Veracyte, Inc. (VCYT) is down 6.23% in the after-hours trading session at the price of $36.60 despite any recent news.
VCYT Completed Acquisition of HalioDx
On 3rd August 2021, VCYT published that the company had completed its acquisition of HalioDx. It aimed to solidify its influence into global markets while extending its scientific capabilities and diagnostics scope into 8 of the 10 top cancers as described by U.S. incidence. Executive chairwoman of VCYT, Bonnie Anderson, directed the acquisition of HalioDx. She will also supervise the ongoing transition of manufacturing operations and the expansion of the combined global potential of each company’s cancer diagnostics technology program.
Announcement of Second Quarter 2021 Financial Results
On 29th July 2021, VCYT released financial results for the second quarter ended 30th June 2021 and provided updates on recent business growth. Total revenue for the second quarter of 2021 was $55.1 million, a gain of 166% from the same quarter of 2020. Basic and diluted net loss per common share was $0.13 this quarter, an increase of 41% from the previous year’s same quarter. Net loss was $9.0 million in the second quarter of 2021. An improvement of 18% compared to the second quarter of 2020.
VCYT reported total revenue of $91.8 million for the six months ended 30th June 2021. A gain of 77% from the same period of the previous year. It included $89.6 million in testing and product revenue and $2.2 million in biopharmaceutical partnership and collaboration revenue. Basic and diluted net loss during the six months ended 30th June 2021 was $0.78 per common share. An increase of 73% from the same period of 2020. It included $0.60 per share attributable to the acquisition-related expenses and administrative expenses.
CEO of VCYT Marc Stapley remarked that their business showed extraordinary results in the second quarter of 2021. They had noted strong growth in their thyroid and urologic cancer product lines. Moreover, they have made new appointments in the executive team. They are well-positioned to execute their vision of improved outcomes for patients all over the world. The pending HalioDx acquisition is anticipated to fuel their global cancer diagnostics growth and leadership in the year to come, he added.
2021 Financial Outlook
VCYT is expanding its 2021 annual total revenue guidance to a range of $200 million to $208 million. The guidance range was $190 million to $200 million in the year 2020. This range indicates 69% to 76% total revenue growth for fiscal 2021 compared to fiscal 2020.
