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    VCYT   US92337F1075

VERACYTE, INC.

(VCYT)
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Veracyte : Announces Fourth Quarter and Full-Year 2021 Financial Results - Form 8-K

02/28/2022 | 04:59pm EST
Veracyte Announces Fourth Quarter and Full-Year 2021 Financial Results

Grew Fourth Quarter 2021 Revenue to $67.3 Million, an Increase of 95%

Grew 2021 Revenue to $219.5 Million, an Increase of 87%

Conference Call and Webcast Today at 4:30 p.m. ET

SOUTH SAN FRANCISCO, Calif., February 28, 2022 --- Veracyte, Inc., (Nasdaq: VCYT) today announced financial results for the fourth quarter and full year ended December 31, 2021.

"Our business continued to perform well in the fourth quarter, despite facing unanticipated COVID-related headwinds," said Marc Stapley, Veracyte's chief executive officer. "Moreover, 2021 was a pivotal year for Veracyte as we believe we put the major strategic pieces in place, including the acquisitions of Decipher and HalioDx, to position us to achieve our vision of becoming a global diagnostics leader. We look forward to building on this progress in 2022 with key milestones to support our near- and long-term growth."

Fourth Quarter 2021 Financial Results
For the fourth quarter of 2021, as compared with the fourth quarter of 2020:
•Total Revenue was $67.3 million, an increase of 95%;
•Operating Expenses, Excluding Cost of Revenue, were $56.8 million, an increase of 81%;
•Net Loss was $10.5 million, an increase of 31%;
•Basic and Diluted Net Loss Per Common Share was $0.15, an increase of 7%;
•Net Cash Provided by Operating Activities was $8.4 million, an increase of $6.1 million; and
•Cash and Cash Equivalents were $173.2 million at December 31, 2021.

For the year ended December 31, 2021, compared to the prior year:
•Total Revenue was $219.5 million, an increase of 87%;
•Operating Expenses, Excluding Cost of Revenue, were $227.0 million, an increase of 104%, including $47.2 million of acquisition-related expenses;
•Net Loss was $75.6 million, an increase of 116%, including $47.2 million of acquisition-related expenses;
•Basic and Diluted Net Loss Per Common Share was $1.11, an increase of 68%, including $0.70 per share attributable to acquisition-related expenses; and
•Net Cash Used in Operating Activities was $31.6 million, including $43.6 million of acquisition-related expenses, compared to $9.7 million.

Key Business Highlights
•Grew test volume to 22,300 in the fourth quarter and 78,565 in full-year 2021, increases of 70% and 77%, respectively, compared to the prior year.
•Completed the acquisitions of Decipher Biosciences and HalioDx, positioning Veracyte to drive global expansion with a broad menu of high-performance tests.
•Published clinical utility studies for the Afirma, Percepta and Envisia genomic classifiers in the Journal of the American Society of Cytopathology, BMC Pulmonary Medicine and AnnalsATS, respectively.
•Broadened the clinical evidence for the Decipher Prostate Genomic Classifier including the presentation of data from a randomized Phase 3 trial at ASCO Genitourinary Symposium which demonstrated the test's


ability to guide therapy in men with intermediate-risk prostate cancer; received an expanded recommendation in 2022 National Comprehensive Cancer Network® (NCCN) Clinical Practice Guidelines for Oncology, which uniquely predicates treatment decisions based on patients' Decipher Prostate test scores.
•Commercially launched the Decipher Bladder Genomic Classifier in November 2021 following a Medicare coverage policy and publication of strong clinical validation data in the Journal of Urology.
•Began running the Percepta Nasal Swab test for improved early detection of lung cancer in Veracyte's CLIA lab and returned results to the first patients as Veracyte began to assemble the clinical utility evidence to support future reimbursement and guideline inclusion.
•Augmented and reorganized the leadership team to deliver on Veracyte's global strategic vision.

2022 Financial Outlook
Veracyte is initiating 2022 annual total revenue guidance of $260 million to $275 million, representing year-over-year growth of 18% to 25%, compared to the prior year.

Conference Call and Webcast Details
Veracyte will host a conference call and webcast today at 4:30 p.m. Eastern Time to discuss the company's financial results and provide a general business update. The conference call will be webcast live from the company's website and will be available via the following link: https://protect-us.mimecast.com/s/IyUzCADA4pUjMMGcmQqy2. The webcast should be accessed 10 minutes prior to the conference call start time. A replay of the webcast will be available for one year following the conclusion of the live broadcast and will be accessible on the company's website at https://investor.veracyte.com/events-presentations.

