(State or other jurisdiction of incorporation) | Commission File Number | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | |||||
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. | ||
Emerging growth company | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
Dated: | February 22, 2024 | ||||||||||
VERACYTE, INC. | |||||||||||
By: | /s/ Rebecca Chambers | ||||||||||
Name: | Rebecca Chambers | ||||||||||
Title: | Chief Financial Officer | ||||||||||
Principal Financial Officer |
VERACYTE, INC. | |||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
(In thousands, except share and per share amounts) | |||||||||||||||||||||||
Three Months Ended December 31 | Twelve Months Ended December 31 | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Testing revenue | $ | 90,385 | $ | 70,269 | $ | 326,542 | $ | 250,544 | |||||||||||||||
Product revenue | 3,665 | 3,231 | 15,588 | 12,632 | |||||||||||||||||||
Biopharmaceutical and other revenue | 4,149 | 6,797 | 18,921 | 33,360 | |||||||||||||||||||
Total revenue | 98,199 | 80,297 | 361,051 | 296,536 | |||||||||||||||||||
Operating expenses (1): | |||||||||||||||||||||||
Cost of testing revenue | 24,105 | 19,394 | 88,913 | 75,317 | |||||||||||||||||||
Cost of product revenue | 1,753 | 2,618 | 8,666 | 7,820 | |||||||||||||||||||
Cost of biopharmaceutical and other revenue | 3,518 | 4,819 | 15,324 | 18,445 | |||||||||||||||||||
Research and development | 18,673 | 11,287 | 57,305 | 40,603 | |||||||||||||||||||
Selling and marketing | 25,260 | 24,127 | 101,490 | 97,560 | |||||||||||||||||||
General and administrative | 23,795 | 18,208 | 86,229 | 73,200 | |||||||||||||||||||
Impairment of long-lived assets | 32,039 | — | 68,349 | 3,318 | |||||||||||||||||||
Intangible asset amortization | 4,563 | 5,264 | 20,570 | 21,354 | |||||||||||||||||||
Total operating expenses | 133,706 | 85,717 | 446,846 | 337,617 | |||||||||||||||||||
Loss from operations | (35,507) | (5,420) | (85,795) | (41,081) | |||||||||||||||||||
Other income, net | 5,035 | 1,979 | 9,183 | 4,654 | |||||||||||||||||||
Loss before income taxes | (30,472) | (3,441) | (76,612) | (36,427) | |||||||||||||||||||
Income tax (benefit) provision | (2,179) | 403 | (2,208) | 133 | |||||||||||||||||||
Net loss | $ | (28,293) | $ | (3,844) | $ | (74,404) | $ | (36,560) | |||||||||||||||
Net loss per common share, basic and diluted | $ | (0.39) | $ | (0.05) | $ | (1.02) | $ | (0.51) | |||||||||||||||
Shares used to compute net loss per common share, basic and diluted | 73,107,059 | 71,825,754 | 72,644,487 | 71,549,204 | |||||||||||||||||||
Three Months Ended December 31 | Twelve Months Ended December 31 | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Cost of revenue | $ | 472 | $ | 408 | $ | 1,858 | $ | 1,355 | |||||||||||||||
Research and development | 1,495 | 1,332 | 5,326 | 6,132 | |||||||||||||||||||
Selling and marketing | 2,498 | 1,297 | 9,624 | 6,018 | |||||||||||||||||||
General and administrative | 3,142 | 3,997 | 16,681 | 13,951 | |||||||||||||||||||
Total stock-based compensation expense | $ | 7,607 | $ | 7,034 | $ | 33,489 | $ | 27,456 |
VERACYTE, INC. | |||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Three Months Ended December 31 | Twelve Months Ended December 31 | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net loss | $ | (28,293) | $ | (3,844) | $ | (74,404) | $ | (36,560) | |||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Change in currency translation adjustments | 3,765 | 22,720 | 7,328 | (16,263) | |||||||||||||||||||
Net comprehensive loss | $ | (24,528) | $ | 18,876 | $ | (67,076) | $ | (52,823) |
