Personalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics
for population sequencing and cancer, today reported financial
results for the first quarter ended March 31, 2021.
First Quarter Highlights
- Record quarterly revenue of $20.9 million in the first quarter
of 2021 compared with $19.2 million in the first quarter of 2020, a
9% increase
- Revenue of $7.7 million from biopharma and all other customers,
excluding VA MVP, in the first quarter of 2021 compared with $4.4
million in the first quarter of 2020, a 74% increase
- Announced a collaboration with Natera in the field of
personalized oncology; Personalis to provide the exome sequence
data for Natera to pair with their personalized ctDNA platform,
SignateraTM
- Announced a collaboration with MapKure, LLC, a company jointly
owned by BeiGene, Ltd. and SpringWorks Therapeutics, Inc., LLC for
use of the NeXT PlatformTM for clinical trials and companion
diagnostic development
- Added approximately $162 million of cash to balance sheet from
public offering of common stock financing in the first quarter of
2021; ended the quarter with cash, cash equivalents, and short-term
investments of $353.4 million as of March 31, 2021
“I’m proud to say that we were able to report record revenue
once again this quarter and achieved our nineteenth consecutive
quarter of growth, as we converted an increasing number of orders
into revenue. Biopharma and all other customer revenue grew 74%
year-over-year, and orders from customers exceeded revenues
reported once again this quarter,” said John West, Chief Executive
Officer. “Recently, we announced a partnership with Natera in the
field of personalized oncology, and a companion diagnostics
collaboration with MapKure. Both collaborations further validate
our NeXT platform as a leading front end tissue-sequencing
platform, capable of detecting cancer cell mutations that
conventional exome tests often miss. Our tissue offering
complements our whole exome liquid biopsy product that we launched
in August 2020 and NeXT Personal, our Minimal Residual Disease
(MRD) offering that we expect to launch in 2021, providing
Personalis with access to three distinct revenue opportunities in
the rapidly growing cancer monitoring market.”
First Quarter 2021 Financial Results
Revenues were $20.9 million in the three months ended March 31,
2021, up 9% from $19.2 million in the same period of the prior
year.
Gross margin was 35.6% in the three months ended March 31, 2021,
compared with 21.1% in the same period of the prior year.
Operating expenses were $19.9 million in the three months ended
March 31, 2021, compared with $13.7 million in the same period of
the prior year.
Net loss was $12.4 million in the three months ended March 31,
2021 and net loss per share was $0.29 based on a weighted-average
basic and diluted share count of 42.3 million, compared with a net
loss of $9.1 million and a net loss per share of $0.29 on a
weighted-average basic and diluted share count of 31.3 million in
the same period of the prior year.
Business Outlook
Personalis expects the following for the second quarter of
2021:
- Total Company revenues to be approximately $21.3 million
- Revenues from biopharma and all other customers, excluding VA
MVP, to be in the range of $7.3 million to $7.7 million
- Net Loss to be in the range of $16 million to $17 million;
estimated outstanding shares of 43 million
Personalis expects the following for the full year of 2021:
- Total Company revenues to be approximately $85 million
- Revenues from biopharma and all other customers, excluding VA
MVP, to be in the range of $30 million to $32 million
- Net Loss to be in the range of $70 million to $75 million;
estimated outstanding shares of 44 million
Webcast and Conference Call Information
Personalis will host a conference call to discuss the first
quarter 2021 financial results after market close on Wednesday, May
5, 2021 at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. The
conference call can be accessed live over the phone by dialing
(866) 220-8061 for U.S. callers or (470) 495-9168 for international
callers, using the conference ID: 6587766. The live webinar can be
accessed at https://investors.personalis.com.
About Personalis, Inc.
Personalis, Inc. is a leader in population sequencing and cancer
genomics, with a focus on data, scale, efficiency and quality.
Personalis operates one of the largest sequencing operations
globally and is currently the sole sequencing provider to the VA
MVP. In oncology, Personalis is transforming the development of
next-generation therapies by providing more comprehensive molecular
data about each patient’s cancer and immune response. The
Personalis® ImmunoID NeXT Platform® is designed to adapt to the
complex and evolving understanding of cancer, providing its
biopharmaceutical customers with information on all of the
approximately 20,000 human genes, together with the immune system,
from a single tissue or blood sample. The Personalis Clinical
Laboratory is GxP aligned as well as CLIA’88-certified and
CAP-accredited. For more information, please visit
www.personalis.com and follow Personalis on Twitter
(@PersonalisInc).
