$VCYT
VERACYTE, INC.

2023 Q3 Form 10-Q Financial Statement

#000138410123000142 Filed on August 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $90.11M $90.32M
YoY Change 19.2% 23.96%
Cost Of Revenue $27.61M $29.69M
YoY Change 6.16% 18.61%
Gross Profit $62.50M $60.63M
YoY Change 26.05% 26.76%
Gross Profit Margin 69.36% 67.13%
Selling, General & Admin $40.68M $50.80M
YoY Change -6.01% 15.99%
% of Gross Profit 65.08% 83.79%
Research & Development $13.32M $12.54M
YoY Change 23.66% 33.74%
% of Gross Profit 21.32% 20.68%
Depreciation & Amortization $7.320M $6.859M
YoY Change 15.75% 5.65%
% of Gross Profit 11.71% 11.31%
Operating Expenses $54.00M $63.34M
YoY Change -0.09% 19.12%
Operating Profit -$31.74M -$8.051M
YoY Change 227.88% -24.99%
Interest Expense $1.280M $1.173M
YoY Change -1605.88% -626.01%
% of Operating Profit
Other Income/Expense, Net $1.967M -$226.0K
YoY Change 144.35% -120.81%
Pretax Income -$29.77M -$8.277M
YoY Change 235.46% -14.2%
Income Tax -$200.0K $100.0K
% Of Pretax Income
Net Earnings -$29.62M -$8.402M
YoY Change 239.54% -11.85%
Net Earnings / Revenue -32.87% -9.3%
Basic Earnings Per Share -$0.41 -$0.12
Diluted Earnings Per Share -$0.41 -$0.12
COMMON SHARES
Basic Shares Outstanding 72.75M shares 72.42M shares
Diluted Shares Outstanding 72.80M shares 72.48M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $202.5M $191.1M
YoY Change 19.04% 16.55%
Cash & Equivalents $202.5M $191.1M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $13.50M $14.40M
YoY Change -7.14% -9.99%
Inventory $15.89M $11.57M
Prepaid Expenses
Receivables $39.30M $42.37M
Other Receivables $0.00 $0.00
Total Short-Term Assets $271.2M $259.5M
YoY Change 13.69% 10.4%
LONG-TERM ASSETS
Property, Plant & Equipment $30.60M $30.97M
YoY Change -1.68% -3.25%
Goodwill $693.2M $698.9M
YoY Change 2.41% 1.29%
Intangibles $123.6M $164.7M
YoY Change -30.01% -10.64%
Long-Term Investments
YoY Change
Other Assets $5.582M $6.116M
YoY Change 160.48% 206.87%
Total Long-Term Assets $853.8M $901.6M
YoY Change -3.79% -0.83%
TOTAL ASSETS
Total Short-Term Assets $271.2M $259.5M
Total Long-Term Assets $853.8M $901.6M
Total Assets $1.125B $1.161B
YoY Change -0.09% 1.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.53M $12.90M
YoY Change 12.75% 24.85%
Accrued Expenses $34.83M $34.43M
YoY Change 8.37% 2.57%
Deferred Revenue $2.214M $2.378M
YoY Change -42.69% -43.29%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $57.26M $58.15M
YoY Change -1.87% -2.01%
LONG-TERM LIABILITIES
Long-Term Debt $100.0K $200.0K
YoY Change -80.0% -66.67%
Other Long-Term Liabilities $776.0K $792.0K
YoY Change -32.4% -34.55%
Total Long-Term Liabilities $776.0K $792.0K
YoY Change -32.4% -34.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $57.26M $58.15M
Total Long-Term Liabilities $776.0K $792.0K
Total Liabilities $70.88M $78.40M
YoY Change -8.87% -2.06%
SHAREHOLDERS EQUITY
Retained Earnings -$439.8M -$410.2M
YoY Change 12.81% 7.62%
Common Stock $1.528B $1.521B
YoY Change 2.41% 2.52%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.054B $1.083B
YoY Change
Total Liabilities & Shareholders Equity $1.125B $1.161B
YoY Change -0.09% 1.48%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$29.62M -$8.402M
YoY Change 239.54% -11.85%
Depreciation, Depletion And Amortization $7.320M $6.859M
YoY Change 15.75% 5.65%
Cash From Operating Activities $14.17M $16.67M
YoY Change 101.68% -4692.56%
INVESTING ACTIVITIES
Capital Expenditures $2.800M $3.669M
YoY Change -263.36% -246.18%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$2.800M -$3.669M
YoY Change -131.79% -60.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 110.0K 397.0K
YoY Change -92.6% -629.33%
NET CHANGE
Cash From Operating Activities 14.17M 16.67M
Cash From Investing Activities -2.800M -3.669M
Cash From Financing Activities 110.0K 397.0K
Net Change In Cash 11.48M 13.40M
YoY Change -33.71% -237.5%
FREE CASH FLOW
Cash From Operating Activities $14.17M $16.67M
Capital Expenditures $2.800M $3.669M
Free Cash Flow $11.37M $13.00M
YoY Change 30.09% 505.59%

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<div style="text-align:justify"><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. Significant items subject to such estimates include: revenue recognition; the useful lives of property, plant and equipment; the recoverability of long-lived assets; the incremental borrowing rates for leases; accounting for acquisitions; the estimation of the fair value of intangible assets and contingent consideration; stock based compensation; income tax uncertainties, including a valuation allowance for deferred tax assets; credit related losses on investments; and allowance for credit losses and contingencies. The Company bases these estimates on historical and anticipated results, trends, and various other assumptions </span></div>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.
