Veracyte Reaches Record Revenue of $90.3 Million in Q2 2023, Up 24% YOY

August 9, 2023

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Veracyte ($NASDAQ:VCYT), Inc., a molecular diagnostics company, recently announced record breaking revenue of $90.3 million for their second quarter of 2023, up 24% from the previous year. This is an incredibly impressive feat for the company, which provides diagnostic tests to help physicians diagnose and treat cancer and other diseases. The conference call and webcast held today at 4:30 p.m. ET will provide details on the financial results for the quarter. Veracyte has emerged as a leader in molecular diagnostics, offering innovative tests and services to help clinicians make more accurate decisions about patient care.

Their products are backed by extensive research and development and include tests that aid in diagnosing diseases such as thyroid cancer, lung cancer, and idiopathic pulmonary fibrosis. Their advanced technology provides physicians with the information they need to make informed decisions about treatment. With record revenue this quarter, Veracyte is poised to continue its impressive growth.


In the most recent earnings report of FY2023 Q2 ending June 30, 2021, VERACYTE reported a total revenue of $55.1M USD and a net income loss of $9.04M USD. In comparison to the same period the previous year, total revenue has decreased by 24.4%. However, thanks to a consistently successful business strategy, VERACYTE has achieved remarkable growth in the past 3 years with total revenue increasing from $55.1M USD to $90.32M USD; a record in terms of revenue for the company. This growth highlights the success of VERACYTE’s services and products in the market.

About the Company

  • Veracyte_Reaches_Record_Revenue_of_90.3_Million_in_Q2_2023_Up_24_YOY”>Industry Classification
  • Key Executives
  • Ownership (Institutional/ Fund Holdings)
  • News Feed
  • Income Snapshot

    Below shows the total revenue, net income and net margin for Veracyte. More…

    Total Revenues Net Income Net Margin
    328.63 -29.06 -9.0%
  • Income Statement Reports (Yearly/ Quarterly/ LTM)
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  • Growth Performance
  • Cash Flow Snapshot

    Below shows the cash from operations, investing and financing for Veracyte. More…

    Operations Investing Financing
    31.27 2.78 3.66
  • Cash Flow Statement (Yearly/ Quarterly/ LTM)
  • Cash Flow Supplement
  • Balance Sheet Snapshot

    Below shows the total assets, liabilities and book value per share for Veracyte. More…

    Total Assets Total Liabilities Book Value Per Share
    1.16k 78.4 14.93
  • Balance Sheet (Yearly/ Quarterly)
  • Balance Sheet Supplement
  • Key Ratios Snapshot

    Some of the financial key ratios for Veracyte are shown below. More…

    3Y Rev Growth 3Y Operating Profit Growth Operating Margin
    42.9% -9.4%
    FCF Margin ROE ROA
    7.0% -1.8% -1.7%
  • Income Statement Ratios
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  • Other Supplementary Items
  • Analysis

    At GoodWhale, we recently conducted an analysis of VERACYTE‘s wellbeing. Based on our Risk Rating, we have determined that VERACYTE is a high risk investment in terms of both financial and business aspects. Our detailed analysis of VERACYTE’s financials has revealed four key risk warnings in the income sheet, balance sheet, cashflow statement and non-financials. If you’re looking to invest in this company, it would be wise to investigate these warnings further. At GoodWhale, we provide detailed and up-to-date information on the financial health of hundreds of companies, so you can make educated decisions about where your money is going. Register on our website to access our comprehensive reports and get the information you need to stay safe. More…

  • Risk Rating Analysis
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  • Peers

    The company’s competitors include Exact Sciences Corp, Invitae Corp, and NanoString Technologies Inc.

    – Exact Sciences Corp ($NASDAQ:EXAS)

    Exact Sciences Corp has a market cap of 7.56B as of 2022. The company’s ROE for the same year is -14.13%.

    Exact Sciences Corp is a biotechnology company that focuses on the development of cancer detection tests. The company’s flagship product is Cologuard, a stool-based DNA test that can detect the presence of colorectal cancer.

    – Invitae Corp ($NYSE:NVTA)

    Invitae Corp is a biotechnology company that uses genetic information to help healthcare providers diagnose, treat and prevent disease. The company has a market cap of 689.82M as of 2022 and a Return on Equity of -120.15%.

    – NanoString Technologies Inc ($NASDAQ:NSTG)

    NanoString Technologies Inc is a molecular diagnostics company that develops and sells proprietary technologies and instruments for digital molecular profiling. The company has a market capitalization of 313.93 million as of 2022 and a return on equity of -87.4%. NanoString’s technology is based on a unique digital detection platform that can measure the expression of hundreds of genes simultaneously with high accuracy and precision. The company’s products are used in a variety of applications, including gene expression profiling, copy number variation analysis, single-nucleotide polymorphism genotyping, and mRNA quantification. NanoString’s products are sold to a diverse customer base, including academic research institutions, government laboratories, pharmaceutical and biotechnology companies, and diagnostic laboratories.


    Veracyte, Inc. reported its second quarter financial results for 2023 with total revenue of $90.3 million, representing a year-over-year growth of 24%. The company held a conference call and webcast to discuss the results today at 4:30 p.m. ET. Investors will want to pay close attention to Veracyte’s future performance, as it appears to be a strong growth stock.

    The company has recently seen notable success in its medical diagnostic solutions and is looking to capitalize on further opportunities in the market. The data should give investors insights into the company’s performance and potential for future success.

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