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1© 2026 Veracyte, Inc. All rights reserved. February 25, 2026 Q4 & FY 2025 Earnings Presentation
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2© 2026 Veracyte, Inc. All rights reserved. Forward-looking statements and non-GAAP information This presentation contains forward-looking statements, including, but not limited to our statements related to our plans, objectives, and expectations (financial and otherwise), including with respect to our 2025 and 2026 financial and operating results; our assumptions for future revenue growth; plans and timing of the release of version 2 of our Veracyte transcriptome assay; the timeline for commercial availability of our MRD platform and indications and our Prosigna Breast Cancer Assay and key readouts; the timing for broader availability of Decipher Prostate for use in the metastatic population; expected completion of our IVD development and manufacturing work for our Decipher PCR and Prosigna NGS tests; enrollment in our studies and trials; our strategic focuses for the business; and our intentions with respect to our tests and products, for use in diagnosing and treating diseases, in and outside of the United States. Forward-looking statements can be identified by words such as: “appears,” “anticipate,” “intend,” “plan,” “expect,” “believe,” “should,” “may,” “could,” “would,” “will,” “enable,” “positioned,” “offers,” “designed,” “look forward,” “vision,” “strategic,” “on track,” “progress,” “outlook,” “guidance,” “forecast,” “target,” “goal” and similar references to future periods. Actual results may differ materially from those projected or suggested in any forward-looking statements. These statements involve risks and uncertainties, which could cause actual results to differ materially from our predictions, and include, but are not limited to: our ability to launch, commercialize and receive reimbursement for our products; our ability to execute on our business strategies relating to the C2i Genomics acquisition, integration of the business and the realization of expected benefits and synergies; our ability to demonstrate the validity and utility of our genomic tests and biopharma and other offerings; our ability to continue executing on our business plan; our ability to continue to scale our global operations and enhance our internal control environment; the impact of the war in Ukraine, and other regional conflicts, on European economies; the impact of foreign currency fluctuations, volatile interest rates, inflation, the impact of legislation and policies enacted by the current U.S. administration; turmoil in the global banking and finance system; the ongoing conflict in the Middle East and the performance and utility of our tests in the clinical environment. Additional factors that may impact these forward-looking statements can be found under the caption “Risk Factors” in our Annual Report on Form 10-K filed on February 28, 2025, as well as in other documents that we may file from time to time with the Securities and Exchange Commission. Copies of these documents, when available, may be found in the Investors section of our website at investor.veracyte.com. These forward-looking statements speak only as of the date hereof and, except as required by law, we specifically disclaim any obligation to update these forward-looking statements or reasons why actual results might differ, whether as a result of new information, future events or otherwise. This presentation also contains information gathered from market research, estimates and other statistical data made by independent parties and by us relating to addressable market size and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this presentation contains certain non‐GAAP results including non-GAAP gross margin, non-GAAP operating expenses, adjusted EBITDA, adjusted EBITDA as a percentage of revenue, non-GAAP net income, non-GAAP earnings per share (EPS) and non-GAAP weighted average shares outstanding (WASO). These non-GAAP financial measures are not meant to be considered superior to or a substitute for financial measures calculated in accordance with GAAP, and investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. We use non-GAAP financial measures to internally evaluate and analyze financial results. We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and enable comparison of our financial results with other public companies, many of which present similar non-GAAP financial measures. However, the non-GAAP financial measures we present may be different from those used by other companies, including similarly titled measures. We compute these non-GAAP measures by adjusting the applicable GAAP measure to remove the impact of certain recurring and non-recurring charges and gains and to adjust for the impact of income tax items related to such adjustments to our GAAP financial statements. In particular, we exclude amortization of acquired intangible assets, acquisition-related expenses relating to our acquisitions of Decipher Biosciences, HalioDx and C2i Genomics, impairment charges associated with the nCounter license and other biopharmaceutical services related to HalioDx intangible assets, stock-based compensation and certain costs related to restructuring from certain of our non-GAAP measures. Beginning in the second quarter of 2024, we changed our non-GAAP policy to exclude all stock-based compensation to align with our peers and we have also excluded all stock-based compensation from all of our prior- period non-GAAP financial measures, as well as depreciation and income tax items from our adjusted EBITDA and adjusted EBITDA as a percentage of revenue. Management has excluded the effects of these items in non-GAAP financial measures to help investors gain a better understanding of our core operating results and future prospects, consistent with how management measures and forecasts our performance, especially when comparing such results to previous periods or forecasts. We encourage investors to carefully consider its results under GAAP, together with its supplemental non‐GAAP information and the reconciliation between these presentations. Reconciliations between our GAAP results and non‐GAAP financial measures are presented in the Appendix. © 2025 Veracyte, Inc. The trademarks mentioned herein are the property of Veracyte (for a non-exhaustive list, see www.veracyte.com/trademarks) or their respective owners.
