(State or other jurisdiction of incorporation) | Commission File Number | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | |||||
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. | ||
Emerging growth company | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
Exhibit No. | Description | |||||||
99.1 | ||||||||
Dated: | February 17, 2021 | ||||||||||
VERACYTE, INC. | |||||||||||
By: | /s/ Keith Kennedy | ||||||||||
Name: | Keith Kennedy | ||||||||||
Title: | Chief Financial Officer | ||||||||||
Principal Financial Officer |
U.S./Canada participant dial-in number (toll-free): | (855) 541-0980 | ||||
International participant dial-in number: | (970) 315-0440 | ||||
Conference I.D.: | 7487201 |
VERACYTE, INC. | |||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
(In thousands of dollars, except share and per share amounts) | |||||||||||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Testing revenue | $ | 31,497 | $ | 28,557 | $ | 101,970 | $ | 107,355 | |||||||||||||||
Product revenue | 2,696 | 923 | 9,845 | 923 | |||||||||||||||||||
Biopharmaceutical revenue | 343 | 250 | 5,668 | 8,090 | |||||||||||||||||||
Collaboration revenue | — | — | — | 4,000 | |||||||||||||||||||
Total revenue | 34,536 | 29,730 | 117,483 | 120,368 | |||||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||
Cost of testing revenue | 9,756 | 9,673 | 35,913 | 36,077 | |||||||||||||||||||
Cost of product revenue | 1,382 | 446 | 4,921 | 446 | |||||||||||||||||||
Cost of biopharmaceutical revenue | 49 | — | 621 | — | |||||||||||||||||||
Research and development | 4,586 | 4,443 | 17,204 | 14,851 | |||||||||||||||||||
Selling and marketing | 13,149 | 14,183 | 52,389 | 53,691 | |||||||||||||||||||
General and administrative | 12,413 | 8,581 | 36,729 | 29,029 | |||||||||||||||||||
Intangible asset amortization | 1,273 | 601 | 5,095 | 1,401 | |||||||||||||||||||
Total operating expenses | 42,608 | 37,927 | 152,872 | 135,495 | |||||||||||||||||||
Loss from operations | (8,072) | (8,197) | (35,389) | (15,127) | |||||||||||||||||||
Interest expense | (54) | (81) | (229) | (677) | |||||||||||||||||||
Other income, net | 82 | 820 | 709 | 3,205 | |||||||||||||||||||
Net loss and comprehensive loss | $ | (8,044) | $ | (7,458) | $ | (34,909) | $ | (12,599) | |||||||||||||||
Net loss per common share, basic and diluted | $ | (0.14) | $ | (0.15) | $ | (0.66) | $ | (0.27) | |||||||||||||||
Shares used to compute net loss per common share, basic and diluted | 58,023,753 | 49,095,703 | 53,239,231 | 46,138,177 |
VERACYTE, INC. | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(In thousands) | |||||||||||
December 31, | December 31, | ||||||||||
2020 | 2019 | ||||||||||
(Unaudited) | (See Note 1) | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 349,364 | $ | 159,317 | |||||||
Accounts receivable | 18,461 | 19,329 | |||||||||
Supplies | 4,657 | 6,806 | |||||||||
Prepaid expenses and other current assets | 3,197 | 2,235 | |||||||||
Total current assets | 375,679 | 187,687 | |||||||||
Property and equipment, net | 8,990 | 8,933 | |||||||||
Right-of-use assets - operating lease | 7,843 | 8,808 | |||||||||
Finite-lived intangible assets, net | 59,924 | 65,019 | |||||||||
Goodwill | 2,725 | 2,725 | |||||||||
Restricted cash | 603 | 603 | |||||||||
Other assets | 1,399 | 1,437 | |||||||||
Total assets | $ | 457,163 | $ | 275,212 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 3,116 | $ | 2,328 | |||||||
Accrued liabilities | 11,705 | 13,734 | |||||||||
Current portion of deferred revenue | 371 | — | |||||||||
Current portion of operating lease liability | 1,589 | 1,407 | |||||||||
Total current liabilities | 16,781 | 17,469 | |||||||||
Long-term debt | 810 | 694 | |||||||||
Deferred revenue, net of current portion | 829 | — | |||||||||
Acquisition related contingent consideration | 7,594 | 6,088 | |||||||||
Operating lease liability, net of current portion | 9,917 | 11,506 | |||||||||
Total liabilities | 35,931 | 35,757 | |||||||||
Total stockholders’ equity | 421,232 | 239,455 | |||||||||
Total liabilities and stockholders’ equity | $ | 457,163 | $ | 275,212 | |||||||
(1) The condensed balance sheet at December 31, 2019 has been derived from the audited financial statements at that date included in the Company's Form 10-K filed with the Securities and Exchange Commission dated February 25, 2020. | |||||||||||
