Personalis(PSNL) - 2025 Q1 - Quarterly Results

Personalis Q1 2025 Earnings Release Financial & Business Highlights Personalis reported a strong start to 2025, with total revenue increasing 6% year-over-year to $20.6 million, driven by a 39% growth in pharma tests and services - The company's "Win-in-MRD" strategy is showing positive results, with significant growth in testing volume and key data submissions for Medicare coverage[3] Clinical Test Volume Growth (Sequential) | Metric | Q1 2025 | Q4 2024 | Change | | :--- | :--- | :--- | :--- | | Total Molecular Tests Delivered | 2,184 | 1,441 | +52% | - Presented compelling clinical data for NeXT Personal in colorectal cancer (CRC) at AACR, showing 100% detection of eventual recurrence prior to imaging[4] - Advanced its commercialization efforts by publishing a pivotal breast cancer study and submitting a dossier to Medicare for reimbursement[4] Detailed Financial Results (Q1 2025 vs Q1 2024) For Q1 2025, total revenue grew 6% to $20.6 million, primarily fueled by a 39% increase in pharma tests and services, which reached $13.6 million Q1 2025 Key Financial Metrics vs. Q1 2024 | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $20.6M | $19.5M | +6% | | Gross Margin | 35.0% | 28.1% | +6.9 p.p. | | Net Loss | $15.8M | $13.0M | +21.5% | | Net Loss Per Share | ($0.18) | ($0.26) | N/A | Q1 2025 Revenue Breakdown vs. Q1 2024 | Revenue Segment | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Pharma tests and services | $13.6M | $9.8M | +39% | | Population sequencing & enterprise | $6.7M | $9.5M | -29% | - The company ended the quarter with $185.7 million in cash, cash equivalents, and short-term investments; cash usage from operations and capital additions was $20.5 million[6] - Raised $17.8 million in net proceeds during the quarter through its At-The-Market (ATM) program[6] Financial Outlook (Q2 & Full Year 2025) Personalis provided guidance for Q2 2025, expecting total revenue between $19.5 million and $20.5 million, and updated its full-year outlook to reflect improved profitability Q2 2025 Financial Guidance | Metric | Guidance Range | | :--- | :--- | | Total Company Revenue | $19.5M - $20.5M | | Revenue from Pharma & Other | $13.0M - $14.0M | | Revenue from Pop Sequencing & Enterprise | ~$6.5M | Full Year 2025 Financial Guidance (Updated) | Metric | Guidance Range | Prior Guidance | | :--- | :--- | :--- | | Total Company Revenue | $80M - $90M | No Change | | Gross Margin | 22% - 24% | 21% - 23% | | Net Loss | ~$83M | ~$85M | | Cash Usage | ~$75M | $75M - $80M | Financial Statements This section presents the company's consolidated financial statements, including statements of operations, supplemental revenue information, and balance sheets Consolidated Statements of Operations For the three months ended March 31, 2025, Personalis recorded revenues of $20.6 million and a net loss of $15.8 million, with a slight improvement in loss from operations Consolidated Statements of Operations (Unaudited, In thousands) | | Three Months Ended March 31, | | :--- | :--- | :--- | | | 2025 | 2024 | | Revenue | $ 20,605 | $ 19,525 | | Cost of revenue | 13,398 | 14,032 | | Research and development | 12,640 | 12,771 | | Selling, general and administrative | 12,263 | 11,602 | | Total costs and expenses | 38,301 | 38,405 | | Loss from operations | (17,696) | (18,880) | | Interest income | 2,027 | 1,359 | | Other income (expense), net | (46) | 4,569 | | Net loss | $ (15,750) | $ (12,968) | Supplemental Revenue Information Revenue from pharma tests and services was the primary growth driver, increasing 39% to $13.6 million, while enterprise sales significantly decreased Supplemental Revenue Information (Unaudited, In thousands) | | Three Months Ended March 31, | | :--- | :--- | :--- | | | 2025 | 2024 | | Pharma tests and services | $ 13,594 | $ 9,812 | | Enterprise sales | 2,465 | 7,972 | | Population sequencing | 4,213 | 1,500 | | Clinical diagnostic | 308 | 195 | | Other | 25 | 46 | | Total revenue | $ 20,605 | $ 19,525 | Consolidated Balance Sheets As of March 31, 2025, Personalis maintained strong liquidity with $185.7 million in cash and investments, and total assets of $273.3 million Consolidated Balance Sheet Highlights (Unaudited, In thousands) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Assets | | | | Cash and cash equivalents | $ 71,001 | $ 91,415 | | Short-term investments | 114,687 | 93,594 | | Total current assets | 206,422 | 203,015 | | Total assets | $ 273,308 | $ 270,268 | | Liabilities and Stockholders' Equity | | | | Total current liabilities | 29,892 | 31,126 | | Total liabilities | 65,963 | 67,311 | | Total stockholders' equity | 207,345 | 202,957 | | Total liabilities and stockholders' equity | $ 273,308 | $ 270,268 |