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3© 2026 Veracyte, Inc. All rights reserved. Our vision is to transform cancer care for patients all over the world 3
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4© 2026 Veracyte, Inc. All rights reserved. 2024 2025Q4 2024 Q4 2025 Strong topline growth driven by testing revenue Total Revenue (M) Testing Revenue (M) 1 $141 $119 19% YOY growth Q4 2024 Q4 2025 $136 $112 1. Testing revenue includes cytology revenue of $2.4M in Q4 2025 and $2.3M in Q4 2024 as well as $9.8M in the full year 2025 and $9.4M in the full year 2024 2. Adjusting for Envisia, Q4 2024 revenue of $1.1M and volume of ~270 tests as well as full year 2024 revenue of $5.6M and volume of ~1.450 tests Q4 Full-YearFull-Year $517 $446 2024 2025 $493 $419 Q4 16% YOY growth 21% YOY growth 18% YOY growth *adjusting for discontinuation of Envisia2 20% YOY growth* 22% YOY growth* 19% YOY growth*18% YOY growth*
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5© 2026 Veracyte, Inc. All rights reserved. Delivered all of our 2025 product catalysts Reached profitability target early Further penetration and share gains Launched Decipher for metastatic patients Achieved >25% adj. EBITDA in 2025 Expanded Afirma and Decipher clinical evidence Transitioned Afirma to v2 transcriptome Completed Veracyte SAS restructuring Completed NIGHTINGALE enrollment 5© 2026 Veracyte, Inc. All rights reserved.
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6© 2026 Veracyte, Inc. All rights reserved. Phased strategic growth drivers expand the reach of our platform near-term, mid- term & long-term TrueMRD Prosigna® Nasal Swab IVDs
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© 2026 Veracyte, Inc. All rights reserved. 7 15,200 14,000 15,700 15,100 16,300 15,450 16,950 17,000 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Growing Afirma 12% 18,250 Quarterly Volume Steady pipeline of new account wins and increased utilization per account Completed the full transition to new v2 transcriptome, benefiting scalability, cost profile, and patient impact Increased Afirma-related publications, with the majority driven by Afirma GRID Afirma®
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© 2026 Veracyte, Inc. All rights reserved. 8 15,500 16,500 19,900 21,250 22,400 22,550 25,500 26,700 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 27,200 21% Growing Decipher Quarterly Volume 15th consecutive quarter of >20% YOY volume growth Highest number of quarterly ordering providers, up 18% YOY, and orders per physician Of the >300,000 prostate cancer patients tested to date, >100,000 were tested in 2025 alone Decipher®
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9© 2026 Veracyte, Inc. All rights reserved. Drive continued penetration into advanced disease with the launch of metastatic and the development of expanded clinical signatures to drive growth in high-risk, post surgery BCR and metastatic Expand clinical signatures available on the Decipher report For example, PORTOS, PTEN and PAM 50 to further enhance clinical insights Expect sustained growth into 2026 and beyond Scan all slides to build digital pathology database Currently >210,000 slides from >150,000 patients with outcomes data for digital pathology research – representing the majority of the historical database on Decipher 9© 2026 Veracyte, Inc. All rights reserved.
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10© 2026 Veracyte, Inc. All rights reserved. 15 abstracts across Decipher prostate, bladder, and GRID at ASCO GU Decipher Prostate Multiple papers will showcase the power of Decipher GRID Several abstracts will be presented leveraging real-world data on the usage of the Decipher prostate score in important patient populations Decipher Bladder 5 abstracts will be presented highlighting Decipher Bladder Findings from the SURE-02 trial will be presented underscoring the importance of molecular subtyping in MIBC and integration into clinical trial design and treatment planning
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11© 2026 Veracyte, Inc. All rights reserved. Differentiated approach: Whole genome every step of the way TrueMRD First indication targeted is muscle invasive bladder cancer (MIBC) Expanding indications expected annually Oral presentation at ASCO GU supports TrueMRD’s use in MIBC patients for bladder- sparing and confident disease management Commercial launch on track for 1H 2026 with reimbursement expected Multiple studies already completed in MIBC, CRC, and Lung Robust study pipeline 10 in testing / analysis 13 in contracting 17 in active planning
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12© 2026 Veracyte, Inc. All rights reserved. Prognostic testing for breast cancer Prosigna Provides additional data around the risk of recurrence and biological classification of the cancer to help inform treatment decisions 1. Company estimates based on breastcancer.org estimate of ~317,000 women in the US that were diagnosed with breast cancer in 2025 & komen.org estimate that about 70% to 80% of newly diagnosed breast cancers are HR+; 2. Full OPTIMA trial readout is subject to acceptance of ASCO presentation >300,000 patients diagnosed annually ~225,000 are eligible for Prosigna testing (US)1 Positive outcomes data from 10-year OPTIMA PRELIM study shared in May 2025, with full study readout expected in June 20262 LDT launch anticipated in mid -2026 Following expected key clinical utility evidence readouts
