Personalis Reports Third Quarter 2019 Financial Results
Third Quarter 2019 Highlights
- Record revenues of
$17.2 million in the third quarter of 2019, versus$11.7 million in the third quarter of 2018, an increase of 47% - Received a new
$38.1 million task order from the VA’s Million Veteran Program, increasing our unfulfilled orders with the VA MVP to approximately$82.5 million - Announced important customer and partner relationships, including agreements with Invectys, the
University of New Mexico and theNew Mexico Cancer Care Alliance
“I’m very pleased that we again achieved record quarterly revenues and grew 47% over the third quarter of last year. In September, we received a new order from the VA’s Million Veteran Program, which increased our cumulative orders received to date from the VA MVP to approximately
Third Quarter 2019 Financial Results
Revenues were
Gross margin was 32.8% for the three months ended
Operating expenses were
Net loss was
Cash, cash equivalents, and short-term investments were
2019 and 2020 Outlook
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 of tissue sample receipts from customers, which can materially impact revenue quarter over quarter; the evolution of cancer therapies and market adoption of our services; and our expectations regarding future performance, including 2019 and 2020 revenues. In addition, other potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our prospectus filed with the
PERSONALIS, INC. |
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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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Nine Months Ended |
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September 30, |
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September 30, |
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|
2019 |
|
|
2018 |
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|
2019 |
|
|
2018 |
|
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Revenues |
|
$ |
17,153 |
|
|
$ |
11,654 |
|
|
$ |
47,053 |
|
|
$ |
24,617 |
|
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs of revenues |
|
|
11,524 |
|
|
|
7,173 |
|
|
|
31,538 |
|
|
|
17,641 |
|
Research and development |
|
|
5,303 |
|
|
|
3,574 |
|
|
|
15,045 |
|
|
|
10,023 |
|
Selling, general and administrative |
|
|
6,056 |
|
|
|
2,658 |
|
|
|
15,692 |
|
|
|
7,575 |
|
Total costs and expenses |
|
|
22,883 |
|
|
|
13,405 |
|
|
|
62,275 |
|
|
|
35,239 |
|
Loss from operations |
|
|
(5,730 |
) |
|
|
(1,751 |
) |
|
|
(15,222 |
) |
|
|
(10,622 |
) |
Interest income |
|
|
756 |
|
|
|
83 |
|
|
|
1,040 |
|
|
|
215 |
|
Interest expense |
|
|
(204 |
) |
|
|
(455 |
) |
|
|
(1,133 |
) |
|
|
(1,650 |
) |
Loss on debt extinguishment |
|
|
(1,704 |
) |
|
|
(1,336 |
) |
|
|
(1,704 |
) |
|
|
(4,658 |
) |
Other (expense) income, net |
|
|
(2 |
) |
|
|
(180 |
) |
|
|
(1,415 |
) |
|
|
389 |
|
Loss before income taxes |
|
|
(6,884 |
) |
|
|
(3,639 |
) |
|
|
(18,434 |
) |
|
|
(16,326 |
) |
Provision for income taxes |
|
|
(1 |
) |
|
|
(2 |
) |
|
|
(5 |
) |
|
|
(5 |
) |
Net loss |
|
$ |
(6,885 |
) |
|
$ |
(3,641 |
) |
|
$ |
(18,439 |
) |
|
$ |
(16,331 |
) |
Net loss per share, basic and diluted |
|
$ |
(0.22 |
) |
|
$ |
(1.19 |
) |
|
$ |
(1.35 |
) |
|
$ |
(5.33 |
) |
Weighted-average shares outstanding, basic and diluted |
|
|
31,133,683 |
|
|
|
3,065,256 |
|
|
|
13,613,444 |
|
|
|
3,062,464 |
|
PERSONALIS, INC. |
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SUPPLEMENTAL REVENUE INFORMATION (unaudited) |
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(in thousands) |
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2019 |
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2018 |
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|
2019 |
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|
2018 |
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VA MVP |
|
$ |
12,912 |
|
|
$ |
6,520 |
|
|
$ |
29,791 |
|
|
$ |
12,472 |
|
All other customers |
|
|
4,241 |
|
|
|
5,134 |
|
|
|
17,262 |
|
|
|
12,145 |
|
Total |
|
$ |
17,153 |
|
|
$ |
11,654 |
|
|
$ |
47,053 |
|
|
$ |
24,617 |
|
|
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PERSONALIS, INC. |
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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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September 30, |
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|
December 31, |
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2019 |
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|
2018 |
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Assets |
|
|
|
|
|
|
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Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
87,013 |
|
|
$ |
19,744 |
|
Short-term investments |
|
|
40,263 |
|
|
|
— |
|
Accounts receivable, net |
|
|
4,445 |
|
|
|
4,457 |
|
Inventory and other deferred costs |
|
|
4,604 |
|
|
|
3,432 |
|
Prepaid expenses and other current assets |
|
|
3,973 |
|
|
|
1,926 |
|
Total current assets |
|
|
140,298 |
|
|
|
29,559 |
|
Property and equipment, net |
|
|
15,215 |
|
|
|
11,452 |
|
Operating lease right-of-use assets |
|
|
2,154 |
|
|
|
— |
|
Other long-term assets |
|
|
2,024 |
|
|
|
659 |
|
Total assets |
|
$ |
159,691 |
|
|
$ |
41,670 |
|
Liabilities, Redeemable Convertible Preferred Stock, and Stockholders’ Equity (Deficit) |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
7,764 |
|
|
$ |
6,565 |
|
Accrued and other current liabilities |
|
|
5,899 |
|
|
|
3,392 |
|
Contract liabilities |
|
|
33,726 |
|
|
|
42,897 |
|
Short-term debt |
|
|
— |
|
|
|
4,996 |
|
Total current liabilities |
|
|
47,389 |
|
|
|
57,850 |
|
Redeemable convertible preferred stock warrant liability |
|
|
— |
|
|
|
683 |
|
Other long-term liabilities |
|
|
910 |
|
|
|
121 |
|
Total liabilities |
|
|
48,299 |
|
|
|
58,654 |
|
Commitments and Contingencies |
|
|
|
|
|
|
|
|
Redeemable convertible preferred stock |
|
|
— |
|
|
|
89,404 |
|
Stockholders’ equity (deficit) |
|
|
|
|
|
|
|
|
Common stock, $0.0001 par value — 200,000,000 shares authorized and 31,142,643 shares issued and outstanding as of September 30, 2019; 102,700,000 shares authorized and 3,085,307 shares issued and outstanding as of December 31, 2018 |
|
|
3 |
|
|
|
1 |
|
Additional paid-in-capital |
|
|
245,362 |
|
|
|
9,131 |
|
Accumulated other comprehensive loss |
|
|
(29 |
) |
|
|
(15 |
) |
Accumulated deficit |
|
|
(133,944 |
) |
|
|
(115,505 |
) |
Total stockholders’ equity (deficit) |
|
|
111,392 |
|
|
|
(106,388 |
) |
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit) |
|
$ |
159,691 |
|
|
$ |
41,670 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20191113005804/en/
Source:
Investor Relations Contact:
Caroline Corner
investors@personalis.com
415-202-5678
Media Contact:
Jennifer Havlek
pr@personalis.com
www.personalis.com
650-752-1300