Increased third quarter revenue 23% to $18.2
million and increased full year guidance
Presented data supporting NeXT Personal’s
market leading sensitivity for cancer recurrence detection
Personalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics
for precision oncology, today reported financial results for the
third quarter ended September 30, 2023 and provided recent business
highlights.
Third Quarter and Recent Highlights
- Achieved third quarter revenue of $18.2 million, representing
an increase of 23% over the same period of the prior year
- Presented compelling clinical data from the collaboration with
the TRACERx consortium for lung cancer:
- Higher sensitivity, up to 4x higher, than other liquid biopsy
tests analyzed by TRACERx
- Identified lung cancer 6-11 months ahead of standard imaging
and significantly ahead of other tests
- Ability to determine low and high recurrence risk which could
lead to improved therapy decisions
- NeXT Personal® launched to robust demand as a clinical
laboratory-developed test (“LDT”) for use by oncologists
“We continue to evolve Personalis into a clinical testing leader
— launching NeXT Personal for patient testing, presenting
compelling data in early-stage lung cancer, and deepening our set
of collaborators in breast cancer all while delivering exceptional
Q3 revenue growth of 23% year over year,” said Chris Hall,
President and CEO of Personalis. “We continue to focus on driving
towards Medicare coverage for NeXT Personal.”
Third Quarter Financial Highlights
- Reported total company revenue of $18.2 million for the third
quarter of 2023, a 23% increase compared with $14.9 million for the
third quarter of 2022
- Revenue from pharma tests, enterprise sales, and other
customers of $15.8 million in the third quarter of 2023,
representing a 7% increase compared with $14.9 million in the third
quarter of 2022; revenue from enterprise customers includes revenue
from Natera of $7.8 million in the third quarter of 2023, compared
with $7.4 million from Natera in the third quarter of 2022
- Revenue from population sequencing for the VA MVP of $2.4
million in the third quarter of 2023, compared with zero in the
third quarter of 2022 due to the backlog being fulfilled after the
second quarter of 2022 and a deferred task order that was received
after the second quarter of 2022
- Cash, cash equivalents, and short-term investments of $120.7
million as of September 30, 2023
- Net loss of $29.1 million, and net loss per share of $0.60
based on a weighted-average basic and diluted share count of 48.7
million in the third quarter of 2023; the net loss included a
one-time non-cash impairment charge of $5.6 million for the Menlo
Park facility upon completion of the move to the new Fremont
facility
Fourth Quarter and Full Year 2023 Outlook
Personalis expects the following for the fourth quarter of
2023:
- Total company revenue between $19 to $20 million
- Revenue from pharma tests, enterprise sales, and other
customers between $18.5 to $19.5 million
- Revenue from population sequencing of approximately $0.5
million
Personalis expects the following for the full year of 2023:
- Total company revenue between $73 to $74 million; an increase
from the prior estimate of $70 to $72 million
- Revenue from pharma tests, enterprise sales, and all other
customers between $64 to $65 million, and revenue from population
sequencing of approximately $9 million
- Net loss of approximately $103 million reduced from $113
million in 2022 due to realization of headcount reduction savings,
partially offset by investments in clinical evidence generation and
non-cash impairment expense for the vacated Menlo Park
facility
- Cash usage less than $70 million, reduced from $119 million in
2022
Webcast and Conference Call Information
Personalis will host a conference call to discuss the third
quarter financial results after market close on Tuesday, November
7, 2023 at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. The
conference call can be accessed live by dialing 844-826-3035 for
domestic callers or 412-317-5195 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 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. Actual results may differ materially from the results
predicted and reported results should not be considered an
indication of future performance. Forward-looking statements
include all statements that are not historical facts and can
generally be identified by terms such as “aim,” “continue to,”
“expect,” “future,” “goal,” or “will” or similar expressions and
the negatives of those terms. These statements include, but are not
limited to, statements regarding Personalis’ ability to become a
clinical testing leader, the company’s fourth quarter and full year