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13© 2026 Veracyte, Inc. All rights reserved. Strong topline growth driven by testing revenue Total Revenue (M) 1 Testing Volume (K) 1. Testing revenue includes cytology revenue of $2.4M in the fourth quarter of 2025 and $2.3M in the fourth quarter of 2024 as well as $9.8M in the full year 2025 and $9.4M in the full year 2024 2. ASP calculated as testing revenue of $135.8M divided by testing volume of approximately 45,516 Q4 Q4 Q4 Testing Revenue (M)1 ASP increased 1% versus the prior year when adjusted for prior period collections Testing ASP: $2,9842 Q4 2024 Q4 2025 $141 $119 19% YOY growth Q4 2024 Q4 2025 45.5 39.1 16% YOY growth Q4 2024 Q4 2025 21% YOY growth $136 $112
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14© 2026 Veracyte, Inc. All rights reserved. $5.1 Q4 2024 Q4 2025 22.0% Q4 2024 Q4 2025 30.1% Record quarter for net income and adjusted EBITDA Cash and short-term investments (M)1 1. Ending balance of cash, cash equivalents and short-term investments, excluding restricted cash $289.4 Q4 2024 Q4 2025 $412.9 Adjusted EBITDA MarginGAAP Net Income (M) $41.1 Q4 End of QuarterQ4
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15© 2026 Veracyte, Inc. All rights reserved. $251 $327 $419 $493 2022 2023 2024 2025 Driving profitable growth with our proven platform Testing Product Other $297 $361 $446 $517 27.6% Exceeded 25% target Total Revenue (M) 20.6%12.6%8.3% Adj. EBITDA Margin
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16© 2026 Veracyte, Inc. All rights reserved. 1. Guidance provided on February 25, 2026 2. The company is unable to provide a quantitative reconciliation of expected adjusted EBITDA as a percentage of revenue 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 “Forward-looking statements and non-GAAP information” at the beginning of this presentation Adjusted EBITDA Margin 1,2 ~25% adjusted EBITDA 2025 2026 $570 - $582 $517 10-13% YOY growth $560M - $570M testing revenue 14 - 16% YOY growth excluding the contribution of new tests Revenue (M) 1 Strong financial outlook for 2026 16© 2026 Veracyte, Inc. All rights reserved.
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17© 2026 Veracyte, Inc. All rights reserved. Fueling growth with a steady cadence of expected catalysts 1. Transcriptome-based laboratory developed test to provide Prosigna score and intrinsic subtypes, also referred to as Prosigna LDT 2026 Prosigna TrueMRD IVDs Expand Decipher clinical signatures Secure IVDR certification Launch TrueMRD in MIBC Launch Prosigna LDT1 2027+ TrueMRD Additional TrueMRD indications Launch Decipher qPCR IVD NIGHTINGALE readout Prosigna Launch Prosigna NGS IVD Nasal Swab Decipher Decipher 17© 2026 Veracyte, Inc. All rights reserved.
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18© 2026 Veracyte, Inc. All rights reserved.
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19© 2026 Veracyte, Inc. All rights reserved. Reconciliation of Non-GAAP Gross Profit and Gross Margin GAAP Gross Profit $ 79,010 $ 78,754 $ 79,508 $ 89,769 $ 91,282 $ 101,973 GAAP Gross Margin 68.2 % 66.4 % 69.5 % 69.0 % 69.2 % 72.5 % Amortization of intangible assets 2,917 2,811 2,585 2,667 2,707 2,707 Stock-based compensation expense 587 641 520 608 540 618 Acquisition related expenses (1) - - - - - - Other adjustments (2) - - - 32 1,418 281 Non-GAAP Gross Profit $ 82,514 $ 82,206 $ 82,613 $ 93,076 $ 95,947 $ 105,579 Non-GAAP Gross Margin 71.2 % 69.3 % 72.2 % 71.5 % 72.8 % 75.1 % (Unaudited) (In thousands of dollars) Three Months Ended Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 Dec 31, 2025 GAAP cost of testing revenue $ 29,029 $ 31,645 $ 28,260 $ 32,407 $ 33,777 $ 33,118 Stock-based compensation expense (524) (562) (446) (542) (555) (616) Acquisition related expenses (1) - - - - - - Other adjustments (2) - - - - - - Non-GAAP cost of testing revenue $ 28,505 $ 31,083 $ 27,814 $ 31,865 $ 33,222 $ 32,502 GAAP cost of product revenue $ 1,792 $ 2,800 $ 1,422 1,749 3,015 2,621 Stock-based compensation expense (1) (1) (1) (1) - - Acquisition related expenses (1) - - - - - - Other adjustments (2) - - - (32) (1,418) (281) Non-GAAP cost of product revenue $ 1,791 $ 2,799 $ 1,421 $ 1,716 $ 1,597 $ 2,340 GAAP cost of biopharmaceutical and other revenue $ 3,112 $ 2,622 $ 2,698 $ 3,572 $ 1,091 $ 217 Stock-based compensation expense (62) (78) (73) (65) 15 (2) Acquisition related expenses (1) - - - - - - Other adjustments (2) - - - - - - Non-GAAP cost of biopharmaceutical and other revenue $ 3,050 $ 2,544 $ 2,625 $ 3,507 $ 1,106 $ 215 1. Includes transaction-related expenses as well as post-combination compensation expenses. 2. For the three months ended December 31, 2025, adjustments include expenses related to the restructuring of Veracyte SAS ($0.3M). For the three months ended September 30, 2025, and the three months ended June 30, 2025, adjustments include expenses related to the restructuring and liquidation proceedings of Veracyte SAS. 3. Some figures rounded for reporting purposes. Summed quarters may differ slightly from year-to-date figures presented due to rounding.
