Original from: Personalis

 

Personalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics for precision oncology, today reported financial results for the fourth quarter and full year ended December 31, 2024, and provided recent business highlights.

 

Recent Business Highlights

· Delivered 1,441 total molecular tests in the fourth quarter of 2024, an increase of 52% compared with 945 tests delivered in the third quarter of 2024; delivered 3,285 total molecular tests for the full year of 2024 compared with 177 in 2023

· Submitted for Medicare coverage in early-stage breast cancer

· Collaborators have submitted manuscripts for publication in peer-reviewed journals for all three Personalis focus indications in breast and lung cancer and IO monitoring, with breast cancer accepted for publication

· Expanded the number of clinical studies in progress to over 20

· Raised $50 million with Merck Sharp & Dohme LLC (“Merck”) in a direct investment transaction

· Signed a multi-year extension with ModernaTX, Inc. (“Moderna”) to utilize ImmunoID NeXT for V940/mRNA-4157, an investigational individualized neoantigen therapy (INT) being jointly developed by Merck and Moderna

· Expanded the commercial agreement with Tempus AI, Inc. (“Tempus”) to authorize Tempus to sell NeXT Personal® to pharmaceutical and biotechnology companies

 

“In 2024, we executed very well and are starting 2025 confident our strategy is working and we will ‘Win in MRD,’” said Chris Hall, Chief Executive Officer and President. “We expanded our partnership with Tempus, presented compelling clinical data at Medical Conferences, and drove testing growth 52% quarter over quarter ending the year with 1,441 molecular tests in the fourth quarter. Also, we announced a long-term commercial collaboration with Moderna and a strategic investment of $50 million from Merck, endorsing our technology platform and capabilities to support our partners’ initiatives, and providing a pathway to cashflow break-even.”

 

Full Year 2024 Financial Results Compared with 2023

· Revenue of $84.6 million for the full year of 2024 compared with $73.5 million, an increase of 15%

· Revenue from pharma tests and services, enterprise sales, clinical diagnostics, and other customers of $77.2 million for the full year of 2024 compared with $64.1 million, an increase of 20%, despite the expected decrease in revenue from Natera of 20% to $25.4 million for the full year of 2024

· Revenue from population sequencing for the VA MVP of $7.4 million for the full year of 2024, compared with $9.4 million, a decrease of 21%

· Net loss of $81.3 million, and net loss per share of $1.37 based on a weighted-average basic and diluted share count of 59.3 million for the full year of 2024 compared with a net loss of $108.3 million, and net loss per share of $2.25 based on a weighted-average basic and diluted share count of 48.2 million

· Cash, cash equivalents, and short-term investments of $185.0 million as of December 31, 2024; includes the $50.0 million strategic investment from Merck; reduced cash usage from operations and capital equipment additions in 2024 to $46.8 million, compared with $67.2 million

 

Fourth Quarter 2024 Financial Results Compared with 2023

· Revenue of $16.8 million for the fourth quarter of 2024 compared with $19.7 million for the fourth quarter of 2023, a decrease of 15%, primarily due to the expected decline in revenue from Natera and the VA MVP

 - Pharma tests and services, enterprise sales, clinical diagnostics, and other customers of $16.6 million for the fourth quarter of 2024 compared with $18.7 million for the fourth quarter of 2023, a decrease of 11%

 - Population sequencing for the VA MVP of $0.2 million for the fourth quarter of 2024 compared with $1.0 million for the fourth quarter of 2023, a decrease of 78%

· Net loss of $16.4 million, and net loss per share of $0.23 based on a weighted-average basic and diluted share count of 72.9 million in the fourth quarter 2024 compared with a net loss of $26.6 million, and net loss per share of $0.54 based on a weighted-average basic and diluted share count of 49.6 million in the fourth quarter of 2023

 

First Quarter and Full Year 2025 Outlook

Personalis expects the following for the first quarter of 2025:

· Total company revenue to be in the range of $17 to $18 million

· Revenue from pharma tests and services, and all other customers to be in the range of $10 to $11 million

· Revenue from population sequencing and enterprise sales of approximately $7 million

Personalis expects the following for the full year of 2025:

· Total company revenue in the range of $80 to $90 million

· Revenue from pharma tests and services, and all other customers in the range of $62 to $64 million

· Revenue from population sequencing and enterprise sales in the range of $15 to $16 million

· Revenue from clinical tests reimbursed in the range of $3 to $10 million

· Gross margin in the range of 21% to 23%, which is lower than the 32% gross margin for the full year of 2024 as we invest to drive clinical usage ahead of reimbursement.

· Net loss of approximately $85 million

· Cash usage in the range of $75 to $80 million, which is an increase from the $47 million used in 2024 primarily due to investments in the next phase of our “Win in MRD” strategy, inclusive of growing our test volume, expanding clinical studies, and investing in commercial capabilities to drive growth

 

Source: Personalis Reports Fourth Quarter and Full Year 2024 Financial Results