CY2023Q2 us-gaap Debt Securities Held To Maturity Allowance For Credit Loss Excluding Accrued Interest
DebtSecuritiesHeldToMaturityAllowanceForCreditLossExcludingAccruedInterest
0 usd
CY2022Q4 us-gaap Debt Securities Held To Maturity Allowance For Credit Loss Excluding Accrued Interest
DebtSecuritiesHeldToMaturityAllowanceForCreditLossExcludingAccruedInterest
0 usd
CY2023Q2 us-gaap Security Deposit
SecurityDeposit
900000 usd
CY2022Q4 us-gaap Security Deposit
SecurityDeposit
700000 usd
CY2022Q4 us-gaap Defined Benefit Plan Benefit Obligation
DefinedBenefitPlanBenefitObligation
700000 usd
CY2023Q2 us-gaap Defined Benefit Plan Benefit Obligation
DefinedBenefitPlanBenefitObligation
700000 usd
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6975280 shares
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6092600 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6573821 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5716103 shares
CY2023Q2 us-gaap Goodwill
Goodwill
698900000 usd
CY2022Q4 us-gaap Goodwill
Goodwill
695900000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
215959000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
58515000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
157444000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
215274000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
47708000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
167566000 usd
CY2023Q2 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P8Y2M12D
CY2023Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
7300000 usd
CY2023Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
7300000 usd
CY2022Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
7300000 usd
CY2022Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
7300000 usd
CY2023Q2 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
223259000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
58515000 usd
CY2023Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
164744000 usd
CY2022Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
222574000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
47708000 usd
CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
174866000 usd
CY2023Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
5300000 usd
CY2022Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
5400000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
10700000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
10900000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
10680000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
21320000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
20194000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
18343000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
17737000 usd
CY2023Q2 vcyt Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
69170000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
157444000 usd
CY2023Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
7500000 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
10200000 usd
CY2023Q2 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
4100000 usd
CY2022Q4 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
4100000 usd
CY2023Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
26538000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
30637000 usd
CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
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CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
7137000 usd
CY2023Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
34427000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
37774000 usd
CY2023Q2 us-gaap Security Deposit
SecurityDeposit
900000 usd
CY2022Q4 us-gaap Security Deposit
SecurityDeposit
700000 usd
CY2023Q2 us-gaap Debt Securities Held To Maturity Excluding Accrued Interest After Allowance For Credit Loss
DebtSecuritiesHeldToMaturityExcludingAccruedInterestAfterAllowanceForCreditLoss
0 usd
CY2022Q4 us-gaap Debt Securities Held To Maturity Excluding Accrued Interest After Allowance For Credit Loss
DebtSecuritiesHeldToMaturityExcludingAccruedInterestAfterAllowanceForCreditLoss
24600000 usd
CY2022Q4 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
24600000 usd
us-gaap Heldtomaturity Securities Sold At Par
HeldtomaturitySecuritiesSoldAtPar
40000000 usd
us-gaap Debt Securities Held To Maturity Sold Amount
DebtSecuritiesHeldToMaturitySoldAmount
39800000 usd
us-gaap Proceeds From Sale Of Held To Maturity Securities
ProceedsFromSaleOfHeldToMaturitySecurities
39800000 usd
us-gaap Heldtomaturity Securities Sold Security Realized Gain Loss Excluding Other Than Temporary Impairments
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13000 usd
CY2022 us-gaap Heldtomaturity Securities Sold Security Realized Gain Loss Excluding Other Than Temporary Impairments
HeldtomaturitySecuritiesSoldSecurityRealizedGainLossExcludingOtherThanTemporaryImpairments
0 usd
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y1M6D
