Veracyte
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Veracyte (VCYT) investor relations material

Veracyte Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary25 Feb, 2026

Executive summary

  • Achieved strong double-digit revenue growth in Q4 and full year 2025, driven by Decipher and Afirma test performance, with Q4 revenue reaching $141 million (up 19%) and full-year revenue at $517 million (up 16%).

  • Surpassed profitability targets ahead of schedule, with adjusted EBITDA margin exceeding 27% for 2025 and Q4 margin at 30.1%.

  • Served nearly 170,000 patients in 2025 and over 800,000 to date, with over 45,000 patients served in Q4.

  • Achieved all 2025 milestones, including Decipher Metastatic launch, Afirma transition to v2 transcriptome, and significant clinical evidence generation.

  • Positioned for multiple product launches in 2026, including TruMRD for muscle-invasive bladder cancer and Prosigna for early-stage breast cancer.

Financial highlights

  • Q4 2025 revenue was $140.6–$141 million, up 19% year-over-year; testing revenue up 21% to $135.8–$136 million; total test volume ~48,000, up 16%.

  • Full-year 2025 revenue reached $517–$517.1 million, up 16%; testing revenue up 18% to $493.2 million.

  • Q4 GAAP net income: $41.1 million; full-year GAAP net income: $66.4 million; Q4 adjusted EBITDA: $42.3 million (30.1% margin); full-year adjusted EBITDA: $142.5 million (27.6% margin).

  • Q4 non-GAAP gross margin: 75.1%; full-year non-GAAP gross margin: 72.9%.

  • Ended Q4 with $412.9 million in cash and cash equivalents, up over $120 million for the year.

Outlook and guidance

  • 2026 revenue guidance: $570–$582 million (10–13% growth); testing revenue guidance: $560–$570 million (14–16% growth), excluding new test contributions.

  • Adjusted EBITDA margin guidance for 2026: ~25%, with Q1 margin expected to be lower due to seasonality.

  • Afirma growth expected in mid to high single digits; Decipher growth projected at ~20%.

  • Guidance excludes PPCs; $10 million PPC headwind expected in 2026.

  • New product launches (TruMRD, Prosigna) not included in 2026 revenue guidance; expected to drive revenue in 2027 and beyond.

2026 new test revenue contribution outlook?
Why 2026 adjusted EBITDA margin decline?
Is Veracyte SAS restructuring impact fully past?
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47th Annual Raymond James Institutional Investor Conference3 Mar, 2026
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Frequently asked questions

Veracyte, Inc. develops and commercializes blood tests for the early detection of lung cancer and emphysema. The company offers Veracyte Drug Screening Assay and Veracyte Acute Exacerbation Panel (V-AEP) for the detection of Lung Cancer and Chronic Obstructive Pulmonary Disease (COPD). Its drug screening assays are based on a proprietary approach of analyzing patient genomic data to predict which patients are most likely to have cancer after receiving a lung CT scan. The company markets its products through direct sales force, as well as through clinical laboratory partners, medical practitioners, and directly to patients.

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