# Veracyte, Inc. (VCYT)

> Source: Nexqual · https://nexqual.com/VCYT · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Veracyte, Inc. (VCYT), nexqual.com/VCYT" · informational, not investment advice.

**Price:** USD 50.31 (+0.06% on the day) · last close of Oct 28, 2026; US market pre market, not a live price. Prev close 50.28 · day 49.87–51.79 · 52w 29.46–60.91 · market cap $4.04B · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $562M, net income $114M (20.4% margin), free cash flow $166M (SEC filings).
- Valuation: P/E 35.3x (avg 89.6x at the last 2 fiscal year-ends).
- Insider open-market sales, last ~7 months: 17 Form 4 filings, $12.9M; 1 not under a Rule 10b5-1 plan ($1.1M); 2 by opportunistic insiders (0 outside 10b5-1 plans), 2 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.92 on a 1–5 scale) (12 analysts), mean target USD 59.73 (range 45–70).
- Total return with dividends: 1Y +42.1% vs S&P 500 +13.6%; 5Y +5.1% vs S&P 500 +79.8%.
- Next earnings: 2026-11-04, EPS estimate USD 0.41, revenue estimate $147M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $220M | $297M | $361M | $446M | $517M | $562M |
| Gross profit | — | $176M | $230M | $298M | $363M | — |
| Operating income | -$81.9M | -$41.1M | -$85.8M | $16.1M | $57.8M | $106M |
| Net income | -$75.6M | -$36.6M | -$74.4M | $24.1M | $66.4M | $114M |
| EPS (diluted) | -$1.11 | -$0.51 | -$1.02 | $0.31 | $0.82 | — |
| Free cash flow | -$37.0M | -$1.0M | $34.3M | $63.8M | $127M | $166M |
| Gross margin | — | 59.2% | 63.6% | 66.9% | 70.1% | — |
| Operating margin | -37.3% | -13.9% | -23.8% | 3.6% | 11.2% | 18.8% |
| Net margin | -34.4% | -12.3% | -20.6% | 5.4% | 12.8% | 20.4% |
| Revenue growth | +86.8% | +35.1% | +21.8% | +23.5% | +16.0% | — |
| Cash + short-term investments | $173M | $179M | $217M | $289M | $413M | — |
| Total debt | $1.1M | — | — | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 35.3x · P/S 7.2x · P/FCF 24.4x · P/B 2.9x · FCF yield 4.10% · Earnings yield 2.83%
P/E at fiscal year-ends: Dec 2025 51.1x, Dec 2024 128.2x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
16 of 17 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-24…2026-10-27 | Holstein Jens | Director | 15,000 | $728K | 35.3% | Yes (adopted June 12, 2026) | Too little history (no open-market trades in 2023) |
| 2026-10-27 | Eastham Karin | Director | 14,850 | $743K | 59.2% | Yes (adopted May 28, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-10-19 | Bhanji Muna | Director | 1,864 | $81K | 4.4% | Yes (adopted June 2, 2026) | Routine (sold in Jun each year 2023–2025; this trade is outside those months) |
| 2026-09-21 | Leite John | Global Chief Commercial Off | 4,015 | $161K | 3.1% | Yes (adopted June 9, 2026) | Too little history (no open-market trades in 2023) |
| 2026-09-14 | Holstein Jens | Director | 5,000 | $205K | 15.4% | Yes (adopted June 12, 2026) | Too little history (no open-market trades in 2023) |
| 2026-09-04 | Febbo Phillip G. | Chief Scientific & Med Officer | 13,110 | $564K | 9% | Yes (adopted August 21, 2025) | Too little history (no open-market trades in 2023) |
| 2026-09-04 | Chambers Rebecca | Chief Financial Officer | 3,652 | $157K | 2.2% | Yes (adopted August 21, 2025) | Too little history (no open-market trades in 2023) |
| 2026-09-04 | McGuire Annie | EVP, General Counsel | 3,254 | $140K | 2.4% | Yes (adopted August 29, 2025) | Too little history (no open-market trades in 2023) |
| 2026-09-01 | Bhanji Muna | Director | 1,864 | $80K | 4.2% | Yes (adopted June 2, 2026) | Routine (sold in Jun each year 2023–2025; this trade is outside those months) |
| 2026-06-18 | Eastham Karin | Director | 3,729 | $197K | 19.8% | Yes (adopted September 5, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-04 | McGuire Annie | EVP, General Counsel | 3,176 | $158K | 2.3% | Yes (adopted August 29, 2025) | Too little history (no open-market trades in 2023) |
| 2026-06-04 | Chambers Rebecca | Chief Financial Officer | 3,561 | $177K | 2% | Yes (adopted August 21, 2025) | Too little history (no open-market trades in 2023) |
| 2026-06-04 | Stapley Marc | Chief Executive Officer | 138,051 | $6.9M | 23.9% | Yes (adopted November 24, 2025) | Too little history (no open-market trades in 2023) |
| 2026-06-04 | Leite John | Global Chief Commercial Off | 13,975 | $700K | 9.6% | Yes (adopted June 9, 2025) | Too little history (no open-market trades in 2023) |
| 2026-05-22 | Wygant Jonathan | VP, Chief Accounting Officer | 24,000 | $1.1M | 34.6% | No | Too little history (no open-market trades in 2023) |
| 2026-05-20 | Epstein Robert S | Director | 10,000 | $440K | 16% | Yes (adopted December 5, 2025) | Too little history (no open-market trades in 2023) |
| 2026-05-06 | McGuire Annie | SVP, General Counsel | 10,204 | $398K | 6.6% | Yes (adopted August 29, 2025) | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.92 on a 1–5 scale), 12 analysts; mean target USD 59.73 (low 45, high 70).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-15 | Freedom Capital Markets | Maintained | Buy | $66 |
| 2026-09-09 | UBS | Target raised | Buy | $52 → $65 |
| 2026-08-04 | Piper Sandler | Target lowered | Overweight | $66 → $54 |
| 2026-08-04 | Stephens & Co. | Target lowered | Overweight | $68 → $55 |
| 2026-08-04 | Morgan Stanley | Target lowered | Underweight | $47 → $44 |
| 2026-08-03 | Canaccord Genuity | Target lowered | Hold | $60 → $50 |
| 2026-07-31 | Needham | Target raised | Buy | $57 → $69 |
| 2026-07-30 | Needham | Target raised | Buy | $57 → $69 |
| 2026-07-15 | Piper Sandler | Initiated | Overweight | $66 |
| 2026-07-14 | Canaccord Genuity | Target raised | Hold | $42 → $60 |
| 2026-07-09 | Morgan Stanley | Target raised | Underweight | $37 → $47 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +42.1% | +5.1% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | +42.3% | +1.0% |
| Volatility (annualized) | 64.4% | 58.1% |
| Max drawdown | -39.2% (Nov 2025→Mar 2026) | -68.8% (Nov 2021→Oct 2022) |

