Veracyte’s shares plunged Thursday after the cancer diagnostics company cut its 2026 testing revenue forecast despite reporting higher third-quarter revenue and retaining its adjusted EBITDA margin outlook.
Shares closed at $24, down 54.3% from the previous close of $52.52, according to StockAnalysis historical data.
Veracyte now expects testing revenue of $571 million to $573 million in 2026, compared with its previous range of $576 million to $582 million. The company said recently launched tests are expected to contribute minimal revenue.
It narrowed its total revenue outlook to $590 million to $593 million, from $590 million to $596 million, while keeping its adjusted EBITDA margin outlook above 26%. Veracyte maintained its full-year revenue growth outlook of 14% to 15%.
Third-quarter revenue increased 15% year over year to $151.8 million, and net income rose to $31.5 million. Chief Executive Officer Marc Stapley said Afirma performed above expectations, while Decipher Prostate volume came in below expectations.
The results release also included a $100 million share-repurchase authorization.
