VCYTVERACYTE, INC.
Services-Medical Laboratories
- Revenue
- $517M
- 16% YoY
- Operating margin
- 11.2%
- 209% YoY
- EBITDA
- $79M
- 100% YoY
- Market cap
- $4.0B
- Employees
- 650,000
- $796 revenue each
- Net debt / EBITDA
- -3.8×
- −$300M net debt
- AI in 10-K
- 3.5
- mentions per 10K words
Takeover score 6 of 13
Fixable underperformance 2 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$7M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo205% of net incomeCash flow under 80% of net income
- Dilutive SBCNo8% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyYes52% of assetsOver 40% of assets
- Shareholder dissentNo97% lowest supportAny vote under 80% support
Buyer economics 3 of 4
- Low revenue per employeeYes$796 · 0th pctBottom quartile of its SIC industry
- Quiet on AINo3.5 per 10K words · 74th pctBottom quartile of AI mentions in 10-Ks
- Net cashYesNet cash · 3.8× EBITDAMore cash than debt, positive EBITDA
- Buyout-sizedYes$4.0B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$23M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $220M | $297M | $361M | $446M | $517M | 16% |
| Operating income | −$82M | −$41M | −$86M | $16M | $58M | 258% |
| Net income | −$76M | −$37M | −$74M | $24M | $66M | 176% |
| Operating cash flow | −$32M | $8M | $44M | $75M | $136M | 82% |
| Capex | $5M | $9M | $10M | $11M | $10M | 14% |
| Stock-based comp | $23M | $27M | $33M | $36M | $44M | 20% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $23M · 61
- Net
- −$23M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $7M | $10M | 86 | 125 |
| FY2024 | — | — | 81 | 93 |
| FY2023 | — | — | 56 | 94 |
| FY2022 | — | — | 48 | 90 |
| FY2021 | — | — | 84 | 100 |