## Peers (Diagnostics & Research)
ADPT (Adaptive Biotechnologies Corpor) USD 28.37 +2.57% · CDNA (CareDx, Inc.) USD 72.13 +2.27% · SHC (Sotera Health Company) USD 18.65 +0.87% · BLLN (BillionToOne, Inc.) USD 114 -0.06% · RDNT (RadNet, Inc.) USD 73.54 -0.00% · GRAL (GRAIL, Inc.) USD 157.88 +4.83%

## More
Full page: https://nexqual.com/VCYT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in VCYT's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1384101/000138410126000010/vcyt-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Laboratory | "Our high complexity clinical labs that design, develop and manufacture our laboratory developed tests are subject to the Clinical Laboratory Improvement Amendment (CLIA) regulations, a federal law that regulates clinical…" |
| Supplier | BRUKER CORP (BRKR) | "For example, we rely on NanoString (now Bruker Spatial Biology as a result of Bruker Corporation's asset acquisition of NanoString) for certain components and raw materials for the Prosigna test and nCounter service kits…" |
| Partner | ILLUMINA, INC. (ILMN) | "In 2023, we announced a multi-year agreement with Illumina, Inc. to also develop and offer some of our molecular tests in Canada, Europe, the Middle East, Asia Pacific and Latin America as decentralized IVD tests on thei…" |

