On February 25, 2026 Veracyte, Inc. (Nasdaq: VCYT), a leading cancer diagnostics company, reported financial results for the fourth quarter and full year ended December 31, 2025.

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"We delivered an exceptional finish to 2025, with strong double-digit growth across both Decipher and Afirma and more than 45,000 patients served with our core testing business in the quarter," said Marc Stapley, Veracyte’s chief executive officer. "We are achieving this growth while maintaining best-in-class profitability, with more than $50 million of cash generated from operations in the quarter. Looking ahead, 2026 will be an exciting year as we launch Prosigna as an LDT and TrueMRD, expanding our reach to more patients across the continuum of care while also continuing to invest in clinical evidence that reinforces the value and utility of our portfolio."

Key Fourth Quarter 2025 Financial Highlights

For the three-month period ended December 31, 2025, as compared to the same period in 2024:

Increased total revenue by 19% to $140.6 million and testing revenue by 21% to $135.8 million.
Increased total volume by 16% to 48,019 tests and testing volume by 16% to 45,516 tests.
Grew Decipher revenue by 27% to $85.6 million and Afirma revenue by 16% to $47.9 million.
Grew Decipher volume by 21% to approximately 27,200 tests and Afirma volume by 12% to approximately 18,250 tests.
Recorded GAAP net income of $41.1 million, or 29.3% of revenue, and delivered adjusted EBITDA of $42.3 million, or 30.1% of revenue.
Generated $52.6 million of cash from operations.
Key Full Year 2025 Financial Highlights

For the twelve-month period ended December 31, 2025, as compared to the same period in 2024:

Increased total revenue by 16% to $517.1 million and testing revenue by 18% to $493.2 million.
Increased total volume by 18% to 179,528 tests and testing volume by 19% to 169,714 tests.
Grew Decipher revenue by 27% to $310.7 million and Afirma revenue by 9% to $172.9 million.
Grew Decipher volume by 27% to approximately 102,000 tests and Afirma volume by 11% to approximately 67,700 tests.
Recorded GAAP net income of $66.4 million, or 12.8% of revenue, and delivered adjusted EBITDA of $142.5 million, or 27.6% of revenue.
Generated $136.3 million of cash from operations to end the year with $412.9 million of cash, cash equivalents, and short-term investments as of December 31, 2025.
Key Business Highlights

Announced over 15 abstracts featuring Decipher Prostate and Decipher Bladder that will be presented at the ASCO (Free ASCO Whitepaper) GU meeting this week, including results for Decipher Bladder from the SURE-02, NURE-combo, and BLASST-01 trials.
Highlighted the upcoming TrueMRD Muscle-Invasive Bladder Cancer (MIBC) test’s inclusion in the HCRN GU 20-444 response guided bladder-sparing trial, with data planned to be presented at ASCO (Free ASCO Whitepaper) GU.
Completed the transition of all Afirma samples to the v2 transcriptome to improve the efficiency of the Afirma testing business and enable more patients to receive a result, while providing a platform for future product launches, such as Prosigna LDT.
A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables included in this press release. An explanation of these measures is also included below under the heading "Note Regarding Use of Non-GAAP Financial Measures."

Fourth Quarter 2025 Financial Results

Total revenue for the fourth quarter of 2025 was $140.6 million, an increase of 19% compared to $118.6 million reported in the fourth quarter of 2024. Testing revenue was $135.8 million, an increase of 21% compared to $112.2 million in the fourth quarter of 2024, driven by growth in our Decipher Prostate and Afirma tests. Product revenue was $3.8 million, an increase of 27% compared to $3.0 million in the fourth quarter of 2024. Biopharmaceutical and other revenue was $1.0 million, a decrease compared to $3.5 million in the fourth quarter of 2024 given the restructuring and liquidation proceedings of Veracyte SAS.

Total gross margin for the fourth quarter of 2025 was 72.5%, compared to 66.4% in the fourth quarter of 2024. Non-GAAP gross margin was 75.1%, compared to 69.3% in the fourth quarter of 2024.

