Veracyte, Inc. (NASDAQ:VCYT) Q3 2023 Earnings Call Transcript

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Unidentified Analyst: Hi, everyone, this is Joseph on from Mike. Maybe just looking at Decipher and Afirma GRID, I guess you announced the research use only for Afirma. Maybe just wanted to get your comment again, I guess on the biopharma business, I guess, is there any expectation that more tools or more services will be coming out of this side of the business? I know you guys have talked about it being kind of on the back burner, lower priority, but maybe just wanted to get a refresh on how you think about the business. And I guess maybe is there a plan for, I guess Afirma GRID to be shifted to the clinical setting and just one more follow up after that?

Marc Stapley: Yes, so just to clarify, both Afirma GRID and Decipher GRID are intended for research use only, to provide additional information, and that’s helpful in the context of the patient that the physician is treating and their overall practice and the research that they’re doing as well. But in terms of biopharma, this isn’t really enabled by GRID. GRID is a byproduct of this. But the fact that we do whole transcriptome analysis on all of our tests gives us this incredible rich data set for all of these patients and that has value for biopharma customers. And so that side of our business of driving utilization of that data with biopharma continues. It isn’t enabled by GRID, it’s enabled by our whole transcriptome approach. And we’ll continue to engage with biopharma in utilizing that data for their studies. So yes, that’s absolutely a part of what we’re focused on.

Unidentified Analyst: Okay, yes, sure. That makes perfect sense. Thanks for the clarification there. And then I guess I’ll maybe ask just because I think Marc, you mentioned in the prepared remarks, but I guess LymphMark just haven’t heard that said from you guys in a while. So just wondering if there’s like an update of anything there, any milestones in the future? Yes, just an update on the product in general would be great.

Marc Stapley: No. Nothing specific at this point. We’re continuing to work with our partner on that and throughout this IVD strategy approach with no change there, continue to support that on nCounter. And as we work towards commercial launch, think about the right approach there with our partner. So no new updates. And certainly at this point it’s not something that you should factor in terms of the numbers until we get to a point where the studies are completed and it’s clear where the commercialization happens and how that happens, what that would looks like, in which case we would give more color at that time.

Unidentified Analyst: Okay, great. Thank you very much.

Marc Stapley: Thank you.

Operator: At this time I’m showing no further questions. I would now like to turn it back to Marc Stapley for closing remarks.

Marc Stapley: Thanks. I appreciate it. I’m extremely pleased with the performance of our core testing business, and I’m encouraged by the unpenetrated opportunity to help more patients in both the prostate and thyroid cancer markets. We’re clearly growing in both indications at a rate that is exceeding the market, and with our extensive product enhancements, evidence development, and opportunities to broaden reimbursement, I see that continuing for many years. In addition, I’m excited to see our global expansion come to fruition with our augmented IVD strategy, and I applaud our team for their diligence and commitment to continuously evaluate our opportunity and approach. I’m proud of our Veracyte employees who have demonstrated their ability to execute quarter-after-quarter, driven by their passion to transform cancer care for patients all over the world. Thank you.

Operator: Thank you for your participation in today’s conference. This does conclude the program. You may now disconnect.

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