Personalis Reports Fourth Quarter and Full Year 2020 Financial Results
Fourth Quarter Highlights
- Record quarterly revenue of
$20.2 million in the fourth quarter of 2020 compared with$18.2 million in the fourth quarter of 2019, an 11% increase
- Record quarterly revenue of
$7.6 million from biopharma and all other customers, excluding VA MVP, in the fourth quarter of 2020 compared with$4.4 million in the fourth quarter of 2019, a 73% increase
- A total of 45 customers have placed orders for NeXT as of
December 31, 2020 , with 6 of those customers placing their first orders in the fourth quarter of 2020
- Achieved milestone of completing more than 100,000 whole human genomes sequenced under the VA MVP contract
- Launched new neoantigen prediction capabilities (called SHERPA™ and NEOPS™) in the fourth quarter of 2020
“I’m proud to say that we were able to report record revenue once again this quarter and achieved our first
Fourth Quarter 2020 Financial Results
Revenues were
Gross margin was 30.1% in the three months ended
Operating expenses were
Net loss was
Cash, cash equivalents, and short-term investments were
Full Year 2020 Financial Results
Revenues were
Gross margin was 25.6% for the year ended
Operating expenses were
Net loss was
First Quarter 2021 Outlook
Total Company revenues are expected to be approximately$20.3 million - Revenues from biopharma and all other customers, excluding VA MVP, are expected to be in the range of
$5.6 million to$7.0 million - Net Loss is expected to be in the range of
$14.0 million to$15.0 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 “estimate,” “expect,” “preliminary,” “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 first quarter 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
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share data) |
||||||||||||||||
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
||||
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|||||
Revenues |
|
$ |
20,176 |
|
|
$ |
18,154 |
|
|
$ |
78,648 |
|
|
$ |
65,207 |
|
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs of revenues |
|
|
14,106 |
|
|
|
11,589 |
|
|
|
58,534 |
|
|
|
43,127 |
|
Research and development |
|
|
8,520 |
|
|
|
7,373 |
|
|
|
28,568 |
|
|
|
22,418 |
|
Selling, general and administrative |
|
|
10,920 |
|
|
|
6,388 |
|
|
|
33,692 |
|
|
|
22,080 |
|
Total costs and expenses |
|
|
33,546 |
|
|
|
25,350 |
|
|
|
120,794 |
|
|
|
87,625 |
|
Loss from operations |
|
|
(13,370 |
) |
|
|
(7,196 |
) |
|
|
(42,146 |
) |
|
|
(22,418 |
) |
Interest income |
|
|
76 |
|
|
|
580 |
|
|
|
949 |
|
|
|
1,620 |
|
Interest expense |
|
|
— |
|
|
|
— |
|
|
|
(2 |
) |
|
|
(1,133 |
) |
Loss on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,704 |
) |
Other (expense) income, net |
|
|
(29 |
) |
|
|
(25 |
) |
|
|
(24 |
) |
|
|
(1,440 |
) |
Loss before income taxes |
|
|
(13,323 |
) |
|
|
(6,641 |
) |
|
|
(41,223 |
) |
|
|
(25,075 |
) |
Provision for income taxes |
|
|
(18 |
) |
|
|
(4 |
) |
|
|
(57 |
) |
|
|
(9 |
) |
Net loss |
|
$ |
(13,341 |
) |
|
$ |
(6,645 |
) |
|
$ |
(41,280 |
) |
|
$ |
(25,084 |
) |
Net loss per share, basic and diluted |
|
$ |
(0.34 |
) |
|
$ |
(0.21 |
) |
|
$ |
(1.20 |
) |
|
$ |
(1.39 |
) |
Weighted-average shares outstanding, basic and diluted |
|
|
38,962,860 |
|
|
|
31,205,546 |
|
|
|
34,374,903 |
|
|
|
18,011,470 |
|
SUPPLEMENTAL REVENUE INFORMATION (in thousands) |
||||||||||||||||
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
||||
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|||||
VA MVP |
|
$ |
12,556 |
|
|
$ |
13,754 |
|
|
$ |
56,154 |
|
|
$ |
43,545 |
|
All other customers |
|
|
7,620 |
|
|
|
4,400 |
|
|
|
22,494 |
|
|
|
21,662 |
|
Total |
|
$ |
20,176 |
|
|
$ |
18,154 |
|
|
$ |
78,648 |
|
|
$ |
65,207 |
|
CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) |
||||||||
|
|
|
|
|
|
|
||
|
|
2020 |
|
|
2019 |
|
||
Assets |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
68,525 |
|
|
$ |
55,046 |
|
Short-term investments |
|
|
134,765 |
|
|
|
73,243 |
|
Accounts receivable, net |
|
|
6,349 |
|
|
|
3,300 |
|
Inventory and other deferred costs |
|
|
5,639 |
|
|
|
4,606 |
|
Prepaid expenses and other current assets |
|
|
5,441 |
|
|
|
3,383 |
|
Total current assets |
|
|
220,719 |
|
|
|
139,578 |
|
Property and equipment, net |
|
|
11,834 |
|
|
|
14,106 |
|
Operating lease right-of-use assets |
|
|
10,271 |
|
|
|
1,845 |
|
Other long-term assets |
|
|
2,018 |
|
|
|
1,762 |
|
Total assets |
|
$ |
244,842 |
|
|
$ |
157,291 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
8,301 |
|
|
$ |
7,337 |
|
Accrued and other current liabilities |
|
|
11,301 |
|
|
|
6,648 |
|
Contract liabilities |
|
|
21,034 |
|
|
|
35,977 |
|
Total current liabilities |
|
|
40,636 |
|
|
|
49,962 |
|
Long-term operating lease liabilities |
|
|
8,541 |
|
|
|
639 |
|
Other long-term liabilities |
|
|
720 |
|
|
|
— |
|
Total liabilities |
|
|
49,897 |
|
|
|
50,601 |
|
Commitments and Contingencies |
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
Preferred stock, |
|
|
— |
|
|
|
— |
|
Common stock, |
|
|
4 |
|
|
|
3 |
|
Additional paid-in capital |
|
|
376,788 |
|
|
|
247,282 |
|
Accumulated other comprehensive income (loss) |
|
|
22 |
|
|
|
(6 |
) |
Accumulated deficit |
|
|
(181,869 |
) |
|
|
(140,589 |
) |
Total stockholders’ equity |
|
|
194,945 |
|
|
|
106,690 |
|
Total liabilities and stockholders’ equity |
|
$ |
244,842 |
|
|
$ |
157,291 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20210225005988/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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