On November 7, 2023 Personalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics for precision oncology, reported financial results for the third quarter ended September 30, 2023 and provided recent business highlights (Press release, Personalis, NOV 7, 2023, View Source [SID1234637154]).
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Third Quarter and Recent Highlights
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Achieved third quarter revenue of $18.2 million, representing an increase of 23% over the same period of the prior year
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Presented compelling clinical data from the collaboration with the TRACERx consortium for lung cancer:
– Higher sensitivity, up to 4x higher, than other liquid biopsy tests analyzed by TRACERx
– Identified lung cancer 6-11 months ahead of standard imaging and significantly ahead of other tests
– Ability to determine low and high recurrence risk which could lead to improved therapy decisions
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NeXT Personal launched to robust demand as a clinical laboratory-developed test ("LDT") for use by oncologists
"We continue to evolve Personalis into a clinical testing leader–launching NeXT Personal for patient testing, presenting compelling data in early-stage lung cancer, and deepening our set of collaborators in breast cancer all while delivering exceptional Q3 revenue growth of 23% year over year," said Chris Hall, President, and CEO of Personalis. "We continue to focus on driving towards Medicare coverage for NeXT Personal."
Third Quarter Financial Highlights
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Reported total company revenue of $18.2 million for the third quarter of 2023, a 23% increase compared with $14.9 million for the third quarter of 2022
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Revenue from pharma tests, enterprise sales, and other customers of $15.8 million in the third quarter of 2023, representing a 7% increase compared with $14.9 million in the third quarter of 2022; revenue from enterprise customers includes revenue from Natera of $7.9 million in the third quarter of 2023, compared with $7.4 million from Natera in the third quarter of 2022
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Revenue from population sequencing for the VA MVP of $2.4 million in the third quarter of 2023, compared with zero in the third quarter of 2022 due to the backlog being fulfilled after the second quarter of 2022 and a deferred task order that was received after the second quarter of 2022
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Cash, cash equivalents, and short-term investments of $120.7 million as of September 30, 2023
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Net loss of $29.1 million, and net loss per share of $0.60 based on a weighted-average basic and diluted share count of 48.7 million in the third quarter of 2023; the net loss included a one-time non-cash impairment charge of $5.6 million for the Menlo Park facility upon completion of the move to the new Fremont facility
Fourth Quarter and Full Year 2023 Outlook
Personalis expects the following for the fourth quarter of 2023:
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Total company revenue between $19 to $20 million
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Revenue from pharma tests, enterprise sales, and other customers between $18.5 to $19.5 million
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Revenue from population sequencing of approximately $0.5 million
Personalis expects the following for the full year of 2023:
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Total company revenue between $73 to $74 million; an increase from the prior estimate of $70 to $72 million
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Revenue from pharma tests, enterprise sales, and all other customers between $64 to $65 million, and revenue from population sequencing of approximately $9 million
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Net loss of approximately $103 million reduced from $113 million in 2022 due to realization of headcount reduction savings, partially offset by investments in clinical evidence generation and non-cash impairment expense for the vacated Menlo Park facility
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Cash usage less than $70 million, reduced from $119 million in 2022
Webcast and Conference Call Information
Personalis will host a conference call to discuss the third quarter financial results after market close on Tuesday, November 7, 2023 at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. The conference call can be accessed live by dialing 844-826-3035 for domestic callers or 412-317-5195 for international callers. 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.