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Veracyte (VCYT) FY2024 results: revenue $446 million, up 23.5% on the year

Veracyte, Inc. (VCYT) reported revenue of $446 million for fiscal 2024, the year ended 31 December 2024, up 23.5% on the year before. Net income was $24 million, and diluted earnings per share $0.31. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2025.

Revenue
$446 million
+23.5% on the year
FY2017FY2024
Operating margin
3.6%
-23.8% a year earlier
FY2017FY2024
Net income
$24 million
FY2017FY2024
Diluted EPS
$0.31
FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ millionFY2024FY2023FY2022On the yearLast 8 years
Revenue446361297+23.5%
Gross profit298230176+29.8%
Gross margin66.9%63.6%59.2%
Research and development69.357.340.6+20.9%
Operating income16.1-85.8-41.1
Operating margin3.6%-23.8%-13.9%
Pre-tax income25.7-76.6-36.4
Income tax1.6-2.20.1
Effective tax rate6.2%n/an/a
Net income24.1-74.4-36.6
Net margin5.4%-20.6%-12.3%
Diluted EPS$0.31-$1.02-$0.51
$ million except per share.
Read moreFree 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

$ millionFY2024FY2023FY2022On the yearLast 8 years
Operating cash flow75.144.27.5+69.8%
Capital expenditure11.310.08.5+13.3%
Free cash flow63.834.3-1.0+86.2%
Free cash flow margin14.3%9.5%-0.3%
Cash from investing-56.315.1-29.4
Cash from financing4.92.83.5+72.9%
Depreciation and amortisation23.527.225.9-13.7%
Share-based compensation36.233.126.7+9.4%
Diluted shares, weighted78m73m72m+7.6%
Shares outstanding at period end78m73m72m+6.2%

Balance sheet

$ millionFY2024FY2023FY2022On the yearLast 8 years
Shareholders' equity1,1761,0441,075+12.6%
Debt0.00.00.0
Operating lease liabilities43.27.510.6+474.6%
Other liabilities80.863.370.6+27.7%
Total liabilities and equity1,3001,1151,156+16.6%
Fixed assetsn/an/a17.7
Goodwill746703696+6.1%
Intangible assets10288.6175+15.5%
Securities held for sale or to maturity50.40.024.6
Cash and equivalents239216154+10.5%
Receivables46.540.444.0+15.2%
Inventory21.816.114.3+34.9%
Other assets94.250.430.8+87.1%
Total assets1,3001,1151,156+16.6%

10-K for the year ended 31 December 2024, filed 28 February 2025: the filing.