Here are 1-3 brief analogies for Veracyte (VCYT):

• Veracyte is like a **specialized Quest Diagnostics**, but exclusively focused on advanced genomic tests for diagnosing cancer and other serious diseases.
• Veracyte is like **Foundation Medicine**, but concentrated on using genomic insights for early cancer diagnosis and risk assessment, often helping patients avoid unnecessary invasive procedures.

• Afirma Genomic Sequencing Classifier (GSC): A genomic test for thyroid nodules that helps differentiate between benign and malignant nodules, reducing unnecessary surgeries.
• Decipher Prostate Portfolio: A suite of genomic tests that assess the aggressiveness of prostate cancer from biopsy or surgical samples to guide personalized treatment decisions.
• Prosigna Breast Cancer Prognostic Gene Signature Assay: A genomic test used to assess the risk of distant recurrence in early-stage, hormone receptor-positive breast cancer.
• Envisia Genomic Classifier: A genomic test aiding in the diagnosis of Idiopathic Pulmonary Fibrosis (IPF) without requiring invasive surgical lung biopsy.
• Percepta Lung Cancer Classifier: A genomic test using a nasal swab to help assess the risk of lung cancer in patients with suspicious lung nodules.

Veracyte (VCYT) primarily sells its genomic diagnostic tests and services to other companies, specifically healthcare providers and institutions.

According to its annual filings, including its 2023 10-K, Veracyte does not have any single customer that accounts for 10% or more of its revenue. Its customer base is highly fragmented across a large number of healthcare providers and institutions.

Therefore, Veracyte does not have identifiable "major customer companies" to list by name in the traditional sense of a concentrated revenue source. Instead, its customers generally fall into the following categories of healthcare institutions:

• Hospitals and Health Systems
• Specialty Clinics (e.g., pulmonology, endocrinology, oncology practices)
• Academic Medical Centers

• Illumina (ILMN)

Marc Stapley, Chief Executive Officer

Marc Stapley joined Veracyte as Chief Executive Officer and a member of the company's board of directors in June 2021. He possesses extensive experience in the genomic diagnostics industry, including expertise in building and leading complex global enterprises. Prior to Veracyte, he served as Chairman and CEO of Helix, a population genomics company, from April 2019 to May 2021, where he oversaw the development of one of the largest COVID-19 testing labs in the United States and established Helix as a national leader in viral surveillance. Before Helix, Mr. Stapley held various executive leadership positions at Illumina for seven years, including Chief Financial Officer, Chief Administrative Officer, and Executive Vice President, where he managed functions such as G&A, corporate strategy, business development, population genomics, and government affairs. His career also includes a role as Senior Vice President of Finance at Pfizer Inc., where he was responsible for global financial processes, systems, and integration efforts for key acquisitions. He previously held senior finance roles at Alcatel-Lucent, Cadence Design Systems, Inc., and Coopers & Lybrand (now PwC). Mr. Stapley is a board member of Helix and Glaukos (GKOS).

Rebecca Chambers, Chief Financial Officer

Rebecca Chambers became Veracyte's Chief Financial Officer in 2021, bringing extensive healthcare leadership experience to the role. She previously served as Chief Financial Officer for Outset Medical, a publicly traded medical technology company, guiding it through a new debt arrangement, Series E fundraising, an IPO, and multiple follow-on offerings. Before Outset Medical, Ms. Chambers held several financial leadership positions at Illumina, including Vice President of Financial Planning and Analysis and Vice President of Investor Relations and Treasury. Her prior experience also includes serving as Head of Investor Relations and Corporate Communications at Myriad Genetics and various investor relations roles at Life Technologies (now part of Thermo Fisher Scientific). Earlier in her career, she was a Vice President at Bank of America and a Senior Research Associate at Millennium Pharmaceuticals (now part of Takeda Pharmaceuticals). Ms. Chambers also serves on the board of Inari Medical.

