Short answer
VERACYTE, INC. (VCYT) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $517M (+16.0% year over year) and net income of $66M.
- Top risk flagged: Regulatory risk from Protecting Access to Medicare Act of 2014 (PAMA) may reduce test reimbursement rates, negatively impacting revenues and margins
FY2025 key financial metrics · XBRL
- Revenue
- $517M
- +16.0% YoY
- Net income
- $66M
- +174.9% YoY
- Operating margin
- 11.2%
- +7.6 pp YoY
- Gross margin
- 70.1%
- +3.2 pp YoY
- EPS (diluted)
- $0.82
- +164.5% YoY
- ROE
- 5.1%
- +3.0 pp YoY
- Operating cash flow
- $136M
- +81.5% YoY
Source: XBRL data from the VERACYTE, INC. (VCYT) FY2025 10-K on SEC EDGAR. USD.
VERACYTE, INC. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: development and commercialization of genomic and molecular diagnostic tests for oncology and other indications
- Emphasis on regulatory adaptations for IVDR/UKNI in Northern Ireland, and new Swiss IvDO aligning with IVDR from 2022
- Increased complexity in billing, coding changes including CPT codes 81546 (Afirma), 81542 (Decipher Prostate), 0016M (Decipher Bladder) affecting revenue collection
- Competition intensifying in genomics and MRD testing, notable competitors include Exact Sciences, Natera, Myriad, Guardant, affecting market positioning
- Regulatory compliance and quality system updates with FDA's revised QMSR due Feb 2026 impacting manufacturing and post-market obligations
Management Discussion & Analysis
- Revenue not explicitly stated; net income $66.4M in 2025 vs $24.1M in 2024, showing significant profitability improvement
- Operating margin details not provided; net income growth from $24.1M (2024) to $66.4M (2025) indicates margin improvement
- Segment performance data not disclosed, no best or worst segment specified
- Cash and equivalents $412.9M as of Dec 31, 2025, increased by $123.4M in 2025; operating cash flow $136.3M in 2025 vs $75.1M in 2024; no dividend or buyback disclosed
- Management highlights potential reversal of deferred tax asset valuation allowance; risks include financing dependency if cash flow declines; capex approx. $9.7M in 2025
Risk Factors
- Regulatory risk from Protecting Access to Medicare Act of 2014 (PAMA) may reduce test reimbursement rates, negatively impacting revenues and margins
- Geopolitical risk from Middle East conflicts potentially disrupting Israel business and employees acquired in C2i Acquisition
- Supply chain vulnerability from reliance on single-source reagents and consumables affecting test volume and reporting timelines
- Competitive risk of payer cost containment tactics including prior authorization and lab benefit managers limiting test utilization
- Financial risk from revenue concentration with Medicare and UnitedHealthcare representing 47% and 14% of total revenue respectively in 2025
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