Personalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics
for cancer, today reported financial results for the second quarter
ended June 30, 2020.
Second Quarter Highlights
- Reported record revenues of $19.5 million in the second quarter
of 2020 versus $15.8 million in the second quarter of 2019, an
increase of 23%
- A total of 32 customers have placed orders for NeXT as of June
30, 2020, with 6 of those customers placing their first orders in
the second quarter of 2020
- Announced a collaboration with Sarepta Therapeutics, Inc.
(Nasdaq: SRPT), a leader in precision genetic medicine for rare
disease
- Announced expansion plans into China along with a partnership
with Berry Genomics, who will provide services and support to
Personalis
- Achieved milestone of completing the 75,000th whole human
genome sequenced under the contract with the U.S. Department of
Veterans Affairs Million Veteran Program (VA MVP)
“I’m proud to say that we were able to report record revenues
once again this quarter, with our team delivering strong execution
across both our population sequencing and biopharma businesses,
despite the impact from the COVID-19 pandemic, and we continued to
see strong ordering levels from both our existing and new
customers,” said John West, Chief Executive Officer. “In addition,
our recently announced liquid biopsy product will be available to
order immediately.”
Second Quarter 2020 Financial Results
Revenues were $19.5 million in the three months ended June 30,
2020, up 23.2% from $15.8 million in the same period of the prior
year. In the second quarter, the VA MVP accounted for $14.8 million
of our total revenues, and the remaining $4.7 million was from
biopharmaceutical and all other customers.
Gross margin was 24.0% for the three months ended June 30, 2020,
compared with 37.3% in the same period of the prior year.
Operating expenses were $14.2 million for the three months ended
June 30, 2020, compared with $10.0 million in the same period of
the prior year.
Net loss was $9.3 million for the three months ended June 30,
2020 and net loss per share was $0.29 based on a weighted-average
basic and diluted share count of 31.7 million, compared with a net
loss of $5.9 million and a net loss per share of $0.89 based on a
weighted-average basic and diluted share count of 6.6 million in
the same period of the prior year.
Cash, cash equivalents, and short-term investments were $105.2
million as of June 30, 2020.
Outlook and COVID-19
Due to continued uncertainty surrounding the COVID-19 pandemic,
Personalis will not provide an outlook for fiscal 2020 at this time
and will plan to give an update during its third quarter earnings
announcement and press release, to the extent practicable, based on
available information at that time.
Webcast and Conference Call Information
Personalis will host a conference call to discuss the second
quarter financial results after market close on Thursday, August 6,
2020 at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. The
conference call can be accessed live over the phone (866) 220-8061
for U.S. callers or (470) 495-9168 for international callers, using
conference ID: 4682918. The live webinar can be accessed at
https://investors.personalis.com.
About Personalis, Inc.
Personalis, Inc. is a growing cancer genomics company
transforming the development of next-generation therapies by
providing more comprehensive molecular data about each patient’s
cancer and immune response. The Personalis® ImmunoID NeXT Platform®
is designed to adapt to the complex and evolving understanding of
cancer, providing its biopharmaceutical customers with information
on all of the approximately 20,000 human genes, together with the
immune system, from a single tissue or blood sample. Personalis
also provides genomic information to the VA Million Veterans
Program as part of their goal to sequence over a million veteran
genomes. The Personalis Clinical Laboratory is GxP aligned as well
as CLIA’88-certified and CAP-accredited. For more information,
please visit www.personalis.com and follow Personalis on Twitter
(@PersonalisInc).