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

Dr. Febbo serves as Veracyte's Chief Scientific Officer and Chief Medical Officer, playing a key role in the company's executive leadership team.

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

Dr. Leite holds the position of Global Chief Commercial Officer at Veracyte, contributing to the company's commercial strategy and operations as a member of the executive team.

Annie McGuire, General Counsel and Chief People Officer

Annie McGuire is Veracyte's General Counsel and Chief People Officer, a vital member of the executive team responsible for legal affairs and human resources.

Key Risks to Veracyte's Business

The most significant risk to Veracyte's business is its ability to successfully commercialize and achieve widespread market acceptance for its diagnostic tests amidst intense competition. The company's growth hinges on its capacity to change clinical practice and effectively compete against both current and future diagnostic providers. This includes the successful launch and adoption of new products, such as the expanded Decipher test for metastatic cancer, and demonstrating their effectiveness through clinical trials.

A second major risk involves regulatory changes and reimbursement uncertainties. As a diagnostics company, Veracyte is highly susceptible to shifts in healthcare regulations and changes in reimbursement rates from payers. Such changes could negatively impact the company's operations, revenue, and profit margins, making the consistent attainment and maintenance of favorable payer coverage policies crucial for its financial health.

Finally, Veracyte faces the risk associated with its history of losses and the challenge of achieving sustained profitability. While the company reported a net income in 2024, it has incurred losses in previous years and may not maintain profitability in the future. Projections even suggest a potential dip in earnings in 2025, highlighting the ongoing financial challenges in translating revenue growth into consistent and sustained profitability.

The continued rapid advancement and broadening clinical utility of liquid biopsy technology represents a significant emerging threat to Veracyte.

As liquid biopsies improve in sensitivity and specificity, they could increasingly provide diagnostic and prognostic information non-invasively, potentially reducing the need for tissue biopsies and subsequent genomic analysis for which Veracyte's tests are designed (e.g., for indeterminate thyroid nodules, lung nodules, or prostate cancer prognosis).

Companies like Guardant Health, Natera, and Freenome are continuously pushing the boundaries of this technology, with capabilities expanding from recurrence monitoring and therapy selection to earlier detection and potentially directly informing diagnostic decisions, thus creating a disruptive alternative to traditional tissue-based genomic tests.

Veracyte, Inc. (VCYT) operates in the genomic diagnostics market, offering a suite of tests for various cancers and interstitial lung diseases. The addressable markets for its main products and services are outlined below:

• Combined Genomic Cancer Tests: Veracyte's combined suite of genomic cancer tests, particularly following the acquisition of Decipher Biosciences, is estimated to access a near-term addressable market of approximately $12 billion. The long-term addressable market for these tests is projected to be beyond $50 billion. These figures are generally global in scope, as the company has stated goals for global expansion.
• Afirma Thyroid FNA Analysis (Thyroid Cancer): The addressable market for Afirma in thyroid cancer diagnosis is estimated at approximately $500 million per year in the United States. An additional international market opportunity for the Afirma GEC is estimated at $300 million.
• Percepta Bronchial Genomic Classifier (Lung Cancer) and Envisia Genomic Classifier (Idiopathic Pulmonary Fibrosis - IPF): In 2015, the near-term estimated addressable market for Veracyte's endocrinology (Afirma) and pulmonology (Percepta and Envisia) solutions combined was over $2 billion. Specifically for the Envisia IPF test, the addressable market is estimated to be over $500 million in the United States and Europe.
• Prosigna Breast Cancer Prognostic Gene Signature Assay (Breast Cancer): The upcoming launch of Prosigna as a Laboratory Developed Test (LDT), expected in mid-2026, could tap into a $200 million market. Furthermore, the 2019 acquisition that included Prosigna aimed to position Veracyte to deliver its current and pipeline advanced genomic tests to an estimated $40 billion global market.
• Decipher Urologic Cancers Portfolio (Prostate, Kidney, Bladder Cancers): The Decipher Prostate test, with its expansion into metastatic prostate cancer in June 2025, adds an estimated 30,000 addressable patients annually. The Decipher portfolio contributes significantly to Veracyte's overall addressable market expansion, targeting a near-term combined market of $12 billion and a long-term combined market exceeding $50 billion.
• Minimal Residual Disease (MRD) Platforms: Veracyte's entry into the MRD market through the acquisition of C2i Genomics, and its pipeline initiatives in bladder and pancreatic cancer, aim to address a high-growth segment of post-surgical monitoring. While a specific market size for MRD products was not found, the overall cancer diagnostics market is projected to grow from $114.8 billion in 2023 to $204.8 billion in 2032 globally.

