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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Personalis Inc | NASDAQ:PSNL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.1195 | -8.30% | 1.3205 | 1.30 | 1.39 | 1.42 | 1.32 | 1.42 | 147,067 | 01:00:00 |
Personalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics for precision oncology, today reported financial results for the fourth quarter and full year ended December 31, 2023, and provided recent business highlights.
Recent Business Highlights
“We ended 2023 with strong execution as we delivered on many commitments that include launching NeXT Personal Dx (LDT) with an early access program, establishing commercial partnerships with Tempus, Myriad, and Moderna, and presenting compelling early-stage lung cancer clinical MRD data with TRACERx for NeXT Personal,” said Chris Hall, Chief Executive Officer. “Our efforts in 2024 continue to be focused on executing our Win-in-MRD strategy for NeXT Personal. This effort has four key pillars: focusing on cancer types where our test provides the most value, generating robust clinical evidence with top KOLs to submit for Medicare coverage, leveraging our early success with biopharma customers to accelerate adoption, and utilizing a partner-centric strategy to accelerate commercialization in a capital-efficient manner.”
Fourth Quarter Results
Full Year 2023 Financial Results
First Quarter and Full Year 2024 Outlook
Personalis expects the following for the first quarter of 2024:
Personalis expects the following for the full year of 2024:
Webcast and Conference Call Information
Personalis will host a conference call to discuss the fourth quarter and full year 2023 financial results, as well as plans for 2024, after market close on Wednesday, February 28, 2024, at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. The conference call can be accessed live by dialing 877-451-6152 for domestic callers or 201-389-0879 for international callers. The live webinar can be accessed at https://investors.personalis.com. A replay of the webinar will be available shortly after the conclusion of the call and will be archived on the company's website.
About Personalis, Inc.
At Personalis, we are transforming the active management of cancer through breakthrough personalized testing. We aim to drive a new paradigm for cancer management, guiding care from biopsy through the life of the patient. Our highly sensitive assays combine tumor-and-normal profiling with proprietary algorithms to deliver advanced insights even as cancer evolves over time. Our products are designed to detect minimal residual disease (MRD) and recurrence at the earliest timepoints, enable the selection of targeted therapies based on ultra-comprehensive genomic profiling, and enhance biomarker strategy for drug development. Personalis is based in Fremont, California. To learn more, visit www.personalis.com and connect with us on LinkedIn and X (Twitter).
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts and can generally be identified by terms such as “anticipate,” “estimate,” “expect,” “if,” “may,” “future,” “will” or similar expressions. These statements include statements relating to: Personalis’ first quarter and full year 2024 outlook for revenue, net loss, and cash usage, the attributes, advantages or clinical validity of the NeXT Personal Dx test, Personalis’ use of clinical evidence to support obtaining reimbursement, and the expected benefits of Personalis’ collaboration and partnership agreements with Tempus, Myriad and ClearNote. Such forward-looking statements involve known and unknown risks and uncertainties and other factors that may cause actual results to differ materially from any anticipated results or expectations expressed or implied by such statements, including the risks, uncertainties and other factors that relate to the timing and pace of new orders from customers, including from Natera and the VA MVP; the timing of tissue, blood, and other specimen sample receipts from customers, which can materially impact revenue quarter-over-quarter and year-over-year; Personalis’ ability to demonstrate attributes, advantages or clinical validity of the NeXT Personal Dx test, Personalis’ ability to obtain reimbursement, Personalis’ achievement of milestones set forth in the collaboration and co-commercialization agreement with Tempus, the success of Tempus’ sales and marketing efforts, the expected benefits or success of Personalis’ relationships with research collaborators and key opinion leaders, and the adoption and use of the NeXT Personal Dx test by oncologists. These and other potential risks and uncertainties that could cause actual results to differ materially from the results predicted in these forward-looking statements are described under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Personalis’ Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, filed with the SEC on November 7, 2023, and in its Annual Report on Form 10-K for the year ended December 31, 2023, being filed with the Securities and Exchange Commission (SEC) on February 28, 2024. All information provided in this release is as of the date of this press release, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. Personalis undertakes no duty to update this information unless required by law.
PERSONALIS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(in thousands, except share and per share data)
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
Revenue
$
19,675
$
16,722
$
73,481
$
65,047
Costs and expenses
Cost of revenue
14,470
14,410
55,273
51,697
Research and development
13,613
16,569
64,776
64,912
Selling, general and administrative
11,524
17,828
49,726
63,969
Lease impairment
—
—
5,565
—
Restructuring and other charges
4,040
—
8,077
—
Total costs and expenses
43,647
48,807
183,417
180,578
Loss from operations
(23,972
)
(32,085
)
(109,936
)
(115,531
)
Interest income
1,477
1,160
5,901
2,396
Interest expense
(9
)
(47
)
(110
)
(201
)
Other income (expense), net
(4,075
)
(88
)
(4,068
)
61
Loss before income taxes
(26,579
)
(31,060
)
(108,213
)
(113,275
)
Provision for income taxes
5
8
83
40
Net loss
$
(26,584
)
$
(31,068
)
$
(108,296
)
$
(113,315
)
Net loss per share, basic and diluted
$
(0.54
)
$
(0.67
)
$
(2.25
)
$
(2.48
)
Weighted-average shares outstanding, basic and diluted
49,596,698
46,264,217
48,175,201
45,704,805
PERSONALIS, INC.
SUPPLEMENTAL REVENUE INFORMATION (unaudited)
(in thousands)
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
Pharma tests and services
$
11,491
$
7,400
$
31,904
$
29,552
Enterprise sales
7,073
8,251
31,729
26,641
Population sequencing
1,007
887
9,412
8,443
Other
104
184
436
411
Total revenue
$
19,675
$
16,722
$
73,481
$
65,047
PERSONALIS, INC.
CONSOLIDATED BALANCE SHEETS (unaudited)
(in thousands, except share and per share data)
December 31, 2023
December 31, 2022
Assets
Current assets
Cash and cash equivalents
$
56,984
$
89,128
Short-term investments
57,195
78,530
Accounts receivable, net
17,730
16,642
Inventory and other deferred costs
10,474
8,591
Prepaid expenses and other current assets
4,361
6,808
Total current assets
146,744
199,699
Property and equipment, net
57,366
61,935
Operating lease right-of-use assets
17,852
26,480
Other long-term assets
3,137
4,586
Total assets
$
225,099
$
292,700
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable
$
14,920
$
12,854
Accrued and other current liabilities
23,941
19,013
Contract liabilities
3,288
1,264
Short-term warrant liability
5,085
—
Total current liabilities
47,234
33,131
Long-term operating lease liabilities
38,321
41,041
Long-term warrant liability
4,942
—
Other long-term liabilities
5,161
389
Total liabilities
95,658
74,561
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.0001 par value — 10,000,000 shares authorized; none issued
—
—
Common stock, $0.0001 par value — 200,000,000 shares authorized; 50,480,694 and 46,707,084 shares issued and outstanding, respectively
5
5
Additional paid-in capital
598,364
579,456
Accumulated other comprehensive loss
(222
)
(912
)
Accumulated deficit
(468,706
)
(360,410
)
Total stockholders’ equity
129,441
218,139
Total liabilities and stockholders’ equity
$
225,099
$
292,700
View source version on businesswire.com: https://www.businesswire.com/news/home/20240228727285/en/
Investor Relations Contact: Caroline Corner investors@personalis.com 415-202-5678
Media: pr@personalis.com
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