VERACYTE, INC. | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(In thousands) | |||||||||||
December 31 | December 31, | ||||||||||
2023 | 2022 | ||||||||||
(Unaudited) | (See Note 1) | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 216,454 | $ | 154,247 | |||||||
Short-term investments | — | 24,605 | |||||||||
Accounts receivable | 40,378 | 44,021 | |||||||||
Supplies and inventory | 16,128 | 14,294 | |||||||||
Prepaid expenses and other current assets | 12,661 | 11,469 | |||||||||
Total current assets | 285,621 | 248,636 | |||||||||
Property, plant and equipment, net | 20,584 | 17,702 | |||||||||
Right-of-use assets, operating leases | 10,277 | 13,160 | |||||||||
Intangible assets, net | 88,593 | 174,866 | |||||||||
Goodwill | 702,984 | 695,891 | |||||||||
Restricted cash | 876 | 749 | |||||||||
Other assets | 5,971 | 5,418 | |||||||||
Total assets | $ | 1,114,906 | $ | 1,156,422 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 12,943 | $ | 11,911 | |||||||
Accrued liabilities | 38,427 | 37,774 | |||||||||
Current portion of deferred revenue | 2,008 | 2,613 | |||||||||
Current portion of acquisition-related contingent consideration | 2,657 | 6,060 | |||||||||
Current portion of operating lease liabilities | 5,105 | 4,070 | |||||||||
Current portion of other liabilities | 101 | 186 | |||||||||
Total current liabilities | 61,241 | 62,614 | |||||||||
Deferred tax liabilities | 734 | 4,531 | |||||||||
Acquisition-related contingent consideration, net of current portion | 518 | 2,498 | |||||||||
Operating lease liabilities, net of current portion | 7,525 | 10,648 | |||||||||
Other liabilities | 786 | 931 | |||||||||
Total liabilities | 70,804 | 81,222 | |||||||||
Total stockholders’ equity | 1,044,102 | 1,075,200 | |||||||||
Total liabilities and stockholders’ equity | $ | 1,114,906 | $ | 1,156,422 | |||||||
1. The condensed consolidated balance sheet at December 31, 2022 has been derived from the audited financial statements at that date included in the Company's Form 10-K filed with the Securities and Exchange Commission dated March 1, 2023. | |||||||||||
VERACYTE, INC. | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(Unaudited) | |||||||||||
(In thousands) | |||||||||||
Twelve Months Ended December 31 | |||||||||||
2023 | 2022 | ||||||||||
Operating activities | |||||||||||
Net loss | $ | (74,404) | $ | (36,560) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | 27,188 | 25,928 | |||||||||
Loss on disposal of property and equipment | 271 | 206 | |||||||||
Stock-based compensation | 33,141 | 26,734 | |||||||||
Deferred income taxes | (3,839) | 133 | |||||||||
Interest on end-of-term debt obligation | — | 161 | |||||||||
Noncash lease expense | 4,158 | 3,320 | |||||||||
Revaluation of acquisition-related contingent consideration | (5,383) | 154 | |||||||||
Impairment loss | 68,349 | 3,318 | |||||||||
Effect of foreign currency on operations | (1,096) | 522 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 3,887 | (4,495) | |||||||||
Supplies and inventory | (1,694) | (3,011) | |||||||||
Prepaid expenses and other current assets | (458) | 1,390 | |||||||||
Other assets | (758) | (3,049) | |||||||||
Operating lease liability | (4,330) | (3,448) | |||||||||
Accounts payable | (134) | 152 | |||||||||
Accrued liabilities and deferred revenue | (676) | (3,920) | |||||||||
Net cash provided by operating activities | 44,222 | 7,535 | |||||||||
Investing activities | |||||||||||
Purchase of short-term investments | (19,700) | (33,519) | |||||||||
Proceeds from sale of short-term investments | 39,773 | — | |||||||||
Proceeds from maturity of short-term investments | 5,000 | 12,681 | |||||||||
