Personalis Reports Fourth Quarter and Full Year 2024 Financial Results
Personalis (PSNL) reported full year 2024 revenue of $84.6 million, marking a 15% year-over-year increase. The company delivered 1,441 molecular tests in Q4 2024, up 52% from Q3, and 3,285 tests for the full year compared to 177 in 2023.
Key developments include a $50 million investment from Merck, expanded partnerships with Moderna and Tempus, and submission for Medicare coverage in early-stage breast cancer. The company maintains a strong cash position of $185 million.
For 2025, Personalis projects revenue between $80-90 million, with clinical tests reimbursement expected at $3-10 million. However, gross margin is anticipated to decrease to 21-23% from 32% in 2024, and cash usage is expected to increase to $75-80 million due to investments in their 'Win in MRD' strategy.
Personalis (PSNL) ha riportato un fatturato per l'intero anno 2024 di 84,6 milioni di dollari, segnando un aumento del 15% rispetto all'anno precedente. L'azienda ha effettuato 1.441 test molecolari nel Q4 2024, con un incremento del 52% rispetto al Q3, e 3.285 test per l'intero anno rispetto ai 177 del 2023.
Tra i principali sviluppi ci sono un investimento di 50 milioni di dollari da Merck, l'espansione delle partnership con Moderna e Tempus, e la richiesta di copertura Medicare per il cancro al seno in fase iniziale. L'azienda mantiene una solida posizione di liquidità di 185 milioni di dollari.
Per il 2025, Personalis prevede un fatturato compreso tra 80-90 milioni di dollari, con il rimborso dei test clinici atteso tra 3 e 10 milioni di dollari. Tuttavia, si prevede che il margine lordo diminuisca al 21-23% rispetto al 32% del 2024, e l'uso di liquidità dovrebbe aumentare a 75-80 milioni di dollari a causa degli investimenti nella loro strategia 'Win in MRD'.
Personalis (PSNL) reportó ingresos para todo el año 2024 de 84.6 millones de dólares, marcando un aumento del 15% en comparación con el año anterior. La compañía entregó 1,441 pruebas moleculares en el cuarto trimestre de 2024, un 52% más que en el tercer trimestre, y 3,285 pruebas para todo el año en comparación con 177 en 2023.
Los desarrollos clave incluyen una inversión de 50 millones de dólares de Merck, asociaciones ampliadas con Moderna y Tempus, y la presentación para la cobertura de Medicare en cáncer de mama en etapa temprana. La empresa mantiene una sólida posición de efectivo de 185 millones de dólares.
Para 2025, Personalis proyecta ingresos entre 80-90 millones de dólares, con reembolsos de pruebas clínicas esperados de 3 a 10 millones de dólares. Sin embargo, se anticipa que el margen bruto disminuirá al 21-23% desde el 32% en 2024, y se espera que el uso de efectivo aumente a 75-80 millones de dólares debido a inversiones en su estrategia 'Win in MRD'.
Personalis (PSNL)는 2024년 전체 수익이 8,460만 달러에 달했다고 보고하며, 이는 전년 대비 15% 증가한 수치입니다. 회사는 2024년 4분기에 1,441개의 분자 검사를 실시했으며, 이는 3분기 대비 52% 증가한 것이고, 연간 3,285개의 검사를 수행했습니다. 2023년에는 177개의 검사만 실시했습니다.
주요 발전 사항으로는 머크로부터의 5천만 달러 투자, 모더나 및 템퍼스와의 파트너십 확대, 초기 단계 유방암에 대한 메디케어 보장 신청이 포함됩니다. 회사는 1억 8,500만 달러의 강력한 현금 보유고를 유지하고 있습니다.
2025년을 위해 Personalis는 수익을 8천만~9천만 달러로 예상하며, 임상 검사에 대한 환급은 3~1천만 달러로 예상됩니다. 그러나 총 마진은 2024년 32%에서 21-23%로 감소할 것으로 예상되며, 'MRD에서 승리하기' 전략에 대한 투자로 인해 현금 사용은 7,500만~8,000만 달러로 증가할 것으로 보입니다.
