Veracyte, Inc. (NASDAQ:VCYT) Q1 2023 Earnings Conference Call May 4, 2023 4:30 PM ET

Company Participants

Shayla Gorman - Director of Investor Relations

Marc Stapley - Chief Executive Officer

Rebecca Chambers - Chief Financial Officer

Conference Call Participants

Puneet Souda - SVB Securities

Mason Carrico - Stephens, Inc.

Matt Sykes - Goldman Sachs

Andrew Brackmann - William Blair

Tejas Savant - Morgan Stanley

Sung Ji Nam - Scotiabank

Andrew Cooper - Raymond James

Operator

Good day and thank you for standing by. Welcome to the Veracyte First Quarter 2023 Financial Results Webcast. At this time, all participants are in listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Shayla Gorman, Director of Investor Relations. Please, go ahead.

Shayla Gorman

Good afternoon, everyone, and thanks for joining us today for a discussion of our first quarter 2023 financial results. With me today are Marc Stapley, Veracyte's Chief Executive Officer; and Rebecca Chambers, our Chief Financial Officer.

Veracyte issued a press release earlier this afternoon detailing our first quarter 2023 financial results. This release, along with a business and financial presentation, is available in the Investor Relations section of our Web site at veracyte.com.

Before we begin, I'd like to remind you that various statements that we may make during this call will include forward-looking statements as defined under applicable securities laws. Forward-looking statements are subject to risks and uncertainties and the company can give no assurance they will prove to be correct. Further, we are not under any obligation to provide further updates on our business trends or our performance during the quarter. To better understand the risks and uncertainties that could cause actual results to differ, we refer you to the documents that Veracyte files with the Securities and Exchange Commission, including Veracyte's most recent Forms 10-Q and 10-K.

In addition, this call will include certain non-GAAP financial measures. Reconciliation of these measures to the most directly comparable GAAP financial measures are included in today's earnings release, accessible from the IR section of Veracyte's Web site.

I will now turn the call over to Marc Stapley, Veracyte's CEO.

Marc Stapley

Thanks, Shayla, and thanks everyone for joining us today. I am very excited to share our first quarter results, which were even better than we anticipated almost across the board. We delivered revenue of $82.4 million, 22% growth over the prior year, driven primarily by outperformance of Afirma and Decipher.