• Veracyte is like Exact Sciences, but with a broader portfolio of genomic tests for clarifying various cancer and lung disease diagnoses.
• Veracyte is like Guardant Health, but offering genomic classifiers for various cancers and lung diseases to guide diagnosis and treatment.

• Afirma Genomic Sequencing Classifier and Xpression Atlas: Tests used to determine if indeterminate thyroid nodule results are benign to avoid unnecessary surgery.
• Decipher Prostate Biopsy and Radical Prostatectomy: Diagnostic tests utilized for prostate cancer.
• Prosigna Breast Cancer Assay: A diagnostic test for breast cancer.
• Percepta Genomic Sequencing Classifier and Percepta Nasal Swab Test: Diagnostic tests used for lung cancer.
• Envisia Genomic Classifier: A diagnostic test for interstitial lung disease, including idiopathic pulmonary fibrosis.
• Immunoscore Colon Cancer test: A diagnostic test for colon cancer.

Veracyte (VCYT) operates as a diagnostics company, providing tests primarily through healthcare channels. While their services ultimately benefit individual patients, the direct transactional relationships involve various stakeholders within the healthcare ecosystem. Given the information provided, Veracyte does not list specific "customer companies" that purchase their diagnostic tests in the manner of a reseller or a large corporate client acquiring their products for internal use or integration.

Instead, Veracyte's business model involves serving multiple categories of customers within the healthcare sector. Therefore, its primary customer categories can be described as follows:

• Healthcare Providers and Institutions: This category includes hospitals, specialized clinics (such as oncology, pulmonology, urology, and endocrinology clinics), and individual physician practices. These entities are the direct clients who order Veracyte's diagnostic tests for their patients to aid in diagnosis and treatment planning.

• Patients: While patients do not directly purchase tests from Veracyte, they are the ultimate recipients and beneficiaries of the diagnostic services. The tests provide critical information for their health management and treatment decisions, making them a core, albeit indirect, customer group.

• Payers (Insurance Companies and Government Healthcare Programs): These organizations, including private health insurance companies and government programs like Medicare and Medicaid, are crucial stakeholders. They reimburse for Veracyte's diagnostic tests, thereby facilitating patient access and representing a significant component of Veracyte's revenue cycle.

Marc Stapley, Chief Executive Officer

Marc Stapley joined Veracyte as CEO in June 2021. Prior to Veracyte, he served as Chairman and CEO of Helix, a population genomics company, from April 2019 to May 2021, where he led the company in building one of the largest COVID-19 testing labs in the United States. Before Helix, Mr. Stapley held key executive leadership positions at Illumina, a global leader in DNA sequencing, for seven years (2012-2019), including Chief Financial Officer, Chief Administrative Officer, and Executive Vice President. He also served as Senior Vice President of Finance at Pfizer Inc., responsible for global financial processes and systems and leading integration efforts for key acquisitions. Earlier in his career, he held senior finance roles at Alcatel-Lucent, Cadence Design Systems, Inc., and Coopers & Lybrand (now PwC).

Rebecca Chambers, Chief Financial Officer

Rebecca Chambers joined Veracyte as Chief Financial Officer in 2021. Before Veracyte, she was Chief Financial Officer for Outset Medical, a publicly traded medical technology company, where she led the company through an initial public offering (IPO) and multiple follow-on offerings. Prior to that, Ms. Chambers held several finance leadership roles at Illumina, including Vice President of Financial Planning and Analysis, Vice President of Investor Relations and Treasury, and Senior Director of Investor Relations. She also served as Head of Investor Relations and Corporate Communications at Myriad Genetics and held various investor relations roles at Life Technologies. Earlier in her career, she held positions with Bank of America and Millennium Pharmaceuticals. Ms. Chambers serves on the board of Inari Medical.