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20© 2026 Veracyte, Inc. All rights reserved. Reconciliation of Non-GAAP Gross Profit and Gross Margin GAAP Gross Profit $ 298,145 $ 362,532 GAAP Gross Margin 66.9 % 70.1 % Amortization of intangible assets 11,552 10,666 Stock-based compensation expense 2,319 2,286 Acquisition related expenses (1) 60 - Other adjustments (2) 6 1,731 Non-GAAP Gross Profit $ 312,082 $ 377,215 Non-GAAP Gross Margin 70.0 % 72.9 % (Unaudited) (In thousands of dollars) Twelve Months Ended Dec 31, 2024 Dec 31, 2025 GAAP cost of testing revenue $ 114,573 $ 127,562 Stock-based compensation expense (1,973) (2,159) Acquisition related expenses (1) (60) - Other adjustments (2) (6) - Non-GAAP cost of testing revenue $ 112,534 $ 125,403 GAAP cost of product revenue $ 9,110 $ 8,807 Stock-based compensation expense (4) (2) Acquisition related expenses (1) - - Other adjustments (2) - (1,731) Non-GAAP cost of product revenue $ 9,106 $ 7,074 GAAP cost of biopharmaceutical and other revenue $ 12,384 $ 7,578 Stock-based compensation expense (342) (125) Acquisition related expenses (1) - - Other adjustments (2) - - Non-GAAP cost of biopharmaceutical and other revenue $ 12,042 $ 7,453 1. Includes transaction-related expenses and post-combination compensation expenses. For the twelve months ended December 31, 2024, adjustments consist primarily of transaction related expenses associated with the acquisition of C2i Genomics. 2. For the twelve months ended December 31, 2025, adjustments include expenses related to the restructuring and liquidation proceedings of Veracyte SAS. For the twelve months ended December 31, 2024, adjustments include expense related to restructuring costs associated with portfolio prioritization.
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21© 2026 Veracyte, Inc. All rights reserved. Reconciliation of Non-GAAP Operating Expenses (Unaudited) (In thousands of dollars) Three Months Ended Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 Dec 31, 2025 GAAP research and development $ 17,574 $ 19,290 $ 17,720 $ 16,264 $ 15,981 $ 20,849 Stock-based compensation expense (1,957) (1,896) (2,066) (2,008) (1,949) (1,895) Acquisition related expenses (1) 459 - - - - - Other adjustments (2) 5 - - - - - Non-GAAP research and development $ 16,081 $ 17,394 $ 15,654 $ 14,256 $ 14,032 $ 18,954 GAAP sales and marketing $ 22,612 $ 24,824 $ 24,454 $ 25,316 $ 24,455 $ 25,940 Stock-based compensation expense (1,790) (1,872) (1,958) (2,198) (2,102) (2,060) Acquisition related expenses (1) - - - - - - Other adjustments (2) 7 - - - - - Non-GAAP sales and marketing $ 20,829 $ 22,952 $ 22,496 $ 23,118 $ 22,353 $ 23,880 GAAP general and administrative $ 25,742 $ 26,913 $ 33,808 $ 32,331 $ 27,278 $ 17,367 Stock-based compensation expense (4,413) (5,220) (6,414) (6,171) (6,166) (6,328) Acquisition related expenses (1) (349) (928) (1,352) 925 (166) 12,564 Other adjustments (2) (248) (3,196) (3,694) (4,144) 1,308 (1,309) Non-GAAP general and administrative $ 20,732 $ 17,569 $ 22,348 $ 22,941 $ 22,254 $ 22,294 GAAP total operating expenses $ 66,993 $ 74,579 $ 76,604 $ 95,037 $ 68,336 $ 64,778 Amortization of intangible assets (880) (798) (622) (621) (622) (622) Stock-based compensation expense (8,160) (8,988) (10,438) (10,377) (10,217) (10,283) Acquisition related expenses (1) (75) (961) (1,352) 925 (166) 12,564 Other adjustments (2) (236) (5,917) (3,694) (24,649) 1,308 (1,309) Non-GAAP total operating expenses $ 57,642 $ 57,915 $ 60,498 $ 60,315 $ 58,639 $ 65,128 1. Includes transaction-related expenses as well as post-combination compensation expenses. For the three months ended December 31, 2025, adjustments consist primarily of transaction-related expenses associated with contingent consideration related to the NanoString Technologies, Inc. ("NanoString") transaction ($0.7M) and contingent consideration associated with the C2i Genomics acquisition ($11.9M). For the three months ended September 30, 2025, adjustments consist primarily of transaction- related expenses associated with contingent consideration related to the NanoString transaction and contingent consideration associated with the C2i Genomics acquisition. For the three months ended June 30, 2025, adjustments consist primarily of transaction-related expenses associated with contingent consideration related to the NanoString transaction ($1.0M) partially offset by contingent consideration associated with the acquisition of C2i Genomics ($0.1M). For the three months ended March 31, 2025, adjustments consist primarily of transaction-related expenses associated with the acquisition of C2i Genomics ($1.3M). For the three months ended December 31, 2024, adjustments consist primarily of transaction related expenses associated with the acquisition of C2i Genomics ($1.0M). For the three months ended Sep 30, 2024, adjustments consist primarily of transaction related expenses associated with the acquisition of C2i Genomics ($0.1M). 