stock-based compensation expense | 36,249 | 43,601 | |
Acquisition related expenses (1) | 6,631 | (11,971) | |
Other adjustments (2) | 11,450 | 34,466 | |
Tax adjustments (3) | (349) | (2,397) | |
Non-GAAP Net Income | $ | 92,968 | $ 143,205 |
Diluted EPS, GAAP | $ | 0.31 | $ 0.82 |
Amortization of intangible assets | 0.19 | 0.16 | |
Stock-based compensation expense | 0.46 | 0.54 | |
Acquisition related expenses (1) | 0.08 | (0.15) | |
Other adjustments (2) | 0.15 | 0.43 | |
Tax adjustments (3) | - | (0.03) | |
Rounding and impact of dilutive shares | - | 0.01 | |
Diluted EPS, non-GAAP | $ | 1.19 | $ 1.78 |
Diluted WASO, GAAP | 78,163,217 | 80,573,140 | |
Dilutive effect of equity awards (4) | - | - | |
Diluted WASO, non-GAAP | 78,163,217 | 80,573,140 | |
Includes transaction-related expenses as well as post-combination compensation expenses. For the twelve months ended December 31, 2025, adjustments consist primarily of transaction-related expenses associated with the acquisition of C2i Genomics ($10.3M) and the NanoString contingent consideration ($1.7M). For the twelve months ended December 31, 2024, adjustments consist primarily of transaction related expenses associated with the acquisition of C2i Genomics.
For the twelve months ended December 31, 2025, adjustments primarily include expense related to Veracyte SAS impairment loss ($20.5M), Veracyte SAS investment review ($7.7M), the exclusion of unrealized loss related to Veracyte SAS deconsolidation ($6.7M), the restructuring and liquidation proceedings of Veracyte SAS ($3.8M), and other legal proceedings ($1.0M), partially offset by adjustments related to restructuring costs ($0.1M), vendor legal settlement ($2.8M), and the exclusion of unrealized gains associated with foreign exchange impacts on stock-based compensation and intercompany loans ($2.3M). For the twelve months ended December 31, 2024, adjustments primarily include expense related to restructuring costs associated with a reduction in our Biopharmaceutical and Other segment and with portfolio prioritization, expense related to Veracyte SAS site investment review, expense related to the impairment charge associated with HalioDx and the exclusion of unrealized losses associated with foreign exchange impacts on stock-based compensation and intercompany loans.
Incremental non-GAAP tax expense reflects the tax impact of the non-GAAP adjustments listed.
In those periods in which GAAP net (loss) income is negative and non-GAAP net (loss) income is positive, non-GAAP diluted weighted average shares outstanding includes potentially dilutive common shares from equity awards as determined using the treasury stock method.
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Veracyte Inc. published this content on February 25, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on February 25, 2026 at 21:59 UTC.
