2021 Q2 Form 10-Q Financial Statement

#000138410121000139 Filed on July 29, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2 2020 Q1
Revenue $55.11M $20.70M $31.12M
YoY Change 166.16% -31.3% 5.39%
Cost Of Revenue $17.47M $7.660M $12.24M
YoY Change 128.09% -12.73% 43.78%
Gross Profit $37.63M $13.05M $18.88M
YoY Change 188.38% -38.9% -10.16%
Gross Profit Margin 68.29% 63.03% 60.66%
Selling, General & Admin $35.14M $18.66M $25.40M
YoY Change 88.31% -10.57% 31.04%
% of Gross Profit 93.36% 142.97% 134.52%
Research & Development $6.249M $4.169M $4.407M
YoY Change 49.89% 25.2% 28.3%
% of Gross Profit 16.61% 31.95% 23.34%
Depreciation & Amortization $4.500M $1.960M $1.972M
YoY Change 129.59% 113.04% 108.68%
% of Gross Profit 11.96% 15.02% 10.44%
Operating Expenses $41.38M $22.83M $29.80M
YoY Change 81.29% -5.65% 30.63%
Operating Profit -$7.474M -$11.05M -$12.20M
YoY Change -32.37% 256.48% 490.23%
Interest Expense $63.00K $65.00K $55.00K
YoY Change -3.08% -72.34% -81.85%
% of Operating Profit
Other Income/Expense, Net -$1.716M $91.00K $539.0K
YoY Change -1985.71% -89.18% 18.98%
Pretax Income -$9.190M -$11.03M -$11.72M
YoY Change -16.64% 342.77% 510.21%
Income Tax -$200.0K $0.00 $0.00
% Of Pretax Income
Net Earnings -$9.038M -$11.03M -$11.72M
YoY Change -18.02% 342.06% 511.16%
Net Earnings / Revenue -16.4% -53.25% -37.65%
Basic Earnings Per Share -$0.13 -$0.22
Diluted Earnings Per Share -$0.13 -$0.22 -$235.4K
COMMON SHARES
Basic Shares Outstanding 67.32M shares 50.21M shares 49.74M shares
Diluted Shares Outstanding 67.32M shares 50.21M shares

Balance Sheet

Concept 2021 Q2 2020 Q2 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $327.5M $147.5M $153.1M
YoY Change 122.06% -23.42% 125.81%
Cash & Equivalents $327.5M $147.5M $153.1M
Short-Term Investments
Other Short-Term Assets $5.263M $2.900M $3.000M
YoY Change 81.48% 11.54% 25.0%
Inventory $6.674M $7.041M $6.094M
Prepaid Expenses
Receivables $31.86M $15.31M $19.09M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $371.3M $172.7M $181.4M
YoY Change 115.04% -21.49% 100.14%
LONG-TERM ASSETS
Property, Plant & Equipment $11.81M $8.640M $8.788M
YoY Change 36.72% 6.01% 8.31%
Goodwill $471.8M $2.725M $2.725M
YoY Change 17212.44% 157.81% 157.81%
Intangibles $155.7M
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.504M $1.271M $1.302M
YoY Change 18.33% 19.79% 24.12%
Total Long-Term Assets $656.1M $84.05M $85.74M
YoY Change 680.6% 159.19% 160.44%
TOTAL ASSETS
Total Short-Term Assets $371.3M $172.7M $181.4M
Total Long-Term Assets $656.1M $84.05M $85.74M
Total Assets $1.027B $256.7M $267.1M
YoY Change 300.19% 1.73% 116.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.472M $2.224M $7.665M
YoY Change 280.94% -45.24% 88.61%
Accrued Expenses $20.76M $9.386M $10.08M
YoY Change 121.14% -4.42% 14.69%
Deferred Revenue $566.0K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $36.11M $13.11M $19.19M
YoY Change 175.51% -14.46% 33.95%
LONG-TERM LIABILITIES
Long-Term Debt $917.0K $801.0K $748.0K
YoY Change 14.48% 36.92% -94.18%
Other Long-Term Liabilities $18.46M $16.70M $16.70M
YoY Change 10.56% 36.89% 32.54%
Total Long-Term Liabilities $917.0K $801.0K $748.0K
YoY Change 14.48% 36.92% -94.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $36.11M $13.11M $19.19M
Total Long-Term Liabilities $917.0K $801.0K $748.0K
Total Liabilities $56.26M $30.59M $36.68M
YoY Change 83.91% 8.72% -7.76%
SHAREHOLDERS EQUITY
Retained Earnings -$332.5M -$269.4M -$258.4M
YoY Change 23.41% 12.97% 9.49%
Common Stock $1.304B $495.6M $488.8M
YoY Change 163.06% 7.1% 52.86%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $971.2M $226.1M $230.4M
YoY Change
Total Liabilities & Shareholders Equity $1.027B $256.7M $267.1M
YoY Change 300.19% 1.73% 116.21%

