On November 2, 2022 Personalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics for precision oncology, reported financial results for the third quarter ended September 30, 2022 (Press release, Personalis, NOV 2, 2022, View Source [SID1234622832]).
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Third Quarter and Recent Highlights
Reported quarterly revenue of $14.9 million in the third quarter of 2022 compared with $22.3 million in the third quarter of 2021
Revenue from biopharma and other customers, excluding the U.S. Department of Veterans Affairs Million Veteran Program (VA MVP), of $14.9 million in the third quarter of 2022 compared with $8.6 million in the third quarter of 2021, a 73% increase
Revenue from biopharma and other customers includes revenue of $7.4 million from Natera in the third quarter of 2022
Launched a research collaboration with BC Cancer using NeXT Personal to determine the optimal time for ctDNA sampling for molecular residual disease (MRD) detection in colorectal and pancreatic cancers, with the aim of identifying cancer progression before current standard of care tests
Announced a research collaboration with Duke University, deploying NeXT Personal to profile and accurately track MRD in patients with advanced gastroesophageal cancer over the course of therapy with the aim of better predicting a patient’s immune response to therapy
Appointed Christopher Hall as SVP who will lead the company’s Diagnostic Business, bringing 20 years of experience including leading the commercial organization at Veracyte and growing its business to nearly $100M in diagnostic revenue
Launched marketing and sales outreach to oncologists to begin generating demand for NeXT Dx, the company’s tissue-based clinical test that covers the whole exome and transcriptome and assesses genomic alterations in matched tumor and normal specimens to report variants and help oncologists with decision-making for therapy selection
Won an exclusive five-year contract and received the initial order from the VA MVP (contract work is pending the resolution of a bidder protest)
Cash, cash equivalents, and short-term investments were $192.8 million as of September 30, 2022
"We are pleased with the pace of our oncology revenue growth, as well as the continued adoption of our NeXT Platform," said John West, Chief Executive Officer of Personalis. "We are making excellent progress on our strategic priorities, as demonstrated with the addition of new collaborations with leading cancer institutions that will use our extremely sensitive MRD offering, NeXT Personal, in studies designed to advance the field of oncology with the aim of enhancing the standard of care."
Third Quarter 2022 Financial Results
Revenue was $14.9 million in the three months ended September 30, 2022
Gross margin was 16.7% in the three months ended September 30, 2022
Operating expenses were $29.7 million in the three months ended September 30, 2022
Net loss was $26.5 million in the three months ended September 30, 2022, and net loss per share was $0.58 based on a weighted-average basic and diluted share count of 45.9 million
Cash, cash equivalents, and short-term investments were $192.8 million as of September 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 $63.0 million to $64.0 million
Revenue from biopharma and all other customers, excluding the VA MVP, is expected to be in the range of $55.5 million to $56.5 million
Net loss is expected to be in the range of $111.0 million to $114.0 million
Webcast and Conference Call Information
Personalis will host a conference call to discuss the third quarter 2022 financial results after market close on Wednesday, November 2, 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 View Source A replay of the webinar will be available shortly after the conclusion of the call and will be archived on the company’s website.