Company: VCYT
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001384101-25-000014
Chunk: 142

Company: VERACYTE, INC.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 142
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 volume grew to over 61,000 tests or 12% growth over prior year. 

Product revenue decreased $1.9 million for the year ended December 31, 2024 compared to 2023, driven primarily by lower demand for product test kits, largely as a result of supplier quality and supply chain issues. 

Biopharmaceutical and other revenue decreased by $5.8 million for the year ended December 31, 2024 compared to 2023 driven primarily by the reduction of customer projects given overall spending constraints across the industry.

Comparison of revenue for the years ended December 31, 2023 and 2022 is included in Item 8 of Part II of the Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission on February 29, 2024.  

Cost of revenue

Comparison of the years ended December 31, 2024 and 2023 was as follows (in thousands of dollars, except percentages):

 Year Ended December 31,2024Change%2023Cost of testing revenue:Laboratory supplies and reagents expense$54,378 $12,320 29 %$42,058 Sample collection expense13,868 3,054 28 %10,814 Compensation expense22,392 3,858 21 %18,534 Cytopathology services5,931 1,113 23 %4,818 Depreciation and amortization1,648 127 8 %1,521 Other expenses4,568 532 13 %4,036 Allocations11,788 4,656 65 %7,132 Total$114,573 $25,660 29 %$88,913 Cost of product revenue:Product costs$3,369 $(2,993)(47)%$6,362 License fees and royalties1,263 21 2 %1,242 Depreciation and amortization1,337 1,021 323 %316 Other expenses2,478 1,892 323 %586 Allocations663 503 314 %160 Total$9,110 $444 5 %$8,666 Cost of biopharmaceutical and other revenue:Compensation expense$6,015 $(1,732)(22)%$7,