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Personalis Reports Third Quarter 2024 Financial Results

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Personalis (PSNL) reported strong Q3 2024 financial results with total revenue of $25.7 million, up 41% year-over-year. Biopharma revenue grew 96% to $15.7 million, while Enterprise revenue decreased 33% to $5.3 million. The company raised approximately $62.2 million through various financing activities, including transactions with Tempus AI and ATM program sales. Cash position stands at $143.7 million, extending runway into H1 2027. The company increased its full-year 2024 revenue guidance to $83-84 million, up from previous $79-81 million, despite reporting a net loss of $39.1 million for Q3.

Personalis (PSNL) ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con un fatturato totale di 25,7 milioni di dollari, in aumento del 41% rispetto all'anno precedente. I ricavi della biopharma sono cresciuti del 96%, raggiungendo 15,7 milioni di dollari, mentre i ricavi aziendali sono diminuiti del 33%, attestandosi a 5,3 milioni di dollari. L'azienda ha raccolto circa 62,2 milioni di dollari attraverso varie attività di finanziamento, comprese transazioni con Tempus AI e vendite del programma ATM. La posizione di cassa ammonta a 143,7 milioni di dollari, estendendo la disponibilità fino al primo semestre del 2027. L'azienda ha aumentato le previsioni di fatturato per l'intero anno 2024 a 83-84 milioni di dollari, rispetto ai precedenti 79-81 milioni di dollari, nonostante abbia registrato una perdita netta di 39,1 milioni di dollari per il terzo trimestre.

Personalis (PSNL) reportó sólidos resultados financieros para el tercer trimestre de 2024, con ingresos totales de 25,7 millones de dólares, un aumento del 41% interanual. Los ingresos de biopharma crecieron un 96% hasta 15,7 millones de dólares, mientras que los ingresos empresariales disminuyeron un 33% a 5,3 millones de dólares. La empresa recaudó aproximadamente 62,2 millones de dólares a través de varias actividades de financiación, incluidas transacciones con Tempus AI y ventas del programa ATM. La posición de caja se sitúa en 143,7 millones de dólares, extendiendo la duración de recursos hasta el primer semestre de 2027. La empresa aumentó su guía de ingresos para todo el año 2024 a 83-84 millones de dólares, en comparación con los anteriores 79-81 millones de dólares, a pesar de reportar una pérdida neta de 39,1 millones de dólares para el tercer trimestre.

Personalis (PSNL)는 2024년 3분기 강력한 재무 결과를 보고했으며, 총 수익은 2570만 달러로, 전년 대비 41% 증가했습니다. 바이오파마 매출은 96% 성장하여 1570만 달러에 달했으며, 기업 매출은 33% 감소해 530만 달러에 그쳤습니다. 이 회사는 Tempus AI와의 거래 및 ATM 프로그램 판매를 포함한 다양한 자금 조달 활동을 통해 약 6220만 달러를 모집했습니다. 현금 보유액은 1억 4370만 달러로, 2027년 상반기까지 자금을 연장했습니다. 이 회사는 2024년 전체 연도 수익 전망을 이전의 7900-8100만 달러에서 8300-8400만 달러로 상향 조정했지만, 3분기에 3910만 달러의 순손실을 보고했습니다.

Personalis (PSNL) a annoncé de solides résultats financiers pour le troisième trimestre 2024, avec un chiffre d'affaires total de 25,7 millions de dollars, en hausse de 41 % par rapport à l'année précédente. Les revenus de la biopharma ont augmenté de 96 % pour atteindre 15,7 millions de dollars, tandis que les revenus d'entreprise ont diminué de 33 %, atteignant 5,3 millions de dollars. L'entreprise a levé environ 62,2 millions de dollars grâce à diverses activités de financement, y compris des transactions avec Tempus AI et des ventes de programmes ATM. La position de trésorerie s'établit à 143,7 millions de dollars, prolongeant la durée de disponibilité jusqu'au premier semestre 2027. L'entreprise a révisé à la hausse ses prévisions de chiffre d'affaires pour l'année 2024 à 83-84 millions de dollars, contre 79-81 millions de dollars précédemment, malgré une perte nette de 39,1 millions de dollars pour le troisième trimestre.

Personalis (PSNL) hat starke Finanzzahlen für das dritte Quartal 2024 gemeldet, mit einem Gesamtumsatz von 25,7 Millionen Dollar, was einem Anstieg von 41% im Jahresvergleich entspricht. Der Umsatz im Bereich Biopharma wuchs um 96% auf 15,7 Millionen Dollar, während der Unternehmensumsatz um 33% auf 5,3 Millionen Dollar zurückging. Das Unternehmen hat etwa 62,2 Millionen Dollar durch verschiedene Finanzierungstätigkeiten, einschließlich Transaktionen mit Tempus AI und dem Verkauf von ATM-Programmen, gesammelt. Die Liquidität beträgt 143,7 Millionen Dollar und verlängert den Finanzierungsspielraum bis ins erste Halbjahr 2027. Das Unternehmen erhöhte die Umsatzprognose für das Gesamtjahr 2024 auf 83-84 Millionen Dollar, im Vergleich zu vorher 79-81 Millionen Dollar, trotz eines gemeldeten Nettverlusts von 39,1 Millionen Dollar im dritten Quartal.