Cashflow Statement

Concept 2021 Q2 2020 Q2 2020 Q1
OPERATING ACTIVITIES
Net Income -$9.038M -$11.03M -$11.72M
YoY Change -18.02% 342.06% 511.16%
Depreciation, Depletion And Amortization $4.500M $1.960M $1.972M
YoY Change 129.59% 113.04% 108.68%
Cash From Operating Activities $1.886M -$8.420M -$5.301M
YoY Change -122.4% 242.28% 424.33%
INVESTING ACTIVITIES
Capital Expenditures -$1.523M -$640.0K $665.0K
YoY Change 137.97% -1.54% -13.07%
Acquisitions $0.00
YoY Change
Other Investing Activities $2.999M $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $1.476M -$640.0K -$665.0K
YoY Change -330.62% -3.03% -11.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities 1.922M 3.390M -$219.0K
YoY Change -43.3% -97.35% -97.39%
NET CHANGE
Cash From Operating Activities 1.886M -8.420M -$5.301M
Cash From Investing Activities 1.476M -640.0K -$665.0K
Cash From Financing Activities 1.922M 3.390M -$219.0K
Net Change In Cash 5.284M -5.670M -$6.185M
YoY Change -193.19% -104.54% -39.09%
FREE CASH FLOW
Cash From Operating Activities $1.886M -$8.420M -$5.301M
Capital Expenditures -$1.523M -$640.0K $665.0K
Free Cash Flow $3.409M -$7.780M -$5.966M
YoY Change -143.82% 329.83% 235.92%

