NEW YORK (GenomeWeb) – Veracyte reported after the close of the market on Monday that its third quarter 2017 revenues declined 6 percent year over year.
For the three months ended Sept. 30, the genomic testing firm reported total revenues of $17.5 million, compared to $18.6 million in Q3 2016, missing the average analyst estimate of $19.6 million.
The firm said that revenue accrued for tests performed during the quarter increased 24 percent, but was offset by the impact of higher cash collections in the prior-year quarter for tests performed prior to July 1, 2016.
Veracyte saw its genomic test volume increase 14 percent to 6,533 tests, compared to Q3 2016.
“We delivered a solid performance this quarter in which we grew our genomic test volume despite the impact of the hurricanes in key markets, further expanded reimbursement, and booked our first Percepta revenue,” Veracyte Chairwoman and CEO Bonnie Anderson said in a statement. “We believe our strong foundation to drive revenue growth is in place and we are encouraged by the increased momentum we began to see towards the end of the quarter.”
Veracyte’s Q3 net loss widened to $7.0 million, or $.21 per share, from $5.6 million, or $.20