Personalis (PSNL) a rapporté un chiffre d'affaires pour l'année 2024 de 84,6 millions de dollars, marquant une augmentation de 15 % par rapport à l'année précédente. L'entreprise a réalisé 1 441 tests moléculaires au 4ème trimestre 2024, en hausse de 52 % par rapport au 3ème trimestre, et 3 285 tests pour l'année entière par rapport à 177 en 2023.
Les développements clés incluent un investissement de 50 millions de dollars de Merck, des partenariats élargis avec Moderna et Tempus, et une demande de couverture Medicare pour le cancer du sein à un stade précoce. L'entreprise maintient une solide position de liquidité de 185 millions de dollars.
Pour 2025, Personalis prévoit un chiffre d'affaires compris entre 80-90 millions de dollars, avec un remboursement des tests cliniques attendu entre 3 et 10 millions de dollars. Cependant, la marge brute devrait diminuer à 21-23 % contre 32 % en 2024, et l'utilisation de liquidités devrait augmenter à 75-80 millions de dollars en raison des investissements dans leur stratégie 'Win in MRD'.
Personalis (PSNL) hat für das gesamte Jahr 2024 einen Umsatz von 84,6 Millionen Dollar gemeldet, was einem Anstieg von 15% im Vergleich zum Vorjahr entspricht. Das Unternehmen lieferte im 4. Quartal 2024 1.441 molekulare Tests, was einem Anstieg von 52% im Vergleich zum 3. Quartal entspricht, und 3.285 Tests für das gesamte Jahr im Vergleich zu 177 im Jahr 2023.
Zu den wichtigsten Entwicklungen gehören eine 50 Millionen Dollar Investition von Merck, erweiterte Partnerschaften mit Moderna und Tempus sowie die Einreichung zur Medicare-Abdeckung bei Brustkrebs im Frühstadium. Das Unternehmen hält eine starke Liquiditätsposition von 185 Millionen Dollar.
Für 2025 prognostiziert Personalis einen Umsatz zwischen 80-90 Millionen Dollar, wobei eine Rückerstattung klinischer Tests von 3-10 Millionen Dollar erwartet wird. Der Bruttomargen wird jedoch voraussichtlich auf 21-23% von 32% im Jahr 2024 sinken, und die Nutzung von Bargeld wird voraussichtlich auf 75-80 Millionen Dollar steigen, bedingt durch Investitionen in ihre Strategie 'Win in MRD'.
- 52% quarter-over-quarter growth in molecular test volume
- $50M strategic investment from Merck
- 15% YoY revenue growth to $84.6M
- Strong cash position of $185M
- Extended partnerships with Moderna and Tempus
- Reduced cash usage from $67.2M to $46.8M in 2024
- Q4 2024 revenue declined 15% YoY to $16.8M
- Full year net loss of $81.3M
- Expected gross margin decline from 32% to 21-23% in 2025
- Projected higher cash burn of $75-80M for 2025
- 78% decline in VA MVP revenue in Q4 2024
Insights
Personalis (NASDAQ: PSNL) reported full-year 2024 revenue of $84.6 million, representing 15% year-over-year growth despite headwinds from declining Natera and VA MVP contributions. The company's strategic pivot toward pharma services and clinical diagnostics is gaining significant traction, evidenced by the 52% sequential increase in molecular test volume to 1,441 tests in Q4 2024 and a dramatic year-over-year increase to 3,285 tests from just 177 in 2023.
The $50 million strategic investment from Merck represents a significant vote of confidence in Personalis' technology platform, particularly their minimal residual disease (MRD) detection capabilities. This investment, combined with the multi-year extension with Moderna for their mRNA-based cancer therapy program and expanded commercial agreement with Tempus, validates their "Win in MRD" strategy and strengthens their position in the precision oncology market.
While the 2024 net loss improved to
With
Personalis' dramatic scaling of molecular testing volume - 1,441 tests in Q4 2024 (52% sequential growth) and 3,285 tests for full-year 2024 (compared to just 177 in 2023) - signals growing clinical adoption of their advanced genomic profiling platform. Their strategic focus on three critical oncology areas - breast cancer, lung cancer, and immuno-oncology monitoring - addresses significant unmet needs in cancer management where molecular insights can dramatically alter treatment decisions.
