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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.3411 | -6.10% | 5.2489 | 5.22 | 5.25 | 5.60 | 5.19 | 5.28 | 475,952 | 17:40:51 |
From Jul 2024 to Jan 2025
Strong Revenue Growth of 35% Year-over-Year Driven by 117% Growth from Biopharma Business
Raises 2024 Full Year Revenue Guidance
Personalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics for precision oncology, today reported financial results for the second quarter ended June 30, 2024, and provided recent business accomplishments.
Recent Business Accomplishments
Second Quarter 2024 Results Compared to Second Quarter 2023
“The revenue growth depicts growing customer confidence in both our technology and platform. Importantly, the growth in our clinical testing volume means that we can see the impact on patient lives. Now that our collaborators have presented compelling NeXT Personal clinical evidence, we expect to leverage that towards obtaining Medicare coverage and materially increasing the number of patients we can help,” said Chris Hall, Chief Executive Officer at Personalis. “As we continue to execute on our Win-in-MRD strategy, we are more confident than ever in our ability to drive broad adoption for patient testing.”
Third Quarter and Revised Full Year 2024 Outlook
Personalis expects the following for the third 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 second quarter of 2024 financial results, as well as plans for 2024, after market close on Wednesday, August 7, 2024, at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. The conference call can be accessed live by dialing 800-717-1738 for domestic callers or 646-307-1865 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).
Non-GAAP Financial Measure
To supplement our financial guidance presented in accordance with GAAP, we are presenting expected non-GAAP net loss for the full year ending December 31, 2024, which excludes income and expense from the outstanding warrants issued to Tempus from GAAP net loss. We are excluding income and expense attributable to the fair value of the outstanding warrants issued to Tempus because they are non-cash financial measures that require remeasurement of the fair value, derived from the then-current trading price of our Common Stock, as of each reporting date, and consequently there is substantial uncertainty associated with forecasting the fair value of the Tempus warrants at the future measurement dates. For this reason, we have not provided a reconciliation of our forward-looking non-GAAP net loss to GAAP net loss (the most directly comparable GAAP financial measure), in reliance on the “unreasonable efforts” exception set forth in the applicable regulations.
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’ third quarter and full year 2024 outlook for revenue, non-GAAP net loss, and cash usage, the attributes, advantages or clinical validity of the NeXT Personal Dx test, broad adoption of the NeXT Personal Dx test for patient testing and the benefits to patients from use of the same, and Personalis’ obtaining Medicare coverage. 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 U.S. Department of Veterans Affairs Million Veterans Program; 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, the rate of adoption of the NeXT Personal Dx test, Personalis’ ability to obtain Medicare coverage and reimbursement, Personalis’ achievement of milestones set forth in the collaboration and co-commercialization agreement with Tempus, the success of Personalis’ clinical sales team and Tempus’ sales and marketing efforts, the expected benefits or success of Personalis’ relationships with research collaborators, the impact of Personalis’ abstract presentations at the American Society of Clinical Oncology medical conference in May, 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’ Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (SEC) on February 28, 2024, as updated by Personalis’ Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, filed with the SEC on May 8, 2024, and Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, being filed with the SEC today. 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.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(in thousands, except share and per share data)
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
2024
2023
Revenue
$
22,580
$
16,699
$
42,105
$
35,559
Costs and expenses
Cost of revenue
14,543
11,907
28,575
26,037
Research and development
12,957
17,852
25,728
34,425
Selling, general and administrative
11,973
12,134
23,575
26,231
Restructuring and other charges
—
152
—
4,037
Total costs and expenses
39,473
42,045
77,878
90,730
Loss from operations
(16,893
)
(25,346
)
(35,773
)
(55,171
)
Interest income
1,136
1,465
2,495
2,718
Interest expense
(9
)
(39
)
(18
)
(86
)
Other income (expense), net
2,968
1
7,537
(25
)
Loss before income taxes
(12,798
)
(23,919
)
(25,759
)
(52,564
)
Provision for income taxes
4
36
11
50
Net loss
$
(12,802
)
$
(23,955
)
$
(25,770
)
$
(52,614
)
Net loss per share, basic and diluted
$
(0.24
)
$
(0.50
)
$
(0.50
)
$
(1.11
)
Weighted-average shares outstanding, basic and diluted
52,394,678
47,669,513
51,536,632
47,204,891
PERSONALIS, INC.
SUPPLEMENTAL REVENUE INFORMATION (unaudited)
(in thousands)
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
2024
2023
Pharma tests and services
$
13,197
$
6,083
$
23,009
$
12,416
Enterprise sales
7,958
7,386
15,930
16,844
Population sequencing
1,280
3,000
2,780
6,005
Other
145
230
386
294
Total revenue
$
22,580
$
16,699
$
42,105
$
35,559
PERSONALIS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(in thousands, except share and per share data)
June 30, 2024
December 31, 2023
Assets
Current assets
Cash and cash equivalents
$
47,747
$
56,984
Short-term investments
39,225
57,195
Accounts receivable, net
12,921
17,730
Inventory and other deferred costs
9,164
10,474
Prepaid expenses and other current assets
4,046
4,361
Total current assets
113,103
146,744
Property and equipment, net
52,662
57,366
Operating lease right-of-use assets
17,166
17,852
Other long-term assets
2,571
3,137
Total assets
$
185,502
$
225,099
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable
$
9,936
$
14,920
Accrued and other current liabilities
19,248
23,941
Contract liabilities
4,174
3,288
Short-term warrant liability
775
5,085
Total current liabilities
34,133
47,234
Long-term operating lease liabilities
36,524
38,321
Long-term warrant liability
1,513
4,942
Other long-term liabilities
1,060
5,161
Total liabilities
73,230
95,658
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; 53,052,847 and 50,480,694 shares issued and outstanding, respectively
5
5
Additional paid-in capital
606,863
598,364
Accumulated other comprehensive loss
(120
)
(222
)
Accumulated deficit
(494,476
)
(468,706
)
Total stockholders’ equity
112,272
129,441
Total liabilities and stockholders’ equity
$
185,502
$
225,099
View source version on businesswire.com: https://www.businesswire.com/news/home/20240807799344/en/
Investor Relations Contact: Caroline Corner investors@personalis.com 646-277-1279
Media: pr@personalis.com
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