Personalis Reports Second Quarter 2020 Financial Results
Second Quarter Highlights
- Reported record revenues of
$19.5 million in the second quarter of 2020 versus$15.8 million in the second quarter of 2019, an increase of 23% - A total of 32 customers have placed orders for NeXT as of
June 30, 2020 , with 6 of those customers placing their first orders in the second quarter of 2020 - Announced a collaboration with
Sarepta Therapeutics, Inc. (Nasdaq: SRPT), a leader in precision genetic medicine for rare disease - Announced expansion plans into
China along with a partnership with Berry Genomics, who will provide services and support toPersonalis - Achieved milestone of completing the 75,000th whole human genome sequenced under the contract with the
U.S. Department of Veterans Affairs Million Veteran Program (VA MVP)
“I’m proud to say that we were able to report record revenues once again this quarter, with our team delivering strong execution across both our population sequencing and biopharma businesses, despite the impact from the COVID-19 pandemic, and we continued to see strong ordering levels from both our existing and new customers,” said
Second Quarter 2020 Financial Results
Revenues were
Gross margin was 24.0% 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 continued 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; the launch of our new liquid biopsy product and customer adoption of such new products; the timing of tissue and blood sample receipts from customers, which can materially impact revenue quarter over quarter and year over year; whether orders for the NeXT platform® and revenues from biopharmaceutical customers will increase; the success of our collaborations and partnerships, 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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Six Months Ended |
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2020 |
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2019 |
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|
2020 |
|
|
2019 |
|
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Revenues |
|
$ |
19,495 |
|
|
$ |
15,825 |
|
|
$ |
38,656 |
|
|
$ |
29,900 |
|
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs of revenues |
|
|
14,823 |
|
|
|
9,923 |
|
|
|
29,945 |
|
|
|
20,014 |
|
Research and development |
|
|
6,465 |
|
|
|
4,497 |
|
|
|
12,855 |
|
|
|
9,742 |
|
Selling, general and administrative |
|
|
7,705 |
|
|
|
5,466 |
|
|
|
14,979 |
|
|
|
9,636 |
|
Total costs and expenses |
|
|
28,993 |
|
|
|
19,886 |
|
|
|
57,779 |
|
|
|
39,392 |
|
Loss from operations |
|
|
(9,498 |
) |
|
|
(4,061 |
) |
|
|
(19,123 |
) |
|
|
(9,492 |
) |
Interest income |
|
|
246 |
|
|
|
200 |
|
|
|
756 |
|
|
|
284 |
|
Interest expense |
|
|
— |
|
|
|
(745 |
) |
|
|
(2 |
) |
|
|
(929 |
) |
Other income (expense), net |
|
|
1 |
|
|
|
(1,261 |
) |
|
|
9 |
|
|
|
(1,413 |
) |
Loss before income taxes |
|
|
(9,251 |
) |
|
|
(5,867 |
) |
|
|
(18,360 |
) |
|
|
(11,550 |
) |
Provision for income taxes |
|
|
(4 |
) |
|
|
(2 |
) |
|
|
(34 |
) |
|
|
(4 |
) |
Net loss |
|
$ |
(9,255 |
) |
|
$ |
(5,869 |
) |
|
$ |
(18,394 |
) |
|
$ |
(11,554 |
) |
Net loss per share, basic and diluted |
|
$ |
(0.29 |
) |
|
$ |
(0.89 |
) |
|
$ |
(0.58 |
) |
|
$ |
(2.38 |
) |
Weighted-average shares outstanding, basic and diluted |
|
|
31,731,628 |
|
|
|
6,597,007 |
|
|
|
31,538,329 |
|
|
|
4,853,325 |
|
SUPPLEMENTAL REVENUE INFORMATION (unaudited) (in thousands) |
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Three Months Ended |
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Six Months Ended |
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|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
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VA MVP |
|
$ |
14,750 |
|
|
$ |
8,536 |
|
|
$ |
29,506 |
|
|
$ |
16,879 |
|
All other customers |
|
|
4,745 |
|
|
|
7,289 |
|
|
|
9,150 |
|
|
|
13,021 |
|
Total |
|
$ |
19,495 |
|
|
$ |
15,825 |
|
|
$ |
38,656 |
|
|
$ |
29,900 |
|
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands, except share and per share data) |
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2020 |
|
|
2019 |
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Assets |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
25,042 |
|
|
$ |
55,046 |
|
Short-term investments |
|
|
80,191 |
|
|
|
73,243 |
|
Accounts receivable, net |
|
|
5,375 |
|
|
|
3,300 |
|
Inventory and other deferred costs |
|
|
6,524 |
|
|
|
4,606 |
|
Prepaid expenses and other current assets |
|
|
2,989 |
|
|
|
3,383 |
|
Total current assets |
|
|
120,121 |
|
|
|
139,578 |
|
Property and equipment, net |
|
|
12,650 |
|
|
|
14,106 |
|
Operating lease right-of-use assets |
|
|
10,991 |
|
|
|
1,845 |
|
Other long-term assets |
|
|
1,760 |
|
|
|
1,762 |
|
Total assets |
|
$ |
145,522 |
|
|
$ |
157,291 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
7,491 |
|
|
$ |
7,337 |
|
Accrued and other current liabilities |
|
|
6,594 |
|
|
|
6,648 |
|
Contract liabilities |
|
|
28,952 |
|
|
|
35,977 |
|
Total current liabilities |
|
|
43,037 |
|
|
|
49,962 |
|
Long-term operating lease liabilities |
|
|
9,233 |
|
|
|
639 |
|
Other long-term liabilities |
|
|
129 |
|
|
|
— |
|
Total liabilities |
|
|
52,399 |
|
|
|
50,601 |
|
Commitments and Contingencies |
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
Preferred stock, |
|
|
— |
|
|
|
— |
|
Common stock, |
|
|
3 |
|
|
|
3 |
|
Additional paid-in capital |
|
|
251,997 |
|
|
|
247,282 |
|
Accumulated other comprehensive income (loss) |
|
|
106 |
|
|
|
(6 |
) |
Accumulated deficit |
|
|
(158,983 |
) |
|
|
(140,589 |
) |
Total stockholders’ equity |
|
|
93,123 |
|
|
|
106,690 |
|
Total liabilities and stockholders’ equity |
|
$ |
145,522 |
|
|
$ |
157,291 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20200806005831/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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