Personalis Reports First Quarter 2020 Financial Results
First Quarter Highlights
- Reported record revenues of
$19.2 million in the first quarter of 2020 versus$14.1 million in the first quarter of 2019, an increase of 36% - A total of 26 customers have placed orders for NeXT as of
March 31, 2020 , with 7 of those customers placing their orders in the first quarter of 2020 - Received a new order outside of oncology to deliver neoantigen prediction, which will leverage the Company’s proprietary technology platform
“I’m proud to say that we were able to report record revenues once again this quarter, in spite of the initial impact from the COVID-19 pandemic, and continued to see strong ordering levels from both our existing and new customers,” said
First Quarter 2020 Financial Results
Revenues were
Gross margin was 21.1% for the three months ended
Operating expenses were
Net loss was
Cash, cash equivalents, and short-term investments were
Outlook and COVID-19
Due to uncertainty surrounding the COVID-19 pandemic,
Webcast and Conference Call Information
About
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 as an indication of future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “hope,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or similar expressions and the negatives of those terms. 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; whether orders for the NeXT platform and revenues from biopharmaceutical customers will increase; the timing of tissue sample receipts from customers, which can materially impact revenue quarter over quarter and year over year; the evolution of cancer therapies and market adoption of our services; our expectations regarding future performance, including 2020 revenues; and the COVID-19 pandemic, which may significantly impact our business and operations and the business and operations of our customers. 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
|
|
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) |
|
|||||||
(in thousands, except share and per share data) |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|||||
|
|
|
|
|||||
|
|
2020 |
|
|
2019 |
|
||
Revenues |
|
$ |
19,161 |
|
|
$ |
14,075 |
|
Costs and expenses |
|
|
|
|
|
|
|
|
Costs of revenues |
|
|
15,122 |
|
|
|
10,091 |
|
Research and development |
|
|
6,390 |
|
|
|
5,245 |
|
Selling, general and administrative |
|
|
7,274 |
|
|
|
4,170 |
|
Total costs and expenses |
|
|
28,786 |
|
|
|
19,506 |
|
Loss from operations |
|
|
(9,625 |
) |
|
|
(5,431 |
) |
Interest income |
|
|
510 |
|
|
|
84 |
|
Interest expense |
|
|
(2 |
) |
|
|
(184 |
) |
Other income (expense), net |
|
|
8 |
|
|
|
(152 |
) |
Loss before income taxes |
|
|
(9,109 |
) |
|
|
(5,683 |
) |
Provision for income taxes |
|
|
(30 |
) |
|
|
(2 |
) |
Net loss |
|
$ |
(9,139 |
) |
|
$ |
(5,685 |
) |
Net loss per share, basic and diluted |
|
$ |
(0.29 |
) |
|
$ |
(1.84 |
) |
Weighted-average shares outstanding, basic and diluted |
|
|
31,345,029 |
|
|
|
3,091,342 |
|
|
||||||||
SUPPLEMENTAL REVENUE INFORMATION (unaudited) |
||||||||
(in thousands) |
||||||||
|
|
Three Months Ended |
|
|||||
|
|
2020 |
|
|
2019 |
|
||
VA MVP |
|
$ |
14,756 |
|
|
$ |
8,343 |
|
All other customers |
|
|
4,405 |
|
|
|
5,732 |
|
Total |
|
$ |
19,161 |
|
|
$ |
14,075 |
|
|
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) |
||||||||
(in thousands, except share and per share data) |
||||||||
|
|
|
|
|
|
|
||
|
|
2020 |
|
|
2019 |
|
||
Assets |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
46,694 |
|
|
$ |
55,046 |
|
Short-term investments |
|
|
73,339 |
|
|
|
73,243 |
|
Accounts receivable, net |
|
|
5,508 |
|
|
|
3,300 |
|
Inventory and other deferred costs |
|
|
6,438 |
|
|
|
4,606 |
|
Prepaid expenses and other current assets |
|
|
3,437 |
|
|
|
3,383 |
|
Total current assets |
|
|
135,416 |
|
|
|
139,578 |
|
Property and equipment, net |
|
|
13,402 |
|
|
|
14,106 |
|
Operating lease right-of-use assets |
|
|
1,529 |
|
|
|
1,845 |
|
Other long-term assets |
|
|
1,531 |
|
|
|
1,762 |
|
Total assets |
|
$ |
151,878 |
|
|
$ |
157,291 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
10,337 |
|
|
$ |
7,337 |
|
Accrued and other current liabilities |
|
|
7,375 |
|
|
|
6,648 |
|
Contract liabilities |
|
|
34,408 |
|
|
|
35,977 |
|
Total current liabilities |
|
|
52,120 |
|
|
|
49,962 |
|
Other long-term liabilities |
|
|
556 |
|
|
|
639 |
|
Total liabilities |
|
|
52,676 |
|
|
|
50,601 |
|
Commitments and Contingencies |
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
Preferred stock, |
|
|
— |
|
|
|
— |
|
Common stock, |
|
|
3 |
|
|
|
3 |
|
Additional paid-in capital |
|
|
248,854 |
|
|
|
247,282 |
|
Accumulated other comprehensive income (loss) |
|
|
73 |
|
|
|
(6 |
) |
Accumulated deficit |
|
|
(149,728 |
) |
|
|
(140,589 |
) |
Total stockholders’ equity |
|
|
99,202 |
|
|
|
106,690 |
|
Total liabilities and stockholders’ equity |
|
$ |
151,878 |
|
|
$ |
157,291 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20200507005317/en/
Investor Relations Contact:
investors@personalis.com
415-202-5678
Media Contact:
pr@personalis.com
www.personalis.com
650-752-1300
Source: