Veracyte, Inc. (NASDAQ:VCYT) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 04:30 pm ET


Veracyte, Inc. (NASDAQ:VCYT) Q2 2020 Earnings Conference Call - Final Transcript


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Good afternoon, ladies and gentlemen and welcome to Veracyte's Second Quarter 2020 Financial Results Conference Call. [Operator Instructions] As a reminder, today's conference call is being recorded.

I would now like to turn the conference over to Ms. Tracy Morris, Veracyte's Vice President of Corporate Communications and Investor Relations. You may begin.

Tracy Morris

Thank you, Robert. Good afternoon, everyone and thanks for joining us today for a discussion of our second quarter 2020 financial results. With me today are Bonnie Anderson, Veracyte's Chairman and Chief Executive Officer; Keith Kennedy, our Chief Operating Officer and Chief Financial Officer; and John Hanna, our Chief Commercial Officer.

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 include those regarding our future plans, prospects and strategy, financial goals and guidance, product attributes and pipeline, drivers of growth, expectations regarding reimbursement and other statements that are not historical facts. It also includes statements regarding the potential impacts to our business resulting from the COVID-19 pandemic, the potential timing for a recovery of our business and anticipated timing of the launches of new products, availability of our tests internationally and our total addressable market.

Management's assumptions, expectations and opinions reflected in these forward-looking statements are subject to risks and uncertainties that may cause actual results and/or performance to differ materially from any future results, performance or achievements discussed in or implied by such forward-looking statements, and the Company can give no assurance that they will prove to be correct and will not provide any further guidance or updates on our performance during the quarter unless we do so in a public forum.

Please refer to the Company's July 30, 2020, press release and the risk factors included in the Company's filings with the Securities and Exchange Commission for a discussion of important factors that may cause actual events or results to differ materially from those contained in our forward-looking statements. Prior to this call, we announced our second quarter 2020 financial results, which are available on our website at under Press Releases in the Investor Relations section. We also published a business and financial presentation, which we will reference during our remarks. This presentation is also available on our website under Events and Presentations in the Investor Relations section.

I will now turn the call over to Bonnie Anderson, Veracyte's Chairman and CEO.

Bonnie H. Anderson

Thanks, Tracy and thanks everyone for joining us today as we discuss our second quarter 2020 results and share an update on the business. We are pleased with our second quarter results given the significant challenges from the COVID-19 pandemic. Our total revenue was $20.7 million, this included testing and product revenue of $16.9 million, which is better than the 50% decline we had anticipated given the pandemic.

Our biopharmaceutical and other partnership revenue, which was less susceptible to the COVID-19 impacts was strong at $3.8 million, marking a 10% increase over the