The conference call can be accessed as follows:

U.S./Canada participant dial-in number (toll-free): (855) 541-0980
International participant dial-in number: (970) 315-0440
Conference I.D.: 5377945

About Veracyte
Veracyte (Nasdaq: VCYT) is a global diagnostics company that improves patient care by answering important clinical questions to inform diagnosis and treatment decisions throughout the patient journey. Our growing menu of advanced diagnostic tests help patients avoid risky, costly procedures and interventions, and reduce time to appropriate treatment. Our tests address eight of the 10 most prevalent cancers by incidence in the United States. In addition to making our tests available in the United States through our central laboratories, our exclusive license to a best-in-class diagnostics instrument positions us to deliver our tests to patients worldwide through laboratories that can perform them locally. Veracyte is based in South San Francisco, California. For more information, please visit www.veracyte.com and follow the company on Twitter (@veracyte).

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements, including, but not limited to, our statements related to our expected total revenue and other financial and operating results for 2022 and our plans, objectives, expectations (financial and otherwise) or intentions with respect to our Prosigna, Afirma, Percepta, Envisia, LymphMark, Decipher Prostate, Percepta Nasal Swab, Percepta Genomic Atlas and Decipher Bladder tests and products for use in diagnosing and treating diseases, Medicare coverage, and our commercial organization. Forward-looking statements can be identified by words such as: "appears," "anticipate," "intend," "plan," "expect," "believe," "should," "may," "will," "positioned," "designed" and similar references to future periods. Actual results may differ materially from those projected or suggested in any forward-looking statements. These statements involve risks and uncertainties, which could cause actual results to differ materially from our predictions, and include, but are not limited to our ability to launch, commercialize and receive reimbursement for our products, to successfully integrate the HalioDx and Decipher businesses and execute on our business plans; continue to scale our global operations and enhance our internal control environment; the impact of the COVID-19 pandemic and its variants on our business and general economic conditions; and the performance and utility of our tests in the clinical environment. Additional factors that may impact these forward-looking statements can be found under the caption "Risk Factors" in our Quarterly Report on Form 10-Q filed with the SEC on November 9, 2022 and our Annual Report on Form 10-K to be filed for the year ended December 31, 2021. Copies of these documents, when available, may be found in the Investors section of our website at www.investor.veracyte.com. These forward-looking statements speak only as


of the date hereof and, except as required by law, we specifically disclaim any obligation to update these forward-looking statements or reasons why actual results might differ, whether as a result of new information, future events or otherwise.

Veracyte, the Veracyte logo, HalioDx, Decipher, Decipher GRID, Afirma, Percepta, Envisia, Prosigna, Lymphmark, Immunoscore, TMExplore, Brightplex, Immunosign, "Know by Design" and "More about You" are registered trademarks of Veracyte, Inc. and its subsidiaries in the U.S. and selected countries. nCounter is the registered trademark of NanoString Technologies, Inc. in the U.S. and selected countries and used by Veracyte under license.




VERACYTE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands of dollars, except share and per share amounts)
Three Months Ended December 31, Twelve Months Ended December 31,
2021 2020 2021 2020
Revenues:
Testing revenue $ 53,414 $ 31,497 $ 188,182 $ 101,970
Product revenue 2,758 2,696 11,464 9,845
Biopharmaceutical and other revenue 11,164 343 19,868 5,668
Total revenue 67,336 34,536 219,514 117,483
Operating expenses (1):
Cost of testing revenue 16,366 9,756 58,860 35,913
Cost of product revenue 1,583 1,382 5,887 4,921
Cost of biopharmaceutical and other revenue 4,933 49 9,653 621
Research and development 10,252 4,586 29,843 17,204
Selling and marketing 22,212 13,149 79,840 52,389
General and administrative 18,849 12,413 101,353 36,729
Intangible asset amortization 5,474 1,273 15,981 5,095
Total operating expenses 79,669 42,608 301,417 152,872
Loss from operations (12,333) (8,072) (81,903) (35,389)
Other income, net 1,016 28 254 480
Loss before income tax benefit (11,317) (8,044) (81,649) (34,909)
Income tax benefit (789) - (6,086) -
Net loss $ (10,528) $ (8,044) $ (75,563) $ (34,909)
Net loss per common share, basic and diluted $ (0.15) $ (0.14) $ (1.11) $ (0.66)
Shares used to compute net loss per common share, basic and diluted 71,064,467 58,023,753 67,890,328 53,239,231

(1) Cost of revenue, research and development, sales and marketing and general and administrative expenses include the following stock-based compensation related expenses:

Three Months Ended December 31, Twelve Months Ended December 31,
2021 2020 2021 2020
HalioDx stock-based compensation expense $ 1,376 $ - $ 3,944 $ -
Other stock-based compensation expense 5,438 3,640 19,024 12,995
Total stock-based compensation expense $ 6,814 $ 3,640 $ 22,968 $ 12,995


