Personalis Reports Third Quarter 2024 Financial Results
PSNL 11.06.2024
Date of Upcoming Event:2024-10-01
Name of Upcoming Event:European Society of Medical Oncology (ESMO) Congress 2024
About Gravity Analytica
Recent News
- 01.13.2025 - New Nature Medicine Publication Shows ctDNA Levels Linked to Recurrence Risk in Lung Cancer
- 01.07.2025 - Personalis Reports Preliminary Fourth Quarter and Full Year 2024 Revenue
- 12.19.2024 - Personalis Advances Business Strategy with Investment from Merck and Extends Collaboration with Moderna
Recent Filings
41% Year-over-Year Increase in Revenue Driven by Strong Biopharma Growth of 96%
Raising 2024 Revenue Guidance Due to Accelerating Growth
Cash Balance of
Recent Business Accomplishments
- Raised approximately
$35.0 million in net financing proceeds from Tempus AI, Inc. (Tempus), consisting of$18.4 million from Tempus’ exercise of all its common stock warrants, at an average price of$2.00 per share, and$16.6 million net of expenses, from Tempus’ purchase of common stock at a price of$5.07 per share - Raised an additional
$27.2 million in net proceeds from selling common stock under the Company’s At-The-Market (ATM) program at a weighted-average price of$5.84 per share - Delivered 945 total molecular tests in the third quarter of 2024, a 68% increase compared with the prior quarter
- Highlighted clinical performance of NeXT Personal® at the
European Society of Medical Oncology (ESMO) Congress 2024 inBarcelona, Spain :- Significant results from the TRACERx study presented by Professor
Charles Swanton ofUniversity College London and theFrancis Crick Institute with an expanded study cohort of non-small cell lung cancer (NSCLC) patients with strong detection rates for residual cancer in the challenging landmark period (first 10 to 120 days immediately after surgery) - Compelling data for late-stage cancer patients on immunotherapy presented by Dr.
Rodrigo Toledo of the Vall d’Hebron Institute of Oncology that accurately linked significant decreases in ctDNA levels in response to immunotherapy to longer overall survival than patients who did not respond well
- Significant results from the TRACERx study presented by Professor
“Our 96% biopharma revenue growth attests to the increasing customer confidence in both our technology’s and platform’s ability to provide valuable insights into patient care. In addition, the compelling NeXT Personal data presented by our collaborators over the past year provides important clinical evidence to support obtaining Medicare coverage,” said
Third Quarter 2024 Results Compared to Third Quarter 2023
- Reported total company revenue of
$25.7 million in the third quarter of 2024, an increase of 41% compared with$18.2 million - Revenue from pharma testing and services of
$15.7 million in the third quarter of 2024, an increase of 96% compared with$8.0 million - Revenue from Enterprise customers of
$5.3 million in the third quarter of 2024, a decrease of 33% compared with$7.8 million - Revenue from population sequencing for the
U.S. Department of Veterans Affairs Million Veterans Program (VA MVP) of$4.4 million in the third quarter of 2024, an increase of 85% compared with$2.4 million
- Revenue from pharma testing and services of
- Other expense of
$26.1 million in the third quarter of 2024, primarily reflecting non-cash expense of$26.0 million related to fair-value accounting for the warrants issued to Tempus - Net loss of
$39.1 million in the third quarter of 2024, which includes a non-cash expense of$26.0 million related to fair-value accounting for the warrants issued to Tempus, compared with$29.1 million - Cash, cash equivalents, and short-term investments of
$143.7 million as ofSeptember 30, 2024 ; includes$62.2 million of net financing proceeds from Tempus exercising their warrants for$18.4 million ,$16.6 million of net financing proceeds from Tempus purchasing additional common stock, and$27.2 million of net financing proceeds from sales of common stock under the ATM program
Fourth Quarter and Revised Full Year 2024 Outlook
- Total company revenue in the range of
$15 to$16 million - Revenue from pharma tests, enterprise sales, and other customers in the range of
$15 to$16 million - Revenue from population sequencing is expected to be zero due to completion of the prior VA MVP task order
- Total company revenue in the range of
$83 to$84 million , an increase from prior guidance of$79 to$81 million - Revenue from pharma tests, enterprise sales, and all other customers in the range of
$76 to$77 million , an increase from prior guidance of$71 to$73 million - Revenue from population sequencing of approximately