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 as an
indication of future performance. Forward-looking statements
include all statements that are not historical facts and can be
identified by terms such as “anticipate,” “believe,” “contemplate,”
“continue,” “could,” “estimate,” “expect,” “hope,” “intend,” “may,”
“might,” “objective,” “ongoing,” “plan,” “potential,” “predict,”
“project,” “should,” “target,” “will,” or “would” or similar
expressions and the negatives of those terms. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause our 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: the timing and pace of new orders
from customers; the launch of our new liquid biopsy product and
customer adoption of such new products; the timing of tissue and
blood sample receipts from customers, which can materially impact
revenue quarter over quarter and year over year; whether orders for
the NeXT platform® and revenues from biopharmaceutical customers
will increase; the success of our collaborations and partnerships,
including with Sarepta Therapeutics and Berry Genomics; the success
of our international expansion plans; the evolution of cancer
therapies and market adoption of our services; our expectations
regarding future performance; and the COVID-19 pandemic, which may
significantly impact our business and operations and the business
and operations of our customers. In addition, other potential risks
and uncertainties that could cause actual results to differ from
the results predicted include, among others, those risks and
uncertainties included under the captions “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in our Quarterly Report on Form 10-Q for the
period ended June 30, 2020, that will be filed following this
earnings release. 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. We
undertake 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
Six Months Ended
June 30,
June 30,
2020
2019
2020
2019
Revenues
$
19,495
$
15,825
$
38,656
$
29,900
Costs and expenses
Costs of revenues
14,823
9,923
29,945
20,014
Research and development
6,465
4,497
12,855
9,742
Selling, general and administrative
7,705
5,466
14,979
9,636
Total costs and expenses
28,993
19,886
57,779
39,392
Loss from operations
(9,498
)
(4,061
)
(19,123
)
(9,492
)
Interest income
246
200
756
284
Interest expense
—
(745
)
(2
)
(929
)
Other income (expense), net
1
(1,261
)
9
(1,413
)
Loss before income taxes
(9,251
)
(5,867
)
(18,360
)
(11,550
)
Provision for income taxes
(4
)
(2
)
(34
)
(4
)
Net loss
$
(9,255
)
$
(5,869
)
$
(18,394
)
$
(11,554
)
Net loss per share, basic and diluted
$
(0.29
)
$
(0.89
)
$
(0.58
)
$
(2.38
)
Weighted-average shares outstanding, basic
and diluted
31,731,628
6,597,007
31,538,329
4,853,325
PERSONALIS, INC.
SUPPLEMENTAL REVENUE
INFORMATION (unaudited)
(in thousands)
Three Months Ended June
30,
Six Months Ended June
30,
2020
2019
2020
2019
VA MVP
$
14,750
$
8,536
$
29,506
$
16,879
All other customers
4,745
7,289
9,150
13,021
Total
$
19,495
$
15,825
$
38,656
$
29,900
PERSONALIS, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS (unaudited)
(in thousands, except share and
per share data)
June 30,
December 31,
2020
2019
Assets
Current assets
Cash and cash equivalents
$
25,042
$
55,046
Short-term investments
80,191
73,243
Accounts receivable, net
5,375
3,300
Inventory and other deferred costs
6,524
4,606
Prepaid expenses and other current
assets
2,989
3,383
Total current assets
120,121
139,578
Property and equipment, net
12,650
14,106
Operating lease right-of-use assets
10,991
1,845
Other long-term assets
1,760
1,762
Total assets
$
145,522
$
157,291
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable
$
7,491
$
7,337
Accrued and other current liabilities
6,594
6,648
Contract liabilities
28,952
35,977
Total current liabilities
43,037
49,962
Long-term operating lease liabilities
9,233
639
Other long-term liabilities
129
—
Total liabilities
52,399
50,601
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; 31,872,122 and 31,243,029 shares
issued and outstanding at June 30, 2020 and December 31, 2019,
respectively
3
3
Additional paid-in capital
251,997
247,282
Accumulated other comprehensive income
(loss)
106
(6
)
Accumulated deficit
(158,983
)
(140,589
)
Total stockholders’ equity
93,123
106,690
Total liabilities and stockholders’
equity
$
145,522
$
157,291
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200806005831/en/
Investor Relations Contact: Caroline Corner
investors@personalis.com 415-202-5678
Media Contact: Jennifer Havlek pr@personalis.com
www.personalis.com 650-752-1300
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