Company: VCYT
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001384101-25-000060
Chunk: 73

Company: VERACYTE, INC.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 73
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,853 3,414 Allocation of facilities and IT expenses2,256 1,608 Total selling and marketing24,454 23,782 General and administrative:Compensation expense20,173 17,759 Other general and administrative expenses (6)21,890 15,037 Allocation of facilities and IT expenses(8,255)(6,586)Total general and administrative33,808 26,210 Intangible asset amortization - operating expenses622 738 Other income, net(4,524)(2,748)Income tax provision (benefit)381 (44)Net income (loss)$7,047 $(1,864)________________

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(1)Other cost of testing revenue includes cytopathology services, depreciation and amortization and other expenses.(2)Other cost of product revenue includes license fees and royalties, depreciation and amortization and other expenses.(3)Other cost of biopharmaceutical and other revenue includes license fees and royalties, depreciation and amortization and other expenses.(4)Other research and development expenses includes depreciation and amortization and other expenses.(5)Other selling and marketing expenses includes travel, entertainment, conference and other expenses.(6)Other general and administrative expenses includes professional fees, information technology expense, occupancy costs, depreciation and amortization, contingent consideration and other expenses.

10. Income Taxes

 The provision for income taxes is based on the current estimate of the annual effective tax rate applied to the Company’s year to date income or loss and is adjusted for discrete items recorded in the period. For the three months ended March 31, 2025 and 2024, the Company’s effective tax rate was 5.1% and 2.3% respectively. For the three months ended March 31, 2025, the primary difference between the effective tax rate and the federal statutory rate is driven by unfavorable permanent differences and foreign and state taxes, offset by the full valuation allowance the Company has established on its federal, state and foreign net operating losses and credits. For the three months ended March 31, 2024, the primary difference between the effective tax rate and the federal statutory rate is driven by the full valuation allowance the Company had established on its federal, state and foreign net operating losses and credits offset by reductions in deferred tax liabilities from acquired entities.The Company recorded income tax expense of $0.4 million for the three months ended March 31, 2025 and recorded income tax benefit of $