The Medicare coverage submission for early-stage breast cancer represents a potential paradigm shift in breast cancer management. If approved, this would enable more widespread access to molecular residual disease (MRD) testing after surgical resection, potentially allowing oncologists to identify patients who remain at high risk of recurrence despite seemingly successful surgery. This capability could fundamentally change adjuvant therapy decision-making, potentially sparing low-risk patients from unnecessary chemotherapy while ensuring high-risk patients receive appropriate treatment intensification.
The expansion to over 20 clinical studies indicates Personalis is building a comprehensive evidence base across multiple cancer types and clinical scenarios. The acceptance of their breast cancer manuscript for publication suggests their technology is generating clinically meaningful data that meets peer-review standards. This validation is essential for clinical adoption, as oncologists require robust evidence before incorporating new technologies into treatment algorithms.
Their partnership with Moderna for V940/mRNA-4157 (individualized neoantigen therapy) highlights how Personalis' genomic profiling capabilities enable the next generation of precision immunotherapies. By identifying patient-specific neoantigens, their ImmunoID NeXT platform facilitates truly personalized cancer vaccines - moving beyond the one-size-fits-all approach of conventional therapies to treatment designed for each patient's unique tumor mutational profile.
Full year revenue of
Cash balance of
Recent Business Highlights
-
Delivered 1,441 total molecular tests in the fourth quarter of 2024, an increase of
52% compared with 945 tests delivered in the third quarter of 2024; delivered 3,285 total molecular tests for the full year of 2024 compared with 177 in 2023 - Submitted for Medicare coverage in early-stage breast cancer
- Collaborators have submitted manuscripts for publication in peer-reviewed journals for all three Personalis focus indications in breast and lung cancer and IO monitoring, with breast cancer accepted for publication
- Expanded the number of clinical studies in progress to over 20
-
Raised
$50 million - Signed a multi-year extension with ModernaTX, Inc. (“Moderna”) to utilize ImmunoID NeXT for V940/mRNA-4157, an investigational individualized neoantigen therapy (INT) being jointly developed by Merck and Moderna
- Expanded the commercial agreement with Tempus AI, Inc. (“Tempus”) to authorize Tempus to sell NeXT Personal® to pharmaceutical and biotechnology companies
“In 2024, we executed very well and are starting 2025 confident our strategy is working and we will ‘Win in MRD,’” said Chris Hall, Chief Executive Officer and President. “We expanded our partnership with Tempus, presented compelling clinical data at Medical Conferences, and drove testing growth
Full Year 2024 Financial Results Compared with 2023
-
Revenue of
$84.6 million $73.5 million 15% -
Revenue from pharma tests and services, enterprise sales, clinical diagnostics, and other customers of
$77.2 million $64.1 million 20% , despite the expected decrease in revenue from Natera of20% to$25.4 million -
Revenue from population sequencing for the VA MVP of
$7.4 million $9.4 million 21% -
Net loss of
$81.3 million $1.37 $108.3 million $2.25 -
Cash, cash equivalents, and short-term investments of
$185.0 million $50.0 million $46.8 million $67.2 million
Fourth Quarter 2024 Financial Results Compared with 2023
-
Revenue of
$16.8 million $19.7 million 15% , primarily due to the expected decline in revenue from Natera and the VA MVP-
Pharma tests and services, enterprise sales, clinical diagnostics, and other customers of
$16.6 million $18.7 million 11% -
Population sequencing for the VA MVP of
$0.2 million $1.0 million 78%
-
Pharma tests and services, enterprise sales, clinical diagnostics, and other customers of
-
Net loss of
$16.4 million $0.23 $26.6 million $0.54
First Quarter and Full Year 2025 Outlook
Personalis expects the following for the first quarter of 2025:
-
Total company revenue to be in the range of
$17 $18 million -
Revenue from pharma tests and services, and all other customers to be in the range of
$10 $11 million -
