Veracyte, Inc. (NASDAQ:VCYT) Q3 2024 Earnings Conference Call November 6, 2024 4:30 PM ET
Company Participants
Shayla Gorman - Senior Director, Investor Relations
Marc Stapley - Chief Executive Officer
Rebecca Chambers - Chief Financial Officer
Conference Call Participants
Subbu Nambi - Guggenheim Securities
Andrew Brackmann - William Blair
Lu Li - UBS
Tejas Savant - Morgan Stanley
Sung Ji Nam - Scotiabank
Thomas DeBourcy - Nephron Research
Mike Matson - Needham
Puneet Souda - Leerink Partners
Operator
Good day, and thank you for standing by. Welcome to the Veracyte Third Quarter 2024 Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Shayla Gorman, Senior Director of Investor Relations. Sheila, you have the floor.
Shayla Gorman
Good afternoon, everyone, and thank you for joining us today for a discussion of our third quarter 2024 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 third quarter 2024 financial results. This release and a business and financial presentation are available in the Investor Relations section of our website at veracyte.com. Before we begin, I'd like to remind you that various statements we 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. Additionally, 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 filed 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 website.
I will now turn the call over to Mark Stapley, Veracyte's CEO.
Marc Stapley
Thank you, Shayla, and thanks everyone for joining us today.
Q3 marked another record quarter for Veracyte. I couldn't be more proud of our team and of their hard work on behalf of the patients we serve. Q3 revenue totaled $115.9 million, growing 29% year-over-year. This was fueled by testing revenue, which grew an incredibly robust 34% compared to the prior year period, driven by strong volume and ASP improvements, both of which continued to outpace our expectations.