Purchases of property, plant and equipment | (9,961) | (8,549) | |||||||||
Net cash provided by (used in) investing activities | 15,112 | (29,387) | |||||||||
Financing activities | |||||||||||
Payment of long-term debt | — | (1,281) | |||||||||
Payment of taxes on vested restricted stock units | (6,741) | (3,167) | |||||||||
Proceeds from the exercise of common stock options and employee stock purchases | 9,578 | 7,942 | |||||||||
Net cash provided by financing activities | 2,837 | 3,494 | |||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | 62,171 | (18,358) | |||||||||
Effect of foreign currency on cash, cash equivalents and restricted cash | 163 | (592) | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 62,334 | (18,950) | |||||||||
Cash, cash equivalents and restricted cash at beginning of year | 154,996 | 173,946 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 217,330 | $ | 154,996 | |||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |||||||||||
(Unaudited) | |||||||||||
(In thousands) | |||||||||||
December 31 | December 31, | ||||||||||
2023 | 2022 | ||||||||||
Cash and cash equivalents | $ | 216,454 | $ | 154,247 | |||||||
Restricted cash | 876 | 749 | |||||||||
Total cash, cash equivalents and restricted cash | $ | 217,330 | $ | 154,996 |
Reconciliation of U.S. GAAP to Non-GAAP Financial Measures | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Identified Expenses | |||||||||||||||||||||||||||||
GAAP | Acquisition Related Expenses (1) | Intangible Assets Amortization Expense | Other (4) | Total Non-GAAP Measure | |||||||||||||||||||||||||
Three Months Ended December 31, 2023 | |||||||||||||||||||||||||||||
Total revenue | $ | 98,199 | $ | — | $ | — | $ | — | $ | 98,199 | |||||||||||||||||||
Cost of testing revenue | 24,105 | — | — | — | 24,105 | ||||||||||||||||||||||||
Cost of product revenue | 1,753 | — | — | — | 1,753 | ||||||||||||||||||||||||
Cost of biopharmaceutical and other revenue | 3,518 | — | — | — | 3,518 | ||||||||||||||||||||||||
Intangible asset amortization (2) | 4,035 | — | 4,035 | — | — | ||||||||||||||||||||||||
Gross margin $ | 64,788 | — | 4,035 | — | 68,823 | ||||||||||||||||||||||||
Gross margin % | 66 | % | 70 | % | |||||||||||||||||||||||||
Research and development | 18,673 | — | — | — | 18,673 | ||||||||||||||||||||||||
Selling and marketing | 25,260 | 294 | — | — | 24,966 | ||||||||||||||||||||||||
General and administrative | 23,795 | 1,867 | — | — | 21,928 | ||||||||||||||||||||||||
Impairment of long-lived assets | 32,039 | — | — | 32,039 | — | ||||||||||||||||||||||||
Intangible asset amortization | 528 | — | 528 | — | — | ||||||||||||||||||||||||
Total operating expenses excluding cost of revenue (3) | 100,295 | 2,161 | 528 | 32,039 | 65,567 | ||||||||||||||||||||||||
Income (loss) from operations | $ | (35,507) | $ | 2,161 | $ | 4,563 | $ | 32,039 | $ | 3,256 | |||||||||||||||||||
Three Months Ended December 31, 2022 | |||||||||||||||||||||||||||||
Total revenue | $ | 80,297 | $ | — | $ | — | $ | — | $ | 80,297 | |||||||||||||||||||
Cost of testing revenue | 19,394 | 50 | — | — | 19,344 | ||||||||||||||||||||||||
Cost of product revenue | 2,618 | — | — | — | 2,618 | ||||||||||||||||||||||||
Cost of biopharmaceutical and other revenue | 4,819 | 64 | — | — | 4,755 | ||||||||||||||||||||||||
Intangible asset amortization (2) | 4,747 | — | 4,747 | — | — | ||||||||||||||||||||||||
Gross margin $ | 48,719 | 114 | 4,747 | — | 53,580 | ||||||||||||||||||||||||
Gross margin % | 61 | % | 67 | % | |||||||||||||||||||||||||
Research and development | 11,287 | 232 | — | — | 11,055 | ||||||||||||||||||||||||