CY2023Q2 us-gaap Security Deposit
SecurityDeposit
900000 usd
CY2022Q4 us-gaap Security Deposit
SecurityDeposit
700000 usd
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.079
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2782000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
5619000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5729000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1412000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
593000 usd
CY2023Q2 vcyt Lessee Operating Lease Liability To Be Paid Due After Year Four
LesseeOperatingLeaseLiabilityToBePaidDueAfterYearFour
599000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
16734000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1870000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
14864000 usd
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4973000 usd
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
9891000 usd
CY2023Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
1278000 usd
CY2022Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
1113000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
2401000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
2167000 usd
CY2023Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
1362000 usd
CY2022Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
1144000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
2539000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
2212000 usd
CY2023Q2 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
200000 usd
CY2023Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
200000 usd
CY2022Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
400000 usd
CY2022Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
400000 usd
CY2023Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
13360040 shares
CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
12809236 shares
CY2023Q2 vcyt Other Nonoperating Income Expense Foreign Tax Credit
OtherNonoperatingIncomeExpenseForeignTaxCredit
-1483000 usd
CY2022Q2 vcyt Other Nonoperating Income Expense Foreign Tax Credit
OtherNonoperatingIncomeExpenseForeignTaxCredit
936000 usd
vcyt Other Nonoperating Income Expense Foreign Tax Credit
OtherNonoperatingIncomeExpenseForeignTaxCredit
-474000 usd
vcyt Other Nonoperating Income Expense Foreign Tax Credit
OtherNonoperatingIncomeExpenseForeignTaxCredit
1827000 usd
CY2023Q2 vcyt Other Nonoperating Income Expense Interest Income
OtherNonoperatingIncomeExpenseInterestIncome
1258000 usd
CY2022Q2 vcyt Other Nonoperating Income Expense Interest Income
OtherNonoperatingIncomeExpenseInterestIncome
212000 usd
vcyt Other Nonoperating Income Expense Interest Income
OtherNonoperatingIncomeExpenseInterestIncome
2447000 usd
vcyt Other Nonoperating Income Expense Interest Income
OtherNonoperatingIncomeExpenseInterestIncome
251000 usd
CY2023Q2 vcyt Other Nonoperating Income Expense Interest Expense
OtherNonoperatingIncomeExpenseInterestExpense
3000 usd
CY2022Q2 vcyt Other Nonoperating Income Expense Interest Expense
OtherNonoperatingIncomeExpenseInterestExpense
70000 usd
vcyt Other Nonoperating Income Expense Interest Expense
OtherNonoperatingIncomeExpenseInterestExpense
10000 usd
vcyt Other Nonoperating Income Expense Interest Expense
OtherNonoperatingIncomeExpenseInterestExpense
132000 usd
CY2023Q2 vcyt Other Nonoperating Income Expense Foreign Currency Translation Gain Loss
OtherNonoperatingIncomeExpenseForeignCurrencyTranslationGainLoss
-82000 usd
CY2022Q2 vcyt Other Nonoperating Income Expense Foreign Currency Translation Gain Loss
OtherNonoperatingIncomeExpenseForeignCurrencyTranslationGainLoss
-365000 usd
vcyt Other Nonoperating Income Expense Foreign Currency Translation Gain Loss
OtherNonoperatingIncomeExpenseForeignCurrencyTranslationGainLoss
146000 usd
vcyt Other Nonoperating Income Expense Foreign Currency Translation Gain Loss
OtherNonoperatingIncomeExpenseForeignCurrencyTranslationGainLoss
-465000 usd
CY2023Q2 vcyt Other Nonoperating Income Expense Other
OtherNonoperatingIncomeExpenseOther
84000 usd
CY2022Q2 vcyt Other Nonoperating Income Expense Other
OtherNonoperatingIncomeExpenseOther
373000 usd
vcyt Other Nonoperating Income Expense Other
OtherNonoperatingIncomeExpenseOther
72000 usd
vcyt Other Nonoperating Income Expense Other
OtherNonoperatingIncomeExpenseOther
389000 usd
CY2023Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-226000 usd
CY2022Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1086000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2181000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1870000 usd
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
100000 usd
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-100000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
100000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-100000 usd
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false

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