Operating expenses were $64.8 million for the fourth quarter of 2025. Non-GAAP operating expenses grew 12% to $65.1 million compared to $57.9 million in the fourth quarter of 2024.

Net income for the fourth quarter of 2025 was $41.1 million, an improvement of 705% compared to the fourth quarter of 2024, representing 29.3% of revenue compared to 4.3% in the same period in 2024. Diluted net earnings per common share was $0.51, an improvement of $0.45 compared to the fourth quarter of 2024. Non-GAAP diluted net earnings per common share was $0.53, an improvement of $0.17 compared to the fourth quarter of 2024. Net cash provided by operating activities in the fourth quarter of 2025 was $52.6 million, an improvement of $28.1 million compared to the same period in 2024.

Adjusted EBITDA for the fourth quarter of 2025 was $42.3 million, an improvement of 62% compared to the fourth quarter of 2024, representing 30.1% of revenue compared to 22.0% of revenue in the same period of 2024.

Full Year 2025 Financial Results

Total revenue for 2025 was $517.1 million, an increase of 16% compared to $445.8 million reported in 2024. Testing revenue was $493.2 million, an increase of 18% compared to $419.0 million in 2024, driven by growth in our Decipher Prostate and Afirma tests. Product revenue was $14.3 million, an increase of 5% compared to $13.7 million in 2024. Biopharmaceutical and other revenue was $9.7 million, a decrease compared to $13.2 million in 2024 given the restructuring and liquidation proceedings of Veracyte SAS.

Total gross margin for the full year 2025 was 70.1%, compared to 66.9% in 2024. Non-GAAP gross margin was 72.9%, compared to 70.0% in 2024.

Operating expenses were $304.8 million for the full year 2025. Non-GAAP operating expenses grew 7% to $244.6 million compared to $227.6 million in 2024.

Net income for the full year 2025 was $66.4 million, an improvement of 175% compared to 2024, representing 12.8% of revenue compared to 5.4% in 2024. Diluted net earnings per common share was $0.82, an improvement of $0.51 compared to 2024. Non-GAAP diluted net earnings per common share was $1.78, an improvement of $0.59 compared to 2024. Net cash provided by operating activities in 2025 was $136.3 million, an improvement of $61.2 million compared to 2024.

Adjusted EBITDA for the full year of 2025 was $142.5 million, an improvement of 55% compared to 2024, representing 27.6% of revenue compared to 20.6% of revenue in 2024.

2026 Financial Outlook

The company is reiterating 2026 total revenue guidance of 10% to 13% growth, or $570 million to $582 million, driven by testing revenue guidance of 14% to 16% growth, or $560 million to $570 million, excluding the contribution from new tests.

Further, adjusted EBITDA margin is expected to be approximately 25%.

The company is unable to provide a quantitative reconciliation of expected adjusted EBITDA margin to the most directly comparable forward-looking GAAP measure without unreasonable effort, because of the inherent difficulty in accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such reconciliations that have not yet occurred, that are dependent on various factors, are out of the company’s control, or that cannot be reasonably predicted. Such adjustments include, but are not limited to, acquisition-related expenses, and other adjustments. Any associated estimate of these items and their impact on GAAP performance for the guidance period could vary materially. For more information on the non-GAAP financial measures, please refer to the section titled "Note Regarding Use of Non-GAAP Financial Measures" at the end of this press release.

Conference Call and Webcast Details

Veracyte will host a conference call and webcast today at 4:30 p.m. Eastern Time to discuss the company’s financial results and provide a general business update. The conference call will be webcast live from the company’s website and will be available via the following link: View Source The webcast should be accessed 10 minutes prior to the conference call start time. A replay of the webcast will be available for one year following the conclusion of the live broadcast and will be accessible on the company’s website at View Source

The conference call dial-in can be accessed by registering via the following link:
View Source

(Press release, Veracyte, FEB 25, 2026, View Source [SID1234663000])