On May 3, 2023 Personalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics for precision oncology, reported financial results for the first quarter ended March 31, 2023 and provided recent business highlights (Press release, Personalis, MAY 3, 2023, View Source [SID1234630938]).
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Recent Business Updates
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Announced a collaboration with Cancer Research UK, University College London, and the Francis Crick Institute to utilize our ultra-sensitive NeXT Personal tumor-informed liquid biopsy assay for the TRACERx study, a groundbreaking lung cancer initiative, to identify and track minimal residual disease (MRD) potentially before recurrence is detected through standard of care technologies
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Presented new data to highlight NeXT Personal’s unparalleled sensitivity in four posters at the American Association for Cancer Research (AACR) (Free AACR Whitepaper) Annual Meeting 2023, including initial findings from research with University Medical Center Hamburg-Eppendorf (UKE), which showed that NeXT Personal may improve the ability to predict responses or resistance to immunotherapy earlier than imaging
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Extended partnership with AstraZeneca to use NeXT Personal to explore ultra-sensitive MRD measurement, including clinically relevant and personalized variant tracking, for clinical research and drug development
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Partnered with Criterium and the Academic Breast Cancer Consortium (ABRCC) to conduct a prospective clinical trial to validate the clinical performance of the NeXT Personal assay to evaluate MRD and subsequent recurrence in patients with early-stage, resectable triple negative breast cancer (TNBC)
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Appointed Chris Hall as Chief Executive Officer (CEO) and a member of the Board, in addition to his role as President; promoted Aaron Tachibana to Chief Operating Officer (COO), in addition to his role as Chief Financial Officer (CFO); and promoted Richard Chen to Executive Vice President, Chief Medical Officer (CMO) and R&D
"We grew revenue 24% in the first quarter relative to the first quarter of last year, demonstrating consistent execution against our sharpened strategic focus in both our clinical and biopharma businesses," said Chris Hall, President and CEO of Personalis. "We are continuing to pursue revenue growth in three areas: winning in the MRD space, enabling customers to develop personalized cancer vaccines, and supporting biopharmaceutical customers with their clinical trials. This focus paves the way for us to enter into the clinical diagnostics market this year and become a critical partner in cancer recurrence monitoring and detection."
First Quarter Financial Highlights
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Reported total company revenue of $18.9 million for the first quarter of 2023, representing a 24% increase compared with $15.2 million for the first quarter of 2022
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Revenue from pharma tests, enterprise, and other customers of $15.9 million in the first quarter of 2023, representing a 35% increase compared with $11.7 million in the first quarter of 2022; revenue from enterprise customers includes revenue from Natera of $9.5 million in the first quarter of 2023
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Revenue from population sequencing for the U.S. Department of Veterans Affairs Million Veterans Program (VA MVP) of $3.0 million in the first quarter of 2023, compared with $3.5 million in the first quarter of 2022
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Cash, cash equivalents, and short-term investments of $148.9 million as of March 31, 2023
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Net loss of $28.7 million, and net loss per share of $0.61 based on a weighted-average basic and diluted share count of 46.7 million in the first quarter of 2023
Second Quarter and Full Year 2023 Outlook
Personalis expects the following for the second quarter of 2023:
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Total company revenue of $16 million to $17 million
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Revenue from pharma tests, enterprise sales, and other customers of $13 million to $14 million
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Revenue from population sequencing of approximately $3 million
Personalis expects the following for the full year of 2023:
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Total company revenue in the range of $68 million to $72 million
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Revenue from pharma tests, enterprise sales, and all other customers in the range of $59 million to $63 million
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Revenue from population sequencing of approximately $9 million
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Net loss of approximately $103 million, reduced from $113 million in 2022 due to realization of headcount reduction savings, partially offset by investments in clinical evidence generation and non-cash depreciation expense for the new facility
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Cash usage of approximately $75 million, reduced from $119 million in 2022
Webcast and Conference Call Information
Personalis will host a conference call to discuss the first quarter financial results after market close on Wednesday, May 3, 2023 at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. The conference call can be accessed live by dialing 877-451-6152 for domestic callers or 201-389-0879 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.