Selling and marketing | 24,127 | 917 | — | — | 23,210 | ||||||||||||||||||||||||
General and administrative | 18,208 | 1,368 | — | — | 16,840 | ||||||||||||||||||||||||
Impairment of long-lived assets | — | — | — | — | — | ||||||||||||||||||||||||
Intangible asset amortization | 517 | — | 517 | — | — | ||||||||||||||||||||||||
Total operating expenses excluding cost of revenue (3) | 54,139 | 2,517 | 517 | — | 51,105 | ||||||||||||||||||||||||
Income (loss) from operations | $ | (5,420) | $ | 2,631 | $ | 5,264 | $ | — | $ | 2,475 | |||||||||||||||||||
1. Includes transaction related expenses as well as post-combination compensation expenses. For each of the three months ended December 31, 2022, and December 31, 2023, adjustments consist primarily of remeasurement of contingent consideration related to our adoption of a multi-platform IVD strategy and post-combination compensation expenses associated with the acquisition of HalioDx. For the three months ended December 31, 2023 adjustments include the transaction related expenses associated with the acquisition of C2i Genomics. | |||||||||||||||||||||||||||||
2. Includes only amortization of intangible assets identified as developed technology assets through purchase accounting transactions, which otherwise would have been allocated to cost of revenue. | |||||||||||||||||||||||||||||
3. Includes only amortization of intangible assets, which otherwise would have been allocated to research and development, selling and marketing or general and administrative expense and excludes the cost of revenue ($29.4 million and $26.8 million) and the amortization of intangible assets which would have been allocated to the cost of revenue ($4.0 million and $4.7 million) for the three months ended December 31, 2023 and for the three months ended December 31, 2022 respectively. | |||||||||||||||||||||||||||||
4. For the three months ended December 31, 2023, includes $32.0 million expense related to the impairment charge associated with HalioDx developed technology, customer relationships and customer backlog finite-lived intangible assets. |
Reconciliation of U.S. GAAP to Non-GAAP Financial Measures | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Identified Expenses | |||||||||||||||||||||||||||||
GAAP | Acquisition Related Expenses (1) | Intangible Assets Amortization Expense | Other (4) | Total Non-GAAP Measure | |||||||||||||||||||||||||
Twelve Months Ended December 31, 2023 | |||||||||||||||||||||||||||||
Total revenue | $ | 361,051 | $ | — | $ | — | $ | — | $ | 361,051 | |||||||||||||||||||
Cost of testing revenue | 88,913 | 83 | — | — | 88,830 | ||||||||||||||||||||||||
Cost of product revenue | 8,666 | — | — | — | 8,666 | ||||||||||||||||||||||||
Cost of biopharmaceutical and other revenue | 15,324 | 94 | — | — | 15,230 | ||||||||||||||||||||||||
Intangible asset amortization (2) | 18,464 | — | 18,464 | — | — | ||||||||||||||||||||||||
Gross margin $ | 229,684 | 177 | 18,464 | — | 248,325 | ||||||||||||||||||||||||
Gross margin % | 64 | % | 69 | % | |||||||||||||||||||||||||
Research and development | 57,305 | 58 | — | — | 57,247 | ||||||||||||||||||||||||
Selling and marketing | 101,490 | 2,610 | — | — | 98,880 | ||||||||||||||||||||||||
General and administrative | 86,229 | 329 | — | 1,371 | 84,529 | ||||||||||||||||||||||||
Impairment of long-lived assets | 68,349 | — | — | 68,349 | — | ||||||||||||||||||||||||
Intangible asset amortization | 2,106 | — | 2,106 | — | — | ||||||||||||||||||||||||
Total operating expenses excluding cost of revenue (3) | 315,479 | 2,997 | 2,106 | 69,720 | 240,656 | ||||||||||||||||||||||||