2. For the three months ended December 31, 2025, adjustments primarily include expenses related to the restructuring and liquidation proceedings of Veracyte SAS ($1.1M) and other legal proceedings ($0.2M). For the three months ended September 30, 2025, adjustments primarily include a vendor legal settlement ($2.8M) partially offset by expenses related to the restructuring and liquidation proceedings of Veracyte SAS ($1.0M) and other legal proceedings ($0.5M). For the three months ended June 30, 2025, adjustments primarily include expenses related to Veracyte SAS impairment loss ($20.5M) and expenses related to the restructuring and liquidation proceedings of Veracyte SAS ($4.2M). For the three months ended March 31, 2025, adjustments primarily include expenses related to the restructuring and liquidation proceedings of Veracyte SAS ($3.8M), partially offset by adjustments related to restructuring costs ($0.1M). For the three months ended December 31, 2024, adjustments primarily include expenses related to the restructuring and liquidation proceedings of Veracyte SAS ($3.2M) and expense related to the impairment charge associated with HalioDx ($2.7M). For the three months ended Sep 30, 2024, adjustments primarily include expense related to restructuring costs ($0.2M). 3. Some figures rounded for reporting purposes. Summed quarters may differ slightly from year-to-date figures presented due to rounding.
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22© 2026 Veracyte, Inc. All rights reserved. Reconciliation of Non-GAAP Operating Expenses (Unaudited) (In thousands of dollars) Twelve Months Ended Dec 31, 2024 Dec 31, 2025 GAAP research and development $ 69,294 $ 70,814 Stock-based compensation expense (7,511) (7,919) Acquisition related expenses (1) 62 - Other adjustments (2) (271) - Non-GAAP research and development $ 61,574 $ 62,895 GAAP sales and marketing $ 95,434 $ 100,165 Stock-based compensation expense (6,897) (8,317) Acquisition related expenses (1) (124) - Other adjustments (2) (1,087) - Non-GAAP sales and marketing $ 87,326 $ 91,848 GAAP general and administrative $ 110,610 $ 110,784 Stock-based compensation expense (19,522) (25,079) Acquisition related expenses (1) (5,862) 11,971 Other adjustments (2) (6,564) (7,839) Non-GAAP general and administrative $ 78,662 $ 89,837 GAAP total operating expenses $ 282,003 $ 304,755 Amortization of intangible assets (3,297) (2,487) Stock-based compensation expense (33,930) (41,315) Acquisition related expenses (1) (6,571) 11,971 Other adjustments (2) (10,643) (28,344) Non-GAAP total operating expenses $ 227,562 $ 244,580 1. Includes transaction-related expenses as well as post-combination compensation expenses. For the twelve months ended December 31, 2025, adjustments consist primarily of transaction-related expenses associated with the acquisition of C2i Genomics ($10.3M) and NanoString contingent consideration ($1.7M). For the twelve months ended December 31, 2024, adjustments consist primarily of transaction related expenses associated with the acquisition of C2i Genomics. 2. For the twelve months ended December 31, 2025, adjustments include expenses related to Veracyte SAS impairment loss ($20.5M), the restructuring and liquidation proceedings of Veracyte SAS ($9.8M), and other legal proceedings ($1.0M), partially offset by adjustments related to vendor legal settlement ($2.8M) and restructuring costs ($0.1M). For the twelve months ended December 31, 2024, adjustments primarily include expense related to restructuring costs associated with a reduction in our Biopharmaceutical and Other segment and with portfolio prioritization, expense related to Veracyte SAS site investment review and expense related to the impairment charge associated with HalioDx.
