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veracyte July 29 , 2021 Veracyte Announces Second Quarter 2021 Financial Results Total Revenue Increased 166 % to $ 55.1 million ; Genomic Volume Grew 215 % to 20,856 Tests Company Advanced Clinical Evidence , Pipeline and Global Growth Strategy Raises 2021 Total Revenue Guidance Conference Call and Webcast Today at 4:30 p.m. ET SOUTH SAN FRANCISCO , Calif .-- ( BUSINESS WIRE ) -- Jul . 29 , 2021-- Veracyte , Inc. ( Nasdaq : VCYT ) today announced financial results for the second quarter ended June 30 , 2021 , and provided an update on recent business progress . " Our business demonstrated significant momentum in the second quarter , with particularly strong growth in our thyroid and urologic cancer product lines , " said Marc Stapley , Veracyte's chief executive officer . " The pending HalioDx acquisition is expected to further fuel our global cancer diagnostics growth and leadership . Importantly , we also added key new hires to the executive team and are well - positioned to execute on our compelling vision of improving outcomes for patients all over the world at every step of their journey . " Second Quarter 2021 Financial Results For the second quarter of 2021 , as compared with the second quarter of 2020 : • Total Revenue was $ 55.1 million , an increase of 166 % ; • Gross Margin was 68 % , an increase of 500 basis points ; ● Operating Expenses , Excluding Cost of Revenue , were $ 45.1 million , an increase of 87 % ; • Net Loss and Comprehensive Loss was $ 9.0 million , an improvement of 18 % ; Basic and Diluted Net Loss Per Common Share was $ 0.13 , an improvement of 41 % ; • Net Cash Provided by Operating Activities was $ 1.9 million , an improvement of 122 % ; and • Cash and Cash Equivalents were $ 327.5 million at June 30 , 2021 . For the six months ended June 30 , 2021 , compared to the prior year : • Total Revenue was $ 91.8 million , comprising $ 89.6 million in testing and product revenue and $ 2.2 million in biopharmaceutical partnership and collaboration revenue , an increase of 77 % ; • Gross Margin was 67 % , an increase of 500 basis points ; • Operating Expenses , Excluding Cost of Revenue , were $ 114.8 million , including $ 39.5 million of acquisition - related expenses , an increase of 108 % ; • Net Loss and Comprehensive Loss was $ 50.9 million , including $ 39.5 million of acquisition - related expenses , an increase of 124 % ; • Basic and Diluted Net Loss Per Common Share was $ 0.78 , including $ 0.60 per share attributable to the acquisition - related expenses recorded in general and administrative expenses , an increase of 73 % ; and • Net Cash Used in Operating Activities was $ 38.7 million . Second Quarter 2021 and Recent Business Highlights Commercial Growth : • Grew total volume to 20,856 genomic tests , an increase of 215 % compared to the same period in 2020 and 44 % compared to the first quarter of 2021 . • Achieved key managed care milestones for our genomic tests : o Received final Medicare coverage policy for the Decipher Bladder test from Noridian , our Medicare Administrative Contractor , through the MolDX program . o Signed a managed care contract with a major health plan , making the Decipher Prostate test an in - network benefit for eligible patients among the plan's approximately 20 million members nationally . o Granted reimbursement for the Prosigna breast cancer test in Germany for eligible patients with HR + / HER2 early - stage breast cancer , enabling hospitals and laboratories in Germany to perform the test locally . Evidence Development and Pipeline Advancement : • Presented 14 abstracts demonstrating the performance and utility of our current and pipeline genomic tests at the American Thoracic Society ( ATS ) , American Society of Clinical Oncology ( ASCO ) and European Society of Medical