financial guidance, expected revenue growth, cash runway, the
company’s business outlook, and the company’s goals and aims.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause Personalis’ actual
results, performance, or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. These risks,
uncertainties and other factors relate to, among others: our
ability to replicate the clinical data results of the collaboration
with TRACERx in other cancer indications; continued demand for NeXT
Personal as a LDT; the timing and pace of new orders from
customers, including from Natera, which accounted for 43% of the
company’s total revenue in the third quarter, and the VA MVP; the
launch and market adoption of new products and new product
features, such as NeXT Personal; the timing of tissue, blood, and
other specimen sample receipts from customers, which can materially
impact revenue quarter-over-quarter and year-over-year; whether
orders for the NeXT Platform and revenue from biopharmaceutical
customers and Natera increase or decrease in future periods;
ability to demonstrate attributes or advantages of NeXT Personal or
the Personalis NeXT Platform; the evolution of cancer therapies and
market adoption of the company’s services; risks associated with
health epidemics or pandemics; unstable market, economic and
geo-political conditions, which may significantly impact the
company’s business and operations and the business and operations
of Personalis’ customers and suppliers; and the outcome of legal
proceedings to enforce patents, and the presumed validity or
enforceability of the company’s patents or other intellectual
property rights. 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 quarterly period
ended June 30, 2023, filed with the SEC on August 8, 2023, and in
Personalis’ Quarterly Report on Form 10-Q for the quarterly period
ended September 30, 2023, 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 September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Revenue
$
18,247
$
14,858
$
53,806
$
48,325
Costs and expenses
Cost of revenue
14,766
12,379
40,803
37,287
Research and development
16,738
14,957
51,163
48,343
Selling, general and administrative
11,971
14,781
38,202
46,141
Lease impairment
5,565
—
5,565
—
Restructuring and other charges
—
—
4,037
—
Total costs and expenses
49,040
42,117
139,770
131,771
Loss from operations
(30,793
)
(27,259
)
(85,964
)
(83,446
)
Interest income
1,706
743
4,424
1,236
Interest expense
(15
)
(45
)
(101
)
(154
)
Other income, net
32
80
7
149
Loss before income taxes
(29,070
)
(26,481
)
(81,634
)
(82,215
)
Provision for income taxes
28
11
78
32
Net loss
$
(29,098
)
$
(26,492
)
$
(81,712
)
$
(82,247
)
Net loss per share, basic and diluted
$
(0.60
)
$
(0.58
)
$
(1.71
)
$
(1.81
)
Weighted-average shares outstanding, basic
and diluted
48,694,324
45,921,411
47,701,369
45,518,334
PERSONALIS, INC.
SUPPLEMENTAL REVENUE
INFORMATION (unaudited)
(in thousands)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Pharma tests and services
$
7,997
$
7,333
$
20,413
$
22,152
Enterprise sales
7,812
7,383
24,656
18,390
Population sequencing
2,400
—
8,405
7,556
Other
38
142
332
227
Total revenue
$
18,247
$
14,858
$
53,806
$
48,325
PERSONALIS, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS (unaudited)
(in thousands, except share and
per share data)
September 30, 2023
December 31, 2022
Assets
Current assets
Cash and cash equivalents
$
72,192
$
89,128
Short-term investments
48,471
78,530
Accounts receivable, net
13,666
16,642
Inventory and other deferred costs
8,225
8,591
Prepaid expenses and other current
assets
5,661
6,808
Total current assets
148,215
199,699
Property and equipment, net
56,751
61,935
Operating lease right-of-use assets
18,167
26,480
Other long-term assets
3,503
4,586
Total assets
$
226,636
$
292,700
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable
$
8,963
$
12,854
Accrued and other current liabilities
19,821
19,013
Contract liabilities
3,694
1,264
Total current liabilities
32,478
33,131
Long-term operating lease liabilities
39,166
41,041
Other long-term liabilities
3,786
389
Total liabilities
75,430
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; 49,013,483 and 46,707,084 shares
issued and outstanding at September 30, 2023 and December 31, 2022,
respectively
5
5
Additional paid-in capital
593,625
579,456
Accumulated other comprehensive loss
(302
)
(912
)
Accumulated deficit
(442,122
)
(360,410
)
Total stockholders’ equity
151,206
218,139
Total liabilities and stockholders’
equity
$
226,636
$
292,700
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231107500327/en/
Investor Relations: Caroline Corner investors@personalis.com
415-202-5678
Media: pr@personalis.com
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