On August 7, 2024 Personalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics for precision oncology, reported financial results for the second quarter ended June 30, 2024, and provided recent business accomplishments (Press release, Personalis, AUG 7, 2024, View Source [SID1234645500]).
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Recent Business Accomplishments
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Highlighted clinical performance of NeXT Personal at the American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) meeting in May
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Compelling breast cancer detection results were presented by Dr. Isaac Garcia-Murillas (Institute of Cancer Research, London) and Prof. Nicolas Turner (Royal Marsden NHS Foundation Trust UK). In this study, they found:
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NeXT Personal detected cancer recurrence approximately 15 months before imaging
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100% of patients that recurred were detected with NeXT Personal and 100% of patients that were ctDNA negative were cancer-free at follow up time points
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A presentation by Dr. Rodrigo Toledo of the Vall d’Hebron Institute of Oncology highlighted the importance of NeXT Personal’s use for immunotherapy monitoring. This data showed:
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Baseline levels of ctDNA and the changes detected by NeXT Personal predict therapy response and clinical outcomes for late-stage cancer patients receiving immunotherapy
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NeXT Personal detected cancer progression 81 days before imaging on average
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Delivered 561 total molecular tests in the second quarter of 2024, a 66% increase compared with the prior quarter, and commenced NeXT Personal Dx commercialization efforts with Tempus AI, Inc. (Tempus)
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Announced a cross-license agreement with Myriad Genetics, Inc. covering patent estates for tumor-informed approaches to detect minimal residual disease (MRD)
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Successfully settled the IP lawsuit with Foresight Diagnostics, Inc. (Foresight) with Foresight agreeing to license Personalis’ MRD patents
Second Quarter 2024 Results Compared to Second Quarter 2023
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Reported total company revenue of $22.6 million in the second quarter of 2024, an increase of 35% compared with $16.7 million
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Revenue from pharma testing and services of $13.2 million in the second quarter of 2024, an increase of 117% compared with $6.1 million
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Revenue from Enterprise customers of $8.0 million in the second quarter of 2024, an increase of 8% compared with $7.4 million
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Revenue from population sequencing for the U.S. Department of Veterans Affairs Million Veterans Program of $1.3 million in the second quarter of 2024, a decrease of 57% compared with $3.0 million
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Other Income of $3.0 million in the second quarter of 2024, which consists of a non-cash gain of $3.0 million related to fair-value accounting for the outstanding warrants issued to Tempus
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Net loss of $12.8 million in the second quarter of 2024, a decrease of 47% compared with $24.0 million
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Cash, cash equivalents, and short-term investments of $87.0 million as of June 30, 2024
"The revenue growth depicts growing customer confidence in both our technology and platform. Importantly, the growth in our clinical testing volume means that we can see the impact on patient lives. Now that our collaborators have presented compelling NeXT Personal clinical evidence, we expect to leverage that towards obtaining Medicare coverage and materially increasing the number of patients we can help," said Chris Hall, Chief Executive Officer. "As we continue to execute on our Win-in-MRD strategy, we are more confident than ever in our ability to drive broad adoption for patient testing."
Third Quarter and Revised Full Year 2024 Outlook
Personalis expects the following for the third quarter of 2024:
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Total company revenue in the range of $21.0 to $22.0 million
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Revenue from pharma tests, enterprise sales, and other customers in the range of $17.0 to $18.0 million
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Revenue from population sequencing of approximately $4.0 million
Personalis expects the following for the full year of 2024:
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Total company revenue in the range of $79.0 to $81.0 million, an increase from $76.0 to $78.0 million
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Revenue from pharma tests, enterprise sales, and all other customers in the range of $71.0 to $73.0 million, an increase from prior guidance of $68.0 to $70.0 million
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Revenue from population sequencing of approximately $8.0 million
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Non-GAAP net loss of approximately $75.0 million, a decrease from our prior guidance of $77.0 million and excludes any non-cash gain or loss from the outstanding warrants issued to Tempus
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Cash usage of approximately $60.0 million, a decrease from our prior guidance of $62.0 million
Webcast and Conference Call Information
Personalis will host a conference call to discuss the second quarter of 2024 financial results, as well as plans for 2024, after market close on Wednesday, August 7, 2024, at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. The conference call can be accessed live by dialing 800-717-1738 for domestic callers or 646-307-1865 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.