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Actual results may differ materially from the results
predicted, and reported results should not be considered an
indication of future performance. Forward-looking statements
include all statements that are not historical facts and can be
identified by terms such as “estimate,” “expect,” “should,”
“target,” “will,” or “would” or similar expressions and the
negatives of those terms. These statements include, but are not
limited to, statements regarding the company’s expectations for
revenues and net loss for the second quarter and full year of 2021.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. These risks, uncertainties and
other factors relate to, among others: the timing and pace of new
orders from customers, including from the U.S. Department of
Veterans Affairs Million Veteran Program, which was the company’s
largest customer in 2018, 2019, and 2020; the launch of new
products and new product features, such as NeXT Personal; the
market adoption of offerings launched in 2020, such as Personalis’
whole exome liquid biopsy product; the timing of tissue, blood, and
other specimen sample receipts from customers, which can materially
impact revenue quarter over quarter and year over year; whether
orders for the NeXT Platform and revenues from biopharmaceutical
customers increase in future periods; the success of Personalis’
collaborations, and including those with Natera and the MapKure;
the success of the company’s international expansion plans; the
evolution of cancer therapies and market adoption of the company’s
services; the company’s expectations regarding future performance;
and the ongoing COVID-19 pandemic, which may significantly impact
the company’s business and operations and the business and
operations of our customers and suppliers. In addition, other
potential risks and uncertainties that could cause actual results
to differ from the results predicted include, among others, those
risks and uncertainties included under the captions “Risk Factors”
and “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” in our Quarterly Report on Form 10-Q for
the period ended March 31, 2021 that will be filed after this
earnings release, and risk factors included within the Annual
Report on Form 10-K filed on February 25, 2021. 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.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (unaudited)
(in thousands, except share and
per share data)
Three Months Ended March
31,
2021
2020
Revenues
$
20,881
$
19,161
Costs and expenses
Costs of revenues
13,454
15,122
Research and development
9,496
6,390
Selling, general and administrative
10,421
7,274
Total costs and expenses
33,371
28,786
Loss from operations
(12,490
)
(9,625
)
Interest income
95
510
Interest expense
—
(2
)
Other income (expense), net
(12
)
8
Loss before income taxes
(12,407
)
(9,109
)
Provision for (benefit from) income
taxes
(3
)
30
Net loss
$
(12,404
)
$
(9,139
)
Net loss per share, basic and diluted
$
(0.29
)
$
(0.29
)
Weighted-average shares outstanding, basic
and diluted
42,265,596
31,345,029
PERSONALIS, INC.
SUPPLEMENTAL REVENUE
INFORMATION (unaudited)
(in thousands)
Three Months Ended March
31,
2021
2020
VA MVP
$
13,210
$
14,756
All other customers
7,671
4,405
Total
$
20,881
$
19,161
PERSONALIS, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS (unaudited)
(in thousands, except share and
per share data)
March 31,
December 31,
2021
2020
Assets
Current assets
Cash and cash equivalents
$
137,089
$
68,525
Short-term investments
216,340
134,765
Accounts receivable, net
8,053
6,349
Inventory and other deferred costs
5,579
5,639
Prepaid expenses and other current
assets
5,607
5,441
Total current assets
372,668
220,719
Property and equipment, net
11,152
11,834
Operating lease right-of-use assets
9,899
10,271
Other long-term assets
1,787
2,018
Total assets
$
395,506
$
244,842
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable
$
6,522
$
8,301
Accrued and other current liabilities
13,805
11,301
Contract liabilities
18,237
21,034
Total current liabilities
38,564
40,636
Long-term operating lease liabilities
8,162
8,541
Other long-term liabilities
360
720
Total liabilities
47,086
49,897
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; 43,798,661 and 39,105,548 shares
issued and outstanding at March 31, 2021 and December 31, 2020,
respectively
4
4
Additional paid-in capital
542,694
376,788
Accumulated other comprehensive income
(loss)
(5
)
22
Accumulated deficit
(194,273
)
(181,869
)
Total stockholders’ equity
348,420
194,945
Total liabilities and stockholders’
equity
$
395,506
$
244,842
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210505005187/en/
Investor Relations Contact: Caroline Corner
investors@personalis.com 415-202-5678
Media Contact: Jennifer Havlek pr@personalis.com
www.personalis.com 650-752-1300
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