Veracyte, Inc.

veracyte.com

What Do They Do?

Runs molecular diagnostic tests that help physicians diagnose cancer and guide treatment, including tests for prostate, thyroid and bladder cancers.

How Do They Make Money?

Most revenue comes from tests ordered by physicians; Veracyte bills when testing is complete and results are reported. It also sells diagnostic kits and earns upfront license fees, payments when data or test results are delivered, service fees and milestone payments.

FY2025 revenue by product or service revenue

Segment	Share	How money arrives
Testing revenue Sold outright	95% FY2022: 84%	Sold outright
Product revenue Sold outright	2.8% FY2022: 4.3%	Sold outright
Biopharmaceutical and other revenue Mix	1.9% FY2022: 11%	Mix

Who Are Their Customers?

U.S. physicians order Afirma tests directly from Veracyte or send samples through Thyroid Cytopathology Partners; outside the U.S., laboratories and hospitals obtain Prosigna through Veracyte's sales team or distributors.

Do Revenues Turn Into Profits?

Yes. It kept 13 cents of every revenue dollar as net income in FY2025 and turned 24 cents into free cash flow.

Operating income, FY2025

11% of revenue

▲ +258% vs FY2024 ($16.1M, 4%)

Net income, FY2025

13% of revenue

▲ +175% vs FY2024 ($24.1M, 5%)

Free cash flow, FY2025

24% of revenue

▲ +98% vs FY2024 ($63.8M, 14%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +15%; vs $130.2M in Q2 FY2025
Net income: ▲ Now profitable; vs −$980K in Q2 FY2025

Testing revenue share of revenue vs 93.9% in Q2 FY2025

Sep 10, 2026 Acquired Convergent Genomics and its UroAmp platform The acquisition adds urine-based tumor DNA technology for bladder cancer diagnostics.
Jul 30, 2026 Raised revenue guidance Total revenue outlook rose to $590 million to $596 million, representing 14% to 15% growth.

Growing. Revenue grew 2.4x in 4 years, from $219.5M in FY2021 to $517.1M in FY2025, about 24% a year.

Adds monitoring tests The earlier report described tests for cancer diagnosis, prognosis and treatment; the latest adds a whole-genome MRD platform intended to monitor treatment response and disease recurrence.

Revenue over time

Testing revenue Product revenue Biopharmaceutical and other revenue

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Interpace Diagnostics Group, Sonic Healthcare, Myriad Genetics, MDxHealth, ArteraAI, Natera, Guardant Health, Exact Sciences, Personalis, Neogenomics, Quest Diagnostics, Billion-To-One, Caris Life Sciences, and TempusAI

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