Facts In Submission

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ShareBasedCompensationArrangementByShareBasedPaymentAwardValueOptionsAndNonOptionEquityInstrumentsExercisesInPeriod
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5560000 USD
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us-gaap Net Income Loss
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DepreciationDepletionAndAmortization
7050000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3929000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
7919000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-3947000 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0 USD
vcyt Debt Instrument End Of Term Payment Interest Amount And Prepayment Penalty
DebtInstrumentEndOfTermPaymentInterestAmountAndPrepaymentPenalty
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vcyt Debt Instrument End Of Term Payment Interest Amount And Prepayment Penalty
DebtInstrumentEndOfTermPaymentInterestAmountAndPrepaymentPenalty
107000 USD
us-gaap Inventory Write Down
InventoryWriteDown
0 USD
us-gaap Inventory Write Down
InventoryWriteDown
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vcyt Noncash Lease Expense
NoncashLeaseExpense
885000 USD
vcyt Noncash Lease Expense
NoncashLeaseExpense
469000 USD
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
247000 USD
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-140000 USD
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-1866000 USD
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ForeignCurrencyTransactionGainLossBeforeTax
0 USD
us-gaap Increase Decrease In Accounts Receivable
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30000 USD
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IncreaseDecreaseInOtherNoncurrentAssets
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vcyt Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
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vcyt Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
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us-gaap Net Cash Provided By Used In Investing Activities
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IncreaseDecreaseInAccountsPayable
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IncreaseDecreaseInAccountsPayable
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vcyt Increase Decrease In Accrued Liabilities And Deferred Revenue
IncreaseDecreaseInAccruedLiabilitiesAndDeferredRevenue
4770000 USD
vcyt Increase Decrease In Accrued Liabilities And Deferred Revenue
IncreaseDecreaseInAccruedLiabilitiesAndDeferredRevenue
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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0 USD
us-gaap Proceeds From Divestiture Of Interest In Subsidiaries And Affiliates
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us-gaap Proceeds From Divestiture Of Interest In Subsidiaries And Affiliates
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0 USD
us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Issuance Initial Public Offering
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us-gaap Proceeds From Issuance Initial Public Offering
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0 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Proceeds From Stock Options Exercised
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6595000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
5849000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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592932000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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3171000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
0 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
349967000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
159920000 USD
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
328294000 USD
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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148053000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
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1019000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
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0 USD
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us-gaap Interest Paid Net
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
328294000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
349967000 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
us-gaap Use Of Estimates
UseOfEstimates
<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-indent:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of unaudited interim financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Items subject to such estimates include: revenue recognition; write-down of supplies; the useful lives of property and equipment; the recoverability of long-lived assets; the incremental borrowing rate for leases; accounting for acquisitions; the estimation of the fair value of intangible assets and contingent consideration; variable interest entity assessment; stock options; income tax uncertainties, including a valuation allowance for deferred tax assets; reserve on accounts receivable and contingencies. The Company bases these estimates on historical and anticipated results, trends, and various other assumptions that the Company believes are reasonable under the circumstances, including assumptions as to future events. These estimates form the basis for making judgments about the carrying values of assets and liabilities and recorded revenue and expenses that are not readily apparent from other sources. Actual results could differ from those estimates and assumptions.</span></div>
CY2021Q1 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
8547297 shares
CY2021Q1 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
593800000 USD
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PaymentsOfStockIssuanceCosts
38700000 USD
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749000 USD
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603000 USD
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2020Q4 us-gaap Goodwill
Goodwill
2725000 USD
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
469039000 USD
CY2021Q2 us-gaap Goodwill
Goodwill
471764000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
164420000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
16020000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
70420000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
10496000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
59924000 USD
us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P11Y8M12D
CY2021Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
7300000 USD
CY2021Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
7300000 USD
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IntangibleAssetsGrossExcludingGoodwill
171720000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
16020000 USD
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IntangibleAssetsNetExcludingGoodwill
155700000 USD
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IntangibleAssetsGrossExcludingGoodwill
70420000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
10496000 USD
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IntangibleAssetsNetExcludingGoodwill
59924000 USD
CY2021Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3700000 USD
CY2020Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1300000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
5500000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2500000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
7448000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
14894000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
14854000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
14408000 USD
CY2021Q2 vcyt Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
81902000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
148400000 USD
CY2021Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
12600000 USD
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EmployeeRelatedLiabilitiesCurrent
9201000 USD
CY2021Q2 us-gaap Other Accrued Liabilities Current
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CY2020Q4 us-gaap Other Accrued Liabilities Current
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2504000 USD
CY2021Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
20756000 USD
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
11705000 USD
CY2021Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-3500000 USD
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.067
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1841000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3770000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3880000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3991000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4103000 USD
CY2021Q2 vcyt Lessee Operating Lease Liability To Be Paid Due After Year Four
LesseeOperatingLeaseLiabilityToBePaidDueAfterYearFour
1661000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
19246000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2976000 USD
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
16270000 USD
CY2021Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2936000 USD
CY2021Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
13334000 USD
CY2021Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
902000 USD
CY2020Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
472000 USD
us-gaap Operating Lease Expense
OperatingLeaseExpense
1477000 USD
us-gaap Operating Lease Expense
OperatingLeaseExpense
944000 USD
CY2021Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
919000 USD
CY2020Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
586000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
1507000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
1157000 USD
CY2021Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
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CY2020Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
9500287 shares
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-200000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-3900000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD

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