Veracyte Shares Slip After Sales Guidance Narrows

Dow Jones11-05

Veracyte shares slid after the company narrowed its guidance following lower-than-expected volumes of some of its tests.

The stock dropped 28% to $37.97 in after-hours trading Wednesday. Through the close, shares were up 24% this year.

The cancer diagnostics company said it now expects full-year revenue to be $590 million to $593 million, compared with its prior outlook of $590 million to $596 million.

The guidance reflects testing revenue of $571 million to $573 million, down from its earlier range of $576 million to $582 million. Veracyte expects minimal revenue contribution from its recently launched tests.

Volume of the Decipher Prostate test was below management's expectations, Chief Executive Marc Stapley said.

In the third quarter, testing revenue in the quarter was $146.4 million, and total revenue was $151.8 million.

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