Personalis Reports First Quarter 2025 Financial Results
PSNL
Published on 05/06/2025 at 16:03
Clinical test volume of 2,184 increased 52% sequentially Pharma tests and services of $13.6 million increased 39% year-over-year
Personalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics for precision oncology, today reported financial results for the first quarter of 2025 ended March 31, 2025, and provided recent business highlights.
Recent Business Highlights
“This year is off to a great start, with strong first quarter testing growth, and we remain confident that our “Win-in-MRD” strategy is working,” said Chris Hall, Chief Executive Officer and President. “We crossed the milestone of 2,000 tests delivered and submitted breast cancer data for Medicare coverage with expectations of a favorable outcome by the end of the year. In addition, we showed compelling clinical evidence in colorectal cancer suggesting our ultrasensitive approach can provide a leap in performance. We are pleased with how rapidly NeXT Personal is growing in the marketplace.”
First Quarter 2025 Financial Results Compared with 2024
Second Quarter and Full Year 2025 Outlook
Personalis expects the following for the second quarter of 2025:
Personalis expects the following for the full year of 2025 (no change to our prior revenue guidance):
Webcast and Conference Call Information
Personalis will host a conference call to discuss the first quarter financial results, as well as plans for 2025, after market close on Tuesday, May 6, 2025, at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. The conference call can be accessed live by dialing 877-413-2411 for domestic callers or 201-389-0882 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’ receipt of Medicare reimbursement coverages for breast cancer by the end of 2025 and Personalis’ second quarter and full year 2025 financial guidance. 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 ModernaTX, Inc., Merck Sharp & Dohme LLC, and VA MVP; the success of Personalis’ clinical sales team’s and Tempus AI, Inc.’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; building our clinical laboratory business is subject to a number of reimbursement challenges and we may not be able to establish the medical necessity of our tests for coverage or reimbursement rates that cover our costs on the timelines expected, or at all; the impact of competition and macroeconomic factors on our business; the partnering and/or collaboration arrangements that we have entered into or may enter into in the future may not be successful, or may terminate, which could adversely impact our business or affect our ability to develop and commercialize our services and products; having a limited number of suppliers; and customer concentration. 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, 2024, filed with the Securities and Exchange Commission (SEC) on February 27, 2025 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, being filed with the SEC on May 6, 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.
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In thousands, except share and per share data)
Three Months Ended March 31,
2025
2024
Revenue (1)
$
20,605
$
19,525
Costs and expenses
Cost of revenue
13,398
14,032
Research and development
12,640
12,771
Selling, general and administrative (2)
12,263
11,602
Total costs and expenses
38,301
38,405
Loss from operations
(17,696
)
(18,880
)
Interest income
2,027
1,359
Interest expense
(28
)
(9
)
Other income (expense), net
(46
)
4,569
Loss before income taxes
(15,743
)
(12,961
)
Provision for income taxes
7
7
Net loss
$
(15,750
)
$
(12,968
)
Net loss per share, basic and diluted
$
(0.18
)
$
(0.26
)
Weighted-average shares outstanding, basic and diluted
87,463,885
50,678,586
(1)
Includes related party revenue of $0.5 million for the three months ended March 31, 2025.
(2)
Includes related party sales and marketing expenses of $0.6 million for the three months ended March 31, 2025.
PERSONALIS, INC.
SUPPLEMENTAL REVENUE INFORMATION (Unaudited)
(In thousands)
Three Months Ended March 31,
2025
2024
Pharma tests and services (1)
$
13,594
$
9,812
Enterprise sales
2,465
7,972
Population sequencing
4,213
1,500
Clinical diagnostic
308
195
Other
25
46
Total revenue
$
20,605
$
19,525
(1)
Includes related party revenue of $0.5 million for the three months ended March 31, 2025.
PERSONALIS, INC.
CONSOLIDATED BALANCE SHEETS (Unaudited)
(In thousands, except share and per share data)
March 31, 2025
December 31, 2024
Assets
Current assets
Cash and cash equivalents
$
71,001
$
91,415
Short-term investments
114,687
93,594
Accounts receivable, net (1)
10,973
8,140
Inventory and other deferred costs
4,923
5,939
Prepaid expenses and other current assets
4,838
3,927
Total current assets
206,422
203,015
Property and equipment, net
47,986
48,274
Operating lease right-of-use assets
16,055
16,453
Other long-term assets
2,845
2,526
Total assets
$
273,308
$
270,268
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable (2)
$
7,914
$
6,397
Accrued and other current liabilities (2)
20,014
21,629
Contract liabilities
1,964
3,100
Total current liabilities
29,892
31,126
Long-term operating lease liabilities
34,112
34,882
Other long-term liabilities (3)
1,959
1,303
Total liabilities
65,963
67,311
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; 88,319,290 and 85,171,146 shares issued and outstanding, respectively
9
9
Additional paid-in capital
773,094
752,961
Accumulated other comprehensive loss
(18
)
(23
)
Accumulated deficit
(565,740
)
(549,990
)
Total stockholders’ equity
207,345
202,957
Total liabilities and stockholders’ equity
$
273,308
$
270,268
(1)
Includes related party accounts receivable of $0.5 million and $2.5 million as of March 31, 2025 and December 31, 2024, respectively.
(2)
Includes related party liabilities of $2.8 million and $1.7 million as of March 31, 2025 and December 31, 2024, respectively.
(3)
Includes related party liabilities of $1.2 million and $1.2 million as of March 31, 2025 and December 31, 2024, respectively.
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