Company: VCYT
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001384101-25-000014
Chunk: 140

Company: VERACYTE, INC.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 140
---
lease components are accounted for as a single lease component. Financing leases are immaterial and are included in property and equipment, net and other liabilities in the consolidated balance sheets. Leases with terms of 12 months or less are not recorded on our balance sheet.

Foreign Currency Translation

The functional currency of our foreign subsidiaries, Veracyte SAS and C2i Genomics, Ltd., are the Euro and the Israeli Shekel, respectively. Assets and liabilities denominated in foreign currencies are translated to U.S. dollars using the exchange rates at the balance sheet date. Foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income (loss) within stockholders’ equity. Revenue and expenses from our foreign subsidiaries are translated using the monthly average exchange rates in effect during the period in which the transactions occur. Foreign currency transaction gains and losses are recorded in other income (loss), net, on the consolidated statements of operations.

Comprehensive Income (Loss)

Comprehensive income (loss) is the change in stockholders’ equity from transactions and other events and circumstances other than those resulting from investments by stockholders and distributions to stockholders. Our comprehensive income (loss) includes our net income (loss) and gains and losses from the foreign currency translation of the assets and liabilities of our foreign subsidiaries.

72

Results of Operations

Comparison of the Years Ended December 31, 2024 and 2023 (in thousands of dollars, except percentages and test volume)

 Year Ended December 31, 2024Change%2023Revenue:Testing revenue$418,961 $92,419 28 %$326,542 Product revenue13,650 (1,938)(12)%15,588 Biopharmaceutical and other revenue13,153 (5,768)(30)%18,921 Total revenue445,764 84,713 23 %361,051 Cost of revenue:  Cost of testing revenue114,573 25,660 29 %88,913 Cost of product revenue9,110 444 5 %8,666 Cost of biopharmaceutical and other revenue12,384 (2,940)(19)%15,324 Intangible asset amortization - cost of revenue11,552 (6,912)(37)%18,464 Total cost of revenue147,619 16,252 12 %131,367 Gross profit298,145 68,461 30 %229,684