Veracyte, Inc. (VCYT) saw its loss narrow to $4.40 million, or $0.14 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $8.01 million, or $0.29 a share.

Revenue during the quarter surged 30.02 percent to $18.26 million from $14.04 million in the previous year period. Gross margin for the quarter expanded 829 basis points over the previous year period to 64.32 percent. Operating margin for the quarter stood at negative 20.11 percent as compared to a negative 56.62 percent for the previous year period.

Operating loss for the quarter was $3.67 million, compared with an operating loss of $7.95 million in the previous year period.

"We delivered strong revenue growth and executed on the key milestones for our business in 2016," said Bonnie Anderson, Veracyte's chief executive officer and chairman of the board. "We also have tremendous momentum heading into 2017, underscored by several recent Blues coverage decisions for the Afirma GEC and final Medicare coverage policies for the Percepta classifier. These two products will fuel our revenue growth in 2017."

For fiscal year 2017, Veracyte, Inc. forecasts revenue to be in the range of $76 million to $84 million.

Debt increases substantially
Veracyte, Inc. has witnessed an increase in total debt over the last one year. It stood at $25.52 million as on Dec. 31, 2016, up 411.36 percent or $20.53 million from $4.99 million on Dec. 31, 2015. Veracyte, Inc has witnessed an increase in long-term debt over the last one year. It stood at $25.52 million as on Dec. 31, 2016, up 411.36 percent or $20.53 million from $4.99 million on Dec. 31, 2015. Total debt was 25.26 percent of total assets as on Dec. 31, 2016, compared with 6.63 percent on Dec. 31, 2015. Debt to equity ratio was at 0.43 as on Dec. 31, 2016, up from 0.10 as on Dec. 31, 2015.