Veracyte (VCYT) Q2 2026 earnings summary

Executive summary

• Achieved total Q2 2026 revenue of $150.3 million, up 15% year-over-year, with testing revenue rising 19% to $145.7 million, driven by strong adoption of Decipher and Afirma and milestone launches of Prosigna LDT and TrueMRD.

• Launched Prosigna LDT and TrueMRD for MIBC, expanding the portfolio and patient reach, with TrueMRD securing Medicare coverage.

• Delivered GAAP net income of $25.5 million, a turnaround from a net loss of $1.0 million in Q2 2025, and adjusted EBITDA of $44 million (29.2% of revenue), up 23% year-over-year.

• Portfolio supports patient care across multiple cancer types, nearing the milestone of serving one million patients.

• Biopharmaceutical and other revenue declined due to restructuring in France.

Financial highlights

• Q2 2026 total revenue: $150.3 million (up 15% year-over-year); testing revenue: $145.7 million (up 19%); Decipher revenue: $91.9 million (up 20%); Afirma revenue: $51.2 million (up 18%).

• Total test volume was 48,389, up 14% year-over-year; overall test volume was approximately 51,000, up 13%; Decipher test volume up 17%, Afirma up 10%.

• GAAP net income was $25.5 million; diluted EPS was $0.31; adjusted EBITDA was $44 million (29.2% of revenue); non-GAAP diluted EPS was $0.54.

• Gross margin for Q2 2026: 72.2% (up from 68.9% in Q2 2025); non-GAAP gross margin was 75% (up from 72%).

• Ended the quarter with $485.2 million in cash, cash equivalents, and short-term investments.

Outlook and guidance

• Raised full-year 2026 revenue guidance to $590–$596 million (14–15% growth); testing revenue expected at $576–$582 million (17–18% growth).

• Adjusted EBITDA margin expected to exceed 26% for 2026.

• Decipher revenue growth guided at ~20% for the year; Afirma revenue growth increased to 12–14%.

• Guidance excludes revenue from newly launched Prosigna and TrueMRD tests due to early launch stage and pending Medicare reimbursement.

• Management expects continued revenue growth driven by increased test adoption, new product launches, and expanded reimbursement.