Veracyte on Wednesday announced its financial results for the third quarter of 2022 ended September 30, with total revenue of $75.6 million, 25% higher than 2021’s third-quarter revenue of $60.4 million.
Testing revenue was $64.6 million, an increase of 27% over $50.9 million in the third quarter of 2021; product revenue was $3.3 million, an increase of 12% compared to $3.0 million in the third quarter of 2021; biopharmaceutical and other revenue was $7.7 million, an increase of 18% over 2021’s third-quarter $6.5 million.
Furthermore, Veracyte said that it had generated $7.0 million in cash from operating activities and ended the third quarter of 2022 with cash, cash equivalents, and short-term investments of $170.1 million, compared to $164.0 million at the end of the second quarter of 2022.
The firm attributed the increase in testing revenue in part to expanded clinical evidence and commercial reimbursements for its tests. The Decipher Prostate Genomic Classifier and Afirma Genomic Sequencing Classifier tests had particularly strong performance, according to Veracyte.
The increase in biopharmaceutical and other revenue was primarily driven by the firm’s HalioDx acquisition, the firm noted.