Personalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics
for precision oncology, today reported financial results for the
second quarter ended June 30, 2022.
Second Quarter and Recent Highlights
- Reported quarterly revenue of $18.2 million in the second
quarter of 2022 compared with $21.7 million in the second quarter
of 2021
- Revenue from biopharma and other customers, excluding the VA
MVP (as defined below), of $14.2 million in the second quarter of
2022 compared with $8.2 million in the second quarter of 2021, a
74% increase; revenue from biopharma and other customers includes
revenue of $6.8 million from Natera in the second quarter of 2022;
revenue from biopharma customers excluding Natera of $7.4 million
for the second quarter of 2022
- Revenue from the U.S. Department of Veterans Affairs Million
Veteran Program (VA MVP) of $4.0 million in the second quarter of
2022 compared with $13.5 million in the second quarter of 2021
- Added another patent family to its molecular residual disease
(MRD)-related IP portfolio, with priority to January 2013; the new
patent describes the detection of MRD and recurrence by using whole
genome sequencing of a patient’s tumor to identify variants for a
personalized liquid biopsy assay
- Appointed Lonnie Shoff to the Personalis Board of Directors
effective August 2, 2022; Ms. Shoff brings extensive clinical
diagnostics experience including executive roles at Thermo Fisher
and Roche Diagnostics
- Cash, cash equivalents, and short-term investments were $233.5
million as of June 30, 2022
“We are pleased with the pace of our oncology revenue growth
compared with last year, as well as the continued adoption of our
NeXT Platform, which is driven by the differentiation and strength
of our offerings,” said John West, Chief Executive Officer of
Personalis. “We are making solid progress on our strategic
priorities, with the goal of becoming the leading provider of the
most comprehensive and actionable cancer genomic tests. Ultimately,
we aim to enable a new standard of oncology care to help patients
live better and longer lives.”
Second Quarter 2022 Financial Results
- Revenue was $18.2 million in the three months ended June 30,
2022
- Gross margin was 23.5% in the three months ended June 30,
2022
- Operating expenses were $32.2 million in the three months ended
June 30, 2022
- Net loss was $27.5 million in the three months ended June 30,
2022 and net loss per share was $0.60 based on a weighted-average
basic and diluted share count of 45.6 million
- Cash, cash equivalents, and short-term investments were $233.5
million as of June 30, 2022
Full Year 2022 Outlook
Personalis expects the following for the full year of 2022:
- Total company revenue is expected to be in the range of $62.0
million to $67.0 million
- Revenue from biopharma and all other customers, excluding the
VA MVP, is expected to be in the range of $55.0 million to $60.0
million
- Net loss is expected to be in the range of $110.0 million to
$115.0 million
Webcast and Conference Call Information
Personalis will host a conference call to discuss the second
quarter 2022 financial results after market close on Wednesday,
August 3, 2022 at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time.
To access the live call via telephone, please register in advance
using the link here. Upon registering, each participant will
receive an email confirmation with dial-in numbers and a unique
personal PIN that can be used to join the call. 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.
