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| Veracyte CEO Bonnie Anderson |
Veracyte ($VCYT) released its first quarterly earnings report as a public company this week. The molecular diagnostics company has a lot to celebrate. Revenue reached $5.6 million for the 2013 third quarter, up 74% from $3.2 million booked over the same period a year ago. Much wider adoption of the California company's Afirma Thyroid FNA Analysis test helped drive the increase. Veracyte's CLIA-certified lab processed 12,417 FNA samples during the quarter, versus 7,052 in the third quarter of 2012. Net losses reached $6.3 million, up from $4.9 million in the 2012 third quarter--a number that reflects an expanded commercial ramp-up. The Afirma test combines a specialized cytopathology assessment and a gene-expression test to determine whether a thyroid nodule is benign or cancerous. "In the near term we are really focused on diving growth at the top line and expanding our portfolio beyond the thyroid product to include other indications," CEO Bonnie Anderson told FierceDiagnostics. Story