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23© 2026 Veracyte, Inc. All rights reserved. Reconciliation of Adjusted EBITDA (Unaudited) (In thousands of dollars) Three Months Ended Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 Dec 31, 2025 GAAP Net Income (Loss) $ 15,155 $ 5,113 $ 7,047 $ (980) $ 19,137 $ 41,149 GAAP Net Income (Loss) as a % of Revenue 13.1 % 4.3 % 6.2 % (0.8 %) 14.5 % 29.3 % Amortization of intangible assets 3,797 3,609 3,207 3,288 3,329 3,329 Depreciation expense 2,081 2,643 2,155 2,201 1,938 1,968 Stock-based compensation expense 8,747 9,629 10,958 10,985 10,757 10,901 Acquisition related expenses (1) 75 961 1,352 (925) 166 (12,564) Other expense (income), net (2) (3,366) (1,967) (2,976) (3,170) (3,484) (3,546) Other adjustments (3) (853) 7,807 2,591 22,147 8,138 1,590 Income tax expense (benefit) 1,693 (1,670) 381 2,230 (248) (515) Adjusted EBITDA $ 27,329 $ 26,125 $ 24,715 $ 35,776 $ 39,733 $ 42,312 Adjusted EBITDA as a % of Revenue 23.6 % 22.0 % 21.6 % 27.5 % 30.1 % 30.1 % 1. Includes transaction-related expenses as well as post-combination compensation expenses. For the three months ended December 31, 2025, adjustments consist primarily of transaction-related expenses associated with contingent consideration related to NanoString ($0.7M) and contingent consideration associated with the acquisition of C2i Genomics ($11.9M). For the three months ended September 30, 2025, adjustments consist primarily of transaction-related expenses associated with contingent consideration related to NanoString and contingent consideration associated with the acquisition of C2i Genomics. For the three months ended June 30, 2025, adjustments consist primarily of transaction-related expenses associated with contingent consideration related to NanoString ($1.0M) partially offset by contingent consideration associated with the acquisition of C2i Genomics ($0.1M). For the three months ended March 31, 2025, adjustments consist primarily of transaction-related expenses associated with the acquisition of C2i Genomics ($1.3M). For the three months ended December 31, 2024, adjustments consist primarily of transaction related expenses associated with the acquisition of C2i Genomics ($1.0M). For the three months ended Sep 30, 2024, adjustments consist primarily of transaction related expenses associated with the acquisition of C2i Genomics ($0.1M). 2. Includes interest income and income related to research tax credits. 3. For the three months ended December 31, 2025, adjustments primarily include expenses related to the restructuring and liquidation proceedings of Veracyte SAS ($1.4M) and other legal proceedings ($0.2M). For the three months ended September 30, 2025, adjustments primarily include expenses related to the exclusion of unrealized loss related to Veracyte SAS deconsolidation ($6.7M), the exclusion of unrealized loss associated with foreign exchange impact on stock-based compensation and intercompany loans ($1.3M), the restructuring and liquidation proceedings of Veracyte SAS ($2.4M), and other legal proceedings ($0.5M), partially offset by vendor legal settlement ($2.8M). For the three months ended June 30, 2025, adjustments primarily include expenses related to Veracyte SAS impairment loss ($20.5M) and the restructuring and liquidation proceedings of Veracyte SAS ($4.2M), partially offset by the exclusion of unrealized gains associated with foreign exchange impacts on stock-based compensation and intercompany loans ($2.5M). For the three months ended March 31, 2025, adjustments primarily include expense related to the restructuring and liquidation proceedings of Veracyte SAS ($3.8M), partially offset by adjustments related to restructuring costs ($0.1M) and the exclusion of unrealized gains associated with foreign exchange impacts on stock-based compensation and intercompany loans ($1.1M). For the three months ended December 31, 2024, adjustments primarily include the exclusion of unrealized losses associated with foreign exchange impacts on stock-based compensation and intercompany loans ($1.9M), expense related to the restructuring and liquidation proceedings of Veracyte SAS ($3.2M) and expense related to the impairment charge associated with HalioDx ($2.7M). For the three months ended Sep 30, 2024, adjustments include the exclusion of unrealized gains associated with foreign exchange impacts on stock-based compensation and intercompany loans ($1.1M) partially offset by expense related to restructuring costs ($0.2M). 4. Some figures rounded for reporting purposes. Summed quarters may differ slightly from year-to-date figures presented due to rounding.
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24© 2026 Veracyte, Inc. All rights reserved. Reconciliation of Adjusted EBITDA (Unaudited) (In thousands of dollars) Twelve Months Ended Dec 31, 2022 Dec 31, 2023 Dec 31, 2024 Dec 31, 2025 GAAP Net Income (Loss) $ (36,560) $ (74,404) $ 24,138 $ 66,353 GAAP Net Income (Loss) as a % of Revenue (12.3 %) (20.6 %) 5.4 % 12.8 % Amortization of intangible assets 21,354 20,570 14,849 13,153 Depreciation expense 4,572 6,618 8,610 8,262 Stock-based compensation expense 27,456 33,489 36,249 43,601 Acquisition related expenses (1) 8,242 993 6,631 (11,971) Other expense (income), net (2) (4,280) (7,922) (11,647) (13,176) Other adjustments (3) 3,832 68,283 11,450 34,466 Income tax expense (benefit) 133 (2,208) 1,606 1,848 Adjusted EBITDA $ 24,749 $ 45,419 $ 91,886 $ 142,536 Adjusted EBITDA as a % of Revenue 8.3 % 12.6 % 20.6 % 27.6 % 1. Includes