Personalis(PSNL) - 2025 Q2 - Quarterly Results

Financial and Business Highlights Q2 2025 Financial Performance Personalis reported Q2 2025 revenue of $17.2 million, a 24% decrease year-over-year, with net loss widening to $20.1 million Q2 2025 Key Financial Metrics (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $17.2M | $22.6M | -24% | | Gross Margin | 27.6% | 35.6% | -8.0 p.p. | | Net Loss | $20.1M | $12.8M | +57% | | Net Loss Per Share | $0.23 | $0.24 | N/A | | Cash & Investments | $173.2M | - | - | - The year-over-year revenue decrease was primarily driven by a $5.6 million decline from Natera and a $2.1 million decrease from pharma tests and other customers, partially offset by a $2.0 million increase in population sequencing revenue[4] - Cash, cash equivalents, and short-term investments totaled $173.2 million as of June 30, 2025, with $13.2 million used in cash from operations and capital expenditures during the quarter[7] Strategic and Operational Highlights The company achieved significant strategic milestones, including 59% sequential growth in clinical test volume and expanded partnership with Tempus AI for colorectal cancer - Clinical test volume grew 59% sequentially, with 3,478 tests delivered in Q2 2025, indicating accelerating adoption of the NeXT Personal® platform[1][2][3] - The strategic collaboration with Tempus AI was expanded to include commercialization for colorectal cancer, a major new indication[3] - Pivotal data presented at the 2025 ASCO Annual Meeting demonstrated NeXT Personal's ability to predict therapy response and detect cancer progression up to 16 months earlier than standard imaging[3] Financial Outlook Q3 2025 Guidance For Q3 2025, Personalis anticipates total revenue between $12.0 million and $14.0 million, with pharma tests contributing $11.0 to $13.0 million Q3 2025 Financial Guidance | Metric | Guidance Range | | :--- | :--- | | Total Company Revenue | $12.0M - $14.0M | | Revenue from Pharma & Other | $11.0M - $13.0M | | Revenue from Pop Sequencing & Enterprise | ~$1.0M | Full Year 2025 Guidance Personalis revised full-year 2025 revenue guidance to $70-$80 million, increasing expected net loss to $85 million and cash usage to $75 million Updated Full Year 2025 Guidance | Metric | Updated 2025 Guidance | Previous 2025 Guidance | | :--- | :--- | :--- | | Total Revenue | $70M - $80M | $80M - $90M | | Pharma & Other Revenue | $52M - $58M | $62M - $64M | | Clinical Tests Revenue | $3M - $6M | $3M - $10M | | Gross Margin | 22% - 24% | N/A | | Net Loss | ~$85M | ~$83M | | Cash Usage | ~$75M | N/A | - The reduction in revenue guidance for pharma tests and services is attributed to variability with biopharma projects and the timing of sample receipts[7] - Increased cash usage of approximately $75 million is planned to fund investments in the "Win-in-MRD" strategy, including growing test volume and expanding clinical evidence generation[7] Consolidated Financial Statements Consolidated Statements of Operations For Q2 2025, Personalis reported a net loss of $20.1 million on revenues of $17.2 million, with loss from operations widening to $21.8 million Statement of Operations Summary (Three Months Ended June 30) | (In thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | $17,203 | $22,580 | | Cost of revenue | $12,447 | $14,543 | | R&D | $12,381 | $12,957 | | SG&A | $14,179 | $11,973 | | Loss from operations | $(21,804) | $(16,893) | | Net loss | $(20,056) | $(12,802) | | Net loss per share | $(0.23) | $(0.24) | - For the six months ended June 30, 2025, the net loss was $35.8 million, compared to a net loss of $25.8 million for the same period in 2024[11] Supplemental Revenue Information In Q2 2025, Pharma tests and services led revenue at $11.0 million (-16% YoY), while population sequencing grew 158% to $3.3 million Revenue by Source (Three Months Ended June 30) | (In thousands) | 2025 | 2024 | Change (YoY) | | :--- | :--- | :--- | :--- | | Pharma tests and services | $11,023 | $13,197 | -16% | | Enterprise sales | $2,315 | $7,958 | -71% | | Population sequencing | $3,308 | $1,280 | +158% | | Clinical diagnostic | $469 | $117 | +301% | | Total revenue | $17,203 | $22,580 | -24% | Consolidated Balance Sheets As of June 30, 2025, Personalis reported total assets of $258.7 million and maintained $173.2 million in cash and investments Balance Sheet Summary | (In thousands) | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash, cash equivalents & short-term investments | $173,232 | $185,009 | | Total current assets | $193,343 | $203,015 | | Total assets | $258,680 | $270,268 | | Total current liabilities | $31,723 | $31,126 | | Total liabilities | $67,851 | $67,311 | | Total stockholders' equity | $190,829 | $202,957 |