VERACYTE, INC.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS
(Unaudited)
(In thousands)
Three Months Ended December 31, Twelve Months Ended December 31,
2021 2020 2021 2020
Net loss $ (10,528) $ (8,044) $ (75,563) $ (34,909)
Other comprehensive loss:
Change in currency translation adjustments (6,943) - (15,083) -
Net comprehensive loss $ (17,471) $ (8,044) $ (90,646) $ (34,909)


VERACYTE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
December 31, December 31,
2021 2020
(Unaudited) (See Note 1)
Assets
Current assets:
Cash and cash equivalents
$ 173,197 $ 349,364
Accounts receivable
41,461 18,461
Supplies
11,225 4,657
Prepaid expenses and other current assets
17,219 3,197
Total current assets
243,102 375,679
Property and equipment, net 15,098 8,990
Right-of-use assets - operating leases 16,043 7,843
Intangible assets, net 202,731 59,924
Goodwill 707,904 2,725
Restricted cash 749 603
Other assets 2,198 1,399
Total assets $ 1,187,825 $ 457,163
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$ 12,360 $ 3,116
Accrued liabilities
39,475 11,705
Current portion of long-term debt 1,127 -
Current portion of deferred revenue 4,646 371
Current portion of acquisition-related contingent consideration 2,682 -
Current portion of operating lease liabilities 3,630 1,589
Current portion of other liabilities 231 -
Total current liabilities
64,151 16,781
Long-term debt - 810
Deferred revenue, net of current portion 343 829
Deferred tax liability 5,592 -
Acquisition related contingent consideration, net of current portion 5,722 7,594
Operating lease liabilities, net of current portion 14,096 9,917
Other liabilities 1,407 -
Total liabilities
91,311 35,931
Total stockholders' equity 1,096,514 421,232
Total liabilities and stockholders' equity $ 1,187,825 $ 457,163
1 The condensed balance sheet at December 31, 2020 has been derived from the audited financial statements at that date included in the Company's Form 10-K filed with the Securities and Exchange Commission dated February 22, 2021.



VERACYTE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands of dollars)
Twelve Months Ended December 31,
2021 2020
Operating activities
Net loss $ (75,563) $ (34,909)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization 19,593 7,944
Stock-based compensation 22,519 12,995
Benefit from income taxes (6,258) -
Interest on end-of-term debt obligations 216 216
Write-down of excess supplies - 1,088
Noncash lease expense 1,632 964
Revaluation of acquisition-related contingent consideration 810 1,506
Impairment loss - 1,000
Effect of foreign currency on operations 1,211 (34)
Changes in operating assets and liabilities:
Accounts receivable (8,571) 955
Supplies (1,464) 1,061
Prepaid expenses and other current assets (3,316) (970)
Other assets (216) 37
Operating lease liability (1,794) (1,407)
Accounts payable 5,155 711
Accrued liabilities and deferred revenue 14,425 (868)
Net cash used in operating activities (31,621) (9,711)
Investing activities
Acquisition of Decipher Biosciences, net of cash acquired (574,411) -
Acquisition of HalioDx, net of cash acquired (162,419) -
Proceeds from sale of equity securities 3,000 -
Purchase of equity securities - (1,000)
Purchases of property and equipment (5,376) (2,837)
Net cash used in investing activities (739,206) (3,837)
Financing activities
Proceeds from the issuance of common stock in a public offering, net of issuance costs 593,821 193,831
Payment of long-term debt - (100)
Payment of taxes on vested restricted stock units (9,029) (3,845)
Proceeds from the exercise of common stock options and employee stock purchases 11,528 13,709
Net cash provided by financing activities 596,320 203,595
(Decrease) increase in cash, cash equivalents and restricted cash (174,507) 190,047
Effect of foreign currency on cash, cash equivalents and restricted cash (1,514) -
Net (decrease) increase in cash, cash equivalents and restricted cash (176,021) 190,047
Cash, cash equivalents and restricted cash at beginning of period 349,967 159,920


Cash, cash equivalents and restricted cash at end of period $ 173,946 $ 349,967

CASH, CASH EQUIVALENTS AND RESTRICTED CASH
(Unaudited)
(In thousands of dollars)
December 31, December 31,
2021 2020
Cash and cash equivalents $ 173,197 $ 349,364
Restricted cash 749 603
Total cash, cash equivalents and restricted cash $ 173,946 $ 349,967

# # #

Investor and Media Contact:

Tracy Morris
Vice President of Corporate Communications
& Investor Relations
650-380-4413
tracy.morris@veracyte.com


Disclaimer

Veracyte Inc. published this content on 28 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 February 2022 21:58:07 UTC.


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Sales 2022 291 M - -
Net income 2022 -43,2 M - -
Net cash 2022 156 M - -
P/E ratio 2022 -43,3x
Yield 2022 -
Capitalization 1 870 M 1 870 M -
EV / Sales 2022 5,88x
EV / Sales 2023 5,18x
Nbr of Employees 761
Free-Float 99,0%
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