$7 million , a decrease from prior guidance of$8 million - Net loss of approximately
$85 million , which includes approximately$18 million of net, non-cash expense from the warrants issued to Tempus - Cash usage in the range of
$53 to$55 million , a decrease from prior guidance of$60 million
Webcast and Conference Call Information
About
At
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’ fourth 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’ continued acceleration of adoption of the NeXT Personal Dx test for patient testing and Personalis’ ability to become a market leader in patient testing, 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, Moderna, and the
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands, except share and per share data) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Revenue | $ | 25,709 | $ | 18,247 | $ | 67,814 | $ | 53,806 | ||||||||
Costs and expenses | ||||||||||||||||
Cost of revenue | 16,964 | 14,766 | 45,539 | 40,803 | ||||||||||||
Research and development | 11,683 | 16,738 | 37,411 | 51,163 | ||||||||||||
Selling, general and administrative | 11,444 | 11,971 | 35,019 | 38,202 | ||||||||||||
Lease impairment | — | 5,565 | — | 5,565 | ||||||||||||
Restructuring and other charges | — | — | — | 4,037 | ||||||||||||
Total costs and expenses | 40,091 | 49,040 | 117,969 | 139,770 | ||||||||||||
Loss from operations | (14,382 | ) | (30,793 | ) | (50,155 | ) | (85,964 | ) | ||||||||
Interest income | 1,384 | 1,706 | 3,879 | 4,424 | ||||||||||||
Interest expense | (7 | ) | (15 | ) | (25 | ) | (101 | ) | ||||||||
Other income (expense), net(1) | (26,081 | ) | 32 | (18,544 | ) | 7 | ||||||||||
Loss before income taxes | (39,086 | ) | (29,070 | ) | (64,845 | ) | (81,634 | ) | ||||||||
Provision for income taxes | 3 | 28 | 14 | 78 | ||||||||||||
Net loss | $ | (39,089 | ) | $ | (29,098 | ) | $ | (64,859 | ) | $ | (81,712 | ) | ||||
Net loss per share, basic and diluted | $ | (0.64 | ) | $ | (0.60 | ) | $ | (1.19 | ) | $ | (1.71 | ) | ||||
Weighted-average shares outstanding, basic and diluted | 61,051,350 | 48,694,324 | 54,708,205 | 47,701,369 | ||||||||||||
(1) Includes related party other expense of | ||||||||||||||||
SUPPLEMENTAL REVENUE INFORMATION (unaudited) (in thousands) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Pharma tests and services | $ | 15,698 | $ | 7,997 | $ | 38,707 | $ | 20,413 | ||||||||
Enterprise sales | 5,264 | 7,812 | 21,194 | 24,656 | ||||||||||||
Population sequencing | 4,431 | 2,400 | 7,211 | 8,405 | ||||||||||||
Other | 316 | 38 | 702 | 332 | ||||||||||||
Total revenue | $ | 25,709 | $ | 18,247 | $ | 67,814 | $ | 53,806 | ||||||||
CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands, except share and per share data) | ||||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 75,800 | $ | 56,984 | ||||
Short-term investments | 67,851 | 57,195 | ||||||
Accounts receivable, net | 13,474 | 17,730 | ||||||
Inventory and other deferred costs | 8,489 | 10,474 | ||||||
Prepaid expenses and other current assets | 4,663 | 4,361 | ||||||
Total current assets | 170,277 | 146,744 | ||||||
Property and equipment, net | 50,231 | 57,366 | ||||||
Operating lease right-of-use assets | 16,816 | 17,852 | ||||||
Other long-term assets | 2,563 | 3,137 | ||||||
Total assets | $ | 239,887 | $ | 225,099 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 12,450 | $ | 14,920 | ||||
Accrued and other current liabilities(1) | 20,535 | 23,941 | ||||||
Contract liabilities | 3,428 | 3,288 | ||||||
Short-term warrant liability | — | 5,085 | ||||||
Total current liabilities | 36,413 | 47,234 | ||||||
Long-term operating lease liabilities | 35,601 | 38,321 | ||||||
Long-term warrant liability | — | 4,942 | ||||||
Other long-term liabilities(2) | 1,112 | 5,161 | ||||||
Total liabilities | 73,126 | 95,658 | ||||||
Commitments and contingencies | ||||||||
Stockholders’ equity | ||||||||
Preferred stock, | — | — | ||||||
Common stock, | 7 | 5 | ||||||
Additional paid-in capital | 700,232 | 598,364 | ||||||
Accumulated other comprehensive income (loss) | 87 | (222 | ) | |||||
Accumulated deficit | (533,565 | ) | (468,706 | ) | ||||
Total stockholders’ equity | 166,761 | 129,441 | ||||||
Total liabilities and stockholders’ equity | $ | 239,887 | $ | 225,099 | ||||
(1) Includes related party current liabilities of | ||||||||
(2) Includes related party long-term liabilities of | ||||||||
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Media:pr@personalis.com
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