Veracyte Posts Wider-Than-Expected Q4 Loss

reported a wider-than-expected loss for the fourth quarter on Thursday. The South San Francisco, California-based company reported a quarterly loss of $8.1 million, or $0.36 per share, versus a year-ago net loss of $5.9 million, or $0.42 per share. Its revenue climbed 78 percent to $12.2 million from $6.8 million. However, analysts were expecting a loss of $0.33 per share on revenue of $11.83 million. Operating expense for the fourth quarter widened to $20.3 million, versus $12.6 million, in the year-ago period. Cost of revenue increased to $4.9 million from $3.5 million. As of December 31, 2014, the company had $35.0 million in cash and cash equivalents. "We executed on our strategy to drive robust growth of our Afirma business in 2014 and witnessed a 75% year-over-year increase in revenue. Our success was driven in part by continued penetration into the endocrinology physician office market, as well as our early success with institutional accounts," said Bonnie H. Anderson, Veracyte's president and chief executive officer. For the full year, Veracyte projects revenue of $48 million to $53 million, versus analysts' estimates of $59.1 million. Veracyte shares finished up 1.22 percent at $8.30 during regular trading hours.