Slides
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January 2026 J.P. Morgan Healthcare Conference
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2© 2025 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 2025 and 2026 financial and operating results; our assumptions for future revenue growth; plans and timing of the release of version 2 of our Afirma transcriptome assay and other product launches; 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, including geographic expansion; 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 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 and energy supply; the impact of foreign currency fluctuations, volatile interest rates, inflation, the new U.S. administration and turmoil in the global banking and finance system; the ongoing conflicts in Russia and Ukraine and 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 adjusted EBITDA margin. 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 margin. 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 included in the Appendix. Veracyte has not completed preparation of its financial statements for the fourth quarter or full year ended December 31, 2025. The revenue and testing volume ranges presented in this presentation for the fourth quarter of 2025 and for the year ended December 31, 2025, as well as the estimates given for our adjusted EBITDA margin, are preliminary and unaudited and are thus inherently uncertain and subject to change as we complete our financial results for the fourth quarter and full year ended December 31, 2025. Further, these preliminary and unaudited estimates are not a comprehensive statement or estimate of our financial results or financial condition as of and for the periods presented, should not be viewed as a substitute for financial statements prepared in accordance with GAAP and are not necessarily indicative of the results to be achieved in any future period. Veracyte is in the process of completing its customary year-end close and review procedures as of and for the year ended December 31, 2025, and there can be no assurance that final results for this period will not differ from these estimates. During the course of the preparation of Veracyte’s consolidated financial statements and related notes as of and for the year ended December 31, 2025, the company's independent registered public accountants may identify items that could cause final reported results to be materially different from the preliminary financial estimates presented herein. Further, Veracyte is unable to provide an estimate of net income margin, the most closely comparable GAAP measure to adjusted EBITDA margin, for the fourth quarter or full year ended December 31, 2025 or a related reconciliation table without unreasonable effort, due to the unavailability at this time of reliable estimates for net income and certain components that are necessary for such reconciliation for the period presented. Such components may include, but are not limited to, stock-based compensation expenses, acquisition-related expenses, and other adjustments. For more information on non-GAAP financial measures, please refer to the section titled “Note Regarding Use of Non-GAAP Financial Measures” in our press release. 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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Our vision is to transform cancer care for patients all over the world 3
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Veracyte Diagnostics Platform Broad genomic assays and clinical data, robust evidence generation, and differentiated marked expansion A novel platform for growth 4
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Leveraging our platform across the cancer care continuum Gray indicates pipeline tests Lung PULMONOLOGY Thyroid ENDOCRINOLOGY Breast WOMEN’S HEALTH With Decipher Prostate UROLOGY + Prostate UROLOGY Bladder UROLOGY With Decipher Prostate UROLOGY UROLOGY TrueMRD MIBC Risk Assessment Diagnosis Prognosis Treatment Guidance Recurrence Monitoring 5
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Our platform drives growth and scale 1. Total patients served with any Veracyte test inception through December 31, 2025; 2. Total publications utilizing any Veracyte test from inception through December 31, 2025; 3. Approximate preliminary unaudited total revenue based on estimated full year 2025 results between $515M - $517M; 4. Approximate preliminary unaudited testing revenue growth based on estimated full year 2025 results between $515M - $517M Total 2025 revenue3 2025 testing revenue growth4 >800K Total patients served with our tests1 >600 Publications utilizing our tests 2 ~17%~$516M 6
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Delivered all of our 2025 product catalysts Reaching profitability target early 1. Non-GAAP financial measure based on preliminary unaudited estimates for full year 2025 Further penetration and share gains Launched Decipher for metastatic patients Expect to achieve >25% adj. EBITDA1 in 2025 Expanded Afirma and Decipher clinical evidence Transitioned Afirma to v2 transcriptome Completed Veracyte SAS restructuring Completed NIGHTINGALE enrollment 7
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8 How aggressive is my prostate cancer? Does my cancer need treatment? Will I need hormone therapy and for how long? Do I need chemotherapy if I have metastatic disease?