Other companies that name VCYT in their own reports (relationship from VCYT's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Eikon Therapeutics, Inc. (EIKN) | 10-K 2026-03-30 | "At Veracyte, he led collaborations with companies such as Bayer AG, AstraZeneca plc, and Johnson & Johnson, Inc., and orchestrated multiple acquisitions." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Testing revenue | $145.7M | 96.9% | +19.1% |
| Other Testing Revenue | $4.5M | 3.0% | +150.0% |
| Product revenue | $3.9M | 2.6% | +7.2% |
| Biopharmaceutical and other revenue | $802,000 | 0.5% | -81.4% |
| Biopharmaceutical revenue | $802,000 | 0.5% | -69.5% |
| Total revenue | $150.3M | 100% | — |
The lines above cover 103.5% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $496.6M | 96.0% | +17.3% |
| Non Us | $20.5M | 4.0% | -7.6% |
| Total revenue | $517.1M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 33%, 13% of revenue from unnamed direct customers (10-Q, filed 2026-07-31).

## Company outlook (8-K filed 2026-07-30)

- "The company is raising 2026 total revenue guidance to $590 million to $596 million, or 14% to 15% growth, from prior guidance of $582 to $592 million, or 13% to 14% growth."
- "The company is also raising testing revenue guidance to $576 million to $582 million, or 17% to 18% growth, from prior guidance of $570 million to $580 million, excluding the contribution from recently launched tests."
- "The company continues to expect adjusted EBITDA margin to be greater than 26%."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.41 | $0.44 | -6.2% | $147.2M | 11 |
| Next quarter (ends 2026-12-31) | $0.45 | $0.45 | -1.0% | $157.3M | 11 |
| Current fiscal year (ends 2026-12-31) | $1.91 | $1.80 | +5.8% | $593.8M | 11 |
| Next fiscal year (ends 2027-12-31) | $1.94 | $1.89 | +3.0% | $660.1M | 11 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±17.8%; last 8 reports averaged ±13.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 22 | 88.8% | ±17.8% |
| 2026-12-18 | 50 | 68.6% | ±20.8% |
| 2027-03-19 | 141 | 61.6% | ±30.4% |
| 2027-06-17 | 231 | 62.5% | ±38.9% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Jul 30, 2026 | Quarter ended Jun 30, 2026 | $0.54 | $0.43 | Beat +25.6% | -16.9% |
| May 5, 2026 | Quarter ended Mar 31, 2026 | $0.52 | $0.33 | Beat +57.6% | +23.1% |
| Feb 25, 2026 | Quarter ended Dec 31, 2025 | $0.53 | $0.41 | Beat +29.3% | +8.6% |
| Jan 12, 2026 | Quarter ended Dec 31, 2025 | $0.53 | $0.41 | Beat +29.3% | +2.4% |
| Nov 4, 2025 | Quarter ended Sep 30, 2025 | $0.51 | $0.32 | Beat +59.4% | +26.3% |
| Aug 6, 2025 | — | — | — | — | +10.7% |
| May 7, 2025 | — | — | — | — | +2.1% |
| Feb 24, 2025 | — | — | — | — | -14.6% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-09-14 | 8-K | Entered a material agreement; Completed an acquisition or sale of assets; Regulation FD disclosure — “Merger Agreement On September 10, 2026, Veracyte, Inc., a Delaware corporation ("Veracyte"), entered into an Agreement and Plan of Merger (the "Merger Agreement") with Compass Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Veracyte ("Merger Sub"), Convergent Genomics Inc., a Delaware corporation ("Convergent"), and Shareholder Representative Services LLC, as the exclusive representative of the Securityholder Indemnifying Parties (as defined in the Merger Agreement) in connection with the…” | https://www.sec.gov/Archives/edgar/data/1384101/000138410126000049/0001384101-26-000049-index.htm |
| 2026-07-31 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1384101/000138410126000044/0001384101-26-000044-index.htm |
| 2026-07-30 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1384101/000138410126000042/0001384101-26-000042-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.