Personalis Reports Second Quarter 2021 Financial Results
Second Quarter and Recent Highlights
- Record quarterly revenue of
$21.7 million in the second quarter of 2021 compared with$19.5 million in the second quarter of 2020, an 11% increase - Revenue of
$8.2 million from biopharma and all other customers, excluding theU.S. Department of Veterans Affairs Million Veteran Program (VA MVP), in the second quarter of 2021 compared with$4.7 million in the second quarter of 2020, a 72% increase - Ended the second quarter with cash, cash equivalents, and short-term investments of
$328.9 million as ofJune 30, 2021 - Achieved milestone of delivering more than 125,000 whole human genome sequences to the VA MVP
“I’m proud to say that we were able to report record revenue once again this quarter and that we achieved our twentieth consecutive quarter of growth, as we converted an increasing number of orders into revenue. Revenue from biopharma and all other customers grew 72% over the same period of the prior year, and increased sequentially for the seventh consecutive quarter,” said
Second Quarter 2021 Financial Results
Revenue was
Gross margin was 37.7% in the three months ended
Operating expenses were
Net loss was
Business Outlook
- Total revenue to be approximately
$22.2 million - Revenue from biopharma and all other customers, excluding VA MVP, to be in the range of
$7.5 million to$8.5 million - Net Loss to be in the range of
$17 million to$18 million ; estimated outstanding shares of 44 million
- Total revenue to be approximately
$85 million - Revenue from biopharma and all other customers, excluding VA MVP, to be in the range of
$33 million to$34 million - Net Loss to be in the range of
$65 million to$70 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 revenue and net loss for the third 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
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands, except share and per share data) |
||||||||||||||||
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
||||
Revenue |
|
$ |
21,670 |
|
|
$ |
19,495 |
|
|
$ |
42,551 |
|
|
$ |
38,656 |
|
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
13,502 |
|
|
|
14,823 |
|
|
|
26,956 |
|
|
|
29,945 |
|
Research and development |
|
|
11,687 |
|
|
|
6,465 |
|
|
|
21,183 |
|
|
|
12,855 |
|
Selling, general and administrative |
|
|
11,428 |
|
|
|
7,705 |
|
|
|
21,849 |
|
|
|
14,979 |
|
Total costs and expenses |
|
|
36,617 |
|
|
|
28,993 |
|
|
|
69,988 |
|
|
|
57,779 |
|
Loss from operations |
|
|
(14,947 |
) |
|
|
(9,498 |
) |
|
|
(27,437 |
) |
|
|
(19,123 |
) |
Interest income |
|
|
103 |
|
|
|
246 |
|
|
|
198 |
|
|
|
756 |
|
Interest expense |
|
|
(65 |
) |
|
|
— |
|
|
|
(65 |
) |
|
|
(2 |
) |
Other income (expense), net |
|
|
(36 |
) |
|
|
1 |
|
|
|
(48 |
) |
|
|
9 |
|
Loss before income taxes |
|
|
(14,945 |
) |
|
|
(9,251 |
) |
|
|
(27,352 |
) |
|
|
(18,360 |
) |
Provision for income taxes |
|
|
8 |
|
|
|
4 |
|
|
|
5 |
|
|
|
34 |
|
Net loss |
|
$ |
(14,953 |
) |
|
$ |
(9,255 |
) |
|
$ |
(27,357 |
) |
|
$ |
(18,394 |
) |
Net loss per share, basic and diluted |
|
$ |
(0.34 |
) |
|
$ |
(0.29 |
) |
|
$ |
(0.63 |
) |
|
$ |
(0.58 |
) |
Weighted-average shares outstanding, basic and diluted |
|
|
43,960,794 |
|
|
|
31,731,628 |
|
|
|
43,113,195 |
|
|
|
31,538,329 |
|
SUPPLEMENTAL REVENUE INFORMATION (unaudited) (in thousands) |
||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||
VA MVP |
|
$ |
13,507 |
|
$ |
14,750 |
|
$ |
26,717 |
|
$ |
29,506 |
All other customers |
|
|
8,163 |
|
|
4,745 |
|
|
15,834 |
|
|
9,150 |
Total revenue |
|
$ |
21,670 |
|
$ |
19,495 |
|
$ |
42,551 |
|
$ |
38,656 |
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands, except share and per share data) |
||||||||
|
|
|
|
|
||||
Assets |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
70,080 |
|
|
$ |
68,525 |
|
Short-term investments |
|
|
258,827 |
|
|
|
134,765 |
|
Accounts receivable, net |
|
|
9,278 |
|
|
|
6,349 |
|
Inventory and other deferred costs |
|
|
7,321 |
|
|
|
5,639 |
|
Prepaid expenses and other current assets |
|
|
8,803 |
|
|
|
5,441 |
|
Total current assets |
|
|
354,309 |
|
|
|
220,719 |
|
Property and equipment, net |
|
|
14,258 |
|
|
|
11,834 |
|
Operating lease right-of-use assets |
|
|
11,126 |
|
|
|
10,271 |
|
Other long-term assets |
|
|
3,647 |
|
|
|
2,018 |
|
Total assets |
|
$ |
383,340 |
|
|
$ |
244,842 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
8,919 |
|
|
$ |
8,301 |
|
Accrued and other current liabilities |
|
|
13,708 |
|
|
|
11,301 |
|
Contract liabilities |
|
|
11,460 |
|
|
|
21,034 |
|
Total current liabilities |
|
|
34,087 |
|
|
|
40,636 |
|
Long-term operating lease liabilities |
|
|
8,518 |
|
|
|
8,541 |
|
Other long-term liabilities |
|
|
1,988 |
|
|
|
720 |
|
Total liabilities |
|
|
44,593 |
|
|
|
49,897 |
|
Commitments and Contingencies |
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
Preferred stock, |
|
|
— |
|
|
|
— |
|
Common stock, |
|
|
4 |
|
|
|
4 |
|
Additional paid-in capital |
|
|
547,951 |
|
|
|
376,788 |
|
Accumulated other comprehensive income (loss) |
|
|
18 |
|
|
|
22 |
|
Accumulated deficit |
|
|
(209,226 |
) |
|
|
(181,869 |
) |
Total stockholders’ equity |
|
|
338,747 |
|
|
|
194,945 |
|
Total liabilities and stockholders’ equity |
|
$ |
383,340 |
|
|
$ |
244,842 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20210804005894/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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