On February 26, 2026 Personalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics for precision oncology, reported financial and operational results for the fourth quarter and full year ended December 31, 2025 and recent business highlights and provided financial guidance for the full year 2026.

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Fourth Quarter and Recent Strategic and Operational Highlights

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Secured Milestone Medicare Coverages for Breast & Lung Cancer: Received Medicare coverage approval in the fourth quarter for the surveillance of cancer recurrence in breast cancer patients, and also, received Medicare coverage for Stage I to III non-small cell lung cancer (NSCLC) in the first quarter of 2026; both are expected to be key catalysts for clinical revenue generation and market share growth in the MRD space.
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Published Landmark TRACERx Data: Highlighted data from one of the largest and most comprehensive NSCLC patient cohorts to date in the journal Cell, demonstrating the clinical importance of Personalis’ ultrasensitive MRD approach.
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Validated ctDNA Dynamics: Published VHIO data in Clinical Cancer Research titled "Broad Utility of Ultrasensitive Analysis of ctDNA Dynamics across Solid Tumors Treated with Immunotherapy," further reinforcing the clinical validity of the NeXT Personal platform in a broad array of cancer types.
Full Year 2025 Financial Results Compared with 2024

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Total Revenue: $69.6 million compared with $84.6 million.
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Clinical Momentum: Clinical test revenue of $2.0 million, more than double the $0.8 million.
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Volume Performance: Clinical test volume reached 16,233 tests, a nearly 400% increase over the 3,285 test volume in 2024.
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Core Revenue Streams: Pharma testing services and all other customers contributed $49.0 million. Revenue from enterprise sales (Natera) and population sequencing (the U.S. Department of Veterans Affairs Million Veterans Program (VA MVP)) totaled $17.6 million. Other revenue included a $1.0 million royalty payment for the patents licensed by the Company.
Fourth Quarter 2025 Financial Results Compared with 2024

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Quarterly Revenue: $17.3 million compared with $16.8 million.
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Accelerating Volume: Delivered 6,183 clinical tests in the fourth quarter, representing a 41% sequential increase over the third quarter of 2025.

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Clinical Revenue: Clinical test revenue of $0.9 million, compared with $0.2 million.
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Core Revenue Streams: Pharma testing services and all other customers contributed $10.9 million. Revenue from enterprise sales (Natera) and population sequencing (the VA MVP) totaled approximately $4.5 million. Other revenue included a $1.0 million royalty payment for the patents licensed by the Company.
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Strong Cash Position: Ended the year with approximately $240.0 million in cash, cash equivalents, and short-term investments. This includes approximately $109.0 million in net proceeds from the Company’s At-The-Market (ATM) sales program, executed at a weighted-average price of $8.43 per share.
CEO Commentary

"Our performance in 2025 was transformative, demonstrated by 400% year-over-year clinical volume growth and pivotal Medicare coverage for breast and lung cancer," said Chris Hall, Chief Executive Officer and President. "We enter 2026 with a fortified balance sheet of approximately $240 million in cash, which allows us to expand our investments in our ‘Win-in-MRD’ strategy. While we are in the early stages of reimbursement, we are driving volume now to secure long-term market leadership. We expect 2026 to be a year of rapid commercial expansion, with clinical revenue projected to grow approximately five-fold as we operationalize our recent coverage wins."

Full Year 2026 Outlook

Personalis expects the following for the full year of 2026:

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Total company revenue in the range of $78.0 to $80.0 million.
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Clinical revenue of $10.0 to $11.0 million, including Medicare reimbursement from breast and lung cancer surveillance; clinical volume expected to be in the range of 43,000 to 45,000 tests.
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Revenue from pharma testing services and all other customers in the range of $55.0 to $56.0 million.
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Revenue from population sequencing and enterprise sales of approximately $13.0 million.
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Gross margin in the range of 15% to 20%, reflecting the strategic decision to accelerate clinical volume adoption ahead of full reimbursement coverage to establish market share.
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Net loss of approximately $105.0 million.
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Cash usage of approximately $100.0 million, driven by commercial investments to support the projected 5x clinical revenue growth.

(Press release, Personalis, FEB 26, 2026, View Source [SID1234663086])