transaction-related expenses as well as post-combination compensation expenses. For the twelve months ended December 31, 2025, adjustments consist primarily of transaction-related expenses associated with the acquisition of C2i Genomics ($10.3M) and the NanoString contingent consideration ($1.7M). For the twelve months ended December 31, 2024, adjustments consist primarily of transaction-related expenses associated with the acquisition of C2i Genomics. For the twelve months ended December 31, 2023, adjustments consist primarily of remeasurement of contingent consideration related to our adoption of a multi-platform IVD strategy, post-combination compensation expenses associated with the acquisition of HalioDx, and transaction related expenses associated with the acquisition of C2i Genomics. For the twelve months ended December 31, 2022, adjustments consist primarily of post-combination compensation expenses associated with the acquisition of HalioDx. 2. Includes interest income and income related to research tax credits. 3. For the twelve months ended December 31, 2025, adjustments primarily include expenses related to Veracyte SAS impairment loss ($20.5M), Veracyte SAS investment review ($7.7M), the exclusion of unrealized loss related to Veracyte SAS deconsolidation ($6.7M), the restructuring and liquidation proceedings of Veracyte SAS ($3.8M), and other legal proceedings ($1.0M), partially offset by adjustments related to restructuring costs ($0.1M), vendor legal settlement ($2.8M), and the exclusion of unrealized gains associated with foreign exchange impacts on stock-based compensation and intercompany loans ($2.3M). For the twelve months ended December 31, 2024, adjustments primarily include expense related to restructuring costs associated with a reduction in our Biopharmaceutical and Other segment and with portfolio prioritization, expense related to Veracyte SAS site investment review, expense related to the impairment charge associated with HalioDx and the exclusion of unrealized losses associated with foreign exchange impacts on stock-based compensation and intercompany loans. For the twelve months ended December 31, 2023, adjustments primarily include expense related to the impairment charge associated with the nCounter license intangible assets ($34.9M), expense related to the impairment charge associated with HalioDx ($32.0M) and related to other impairment charges ($1.3M). For the twelve months ended December 31, 2022, adjustments primarily include expense related to the impairment charge associated with certain developed technology intangible assets ($3.3M) and related to restructuring costs ($0.5M).
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25© 2026 Veracyte, Inc. All rights reserved. Reconciliation of Non-GAAP Net Income, EPS and WASO Diluted EPS, GAAP $ 0.19 $ 0.06 $ 0.09 $ (0.01) $ 0.24 $ 0.51 Amortization of intangible assets 0.05 0.05 0.04 0.04 0.04 0.04 Stock-based compensation expense 0.11 0.12 0.14 0.14 0.13 0.13 Acquisition related expenses (1) - 0.01 0.02 (0.01) - (0.15) Other adjustments (2) (0.01) 0.10 0.03 0.28 0.10 0.02 Tax adjustments (3) (0.01) 0.02 (0.01) 0.01 (0.01) (0.02) Rounding and impact of dilutive shares - - - (0.01) 0.01 - Diluted EPS, non-GAAP $ 0.33 $ 0.36 $ 0.31 $ 0.44 $ 0.51 $ 0.53 Diluted WASO, GAAP 78,464,654 79,905,412 80,056,024 78,391,502 79,691,703 81,387,089 Dilutive effect of equity awards (4) - - - 1,057,711 - - Diluted WASO, non-GAAP 78,464,654 79,905,412 80,056,024 79,449,213 79,691,703 81,387,089 (Unaudited) (In thousands of dollars) Three Months Ended Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 Dec 31, 2025 GAAP Net Income (Loss) $ 15,155 $ 5,113 $ 7,047 $ (980) $ 19,137 $ 41,149 Amortization of intangible assets 3,797 3,609 3,207 3,288 3,329 3,329 Stock-based compensation expense 8,747 9,629 10,958 10,985 10,757 10,901 Acquisition related expenses (1) 75 961 1,352 (925) 166 (12,564) Other adjustments (2) (853) 7,807 2,591 22,147 8,138 1,590 Tax adjustments (3) (933) 1,830 (679) 437 (565) (1,590) Non-GAAP Net Income $ 25,988 $ 28,949 $ 24,476 $ 34,952 $ 40,962 $ 42,815 1. Includes transaction-related expenses as well as post-combination compensation expenses. For the three months ended December 31, 2025, adjustments consist primarily of transaction-related expenses associated with contingent consideration related to NanoString ($0.7M) and contingent consideration associated with the acquisition of C2i Genomics ($11.9M). For the three months ended September 30, 2025, adjustments consist primarily of transaction-related expenses associated with contingent consideration related to NanoString and contingent consideration associated with the acquisition of C2i Genomics. For the three months ended June 30, 2025, adjus tments consist primarily of transaction-related expenses associated with contingent consideration related to NanoString ($1.0M) partially offset by contingent consideration associated with the acquisition of C2i Genomics ($0.1M). For the three months ended March 31, 2025, adjustments consist primarily of transaction- related expenses associated with the acquisition of C2i Genomics ($1.3M). For the three months ended December 31, 2024, adjustments consist primarily of transaction related expenses associated with the acquisition of C2i Genomics ($1.0M). For the three months ended Sep 30, 2024, adjustments consist primarily of transaction related expenses associated with the acquisition of C2i Genomics ($0.1M). 