On August 6, 2020 Personalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics for cancer, reported financial results for the second quarter ended June 30, 2020 (Press release, Personalis, AUG 6, 2020, View Source [SID1234563037]).
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Second Quarter Highlights
Reported record revenues of $19.5 million in the second quarter of 2020 versus $15.8 million in the second quarter of 2019, an increase of 23%
A total of 32 customers have placed orders for NeXT as of June 30, 2020, with 6 of those customers placing their first orders in the second quarter of 2020
Announced a collaboration with Sarepta Therapeutics, Inc. (Nasdaq: SRPT), a leader in precision genetic medicine for rare disease
Announced expansion plans into China along with a partnership with Berry Genomics, who will provide services and support to Personalis
Achieved milestone of completing the 75,000th whole human genome sequenced under the contract with the U.S. Department of Veterans Affairs Million Veteran Program (VA MVP)
"I’m proud to say that we were able to report record revenues once again this quarter, with our team delivering strong execution across both our population sequencing and biopharma businesses, despite the impact from the COVID-19 pandemic, and we continued to see strong ordering levels from both our existing and new customers," said John West, Chief Executive Officer. "In addition, our recently announced liquid biopsy product will be available to order immediately."
Second Quarter 2020 Financial Results
Revenues were $19.5 million in the three months ended June 30, 2020, up 23.2% from $15.8 million in the same period of the prior year. In the second quarter, the VA MVP accounted for $14.8 million of our total revenues, and the remaining $4.7 million was from biopharmaceutical and all other customers.
Gross margin was 24.0% for the three months ended June 30, 2020, compared with 37.3% in the same period of the prior year.
Operating expenses were $14.2 million for the three months ended June 30, 2020, compared with $10.0 million in the same period of the prior year.
Net loss was $9.3 million for the three months ended June 30, 2020 and net loss per share was $0.29 based on a weighted-average basic and diluted share count of 31.7 million, compared with a net loss of $5.9 million and a net loss per share of $0.89 based on a weighted-average basic and diluted share count of 6.6 million in the same period of the prior year.
Cash, cash equivalents, and short-term investments were $105.2 million as of June 30, 2020.
Outlook and COVID-19
Due to continued uncertainty surrounding the COVID-19 pandemic, Personalis will not provide an outlook for fiscal 2020 at this time and will plan to give an update during its third quarter earnings announcement and press release, to the extent practicable, based on available information at that time.
Webcast and Conference Call Information
Personalis will host a conference call to discuss the second quarter financial results after market close on Thursday, August 6, 2020 at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. The conference call can be accessed live over the phone (866) 220-8061 for U.S. callers or (470) 495-9168 for international callers, using conference ID: 4682918. The live webinar can be accessed at View Source