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Helping physicians provide personalized care Market leader for prostate cancer prognosis & prediction >15% 2025 increase in ordering providers compared to the prior year ~215M Covered lives2 >300K Patients tested to date1 1. Decipher patients tested from inception through December 31, 2025; 2. Decipher covered lives as of December 31, 2025 9
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Significant opportunity ahead in prostate cancer U.S. TAM ~334,000 patients diagnosed with prostate cancer annually1 ~33% penetration2 1. Company estimates based on 2026 ACS data 2. Company estimates as of December 31, 2025 10
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2016 2025E 1. Research use only 2. NCCN = National Comprehensive Cancer Network. NCCN makes no warranties of any kind whatsoever regarding their content, use or application and disclaims any responsibility for their application or use in any way Annual Volume ~102K ACQUIRED BY VERACYTE 2016 2017 2020 2021 Q2 2025 Biopsy launch First GRID1 report Localized prostate cancer reimbursement PREDICT-RT, GUIDANCE trials begin accrual Metastatic launch 2018 Initial NCCN2 guideline inclusion Q4 2024 NCCN2 guideline updates Biopsy Medicare Reimbursement Strong growth trajectory for Decipher following reimbursement 2023 NCCN2 recognizes Simon level 1B evidence 11
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Intermediate Risk Biopsy Post-Radical ProstatectomyLow Risk Biopsy High Risk Biopsy Biochemically Recurrent Advanced Stage & Metastatic Legend: Accrual / Initiation In Analysis Published Decipher Prostate Publications and growing 115 Decipher clinical evidence continues to build 12
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Drive continued penetration into advanced disease with the launch of metastatic and the Molecular Features report to drive growth in high-risk, post surgery BCR and metastatic Expand clinical signatures available on the Decipher report For example, PORTOS and PTEN, to further enhance clinical insights Expect sustained growth into 2026 and beyond Scan all slides to build digital pathology database Currently >175,000 slides from >130,000 deidentified patients with outcomes data for digital pathology research 13
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Should I have surgery to remove this nodule? Do I have cancer? What treatment options should I consider? 14
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15 >400K Patients tested to date1 Market leader in molecular thyroid diagnostics Guiding informed thyroid nodule care at scale >250K Patients spared unnecessary surgery2 ~280M Covered lives3 >150 Publications4 1. Afirma patients tested from inception through December 31, 2025; 2. Afirma patients spared unnecessary surgery from inception through December 31, 2025; 3. Afirma covered lives as of December 31, 2025; 4. Afirma publications as of December 31, 2025
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Robust opportunity for Afirma growth driven by share gains and penetration 1. Company estimates of the annual incidence of Bethesda III, IV, V and VI nodules based on market data as of the end of 2025 2. Company estimates as of December 31, 2025 ~180,000 patients indeterminate, suspected or diagnosed with thyroid cancer1 U.S. TAM ~38% penetration2 16
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2012 2018 Q1 2023 Q1 2024 >67K 2011 2025E Durable growth persists more than a decade after launch Afirma GEC TERT GRID1 Afirma GSC 2011 2025 Medicare Reimbursement Annual Volume v2 Transcriptome 1. Research use only 17
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Afirma GSC focused Afirma GRID focused Launch of Afirma GRID drives research 202520242023 23 9 7 5 2022 Launch of Afirma GRID 18
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Phased strategic growth drivers expand the reach of our platform near-term, mid- term & long-term TrueMRD Prosigna® Nasal Swab IVDs 19
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20© 2025 Veracyte, Inc. All rights reserved. Do I need chemotherapy? What kind of breast cancer do I have? Will my cancer come back? *Transcriptome-based laboratory developed test io provide Prosigna score and intrinsic subtypes, also referred to as Prosigna LDT Prosigna
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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+ 21 >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 mid-2026 LDT launch anticipated in mid -2026 Following expected key clinical utility evidence readouts
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Dalia Breast Cancer Patient “Prosigna changed the course of my treatment. It gave me and my medical team new insights that ultimately allowed my treatment to be tailored to me as an individual. As a younger breast cancer patient, I was aware that most data didn’t represent my demographic; this was a real concern for me. Having more information has given me peace of mind.” Patient received the Prosigna IVD test on nCounter in the UK 22
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Has my cancer come back? What other treatment should I consider? Is my treatment working? TrueMRD 23
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Less blood Uses just one tube of blood (<4ml plasma) Differentiated approach: Whole genome every step of the way TrueMRD Combining broad whole-genome tumor data with sophisticated AI to transform how cancer is monitored Faster results Using AI driven, in-silico signatures means results available faster than other tumor-informed approaches that require a personalized panel Earlier detection Widest view of the tumor genetic landscape enabled by whole genome sequencing Better outcomes Faster results with deeper insights to inform care decisions 24
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25 Muscle invasive bladder cancer (MIBC) First indication with launch expected in 1H 2026 Leverages our strong Decipher channel that serves urologists and radiation oncologists Indication expansion for MRD GRID collaboration anticipated to drive additional clinical data New indications expected annually beginning in 2027 TrueMRD 25
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TrueMRD “Incorporating MRD testing into prospective clinical trials is fundamentally changing how we can offer risk stratification and treatment (de)intensity. These data will allow us to move beyond population-based decisions toward more personalized, biology-driven care. Veracyte’s MRD assay has integrated seamlessly into our clinical trial, and we are excited about the potential insights that we can drive through our collaboration.” Dr. Marie-Pier St-Lauren, Principal Investigator Neo-BLAST TrueMRD’s unique insights drive robust clinical data Multiple studies already completed in Bladder, CRC, Lung and other indications Robust study pipeline 10 in testing / analysis 13 in contracting 11 in active planning 26
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IVD Expanding geographically Launching our tests as IVDs to address patient needs outside of the U.S. ~270K HR+ patients diagnosed annually in Europe1 Breast Cancer Prosigna IVD on nCounter Prosigna NGS IVD - in development >450K Patients diagnosed annually in Europe2 Prostate Cancer Decipher IVD on qPCR - in development 1. Company estimates based on The Joint Research Centre: EU Science Hub estimate of 380,000 breast cancer cases annually in the EU & komen.org estimate that about 70% to 80% of newly diagnosed breast cancers are HR+; 2. Company estimates based on World Health Organizations Europe region prostate cancer incidences 27
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Assessing lung cancer risk in patients with lung nodules Nasal Swab NIGHTINGALE enrollment complete Pivotal trial for demonstrating clinical utility for the nasal swab test ~15M Patients eligible for annual LDCT screening in the US1 Non-invasive nasal brushing with whole-transcriptome data + machine learning to classify suspicious lung nodules Benign patients may avoid unnecessary procedures and high-risk patients may accelerate treatment ~1.6M Incidental lung nodules detected annually2 1. Company estimate based on epidemiology data to support lung cancer screening eligible population based on USPSTF guidelines 2. Gould et al. ATS Journal, 2015 3. https://bmccancer.biomedcentral.com/articles/10.1186/s12885-025-13683-2 28
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29 $251 $327 $419 $4931 2022 2023 2024 2025E Driving profitable growth Testing Product Other $297 $361 $446 $5161 >25% Expected to be achieved ahead of target2 1. Midpoint of approximate preliminary unaudited total revenue range based on unaudited full year 2025 results between $$515M - $517M 2. Non-GAAP financial measure based on preliminary unaudited estimates for full year 2025 Total Revenue (M) ~21%~13%~8% Adj. EBITDA Margin
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1. Guidance provided on January 11, 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 $516 10-13% YOY growth 14 - 16% YOY testing growth Revenue (M) 1 Strong financial outlook for 2026 30
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Fueling growth with a steady cadence of expected product 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 31
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33 Reconciliation of Adjusted EBITDA (Unaudited) (In thousands of dollars) Twelve Months Ended Dec 31, 2022 Dec 31, 2023 Dec 31, 2024 GAAP Net Income (Loss) $ (36,560) $ (74,404) $ 24,138 GAAP Net Income (Loss) as a % of Revenue (12.3%) (20.6 %) 5.4 % Amortization of intangible assets 21,354 20,570 14,849 Depreciation expense 4,572 6,618 8,610 Stock-based compensation expense 27,456 33,489 36,249 Acquisition related expenses (1) 8,242 993 6,631 Other expense (income), net (2) (4,280) (7,922) (11,647) Other adjustments (3) 3,832 68,283 11,450 Income tax expense (benefit) 133 (2,208) 1,606 Adjusted EBITDA $ 24,749 $ 45,419 $ 91,886 Adjusted EBITDA as a % of Revenue 8.3% 12.6 % 20.6 % 1. Includes transaction-related expenses as well as 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. 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, 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 $34.9 million expense related to the impairment charge associated with the nCounter license intangible assets, $32.0 million expense related to the impairment charge associated with HalioDx and $1.3 million related to other impairment charges. For the twelve months ended December 31, 2022, adjustments primarily include $3.3 million expense related to the impairment charge associated with certain developed technology intangible assets and $0.5 million related to restructuring costs.