Phillip G. Febbo, M.D., Chief Scientific Officer and Chief Medical Officer

Dr. Phillip G. Febbo joined Veracyte in 2023 as Chief Scientific Officer and Chief Medical Officer. He has over 25 years of experience across academia and the molecular diagnostics industry. Prior to Veracyte, Dr. Febbo served as Chief Medical Officer for Illumina, and before that, he was Chief Medical Officer for Genomic Health, where he oversaw the development and expansion of the company's test portfolio. Earlier in his career, he was a Professor of Medicine and Urology at the University of California, San Francisco Medical Center, and an Associate Professor at Duke University School of Medicine. He currently serves on the board of the Reagan Udall Foundation for the U.S. Food and Drug Administration (FDA).

John Leite, Ph.D., Global Chief Commercial Officer

Dr. John Leite is Global Chief Commercial Officer at Veracyte, joining in September 2022. In this role, he leads Commercial Operations for Veracyte's diagnostic tests. Previously, he served as Chief Business Officer for InterVenn Biosciences, a private-stage diagnostics company. Prior to that, he held leadership positions at Illumina from 2014 to 2020, including Vice President of Oncology, Market Development and Product Development, and Vice President of Clinical Business Development. Before Illumina, he was Vice President of Commercial Strategy and Market Access at Genoptix Medical Laboratories.

Annie McGuire, General Counsel and Chief People Officer

Annie McGuire joined Veracyte in 2022 and serves as General Counsel and Chief People Officer. She has more than 15 years of leadership experience in healthcare companies. Prior to Veracyte, she was General Counsel and Corporate Secretary at Rakuten Medical, Inc. Before that, Ms. McGuire was Vice President, Legal, at MyoKardia, Inc., a biotechnology company, where she helped lead the team through MyoKardia's $13 billion acquisition by Bristol Myers Squibb. She also spent 13 years at Amgen, Inc. in various legal and compliance leadership roles. Ms. McGuire began her legal career at Proskauer Rose LLP.

The key risks to Veracyte's business include challenges related to reimbursement and payer policies, intense competition within the diagnostics market, and the inherent risks associated with launching and ensuring the adoption of new products.

Key Risks

• Reimbursement and Payer Policies / Pricing Pressure: A significant risk for Veracyte is the potential for changes in reimbursement rates and payer policies for its diagnostic tests. The company's revenue and margins could be negatively impacted if there are setbacks in coverage or increasing scrutiny on pricing for its core tests like Decipher and Afirma. Difficulty in securing favorable reimbursement for new offerings could also impede future growth.
• Competition: Veracyte operates in a competitive landscape with other companies offering liquid-biopsy and alternative genomic assays, such as Guardant Health, Natera, and Exact Sciences. This competition could lead to a loss of market share or pressure on Veracyte to make pricing concessions for its products.
• New Product Launch and Adoption Risks: Veracyte has ambitious plans for expanding its product line, including tests like TrueMRD for bladder cancer and the re-launch of Prosigna. The success of these initiatives relies on the confirmation of test effectiveness in clinical trials, navigating complex regulatory environments (e.g., European IVDR regulations), and achieving sufficient market adoption. Should these new products fail to meet expectations or experience slow uptake, it could diminish key growth drivers for the company.

Veracyte (VCYT) operates in several significant addressable markets for its diagnostic products and services:

• Afirma Genomic Sequencing Classifier (Thyroid Cancer): The addressable market in the U.S. includes approximately 115,000 fine-needle aspirations (FNAs) that yielded indeterminate results in 2011. The Afirma test aims to prevent unnecessary thyroid surgeries for these patients.
• Decipher Prostate Biopsy and Radical Prostatectomy (Prostate Cancer): The global prostate cancer biomarkers market was valued at USD 4.7 billion in 2024 and is projected to reach USD 16.5 billion by 2034. In the U.S., prostate cancer is diagnosed in approximately 288,000 men annually. Veracyte estimates that about 10% (around 30,000) of all prostate cancers diagnosed each year in the U.S. are metastatic.
• Prosigna Breast Cancer Assay (Breast Cancer): The global breast cancer molecular diagnostics market size was valued at US$ 635.5 million in 2024 and is estimated to grow to US$ 987.5 million by 2030. Breast cancer affects 2.1 million women and causes 627,000 deaths worldwide each year.
• Percepta Genomic Sequencing Classifier and Percepta Nasal Swab Test (Lung Cancer): The global lung cancer market is estimated to be nearly $40 billion. In the United States, approximately 15 million people are eligible for annual lung cancer screening, and an estimated 1.6 million lung nodules are found incidentally each year. Additionally, around 360,000 bronchoscopies are performed annually to evaluate suspicious lung nodules, with up to 60% yielding inconclusive results.
• Envisia Genomic Classifier (Interstitial Lung Disease, including Idiopathic Pulmonary Fibrosis): Annually, up to 200,000 patients in the United States and Europe are evaluated for suspected interstitial lung diseases (ILDs), including idiopathic pulmonary fibrosis (IPF). The global interstitial lung diseases treatment market was valued at USD 1.15 billion in 2024 and is projected to reach USD 1.96 billion by 2035.
• Immunoscore Colon Cancer test (Colon Cancer): The global colorectal cancer therapeutics market size was valued at USD 12.79 billion in 2024 and is expected to reach approximately USD 19.95 billion by 2034. The U.S. colorectal cancer therapeutics market size was estimated at USD 3.42 billion in 2024 and is predicted to reach around USD 5.43 billion by 2034.

Overall, Veracyte estimates its near-term addressable market for current and pipeline genomic tests to be approximately $12 billion, expanding to beyond $50 billion in the long term.

Veracyte (VCYT) anticipates several key drivers to fuel its revenue growth over the next two to three years:

1. Sustained Growth of Core Products (Afirma and Decipher): The company expects continued robust performance from its foundational genomic tests, Afirma for thyroid cancer and Decipher for prostate cancer. In the fourth quarter of 2025, Afirma volume grew by 12% and Decipher volume increased by 21%, contributing to a 16% rise in total testing volume. Management projects Afirma's growth in the mid-to-high single digits and Decipher's growth at approximately 20% for 2026. Decipher, in particular, has significant runway for continued double-digit growth, with its market currently estimated at only 40% penetration.
2. Introduction of New Diagnostic Tests (TrueMRD and Prosigna): Veracyte is strategically advancing its pipeline with the planned launches of two major products in the U.S. market in 2026: TrueMRD for bladder cancer and Prosigna for early-stage breast cancer. These new offerings are expected to be significant catalysts for expanding the company's testing franchise and broadening its reach into new cancer indications, with their revenue contributions anticipated to become more substantial from 2027 onward.
3. Expansion into New Geographic Markets: As part of its longer-term strategy, Veracyte aims for geographic expansion. This includes broadening the availability of its existing tests, such as Decipher, into international markets through initiatives like Decipher IVD (international prostate), which is part of its pipeline designed to expand market opportunities.

Share Issuance

• Veracyte completed a public offering in February 2021, issuing 8,547,297 shares of common stock, which generated approximately $593.8 million in net proceeds.
• In June 2025, shareholders approved an increase of 2.5 million shares to the company's 2023 Equity Incentive Plan, reserving them for future issuance.
• Restricted stock units, totaling 36,181 and 6,578 shares, were awarded to the Chief Commercial Officer in March 2026, structured to vest over time.

Outbound Investments

• In August 2021, Veracyte acquired HalioDx for €260 million, comprising approximately €147 million in cash and €113 million in stock. This acquisition expanded Veracyte's global market reach, scientific capabilities, and immuno-oncology diagnostics scope.
• Veracyte acquired C2i Genomics for $70 million in January 2024, a move that accelerated its focus on minimal residual disease (MRD) and longitudinal oncology monitoring.