Personalis, Inc. is a leader in advanced cancer genomics,
enabling the next generation of precision cancer therapies and
diagnostics. The Personalis NeXT Platform® is designed to adapt to
the complex and evolving understanding of cancer, providing its
biopharmaceutical customers and clinicians with information on all
of the approximately 20,000 human genes, together with the immune
system, from a single sample. To enable cancer sequencing,
Personalis' Clinical Laboratory was built with a focus on clinical
accuracy, quality, big data, scale, and efficiency. The laboratory
is GxP-aligned as well as Clinical Laboratory Improvement
Amendments of 1988-certified and College of American
Pathologists-accredited. For more information, visit the Personalis
website and follow Personalis on LinkedIn and 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 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 the company’s full year financial
guidance, 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: the
timing and pace of new orders from customers, including from
Natera, which accounted for 38% of the company’s total revenue in
the second quarter of 2022; 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; attributes or advantages of NeXT
Personal or the Personalis NeXT Platform; the expected benefits or
success of Personalis’ collaborations including with Mayo Clinic
and University of California, San Diego; the success of the
company’s international expansion plans; the evolution of cancer
therapies and market adoption of the company’s services; the
ongoing COVID-19 pandemic, which may significantly impact the
company’s business and operations and the business and operations
of Personalis’ customers and suppliers; and legal proceedings to
enforce patents, and the presumed validity or enforceability of the
company’s patents or other intellectual property rights. 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 Personalis’
Quarterly Report on Form 10-Q for the quarterly period ended March
31, 2022, filed with the Securities and Exchange Commission (SEC)
on May 4, 2022, and in Personalis’ Quarterly Report on Form 10-Q
for the quarterly period ended June 30, 2022, 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 June
30,
Six Months Ended June
30,
2022
2021
2022
2021
Revenue
$
18,240
$
21,670
$
33,467
$
42,551
Costs and expenses
Cost of revenue
13,959
13,502
24,908
26,956
Research and development
16,288
11,687
33,386
21,183
Selling, general and administrative
15,874
11,428
31,360
21,849
Total costs and expenses
46,121
36,617
89,654
69,988
Loss from operations
(27,881
)
(14,947
)
(56,187
)
(27,437
)
Interest income
349
103
493
198
Interest expense
(50
)
(65
)
(109
)
(65
)
Other income (expense), net
50
(36
)
69
(48
)
Loss before income taxes
(27,532
)
(14,945
)
(55,734
)
(27,352
)
Provision for income taxes
14
8
21
5
Net loss
$
(27,546
)
$
(14,953
)
$
(55,755
)
$
(27,357
)
Net loss per share, basic and diluted
$
(0.60
)
$
(0.34
)
$
(1.23
)
$
(0.63
)
Weighted-average shares outstanding, basic
and diluted
45,637,838
43,960,794
45,316,795
43,113,195
PERSONALIS, INC.
SUPPLEMENTAL REVENUE
INFORMATION (unaudited)
(in thousands)
Three Months Ended June
30,
Six Months Ended June
30,
2022
2021
2022
2021
VA MVP
$
4,055
$
13,507
$
7,556
$
26,717
All other customers
14,185
8,163
25,911
15,834
Total revenue
$
18,240
$
21,670
$
33,467
$
42,551
PERSONALIS, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS (unaudited)
(in thousands, except share and
per share data)
June 30, 2022
December 31, 2021
Assets
Current assets
Cash and cash equivalents
$
86,731
$
105,585
Short-term investments
146,759
181,479
Accounts receivable, net
12,877
18,468
Inventory and other deferred costs
7,885
5,610
Prepaid expenses and other current
assets
5,788
7,089
Total current assets
260,040
318,231
Property and equipment, net
47,585
19,650
Operating lease right-of-use assets
45,915
53,822
Other long-term assets
4,439
4,825
Total assets
$
357,979
$
396,528
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable
$
21,395
$
9,221
Accrued and other current liabilities
19,755
18,110
Contract liabilities
356
3,982
Total current liabilities
41,506
31,313
Long-term operating lease liabilities
51,836
52,797
Other long-term liabilities
5
2,117
Total liabilities
93,347
86,227
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; 45,891,458 and 44,904,512 shares
issued and outstanding at June 30, 2022 and December 31, 2021,
respectively
5
4
Additional paid-in capital
568,741
557,558
Accumulated other comprehensive loss
(1,264
)
(166
)
Accumulated deficit
(302,850
)
(247,095
)
Total stockholders’ equity
264,632
310,301
Total liabilities and stockholders’
equity
$
357,979
$
396,528
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220803005809/en/
Investor Relations Contact: Caroline Corner
investors@personalis.com 415-202-5678
Media Contact: Jennifer Temple pr@personalis.com
www.personalis.com 650-752-1300
Personalis (NASDAQ:PSNL)
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