Veracyte rises after FY revenue forecast uplift

Veracyte

07/08/2024 14:01

** Shares of diagnostics co Veracyte Inc  VCYT.O  rise 20%
to $26.20 premarket 
    ** VCYT late on Tuesday raised its 2024 revenue forecast to
a range of $432 mln to $438 mln vs prior guidance of $402 mln to
$410 mln
    ** Co reported Q2 revenue of $114.4 mln, an increase of 27%
compared to $90.3 mln a year ago, driven by strong performance
of its prostate cancer and thyroid cancer tests 
    ** Reported Q2 adj. profit of 30 cents per share, vs 12
cents per share a year ago 
    ** Co said it now expects cash, cash equivalents and
short-term investments at the end of the year to be in the range
of $260 mln to $270 mln compared to prior guidance of $236 mln
to $240 mln
    ** Up to last close, stock down 20.7% YTD  

 (Reporting by Sneha S K in Bengaluru)
 ((Sneha.SK@thomsonreuters.com;))