Personalis Reports Preliminary Fourth Quarter and Full Year 2022 Revenue
January 04 2023 - 4:01PM
Business Wire
Personalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics
for precision oncology, today reported unaudited preliminary
revenue for the fourth quarter and full year ended December 31,
2022.
Personalis estimates revenue of approximately $16.7 million for
the fourth quarter of 2022 and approximately $65.0 million for the
full year of 2022, which exceeds the company’s previous full year
guidance range of $63.0 to $64.0 million.
Fourth Quarter Highlights
- Preliminary revenue from biopharma and other customers is
estimated to be $15.8 million in the fourth quarter of 2022
compared with $15.4 million in the fourth quarter of 2021, and
preliminary revenue from biopharma and other customers includes
estimated revenue from Natera at $8.2 million in the fourth quarter
of 2022
- Preliminary revenue from the U.S. Department of Veterans
Affairs Million Veterans Program (VA MVP) is estimated to be $0.9
million in the fourth quarter of 2022, which is initial revenue
from the new contract for up to five-years awarded in September
2022, compared with $5.3 million in the fourth quarter of 2021
- Preliminary cash, cash equivalents, and short-term investments
is estimated to be $167.0 million as of December 31, 2022
Full Year 2022 Revenue
- Preliminary revenue from biopharma and other customers is
estimated to be $56.6 million for the full year of 2022 compared
with $39.8 million for the full year of 2021, a 42% increase;
preliminary revenue from biopharma and other customers includes
estimated revenue from Natera at $26.5 million for the full year of
2022
- Preliminary revenue from the VA MVP is estimated to be $8.4
million for the full year of 2022, which includes $0.9 million from
the new contract for up to five-years awarded in September 2022,
compared with $45.7 million for the full year of 2021, a decrease
of 82%; VA MVP unfulfilled orders were approximately $9.1 million
as of December 31, 2022 and remaining unfulfilled orders are
expected to be recognized as revenue in the first-half of 2023,
depending upon sample receipt volume and timing from the VA
MVP
“We ended 2022 by exceeding our previous full year guidance
range, driven by oncology revenue growth of 42% for the fiscal
year,” said Aaron Tachibana, Interim Chief Executive Officer and
Chief Financial Officer. “We will be providing details in the
coming weeks about extending our cash runway while focusing on our
key product opportunities."
The above information is preliminary and subject to Personalis’
normal quarter and year-end accounting procedures and external
audit by the company's independent registered public accounting
firm. In addition, these preliminary unaudited results are not a
comprehensive statement of the company’s financial results for the
year ended December 31, 2022, should not be viewed as a substitute
for full, audited financial statements prepared in accordance with
generally accepted accounting principles, and are not necessarily
indicative of the company’s results for any future period.
About Personalis, Inc.
Personalis, Inc. is a leader in advanced cancer genomics,
enabling the next generation of precision cancer therapies and
diagnostics. The Personalis NeXT Platform® is designed to adapt to
the complex and evolving understanding of cancer, providing its
biopharmaceutical customers and clinicians with information on all
of the approximately 20,000 human genes, together with the immune
system, from a single sample. To enable cancer sequencing,
Personalis' Clinical Laboratory was built with a focus on clinical
accuracy, quality, big data, scale, and efficiency. The laboratory
is GxP-aligned as well as Clinical Laboratory Improvement
Amendments of 1988-certified and College of American
Pathologists-accredited. For more information, visit the Personalis
website and News Center, and follow Personalis on LinkedIn and
Twitter.
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
generally be identified by terms such as “aim,” “continue to,”
“expect,” “future,” “goal,” or “will” or similar expressions and
the negatives of those terms. These statements include, but are not
limited to, statements regarding the company’s preliminary and
estimated revenue for the fourth quarter of 2022 and cash position
at December 31, 2022, the recognition as revenue of unfulfilled
orders for the VA MVP and the timing thereof, the anticipated
exercise by the VA MVP of each of its four one-year renewal option
periods after the one-year base period, our expectations that
clinical and biopharma catalysts will drive revenue, cash runway,
the company’s business outlook, and the company’s goals and aims.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause Personalis’ 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 risks
described above related to preliminary financial results; the
timing and pace of new orders from customers, including from
Natera, which accounted for an estimated 49% of the company’s total
revenue in the fourth quarter and an estimated 41% for the full
year of 2022; the launch and market adoption of new products and
new product features, such as NeXT Personal; 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 revenue from
biopharmaceutical customers and Natera increase or decrease in
future periods; ability to demonstrate attributes or advantages of
NeXT Personal or the Personalis NeXT Platform; the expected
benefits or success of Personalis’ collaborations including with
Moores Cancer Center at UC San Diego Health, BC Cancer, Duke
University, Olink Proteomics AB, and others; the success of the
company’s international expansion plans; the evolution of cancer
therapies and market adoption of the company’s services; the
ongoing COVID-19 pandemic; unstable market, economic and
geo-political conditions, which may significantly impact the
company’s business and operations and the business and operations
of Personalis’ customers and suppliers; and legal proceedings to
enforce patents, and the presumed validity or enforceability of the
company’s patents or other intellectual property rights. These and
other potential risks and uncertainties that could cause actual
results to differ materially from the results predicted in these
forward-looking statements are described under the captions “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” in Personalis’ Annual Report
on Form 10-K for the annual period ended December 31, 2021, filed
with the Securities and Exchange Commission (SEC) on February 24,
2022, and Quarterly Report on Form 10-Q for the quarterly period
ended September 30, 2022, filed with the SEC on November 2, 2022.
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.
PRELIMINARY REVENUE RESULTS
(unaudited)
(in thousands)
Three Months Ended December
31,
Year Ended December
31,
2022
2021
2022
2021
(preliminary)
(preliminary)
VA MVP
$
887
$
5,304
$
8,443
$
45,671
All other customers
15,834
15,378
56,603
39,823
Total revenue
$
16,721
$
20,682
$
65,046
$
85,494
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version on businesswire.com: https://www.businesswire.com/news/home/20230104005881/en/
Investor Relations Contact: Caroline Corner
investors@personalis.com 415-202-5678
Media Contact: Jennifer Temple pr@personalis.com
650-752-1300
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