Veracyte (VCYT) FY2022 results: revenue $297 million, up 35.1% on the year

Veracyte, Inc. (VCYT) reported revenue of $297 million for fiscal 2022, the year ended 31 December 2022, up 35.1% on the year before. Net income was -$37 million, and diluted earnings per share $-0.51. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2023.

Revenue

$297 million

+35.1% on the year

FY2015FY2022

Operating margin

-13.9%

-37.3% a year earlier

FY2015FY2022

Net income

-$37 million

FY2015FY2022

Diluted EPS

-$0.51

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	297	220	117	+35.1%
Gross profit	176	n/a	n/a
Gross margin	59.2%	n/a	n/a
Research and development	40.6	29.8	17.2	+36.1%
Operating income	-41.1	-81.9	-35.4
Operating margin	-13.9%	-37.3%	-30.1%
Interest expense	n/a	n/a	0.2
Pre-tax income	-36.4	-81.6	-34.9
Income tax	0.1	-6.1	0.0
Net income	-36.6	-75.6	-34.9
Net margin	-12.3%	-34.4%	-29.7%
Diluted EPS	-$0.51	-$1.11	-$0.66

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	7.5	-31.6	-9.7
Capital expenditure	8.5	5.4	2.8	+59.0%
Free cash flow	-1.0	-37.0	-12.5
Free cash flow margin	-0.3%	-16.9%	-10.7%
Cash from investing	-29.4	-739	-3.8
Cash from financing	3.5	596	204	-99.4%
Depreciation and amortisation	25.9	19.6	7.9	+32.3%
Share-based compensation	26.7	22.5	13.0	+18.7%
Diluted shares, weighted	72m	68m	53m	+5.4%
Shares outstanding at period end	72m	71m	58m	+1.2%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,075	1,097	421	-1.9%
Debt	0.0	1.1	0.8
Operating lease liabilities	10.6	14.1	9.9	-24.5%
Other liabilities	70.6	76.1	25.2	-7.2%
Total liabilities and equity	1,156	1,188	457	-2.6%
Fixed assets	17.7	15.1	9.0	+17.2%
Goodwill	696	708	2.7	-1.7%
Intangible assets	175	203	59.9	-13.7%
Securities held for sale or to maturity	24.6	4.0	n/a	+520.7%
Cash and equivalents	154	173	349	-10.9%
Receivables	44.0	41.5	18.5	+6.2%
Inventory	14.3	11.2	4.7	+27.3%
Other assets	30.8	32.2	13.0	-4.5%
Total assets	1,156	1,188	457	-2.6%

10-K for the year ended 31 December 2022, filed 1 March 2023: the filing.