Moreover, Veracyte is on a good path towards creating a new diagnostic test that can surely unlock an additional revenue stream for the company. On May 20, Veracyte presented preliminary data that demonstrates the ability of the company’s molecular classifier to distinguish idiopathic pulmonary fibrosis (IPF) from other interstitial lung diseases (ILDs). Every single year in the U.S. and Europe, nearly 200,000 patients are suspected of suffering from an ILD, including IPF that is considered as the most common, deadly and difficult to diagnose. Leaving the terminology behind, the innovative power of Veracyte will not only generate strong future financial performance, but will also save thousands of lives worldwide. According to some scientists and officials at Veracyte, the recently published results take the company a step closer to creating a diagnostic test that could help numerous patients.
Moving on to the financial performance of Veracyte, the company delivered strong financial results during the first quarter of the year. The company generated revenues of $11.2 million during the quarter, which marks an increase of 50% year-over-year. The strong revenues were mainly enhanced by the commercial momentum of its Afirma GEC diagnostic tests, which were reported to reach a number of 4,020 at the end of the quarter compared to 3,098 during the first quarter a year ago. Despite the fact that the company reported a net loss of $0.34 per share, higher than the $0.32 figure for the same period in 2014, Veracyte is on a good run lately and the stock might keep rising in the upcoming months and years.
Mitchell Blutt’s Consonance Capital Management and Israel Englander’s Millennium Management are some of the largest shareholders in Veracyte Inc. (NASDAQ:VCYT) in our database, owning 235,860 shares and 196,611 shares, respectively.