Positive
  • 41% YoY increase in total revenue to $25.7M
  • 96% growth in biopharma revenue to $15.7M
  • Raised $62.2M through financing activities
  • Strong cash position of $143.7M extending runway to H1 2027
  • Increased full-year 2024 revenue guidance to $83-84M
  • 68% QoQ increase in molecular tests delivered (945 tests)
  • Reduced cash usage guidance from $60M to $53-55M
Negative
  • 33% decrease in Enterprise revenue to $5.3M
  • Net loss of $39.1M in Q3 2024
  • Expected zero revenue from population sequencing in Q4 2024
  • Reduced population sequencing revenue guidance from $8M to $7M

Insights

The Q3 results show significant momentum with 41% YoY revenue growth to $25.7M, driven by impressive biopharma segment growth of 96%. The raised 2024 guidance to $83-84M from $79-81M signals strong business trajectory. The strengthened balance sheet with $143.7M cash provides runway into 2027, enhanced by $62.2M in strategic financing from Tempus and ATM proceeds. However, the $39.1M net loss, including $26M non-cash warrant expenses and declining Enterprise revenue (-33%) warrant attention. The completion of VA MVP task order will impact Q4 revenue mix, though core business growth remains robust.

The clinical validation data presented at ESMO 2024 strengthens NeXT Personal's market position in MRD detection. The TRACERx study results showing strong detection rates in the critical post-surgery period for NSCLC patients, combined with the Vall d'Hebron data linking ctDNA levels to immunotherapy outcomes, provide compelling evidence for Medicare coverage potential. The 68% quarterly increase in molecular tests to 945 demonstrates growing clinical adoption. These developments position Personalis favorably in the competitive precision oncology landscape.

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 $143.7 Million Extends Expected Runway Into First-Half of 2027

FREMONT, Calif.--(BUSINESS WIRE)-- Personalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics for precision oncology, today reported financial results for the third quarter ended September 30, 2024, and provided recent business accomplishments.

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 in Barcelona, Spain:
    • Significant results from the TRACERx study presented by Professor Charles Swanton of University College London and the Francis 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

“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 Chris Hall, Chief Executive Officer. “As we continue to execute on our Win-in-MRD strategy, we are more confident than ever in our ability to become a leader in patient testing.”

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
  • 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 of September 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

Personalis expects the following for the fourth quarter of 2024:

  • 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

Personalis expects the following for the full year of 2024:

  • 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

Personalis will host a conference call to discuss the third quarter of 2024 financial results after market close on Wednesday, November 6, 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’ 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 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 and use of the NeXT Personal Dx test, Personalis’ ability to obtain Medicare coverage and reimbursement, the success of Personalis’ clinical sales team and Tempus’ sales and marketing efforts, the expected benefits or success of Personalis’ relationships with research collaborators, and the impact of Personalis’ abstract presentations at the ESMO conference. 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, Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, filed with the SEC on August 7, 2024, and Quarterly Report on Form 10-Q for the quarter ended September 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.

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in thousands, except share and per share data)

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

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 $26.0 million and $18.3 million for the three and nine months ended September 30, 2024, respectively, as a result of increases since December 31, 2023 in the fair value of the warrants issued to Tempus AI, Inc. (Tempus).

PERSONALIS, INC.

SUPPLEMENTAL REVENUE INFORMATION (unaudited)

(in thousands)

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

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

PERSONALIS, INC.

CONSOLIDATED BALANCE SHEETS (unaudited)

(in thousands, except share and per share data)

 

 

 

September 30, 2024

 

December 31, 2023

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, $0.0001 par value — 10,000,000 shares authorized; none issued

 

 

 

 

 

 

Common stock, $0.0001 par value — 200,000,000 shares authorized; 70,638,190 and 50,480,694 shares issued and outstanding, respectively

 

 

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 $1.7 million as of September 30, 2024.

(2) Includes related party long-term liabilities of $0.6 million as of September 30, 2024.

 

Investor Relations Contact:

Caroline Corner

investors@personalis.com

646-277-1279

Media:

pr@personalis.com

Source: Personalis, Inc.

FAQ

What was Personalis (PSNL) revenue growth in Q3 2024?

Personalis reported a 41% year-over-year increase in total revenue to $25.7 million in Q3 2024.

How much did Personalis (PSNL) raise from Tempus AI in Q3 2024?

Personalis raised approximately $35.0 million from Tempus AI, including $18.4 million from warrant exercises and $16.6 million from common stock purchase.

What is Personalis (PSNL) updated revenue guidance for 2024?

Personalis increased its full-year 2024 revenue guidance to $83-84 million, up from the previous guidance of $79-81 million.

How many molecular tests did Personalis (PSNL) deliver in Q3 2024?

Personalis delivered 945 molecular tests in Q3 2024, representing a 68% increase compared to the previous quarter.

Personalis, Inc.

NASDAQ:PSNL

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Diagnostics & Research
Services-medical Laboratories
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United States of America
FREMONT