VERACYTE, INC. (VCYT) FY2025 10-K Annual Report
VERACYTE, INC. (VCYT) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
VERACYTE, INC. FY2025 10-K Analysis
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
VERACYTE, INC. FY2025 Key Financial MetricsXBRL
Revenue
$517M
▲ +16.0% YoY
Net Income
$66M
▲ +174.9% YoY
Gross Margin
70.1%
▲ +322bp YoY
Operating Margin
11.2%
▲ +755bp YoY
Net Margin
12.8%
▲ +742bp YoY
ROE
5.1%
▲ +301bp YoY
Total Assets
$1.4B
▲ +8.2% YoY
EPS (Diluted)
$0.82
▲ +164.5% YoY
Operating Cash Flow
$136M
▲ +81.5% YoY
Source: XBRL data from VERACYTE, INC. FY2025 10-K filing on SEC EDGAR. All figures in USD.
Get deeper insights on VERACYTE, INC.
Access full AI analysis, insider trading data, fund holdings, and cross-signal detection on SignalX.