Model Update Following Recent Commercial Progress; PT to $70

研报英文原文证据摘录

Model Update Following Recent Commercial Progress; PT to $70

USA | Life Science Tools & Diagnostics

Veracyte EquityJulyResearch6, 2026

TARGET | ESTIMATE CHANGEModel Update Following Recent Commercial

RATING BUYProgress; PT to $70

PRICE $57.08^

Following recent commercial progress (U.S. Prosigna Breast launch and

Medicare coverage/launch of TrueMRD in MIBC), we are raising our out- PRICE TARGET | % TO PT $70.00 ($48.00) | +23%

year revenue and profitability estimates. Specifically, we raise '27E and '28E 52W HIGH-LOW $60.91 - $22.61

revenues by +1% while still leaving room for additional upside to be realized as FLOAT (%) | ADV MM (USD) 95.5% | 81.40

management delivers more formal out-year targets and catalyst upside from MARKET CAP $4.6B

Prosigna Level 1A NCCN inclusion. Reiterate Buy, PT to $70. TICKER VCYT ^Prior trading day's closing price unless otherwise

noted.

Revising our model and PT. In light of recent commercial progress, including the U.S. launch of

Prosigna Breast and Medicare coverage secured alongside the launch of TrueMRD in MIBC, we

FY (Dec) CHANGE TO JEFe JEF vs CONS

are raising our out-year revenue and profitability estimates. We see clear near-term upside from

2026 2027 2026 2027

both TrueMRD and Prosigna penetration, driving modest revenue revisions (+1% to '27E/+1% to

'28E) while still leaving room for additional upside as management provides more formal demand REV NM +1% NA NA

and adoption targets. Furthermore, as discussed in our ASCO note on OPTIMA, the data positions EPS +3% +5% NM NM

Prosigna favorably for commercial uptake and potential NCCN guideline inclusion with Level 1A

evidence over time, representing another meaningful catalyst. That said, our discussions with 2026 ($) Q1A Q2 Q3 Q4 FY