VERACYTE, INC. | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(Unaudited) | |||||||||||
(in thousands of dollars) | |||||||||||
Twelve Months Ended December 31, | |||||||||||
2020 | 2019 | ||||||||||
Operating activities | |||||||||||
Net loss | $ | (34,909) | $ | (12,599) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | 7,944 | 4,117 | |||||||||
Gain on disposal of property and equipment | — | (23) | |||||||||
Stock-based compensation | 12,995 | 9,807 | |||||||||
Other income | — | — | |||||||||
Amortization and write-off of debt discount and issuance costs | — | 83 | |||||||||
Interest on end-of-term debt obligations | 216 | 229 | |||||||||
Write-down of excess supplies | 1,088 | — | |||||||||
Noncash lease expense | 964 | 1,034 | |||||||||
Revaluation of acquisition-related contingent consideration | 1,506 | — | |||||||||
Impairment loss | 1,000 | — | |||||||||
Effect of foreign currency on operations | (34) | — | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 955 | (6,161) | |||||||||
Supplies | 1,061 | (3,404) | |||||||||
Prepaid expenses and other current assets | (970) | 154 | |||||||||
Other assets | 37 | (351) | |||||||||
Operating lease liability | (1,407) | (1,205) | |||||||||
Accounts payable | 711 | (141) | |||||||||
Accrued liabilities and deferred revenue | (868) | 5,228 | |||||||||
Net cash used in operating activities | (9,711) | (3,232) | |||||||||
Investing activities | |||||||||||
Purchases of property and equipment | (2,837) | (2,756) | |||||||||
Purchase of equity securities | (1,000) | — | |||||||||
Cash paid for acquisition | — | (40,000) | |||||||||
Proceeds from disposal of property and equipment | — | 23 | |||||||||
Net cash used in investing activities | (3,837) | (42,733) | |||||||||
Financing activities | |||||||||||
Proceeds from the issuance of common stock in a public offering, net of issuance costs | 193,831 | 137,848 | |||||||||
Payment of long-term debt | (100) | (24,900) | |||||||||
Payment of financial lease liability | — | (308) | |||||||||
Payment of taxes on vested restricted stock units | (3,845) | (977) | |||||||||
Proceeds from the exercise of common stock options and employee stock purchases | 13,709 | 15,624 | |||||||||
Net cash provided by financing activities | 203,595 | 127,287 | |||||||||
Net increase in cash, cash equivalents and restricted cash | 190,047 | 81,322 |
Cash, cash equivalents and restricted cash at beginning of period | 159,920 | 78,598 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 349,967 | $ | 159,920 | |||||||
Supplementary cash flow information of non-cash investing and financing activities: | |||||||||||
Shares issued for purchase consideration for a business combination | $ | — | $ | 10,000 | |||||||
Deferred purchase consideration for a business combination | $ | — | $ | 6,088 | |||||||
Purchases of property and equipment included in accounts payable and accrued liabilities | $ | 294 | $ | 226 | |||||||
Supplementary cash flow information: | |||||||||||
Cash paid for interest on debt | $ | 13 | $ | 332 | |||||||
Cash paid for tax | $ | 112 | $ | 35 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |||||||||||
(Unaudited) | |||||||||||
(In thousands of dollars) | |||||||||||
December 31, | December 31, | ||||||||||
2020 | 2019 | ||||||||||
Cash and cash equivalents | $ | 349,364 | $ | 159,317 | |||||||
Restricted cash | 603 | 603 | |||||||||
Total cash, cash equivalents and restricted cash | $ | 349,967 | $ | 159,920 |
Cover Page |
Feb. 17, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Feb. 17, 2021 |
Entity Registrant Name | VERACYTE, INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-36156 |
Entity Tax Identification Number | 20-5455398 |
Entity Address, Address Line One | 6000 Shoreline Court |
Entity Address, Address Line Two | Suite 300 |
Entity Address, City or Town | South San Francisco |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 94080 |
City Area Code | 650 |
Local Phone Number | 243-6300 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value, $0.001 per share |
Trading Symbol | VCYT |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0001384101 |
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