Shares of Veracyte (NASDAQ:VCYT) plummeted by 7.45% in after-hours trading on Monday, following the company's Q4 2024 earnings report that missed analyst estimates on profitability.
The molecular diagnostics company reported adjusted earnings per share of $0.06 for the quarter, falling short of the consensus estimate of $0.11 by a wide margin of 45.45%. While revenue for the period came in at $118.6 million, beating expectations of $116.765 million, the earnings miss overshadowed the top-line beat and weighed heavily on Veracyte's stock price.
Despite the quarterly earnings disappointment, Veracyte's Q4 2024 revenue grew by an impressive 20.78% year-over-year, driven by strong demand for its diagnostic tests. The company also provided guidance for its fiscal year 2025 testing revenue, projecting a range of $470 million to $480 million.
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