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Veracyte Preliminary Q1 Revenues Up 16 to 19 Percent, CFO to Retire

NEW YORK – Veracyte on Thursday reported a roughly 16 to 19 percent year-over-year rise in preliminary revenues for Q1 2021.

For the three months ended March 31, the South San Francisco-based firm said that preliminary revenues are expected to be $36 million to $37 million compared to $31.1 million in 2020, beating the consensus Wall Street estimate of $32 million.

Total revenue includes $3.5 million to $3.8 million for urological cancer testing.

The firm expects to report Q1 testing and product volume in the range of 14,000 and 14,500 tests, including between 1,400 and 1,500 tests in urologic cancers.

"Revenue and genomic testing and product volume continued to gain momentum in the first quarter and were further boosted by our acquisition in mid-March of Decipher Biosciences, with its market-leading prostate cancer test," Bonnie Anderson, CEO of Veracyte, said in a statement. "We also remain on track to launch key pipeline products in the second half of the year including our Percepta Nasal Swab test and Genomic Atlas in lung cancer and our Envisia classifier on the nCounter Analysis System in international markets."

Veracyte expects to announce full first year quarter 2021 financial results on May 15.

The firm also said that CFO Keith Kennedy will retire from the company effective May 15. Jane Alley, VP and corporate controller, will serve as acting CFO until a replacement is named. 

In early afternoon trading on the Nasdaq, Veracyte shares were down more than 13 percent to $48.82