Veracyte (VCYT) is poised for future revenue growth over the next 2-3 years, driven by several key strategic initiatives and the continued strength of its core business. The expected drivers include:

1. Continued Growth and Market Expansion of Core Genomic Tests: Veracyte anticipates sustained revenue growth from its flagship genomic tests, particularly the Decipher Prostate Genomic Classifier and the Afirma Genomic Sequencing Classifier. The company has consistently reported strong performance and increased testing volumes for both Decipher and Afirma. For instance, in Q3 2025, Decipher volume grew by 26%, and Afirma volume increased by 13% year-over-year. In Q1 2025, Decipher demonstrated a 37% year-over-year growth in tests. Management expects "durable double-digit growth" for the foreseeable future, including 2026, from these core tests.
2. Launch and Commercialization of New Diagnostic Platforms and Tests: A significant driver of future revenue is the introduction of new products. Veracyte is enthusiastic about its whole genome-based TrueMRD platform for minimal residual disease and recurrence testing, targeting a launch with reimbursement in the first half of 2026. Additionally, the launch of the metastatic Decipher test is expected to further boost growth. The company's pipeline also includes tests like the Percepta Nasal Swab Test. These new offerings aim to solve new cancer challenges and expand the company's platform reach.
3. Expansion to New Geographies: Veracyte has identified geographical expansion as one of its key strategic growth initiatives to broaden its market reach. While specific details on new regions were not extensively provided in the search results, this strategy underscores an intent to access new patient populations and healthcare systems, thereby contributing to increased revenue.
4. Broadening Testing Offerings to Serve More of the Patient Journey: Veracyte's strategic roadmap includes serving more of the patient journey, which implies expanding its test menu and applications across different stages of cancer diagnosis and treatment. This could involve developing new indications for existing tests or introducing new tests that address unmet needs at various points in a patient's cancer care continuum. This strategic focus aims to increase the utility and adoption of Veracyte's diagnostic solutions.

Share Issuance

• In February 2021, Veracyte announced a public offering of $400.0 million in common stock, with an option for underwriters to purchase an additional $60.0 million in shares.
• The net proceeds from this offering were primarily intended to finance the acquisition of Decipher Biosciences, Inc., as well as for general working capital and other corporate purposes, including potential future acquisitions.
• The number of common shares outstanding has increased over time, reaching approximately 76.45 million as of May 3, 2024, and 78.67 million as of August 1, 2025.

Outbound Investments

• In February 2021, Veracyte entered into a definitive agreement to acquire Decipher Biosciences, Inc., a precision oncology company focused on urologic cancers.
• Veracyte completed the acquisition of C2i Genomics, Inc. in February 2024 for $70 million, paid with 2.7 million Veracyte shares, with up to an additional $25 million contingent on future performance milestones over the next two years. This acquisition aimed to add whole-genome minimal residual disease (MRD) capabilities to Veracyte's diagnostic platform.

Capital Expenditures

• Veracyte anticipates continued capital expenditures and operating losses in the upcoming years as it expands its infrastructure, commercial operations, and research and development activities.
• The company has planned for accelerated investment in the fourth quarter of 2025 to support its strategic growth drivers.
• Veracyte has positioned itself for incremental investment in its strategic portfolio in the second half of 2025 and beyond.