Revenue from population sequencing and enterprise sales of approximately
$7 million
Personalis expects the following for the full year of 2025:
-
Total company revenue in the range of
$80 $90 million -
Revenue from pharma tests and services, and all other customers in the range of
$62 $64 million -
Revenue from population sequencing and enterprise sales in the range of
$15 $16 million -
Revenue from clinical tests reimbursed in the range of
$3 $10 million -
Gross margin in the range of
21% to23% , which is lower than the32% gross margin for the full year of 2024 as we invest to drive clinical usage ahead of reimbursement. -
Net loss of approximately
$85 million -
Cash usage in the range of
$75 $80 million $47 million
Webcast and Conference Call Information
Personalis will host a conference call to discuss the fourth quarter and full year 2024 financial results, as well as plans for 2025, after market close on Thursday, February 27, 2025, 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
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 2025 financial guidance, the benefits of the collaboration with Moderna and the strategic investment from Merck and the ability of Personalis to support their and other partners’ initiatives, and the potential for Personalis to achieve cashflow break-even in the future. 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 Moderna, Merck, and VA MVP; the success of Personalis’ clinical sales team’s and Tempus’s sales and marketing efforts; 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 platform; the rate of adoption and use of the NeXT platform; the expected benefits of Personalis’ extended collaboration with Moderna and the strategic investment from Merck; Personalis’ ability to obtain Medicare coverage and reimbursement; the benefits of Personalis’ investments in growing clinical test volume and its commercial capabilities; the expansion of clinical studies; and Personalis may opportunistically raise additional capital through equity offerings, debt financings, collaborations, or licensing arrangements. 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, 2024, filed with the Securities and Exchange Commission (SEC) on November 6, 2024 and in its Annual Report on Form 10-K for the year ended December 31, 2024, being filed with the SEC on February 27, 2025. 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. |
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CONSOLIDATED STATEMENTS OF OPERATIONS |
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(in thousands, except share and per share data) |
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|
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|
|
|
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Three Months Ended December 31, |
|
Year Ended December 31, |
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|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
(unaudited) |
|
|
|
|
|
|
|
|||||||
Revenue (1) |
$ |
16,800 |
|
|
$ |
19,675 |
|
|
$ |
84,614 |
|
|
$ |
73,481 |
|
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of revenue |
|
12,250 |
|
|
|
14,470 |
|
|
|
57,789 |
|
|
|
55,273 |
|
Research and development |
|
11,494 |
|
|
|
13,613 |
|
|
|
48,905 |
|
|
|
64,776 |
|
Selling, general and administrative (2) |
|
11,168 |
|
|
|
11,524 |
|
|
|
46,187 |
|
|
|
49,726 |
|
Lease impairment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,565 |
|
Restructuring and other charges |
|
— |
|
|
|
4,040 |
|
|
|
— |
|
|
|
8,077 |
|
Total costs and expenses |
|
34,912 |
|
|
|
43,647 |
|
|
|
152,881 |
|
|
|
183,417 |
|
Loss from operations |
|
(18,112 |
) |
|
|
(23,972 |
) |
|
|
(68,267 |
) |
|
|
(109,936 |
) |
Interest income |
|
1,631 |
|
|
|
1,477 |
|
|
|
5,510 |
|
|
|
5,901 |
|
Interest expense |
|
1 |
|
|
|
(9 |
) |
|
|
(24 |
) |
|
|
(110 |
) |
Other income (expense), net (3) |
|
59 |
|
|
|
(4,075 |
) |
|
|
(18,485 |
) |
|
|
(4,068 |
) |
Loss before income taxes |
|
(16,421 |
) |
|
|
(26,579 |
) |
|
|
(81,266 |
) |
|
|
(108,213 |
) |
Provision for income taxes |
|
4 |
|
|
|
5 |
|
|
|
18 |
|
|
|
83 |
|
Net loss |
$ |
(16,425 |
) |
|
$ |
(26,584 |
) |
|
$ |
(81,284 |
) |
|
$ |
(108,296 |
) |
Net loss per share, basic and diluted |
$ |
(0.23 |
) |
|
$ |
(0.54 |
) |
|
$ |
(1.37 |
