Rebecca Chambers, the Chief Financial Officer of Veracyte, Inc. (NASDAQ:VCYT), recently executed a sale of 7,000 shares of the company’s common stock. The transaction, which took place on December 3, was conducted under a pre-established Rule 10b5-1 trading plan. Chambers sold the shares at a weighted average price of $43.23, with sale prices ranging from $42.71 to $43.64, totaling approximately $302,621.
Additionally, on December 2, Chambers reported the withholding of 3,464 shares to cover tax obligations related to the vesting of Restricted Stock Units. This transaction, priced at $44.12 per share, was not a sale but rather a fulfillment of tax withholding requirements. Following these transactions, Chambers holds 114,037 shares of Veracyte stock. The $3.44 billion market cap company maintains a GREAT financial health score according to InvestingPro, which offers comprehensive analysis through its Pro Research Report, including detailed insights on company valuation and growth prospects.
In other recent news, Veracyte, Inc. has demonstrated a robust financial performance, as highlighted by Wolfe Research and the company's Q3 2024 earnings call. According to Wolfe Research, Veracyte's revenue has doubled with a significant gross margin expansion since 2021. The company is expected to achieve an adjusted EBITDA of $90-100 million for the current year and anticipates high single-digit to low double-digit revenue growth in the next five years.
In its Q3 2024 earnings call, Veracyte reported a 29% year-over-year increase in revenue, amounting to $115.9 million, primarily driven by its thriving testing business. The company also raised its total revenue guidance for 2024 to between $442 million and $445 million, reflecting confidence in its growth and market expansion plans.
Despite anticipating a $6 million revenue headwind due to the pause in the Envisia test, Veracyte remains optimistic about its future growth. The company plans to expand Decipher into the metastatic prostate cancer market and launch an MRD test for bladder cancer in 2026, with a year-end forecast of $280 million to $285 million in cash reserves. These recent developments underscore Veracyte's continued growth trajectory and market expansion in the diagnostic testing industry.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.