Veracyte, Inc. reported total revenue of $517.1 million for the year ended December 31, 2025, an increase of 16% compared to $445.8 million in 2024. This growth was primarily driven by an 18% increase in testing revenue, reaching $493.2 million, attributed to higher volumes of Decipher and Afirma tests. Product revenue, mainly from international sales of the Prosigna breast cancer IVD, saw a modest increase of 5% to $14.3 million. However, biopharmaceutical and other revenue decreased by 27% to $9.7 million, reflecting changes in the company's contract manufacturing operations.
The company's cost of revenue increased by 5% to $154.6 million in 2025. Cost of testing revenue rose by 11% to $127.6 million due to higher testing volumes and infrastructure investments, while cost of product revenue decreased slightly by 3% to $8.8 million. Cost of biopharmaceutical and other revenue decreased by 39% to $7.6 million. Veracyte reported a gross profit of $362.5 million, a 22% increase compared to $298.1 million in the previous year.
Operating expenses increased by 8% to $304.8 million in 2025. Research and development expenses saw a slight increase of 2% to $70.8 million, while selling and marketing expenses increased by 5% to $100.2 million. General and administrative expenses remained relatively stable at $110.8 million. A significant change was an increase in impairment of assets to $20.5 million, primarily related to the restructuring of the company's French subsidiary. The company reported net income of $66.4 million, a substantial increase compared to $24.1 million in 2024.
Key operational developments included a 19% increase in diagnostic tests reported, reaching 169,714, and a total test volume of 179,528. The company is focused on expanding Decipher Prostate's market penetration and sustaining growth for Afirma. Strategic initiatives include the planned launch of TrueMRD in the first half of 2026 and Prosigna as an LDT for the U.S. market. The company is also developing IVD products for global markets and the Percepta Nasal Swab test for early lung cancer detection. As of December 31, 2025, Veracyte had 755 employees.
About VERACYTE, INC.
Veracyte, Inc. is a global diagnostics company specializing in molecular tests for cancer and lung diseases. Its core offerings include genomic classifiers for thyroid, prostate, bladder, and lung cancers, delivered via CLIA labs and international in vitro diagnostic products. The company leverages AI, bioinformatics, and extensive clinical data to improve diagnosis, prognosis, and treatment decisions, aiming to enhance patient outcomes and reduce unnecessary procedures.
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