Personalis Reports First Quarter 2021 Financial Results
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. andSpringWorks 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 ofMarch 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.
First Quarter 2021 Financial Results
Revenues were
Gross margin was 35.6% in the three months ended
Operating expenses were
Net loss was
Business Outlook
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
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
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 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
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) |
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(in thousands, except share and per share data) |
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Three Months Ended |
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2021 |
|
2020 |
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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 |
|
|
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SUPPLEMENTAL REVENUE INFORMATION (unaudited) |
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(in thousands) |
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Three Months Ended |
|
|||||
|
|
2021 |
|
|
2020 |
|
||
VA MVP |
|
$ |
13,210 |
|
|
$ |
14,756 |
|
All other customers |
|
|
7,671 |
|
|
|
4,405 |
|
Total |
$ |
20,881 |
|
$ |
19,161 |
|
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CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) |
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(in thousands, except share and per share data) |
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|
|
|
|
|
|
|
||
|
|
2021 |
|
|
2020 |
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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, |
|
|
— |
|
|
|
— |
|
Common stock, |
|
|
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:
investors@personalis.com
415-202-5678
Media Contact:
pr@personalis.com
www.personalis.com
650-752-1300
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