Detailed financial statements for Veracyte, Inc. (VCYT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Veracyte, Inc. operates as a diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier for cancerous thyroid nodules; Decipher Prostate Genomic Classifiers for prostate cancer diagnosis; Decipher Bladder Genomic Classifier for bladder cancer diagnosis; Prosigna Breast Cancer Assay for breast cancer diagnosis; and Percepta Nasal Swab Test for lung cancer diagnosis.
Analysis Summary
Veracyte, Inc. reported revenue of $517.1M in the most recent fiscal year, growing at a 5-year CAGR of 34.5%.
Trailing-twelve-month margins: gross margin 72.1%, operating margin 17.0%, net margin 20.4%.
At the current price of $45.81, VCYT trades at a P/E of 32.72 and an ROE of 8.64%. Market capitalisation stands at $3.7B.
Balance sheet quality for VCYT: current ratio of 8.1, net cash position of $373.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $126.6M represents 191% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $65.1M | $72.0M | $92.0M | $120.4M | $117.5M | $219.5M | $296.5M | $361.1M | $445.8M | $517.1M |
| Cost of Revenue | $25.5M | $28.2M | $33.1M | $36.5M | $41.5M | $74.4M | $101.6M | $112.9M | $147.6M | $157.1M |
| Gross Profit | $39.6M | $43.8M | $58.9M | $83.8M | $76.0M | $145.1M | $195.0M | $248.1M | $298.1M | $360.0M |
| Research & Development | $15.3M | $13.9M | $14.8M | $14.9M | $17.2M | $29.8M | $40.6M | $57.3M | $69.3M | $70.8M |
| Selling, General & Admin | $52.0M | $55.3M | $65.3M | $82.7M | $89.1M | $181.2M | $174.1M | $184.2M | $206.0M | $210.9M |
| Operating Expenses | $68.4M | $70.3M | $81.2M | $99.0M | $111.4M | $227.0M | $236.0M | $333.9M | $282.0M | $285.9M |
| Operating Income | -$28.8M | -$26.5M | -$22.2M | -$15.1M | -$35.4M | -$81.9M | -$41.1M | -$85.8M | $16.1M | $74.2M |
| EBITDA | -$25.1M | -$23.8M | -$17.1M | -$7.8M | -$26.7M | -$60.2M | -$7.0M | -$49.4M | $49.2M | $89.6M |
| Interest Expense | $2.8M | $4.9M | $2.0M | $677,000 | $229,000 | $241,000 | $198,000 | $15,000 | $2,000 | 0 |
| Pre-tax Income | -$31.4M | -$31.0M | -$23.0M | -$12.6M | -$34.9M | -$81.6M | -$36.4M | -$76.6M | $25.7M | $68.2M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | -$6.1M | $133,000 | -$2.2M | $1.6M | $1.8M |
| Net Income | -$31.4M | -$31.0M | -$23.0M | -$12.6M | -$34.9M | -$75.6M | -$36.6M | -$74.4M | $24.1M | $66.4M |
| EPS | $-1.09 | $-0.91 | $-0.62 | $-0.27 | $-0.66 | $-1.11 | $-0.51 | $-1.02 | $0.32 | $0.84 |
| EPS (Diluted) | $-1.09 | $-0.91 | $-0.62 | $-0.27 | $-0.66 | $-1.11 | $-0.51 | $-1.02 | $0.31 | $0.82 |
| Shares Outstanding (Diluted) | $28.8M | $33.9M | $37.0M | $46.1M | $53.2M | $67.9M | $71.5M | $72.6M | $78.2M | $80.6M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $131.9M | $140.6M | $139.1M | $150.3M |
| Gross Profit | $91.3M | $104.7M | $100.6M | $108.6M |
| Operating Income | $22.9M | $25.9M | $23.8M | $23.0M |
| EBITDA | $24.2M | $45.9M | $35.4M | $24.3M |
| Net Income | $19.1M | $41.1M | $28.7M | $25.5M |
| EPS | $0.24 | $0.52 | $0.36 | $0.32 |
| EPS (Diluted) | $0.24 | $0.50 | $0.35 | $0.31 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $59.2M | $33.9M | $78.0M | $159.3M | $349.4M | $173.2M | $154.2M | $216.5M | $239.1M | $362.6M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | $4.0M | $24.6M | 0 | $50.4M | $50.3M |
| Receivables | $8.8M | $12.7M | $13.2M | $19.3M | $18.5M | $41.5M | $44.0M | $40.4M | $46.5M | $44.7M |
| Inventory | $3.5M | $5.3M | $3.4M | $6.8M | $4.7M | $11.2M | $14.3M | $16.1M | $21.8M | $20.5M |
| Total Current Assets | $73.6M | $53.9M | $97.0M | $187.7M | $375.7M | $243.1M | $248.6M | $285.6M | $372.3M | $488.4M |
| Property, Plant & Equipment | $11.5M | $9.7M | $8.9M | $17.7M | $16.8M | $31.1M | $30.9M | $30.9M | $71.1M | $58.8M |
| Goodwill | $1.1M | $1.1M | $1.1M | $2.7M | $2.7M | $707.9M | $695.9M | $703.0M | $745.8M | $767.2M |
| Intangible Assets | $14.1M | $13.1M | $12.0M | $65.0M | $59.9M | $202.7M | $174.9M | $88.6M | $102.3M | $89.1M |
| Total Assets | $101.0M | $78.7M | $120.6M | $275.2M | $457.2M | $1.19B | $1.16B | $1.11B | $1.30B | $1.41B |
| Accounts Payable | $2.4M | $3.9M | $2.5M | $2.3M | $3.1M | $12.4M | $11.9M | $12.9M | $8.6M | $4.6M |
| Short-term Debt | 0 | 0 | $1.4M | 0 | 0 | $1.1M | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $11.5M | $12.0M | $13.1M | $17.5M | $16.8M | $64.2M | $62.6M | $61.2M | $78.6M | $59.9M |
| Long-term Debt | $24.9M | $24.9M | $23.9M | $694,000 | $810,000 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $41.5M | $41.4M | $40.9M | $35.8M | $35.9M | $91.3M | $81.2M | $70.8M | $124.1M | $96.4M |
| Retained Earnings | -$180.1M | -$211.1M | -$234.1M | -$246.7M | -$281.6M | -$357.2M | -$393.7M | -$468.1M | -$444.0M | -$377.6M |
| Total Equity | $59.6M | $37.2M | $79.8M | $239.5M | $421.2M | $1.10B | $1.08B | $1.04B | $1.18B | $1.31B |
| Total Debt | $25.5M | $25.2M | $25.3M | $13.6M | $12.3M | $18.9M | $14.7M | $12.6M | $50.7M | $39.7M |
| Net Debt | -$33.7M | -$8.6M | -$52.7M | -$145.7M | -$337.0M | -$158.3M | -$164.1M | -$203.8M | -$238.7M | -$373.2M |
| Working Capital | $62.1M | $41.9M | $83.9M | $170.2M | $358.9M | $179.0M | $186.0M | $224.4M | $293.6M | $428.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $315.6M | $362.6M | $263.1M | $299.5M |
| Total Assets | $1.37B | $1.41B | $1.44B | $1.49B |
| Total Liabilities | $110.1M | $96.4M | $92.0M | $98.0M |
| Total Equity | $1.26B | $1.31B | $1.34B | $1.39B |
| Total Debt | $40.5M | $39.7M | $39.3M | $40.1M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$31.4M | -$31.0M | -$23.0M | -$12.6M | -$34.9M | -$75.6M | -$36.6M | -$74.4M | $24.1M | $66.4M |
| Depreciation & Amortization | $3.5M | $3.8M | $3.9M | $4.1M | $7.9M | $19.6M | $25.9M | $27.2M | $23.5M | $21.4M |
| Stock-based Compensation | $6.4M | $6.6M | $6.0M | $9.8M | $13.0M | $22.5M | $26.7M | $33.1M | $36.2M | $43.6M |
| Change in Working Capital | -$6.4M | -$5.4M | -$651,000 | -$4.8M | -$481,000 | $4.2M | -$16.4M | -$3.7M | -$21.0M | -$2.3M |
| Operating Cash Flow | -$28.0M | -$23.9M | -$13.5M | -$3.2M | -$9.7M | -$31.6M | $7.5M | $44.2M | $75.1M | $136.3M |
| Capital Expenditure | -$4.2M | -$1.8M | -$1.9M | -$2.8M | -$2.8M | -$5.4M | -$8.5M | -$10.0M | -$11.3M | -$9.7M |
