On May 8, 2024 Personalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics for precision oncology, reported financial results for the first quarter of 2024 ended March 31, 2024, and provided recent business highlights (Press release, Personalis, MAY 8, 2024, View Source [SID1234642889]).
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Recent Business Highlights
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The analytical validation for the company’s NeXT Personal MRD test was published in Oncotarget on March 14, 2024. NeXT Personal is the first-to-market ultra-sensitive minimal residual disease (MRD) assay to detect cancer, and monitor therapy response in patients with solid tumor cancers. The study demonstrated a detection threshold of 1.67 parts per million (PPM) of ctDNA with high specificity, which is expected to enable an ultra-sensitive range leading to early cancer recurrence detection.
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Five abstracts focused on MRD in breast cancer, therapy monitoring, and colorectal cancer were accepted for the upcoming American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) medical conference in June. Two abstracts will be featured as podium presentations.
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NeXT Personal Dx clinical launch proceeding ahead of plan; 338 total molecular tests delivered in Q1, reflecting 100% engagement of NeXT Personal Dx early access clients and strong NeXT Dx growth.
"We began 2024 with strong execution as we delivered revenue of $19.5 million in the first quarter, exceeding the upper-end of our guidance range, and we continue to develop compelling NeXT Personal clinical evidence as we work towards obtaining Medicare coverage," said Chris Hall, Chief Executive Officer. "Our efforts in 2024 are focused on executing on the four pillars of our Win-in-MRD strategy: (1) focusing on cancer types where we believe our test provides the most value, (2) generating robust clinical evidence with top KOLs to support our submission for Medicare coverage, (3) leveraging our early success with biopharma customers to accelerate adoption, and (4) working with Tempus AI to expedite commercialization in a capital-efficient manner."
First Quarter Results
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Total company revenue of $19.5 million in the first quarter of 2024, compared with $18.9 million in the first quarter of 2023
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Revenue from pharma testing and services grew 55% to $9.8 million in the first quarter of 2024 from $6.3 million in the first quarter of 2023
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Revenue from Enterprise customers declined 16% to $8.0 million in the first quarter of 2024, compared with $9.5 million in the first quarter of 2023; this revenue decline was expected in connection with the amended agreement with Natera
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Revenue from population sequencing for the U.S. Department of Veterans Affairs Million Veterans Program (VA MVP) of $1.5 million in the first quarter of 2024, compared with $3.0 million in the first quarter of 2023
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Other Income of $4.6 million in the first quarter of 2024, and included a non-cash gain of $4.8 million related to fair-value accounting for the outstanding warrants issued to Tempus AI, Inc. (Tempus)
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Net loss of $13.0 million in the first quarter of 2024, compared with a net loss of $28.7 million in the first quarter of 2023
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Cash, cash equivalents, and short-term investments of $95.4 million as of March 31, 2024
Second Quarter and Revised Full Year 2024 Outlook
Personalis expects the following for the second quarter of 2024:
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Total company revenue in the range of $19.5 to $20.5 million
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Revenue from pharma tests, enterprise sales, and other customers in the range of $18.0 to $19.0 million
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Revenue from population sequencing of approximately $1.5 million
Personalis expects the following for the full year of 2024:
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Total company revenue range increased to $76.0 to $78.0 million from $73.0 to $75.0 million
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Revenue from pharma tests, enterprise sales, and all other customers in the range of $68.0 to $70.0 million, which increased from our prior guidance of $65.0 to $67.0 million
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Revenue from population sequencing of approximately $8.0 million
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Non-GAAP net loss of approximately $77.0 million, which decreased from our prior guidance of $80.0 million and does not include any income or expense from the outstanding warrants issued to Tempus
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Cash usage of approximately $62.0 million
Webcast and Conference Call Information
Personalis will host a conference call to discuss the first quarter of 2024 financial results, as well as plans for 2024, after market close on Wednesday, May 8, 2024, at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. The conference call can be accessed live by dialing 844-826-3035 for domestic callers or 412-317-5195 for international callers. The live webinar can be accessed at View Source A replay of the webinar will be available shortly after the conclusion of the call and will be archived on the company’s website.