Company: VCYT
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001384101-25-000014
Chunk: 145

Company: VERACYTE, INC.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 145
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 Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission on February 29, 2024.

General and administrative

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

 Year Ended December 31,2024Change%2023General and administrative expense:Compensation expense$74,815 $11,046 17 %$63,769 Professional fees30,396 7,179 31 %23,217 Information technology expense12,264 4,668 61 %7,596 Occupancy costs10,438 2,326 29 %8,112 Depreciation and amortization4,092 605 17 %3,487 Contingent consideration2,167 7,550 (140)%(5,383)Other expenses5,640 (573)(9)%6,213 Allocations(29,202)(8,420)41 %(20,782)Total$110,610 $24,381 28 %$86,229 

General and administrative expense increased $24.4 million, or 28%, for the year ended December 31, 2024 compared to 2023. Compensation expense increased primarily due to expenses related to restructuring costs associated with the voluntary termination plan at our Marseille location, annual compensation increases and expenses related to the C2i Acquisition. Information technology and occupancy expenses increased primarily due to our C2i Acquisition, expansion of our facilities footprint to support testing growth and our Marseille site, and additional infrastructure build out. Contingent consideration increased $7.6 million primarily due to a $5.4 million reversal of contingent consideration expense recorded in 2023 related to our nCounter Analysis System acquisition. General and administrative expenses related to occupancy costs and information technology costs are allocated to general and administrative expense, selling and marketing expense, research and development expense, and cost of revenue based on the headcount and employee location.  

76

Comparison of general and administrative expense for the years ended December 31, 2023 and 2022 are 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.

Impairment of long-lived assets

During