) |
|
$ |
(2.25 |
) |
Weighted-average shares outstanding, basic and diluted |
|
72,879,436 |
|
|
|
49,596,698 |
|
|
|
59,251,013 |
|
|
|
48,175,201 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(1) Includes related party revenue of |
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(2) Includes related party sales and marketing expenses of |
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(3) Includes related party other expense of |
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PERSONALIS, INC. |
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SUPPLEMENTAL REVENUE INFORMATION |
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(in thousands) |
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|
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|
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|
||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
(unaudited) |
|
|
|
|
|
|
|
|||||||
Pharma tests and services (1) |
$ |
12,232 |
|
|
$ |
11,491 |
|
|
$ |
50,939 |
|
|
$ |
31,904 |
|
Enterprise sales |
|
4,170 |
|
|
|
7,073 |
|
|
|
25,364 |
|
|
|
31,729 |
|
Population sequencing |
|
219 |
|
|
|
1,007 |
|
|
|
7,430 |
|
|
|
9,412 |
|
Clinical diagnostic |
|
176 |
|
|
|
33 |
|
|
|
759 |
|
|
|
38 |
|
Other |
|
3 |
|
|
|
71 |
|
|
|
122 |
|
|
|
398 |
|
Total revenue |
$ |
16,800 |
|
|
$ |
19,675 |
|
|
$ |
84,614 |
|
|
$ |
73,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(1) Includes related party revenue of |
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PERSONALIS, INC. |
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CONSOLIDATED BALANCE SHEETS |
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(in thousands, except share and per share data) |
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|
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|
|
||
|
December 31, |
|
|||||
|
2024 |
|
2023 |
||||
Assets |
|
|
|
|
|
||
Current assets |
|
|
|
|
|
||
Cash and cash equivalents |
$ |
91,415 |
|
|
$ |
56,984 |
|
Short-term investments |
|
93,594 |
|
|
|
57,195 |
|
Accounts receivable, net (1) |
|
8,140 |
|
|
|
17,730 |
|
Inventory and other deferred costs |
|
5,939 |
|
|
|
10,474 |
|
Prepaid expenses and other current assets |
|
3,927 |
|
|
|
4,361 |
|
Total current assets |
|
203,015 |
|
|
|
146,744 |
|
Property and equipment, net |
|
48,274 |
|
|
|
57,366 |
|
Operating lease right-of-use assets |
|
16,453 |
|
|
|
17,852 |
|
Other long-term assets |
|
2,526 |
|
|
|
3,137 |
|
Total assets |
$ |
270,268 |
|
|
$ |
225,099 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
||
Current liabilities |
|
|
|
|
|
||
Accounts payable |
$ |
6,397 |
|
|
$ |
14,920 |
|
Accrued and other current liabilities (2) |
|
21,629 |
|
|
|
23,941 |
|
Contract liabilities |
|
3,100 |
|
|
|
3,288 |
|
Short-term warrant liability |
|
— |
|
|
|
5,085 |
|
Total current liabilities |
|
31,126 |
|
|
|
47,234 |
|
Long-term operating lease liabilities |
|
34,882 |
|
|
|
38,321 |
|
Long-term warrant liability |
|
— |
|
|
|
4,942 |
|
Other long-term liabilities (3) |
|
1,303 |
|
|
|
5,161 |
|
Total liabilities |
|
67,311 |
|
|
|
95,658 |
|
Commitments and contingencies |
|
|
|
|
|
||
Stockholders’ equity |
|
|
|
|
|
||
Preferred stock, |
|
— |
|
|
|
— |
|
Common stock, |
|
9 |
|
|
|
5 |
|
Additional paid-in capital |
|
752,961 |
|
|
|
598,364 |
|
Accumulated other comprehensive loss |
|
(23 |
) |
|
|
(222 |
) |
Accumulated deficit |
|
(549,990 |
) |
|
|
(468,706 |
) |
Total stockholders’ equity |
|
202,957 |
|
|
|
129,441 |
|
Total liabilities and stockholders’ equity |
$ |
270,268 |
|
|
$ |
225,099 |
|
|
|
|
|
|
|
||
(1) Includes related party accounts receivable of |
|||||||
(2) Includes related party liabilities of |
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(3) Includes related party liabilities of |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20250227381657/en/
Investor Relations Contact:
Caroline Corner
investors@personalis.com
415-202-5678
Media:
pr@personalis.com
Source: Personalis, Inc.
FAQ
What was Personalis (PSNL) revenue growth in 2024?
How many molecular tests did PSNL deliver in Q4 2024?
What is PSNL's revenue guidance for 2025?
How much did Merck invest in Personalis (PSNL) in 2024?
What is PSNL's expected cash usage for 2025?
