Stock market today: S&P 500 climbs as health care, tech gain; Nvidia earnings loom
SOUTH SAN FRANCISCO, CA – Veracyte, Inc. (NASDAQ:VCYT), a company specializing in medical laboratory services, announced on Monday the appointment of two new members to its Board of Directors. Tom Miller, Ph.D., and Brent Shafer will join the board with immediate effect, following a recommendation from the Nominating and Corporate Governance Committee.
The appointments come as the company continues to expand its leadership team. Dr. Miller, who brings a wealth of experience in regulatory and compliance matters, will serve on the Regulatory and Compliance Committee of the Board. Brent Shafer will contribute his expertise to the Compensation Committee.
Dr. Miller and Mr. Shafer were appointed without any prior arrangements or understandings with other persons and have no family relationships with any current director or executive officer of the company. Furthermore, neither has been involved in any transactions with the company that would require disclosure under SEC regulations.
As non-employee directors, both Dr. Miller and Mr. Shafer will participate in Veracyte's compensation program for non-employee directors. This program was detailed in the company’s definitive proxy statement filed with the SEC on April 25, 2024. Additionally, they have entered into the standard form of indemnity agreement for non-executive directors, enhancing the company's governance framework.
Their terms on the board will last until the company's 2025 annual meeting of stockholders, or until their successors are duly elected and qualified, or in the event of their death, resignation, disqualification, or removal.
In other recent news, Veracyte, a global cancer diagnostics company, has reported significant developments. The company experienced a robust second quarter in 2024, with a 27% increase in revenue to $114.4 million, mainly driven by a surge in testing revenue.
This growth was primarily attributed to the high demand for its Decipher and Afirma tests. Veracyte also reported a GAAP net income of $5.7 million and an adjusted EBITDA margin of 21%.
Alongside these financial highlights, Veracyte expanded its board with Brent Shafer and Tom Miller, Ph.D., aiming to enhance the company's leadership with their broad experience in healthcare and technology. Additionally, Needham upgraded Veracyte's price target, reflecting an improved financial outlook for the company while maintaining a Buy rating.
Veracyte is also making strategic moves, including the acquisition of C2i Genomics, and plans to launch an MRD assay in 2026. These recent developments underscore Veracyte's commitment to continued revenue growth and profitability.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.