| Acquisitions | 0 | $440,000 | 0 | -$40.0M | 0 | -$736.8M | 0 | 0 | $5.0M | -$2.8M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$32.2M | -$25.7M | -$15.4M | -$6.0M | -$12.5M | -$37.0M | -$1.0M | $34.3M | $63.8M | $126.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $44.8M | $52.6M | $35.2M | $45.8M |
| Capital Expenditure | -$2.8M | -$4.3M | -$3.0M | -$2.9M |
| Free Cash Flow | $42.0M | $48.3M | $32.3M | $43.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $10.8M | $10.9M | $12.8M | $14.1M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +10.6% | +27.9% | +30.8% | -2.4% | +86.8% | +35.1% | +21.8% | +23.5% | +16.0% | |
| Net Income Growth (YoY) | +1.1% | +25.8% | +45.2% | -177.1% | -116.5% | +51.6% | -103.5% | +132.4% | +174.9% | |
| EPS Growth (YoY) | +16.5% | +31.9% | +56.5% | -144.4% | -68.2% | +54.1% | -100.0% | +131.4% | +162.5% | |
| Shares Change (YoY) | +17.7% | +9.1% | +24.6% | +15.4% | +27.5% | +5.4% | +1.5% | +7.6% | +3.1% | |
| FCF Growth (YoY) | +20.3% | +40.0% | +61.1% | -109.6% | -194.8% | +97.3% | +3,478.8% | +86.2% | +98.5% | |
| Gross Margin | 60.9% | 60.8% | 64.0% | 69.7% | 64.7% | 66.1% | 65.7% | 68.7% | 66.9% | 69.6% |
| Operating Margin | -44.3% | -36.9% | -24.2% | -12.6% | -30.1% | -37.3% | -13.9% | -23.8% | 3.6% | 14.3% |
| EBITDA Margin | -38.5% | -33.0% | -18.6% | -6.5% | -22.8% | -27.4% | -2.4% | -13.7% | 11.0% | 17.3% |
| Net Margin | -48.2% | -43.1% | -25.0% | -10.5% | -29.7% | -34.4% | -12.3% | -20.6% | 5.4% | 12.8% |
| FCF Margin | -49.5% | -35.7% | -16.7% | -5.0% | -10.7% | -16.9% | -0.3% | 9.5% | 14.3% | 24.5% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | 7.5% | -0.4% | 2.9% | 6.2% | 2.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-1.12 | $-0.76 | $-0.42 | $-0.13 | $-0.24 | $-0.54 | $-0.01 | $0.47 | $0.82 | $1.57 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $28.8M | $33.9M | $37.0M | $46.1M | $53.2M | $67.9M | $71.5M | $72.6M | $76.5M | $78.6M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | 8.64% |
| Return on Invested Capital | 6.70% |
| Return on Assets | 7.70% |
| Gross Margin | 72.09% |
| Operating Margin | 17.03% |
| Net Margin | 20.37% |
Financial Health
| Debt / Equity | 0.03 |
| Current Ratio | 9.16 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 21.11 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -7.10 | -7.18 | -20.29 | -103.41 | -74.15 | -37.12 | -46.53 | -26.97 | 123.75 | 50.12 |
| P/B | 3.75 | 5.95 | 5.84 | 5.38 | 6.19 | 2.55 | 1.58 | 1.91 | 2.58 | 2.53 |
| P/S | 3.43 | 3.08 | 5.06 | 10.70 | 22.18 | 12.74 | 5.73 | 5.54 | 6.79 | 6.40 |
| Gross Margin | 60.9% | 60.8% | 64.0% | 69.7% | 64.7% | 66.1% | 65.7% | 68.7% | 66.9% | 69.6% |
| Operating Margin | -44.3% | -36.9% | -24.2% | -12.6% | -30.1% | -37.3% | -13.9% | -23.8% | 3.6% | 14.3% |
| Net Margin | -48.2% | -43.1% | -25.0% | -10.5% | -29.7% | -34.4% | -12.3% | -20.6% | 5.4% | 12.8% |
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Explore sector: Healthcare · Medical - Diagnostics & Research
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