2. For the three months ended December 31, 2025, adjustments primarily include expenses related to the restructuring and liquidation proceedings of Veracyte SAS ($1.4M) and other legal proceedings ($0.2M). For the three months ended September 30, 2025, adjustments primarily include expenses related to the exclusion of unrealized loss related to Veracyte SAS deconsolidation ($6.7M), the exclusion of unrealized loss associated with foreign exchange impact on stock-based compensation and intercompany loans ($1.3M), the restructuring and liquidation proceedings of Veracyte SAS ($2.4M), and other legal proceedings ($0.5M), partially offset by vendor legal settlement ($2.8M). For the three months ended June 30, 2025, adjustments primarily include expenses related to Veracyte SAS impairment loss ($20.5M) and the restructuring and liquidation proceedings of Veracyte SAS ($4.2M), partially offset by the exclusion of unrealized gains associated with foreign exchange impacts on stock-based compensation and intercompany loans ($2.5M). For the three months ended March 31, 2025, adjustments primarily include expense related to the restructuring and liquidation proceedings of Veracyte SAS ($3.8M), partially offset by adjustments related to restructuring costs ($0.1M) and the exclusion of unrealized gains associated with foreign exchange impacts on stock-based compensation and intercompany loans ($1.1M). For the three months ended December 31, 2024, adjustments primarily include the exclusion of unrealized losses associated with foreign exchange impacts on stock-based compensation and intercompany loans ($1.9M), expense related to the restructuring and liquidation proceedings of Veracyte SAS ($3.2M) and expense related to the impairment charge associated with HalioDx ($2.7M). For the three months ended Sep 30, 2024, adjustments include the exclusion of unrealized gains associated with foreign exchange impacts on stock-based compensation and intercompany loans ($1.1M) partially offset by expense related to restructuring costs ($0.2M). 3. Incremental non-GAAP tax expense reflects the tax impact of the non-GAAP adjustments listed. 4. In those periods in which GAAP net (loss) income is negative and non-GAAP net (loss) income is positive, non-GAAP diluted weighted average shares outstanding includes potentially dilutive common shares from equity awards as determined using the treasury stock method. 5. Some figures rounded for reporting purposes. Summed quarters may differ slightly from year-to-date figures presented due to rounding or use of weighted-averages when calculating earnings per share.
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26© 2026 Veracyte, Inc. All rights reserved. 1. Includes transaction-related expenses as well as post-combination compensation expenses. For the twelve months ended December 31, 2025, adjustments consist primarily of transaction-related expenses associated with the acquisition of C2i Genomics ($10.3M) and the NanoString contingent consideration ($1.7M). For the twelve months ended December 31, 2024, adjustments consist primarily of transaction related expenses associated with the acquisition of C2i Genomics. 2. For the twelve months ended December 31, 2025, adjustments primarily include expense related to Veracyte SAS impairment loss ($20.5M), Veracyte SAS investment review ($7.7M), the exclusion of unrealized loss related to Veracyte SAS deconsolidation ($6.7M), the restructuring and liquidation proceedings of Veracyte SAS ($3.8M), and other legal proceedings ($1.0M), partially offset by adjustments related to restructuring costs ($0.1M), vendor legal settlement ($2.8M), and the exclusion of unrealized gains associated with foreign exchange impacts on stock-based compensation and intercompany loans ($2.3M). For the twelve months ended December 31, 2024, adjustments primarily include expense related to restructuring costs associated with a reduction in our Biopharmaceutical and Other segment and with portfolio prioritization, expense related to Veracyte SAS site investment review, expense related to the impairment charge associated with HalioDx and the exclusion of unrealized losses associated with foreign exchange impacts on stock-based compensation and intercompany loans. 3. Incremental non-GAAP tax expense reflects the tax impact of the non-GAAP adjustments listed. 4. In those periods in which GAAP net (loss) income is negative and non-GAAP net (loss) income is positive, non-GAAP diluted weighted average shares outstanding includes potentially dilutive common shares from equity awards as determined using the treasury stock method. Reconciliation of Non-GAAP Net Income, EPS and WASO Diluted EPS, GAAP $ 0.31 $ 0.82 Amortization of intangible assets 0.19 0.16 Stock-based compensation expense 0.46 0.54 Acquisition related expenses (1) 0.08 (0.15) Other adjustments (2) 0.15 0.43 Tax adjustments (3) - (0.03) Rounding and impact of dilutive shares - 0.01 Diluted EPS, non-GAAP $ 1.19 $ 1.78 Diluted WASO, GAAP 78,163,217 80,573,140 Dilutive effect of equity awards (4) - - Diluted WASO, non-GAAP 78,163,217 80,573,140 (Unaudited) (In thousands of dollars) Twelve Months Ended Dec 31, 2024 Dec 31, 2025 GAAP Net Income (Loss) $ 24,138 $ 66,353 Amortization of intangible assets 14,849 13,153 Stock-based compensation expense 36,249 43,601 Acquisition related expenses (1) 6,631 (11,971) Other adjustments (2) 11,450 34,466 Tax adjustments (3) (349) (2,397) Non-GAAP Net Income $ 92,968 $ 143,205
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27© 2026 Veracyte, Inc. All rights reserved.