Income (loss) from operations | $ | (85,795) | $ | 3,174 | $ | 20,570 | $ | 69,720 | $ | 7,669 | |||||||||||||||||||
Twelve Months Ended December 31, 2022 | |||||||||||||||||||||||||||||
Total revenue | $ | 296,536 | $ | — | $ | — | $ | — | $ | 296,536 | |||||||||||||||||||
Cost of testing revenue | 75,317 | 203 | — | 18 | 75,096 | ||||||||||||||||||||||||
Cost of product revenue | 7,820 | — | — | 3 | 7,817 | ||||||||||||||||||||||||
Cost of biopharmaceutical and other revenue | 18,445 | 325 | — | — | 18,120 | ||||||||||||||||||||||||
Intangible asset amortization (2) | 19,273 | — | 19,273 | — | — | ||||||||||||||||||||||||
Gross margin $ | 175,681 | 528 | 19,273 | 21 | 195,503 | ||||||||||||||||||||||||
Gross margin % | 59 | % | 66 | % | |||||||||||||||||||||||||
Research and development | 40,603 | 1,418 | — | — | 39,185 | ||||||||||||||||||||||||
Selling and marketing | 97,560 | 3,914 | — | 493 | 93,153 | ||||||||||||||||||||||||
General and administrative | 73,200 | 5,245 | — | — | 67,955 | ||||||||||||||||||||||||
Impairment of long-lived assets | 3,318 | — | — | 3,318 | — | ||||||||||||||||||||||||
Intangible asset amortization | 2,081 | — | 2,081 | — | — | ||||||||||||||||||||||||
Total operating expenses excluding cost of revenue (3) | 216,762 | 10,577 | 2,081 | 3,811 | 200,293 | ||||||||||||||||||||||||
Loss from operations | $ | (41,081) | $ | 11,105 | $ | 21,354 | $ | 3,832 | $ | (4,790) | |||||||||||||||||||
1. Includes transaction related expenses as well as post-combination compensation expenses, adjustments consist primarily 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. | |||||||||||||||||||||||||||||
2. Includes only amortization of intangible assets identified as developed technology assets through purchase accounting transactions, which otherwise would have been allocated to cost of revenue. | |||||||||||||||||||||||||||||
3. Includes only amortization of intangible assets, which otherwise would have been allocated to research and development, selling and marketing or general and administrative expense and excludes the cost of revenue ($112.9 and $101.6 million) and the amortization of intangible assets which would have been allocated to the cost of revenue ($18.5 and $19.3 million) for the full year 2023 and 2022 respectively. | |||||||||||||||||||||||||||||
4. 2022 includes $3.3 million expense related to the impairment charge associated with certain developed technology intangible assets; 2023 includes $34.9 million expense related to the impairment charge associated with the nCounter license intangible assets, $32.0 million related to the impairment charge associated with HalioDx developed technology, customer relationships and customer backlog finite-lived intangible assets, $1.4 million related to the departure of the former executive chair and $1.4 million related to restructuring costs. |
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Cover Page |
Feb. 22, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Feb. 22, 2024 |
Entity Registrant Name | VERACYTE, INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-36156 |
Entity Tax Identification Number | 20-5455398 |
Entity Address, Address Line One | 6000 Shoreline Court |
Entity Address, Address Line Two | Suite 300 |
Entity Address, City or Town | South San Francisco |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 94080 |
City Area Code | 650 |
Local Phone Number | 243-6300 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $0.001 per share |
Trading Symbol | VCYT |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0001384101 |
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