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veracyte . May 10 , 2021 Veracyte Announces First Quarter 2021 Financial Results Total Revenue of $ 36.7 Million Increased 18 % ; Volume Grew 11 % to 14,437 Tests Completed Acquisition of Decipher Biosciences , Expanding Reach Into 7 of the Top 10 Cancers in the United States Pivotal Validation Data for Percepta Nasal Swab Lung Cancer Test To Be Presented at ASCO Conference Call and Webcast Today at 4:30 p.m. ET SOUTH SAN FRANCISCO , Calif .-- ( BUSINESS WIRE ) -- May 10 , 2021-- Veracyte . Inc. ( Nasdaq : VCYT ) today announced financial results for the first quarter ended March 31 , 2021 , which were in line with its previously announced , preliminary first - quarter results . The company also provided an update on recent business progress . " We delivered strong financial results for the first quarter of 2021 , with particular momentum in March , as our business continues to emerge from the COVID - 19 pandemic , " said Bonnie Anderson , chairman and chief executive officer of Veracyte . " On March 12 , we completed our acquisition of Decipher Biosciences which , with its market - leading urologic cancer portfolio , expands our reach into 7 of the top 10 cancers in the U.S. and will accelerate revenue growth . " Additionally , we are excited to unveil pivotal clinical validation data at ASCO for our Percepta Nasal Swab test for early lung cancer detection . We expect to launch it and the Percepta Genomic Atlas as part of our comprehensive lung cancer portfolio later this year . We also anticipate strengthening our global commercial footprint with the introduction of the Envisia classifier , for improved diagnosis of interstitial lung diseases , on the nCounter Analysis System by the end of this year . " First Quarter 2021 Financial Results For the three months ended March 31 , 2021 , compared to the prior year ( Decipher Biosciences one - time acquisition - related expenses in the first quarter of 2021 increased our operating expenses , net loss and net cash used in operations by $ 35.1 million and our net loss per share by $ 0.55 ) : • Total Revenue was $ 36.7 million , including $ 3.8 million for urologic cancer testing , an increase of 18 % ; • Gross Margin was 66 % ; ● Operating Expenses were $ 82.1 million . Operating Expenses , Excluding Cost of Revenue , were $ 69.7 million , including $ 35.1 million related to the acquisition of Decipher Biosciences ; • Net Loss and Comprehensive Loss was $ 41.9 million , including $ 35.1 million of expenses related to the acquisition of Decipher Biosciences ; • Basic and Diluted Net Loss Per Common Share was $ 0.66 , including $ 0.55 per share attributable to the acquisition related expenses recorded in G & A ; • Net Cash Used in Operating Activities was $ 40.6 million ; and • Cash and Cash Equivalents were $ 324.1 million at March 31 , 2021 . First Quarter 2021 and Recent Business Highlights Commercial Growth : • Total genomic testing and product revenue was $ 36.1 million , an increase of 19 % , compared to the first quarter of 2020 . • Total genomic volume was 14,437 tests , an increase of 11 % , compared to prior year , including 1,560 tests from Decipher Biosciences . • Continue to expect a mid - year Medicare coverage decision for Decipher Bladder test , which will allow us to leverage our urology sales footprint to accelerate commercial adoption . • Launched General Manager - based global structure , vertically aligning commercial teams within each clinical indication to provide enhanced focus and clinical expertise . Also added key new hires in marketing , managed care and international market access to support multiple new product launches and global expansion later this year . Evidence Development and Pipeline Advancement : • Six abstracts for our pulmonology products accepted as posters at the American Thoracic Society ( ATS ) 2021 International Conference this month : - Percepta Genomic Atlas - New data demonstrating the test's ability to inform treatment decisions on the same sample used in diagnosis , in anticipation for product launch in Q4 2021 . - Envisia - New data from five abstracts demonstrates the test's clinical utility and our ability to enable the CLIA lab - based test on the nCounter Analysis System , in anticipation of the test's international launch later this year .