Personalis Reports First Quarter 2022 Financial Results
First Quarter and Recent Highlights
- Reported quarterly revenue of
$15.2 million in the first quarter of 2022 compared with$20.9 million in the first quarter of 2021- Revenue from biopharma and other customers, excluding the VA MVP (as defined below), of
$11.7 million in the first quarter of 2022 compared with$7.7 million in the first quarter of 2021, a 53% increase; revenue from biopharma and other customers includes revenue of$4.1 million from Natera in the first quarter of 2022; revenue from biopharma customers excluding Natera of$7.6 million for the first quarter of 2022 - Revenue from the
U.S. Department of Veterans Affairs Million Veterans Program (VA MVP) of$3.5 million in the first quarter of 2022 compared with$13.2 million in the first quarter of 2021
- Revenue from biopharma and other customers, excluding the VA MVP (as defined below), of
- Engaged with a large global pharmaceutical customer for NeXT Personal, and processed samples for initial order
- Announced hiring of seasoned commercial executive
James Azzaro to be Vice President, Diagnostics Sales - Received a new US patent for NeXT Personal, signifying its unique place among MRD assays as it combines a highly sensitive measurement of tumor burden with simultaneous tracking of thousands of tumor variants, both tumor-informed and prespecified, in a single panel
- Cash, cash equivalents, and short-term investments were
$266.5 million as ofMarch 31, 2022
“We continue to be confident about our oncology revenue growth in the future due to the differentiation and strength of our offerings for both biopharma and diagnostic customers,” said
First Quarter 2022 Financial Results
- Revenue was
$15.2 million in the three months endedMarch 31, 2022 - Gross margin was 28.1% in the three months ended
March 31, 2022 - Operating expenses were
$32.6 million in the three months endedMarch 31, 2022 - Net loss was
$28.2 million in the three months endedMarch 31, 2022 and net loss per share was$0.63 based on a weighted-average basic and diluted share count of 45.0 million - Cash, cash equivalents, and short-term investments were
$266.5 million as ofMarch 31, 2022
Full Year 2022 Outlook
- Total company revenue is expected to be in the range of
$62.0 million to$67.0 million - Revenue from biopharma and all other customers, excluding the VA MVP, is expected to be in the range of
$55.0 million to$60.0 million - Net loss is expected to be in the range of
$110.0 million to$115.0 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 “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 full year financial guidance, capabilities of NeXT Personal, future oncology revenue growth, goals and benefits of our collaborations, and the company’s business outlook. 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 timing and pace of new orders from customers, including from Natera, which accounted for 27% of the company’s total revenue in the first quarter 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; attributes or advantages of NeXT Personal or the Personalis NeXT Platform; the expected benefits or success of Personalis’ collaborations including with
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands, except share and per share data) |
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|
|
Three Months Ended |
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|
|
2022 |
|
2021 |
Revenue |
|
|
|
|
Costs and expenses |
|
|
|
|
Cost of revenue |
|
10,949 |
|
13,454 |
Research and development |
|
17,098 |
|
9,496 |
Selling, general and administrative |
|
15,486 |
|
10,421 |
Total costs and expenses |
|
43,533 |
|
33,371 |
Loss from operations |
|
(28,306) |
|
(12,490) |
Interest income |
|
144 |
|
95 |
Interest expense |
|
(59) |
|
— |
Other income (expense), net |
|
19 |
|
(12) |
Loss before income taxes |
|
(28,202) |
|
(12,407) |
Provision for (benefit from) income taxes |
|
7 |
|
(3) |
Net loss |
|
|
|
|
Net loss per share, basic and diluted |
|
|
|
|
Weighted-average shares outstanding, basic and diluted |
|
44,995,752 |
|
42,265,596 |
SUPPLEMENTAL REVENUE INFORMATION (unaudited) (in thousands) |
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|
|
Three Months Ended |
||
|
|
2022 |
|
2021 |
VA MVP |
|
|
|
|
All other customers |
|
11,726 |
|
7,671 |
Total revenue |
|
|
|
|
|
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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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|
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
2021 |
Assets |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
|
|
|
|
Short-term investments |
|
174,954 |
|
181,479 |
Accounts receivable, net |
|
13,519 |
|
18,468 |
Inventory and other deferred costs |
|
8,065 |
|
5,610 |
Prepaid expenses and other current assets |
|
5,904 |
|
7,089 |
Total current assets |
|
294,028 |
|
318,231 |
Property and equipment, net |
|
30,600 |
|
19,650 |
Operating lease right-of-use assets |
|
51,727 |
|
53,822 |
Other long-term assets |
|
4,292 |
|
4,825 |
Total assets |
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
Current liabilities |
|
|
|
|
Accounts payable |
|
|
|
|
Accrued and other current liabilities |
|
24,108 |
|
18,110 |
Contract liabilities |
|
3,461 |
|
3,982 |
Total current liabilities |
|
39,844 |
|
31,313 |
Long-term operating lease liabilities |
|
52,364 |
|
52,797 |
Other long-term liabilities |
|
1,724 |
|
2,117 |
Total liabilities |
|
93,932 |
|
86,227 |
Commitments and Contingencies |
|
|
|
|
Stockholders’ equity |
|
|
|
|
Preferred stock, |
|
— |
|
— |
Common stock, |
|
5 |
|
4 |
Additional paid-in capital |
|
562,889 |
|
557,558 |
Accumulated other comprehensive income (loss) |
|
(875) |
|
(166) |
Accumulated deficit |
|
(275,304) |
|
(247,095) |
Total stockholders’ equity |
|
286,715 |
|
310,301 |
Total liabilities and stockholders’ equity |
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20220504005424/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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