On August 4, 2021 Personalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics for cancer and population sequencing, reported financial results for the second quarter ended June 30, 2021 (Press release, Personalis, AUG 4, 2021, View Source [SID1234585707]).
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Second Quarter and Recent Highlights
Record quarterly revenue of $21.7 million in the second quarter of 2021 compared with $19.5 million in the second quarter of 2020, an 11% increase
Revenue of $8.2 million from biopharma and all other customers, excluding the U.S. Department of Veterans Affairs Million Veteran Program (VA MVP), in the second quarter of 2021 compared with $4.7 million in the second quarter of 2020, a 72% increase
Ended the second quarter with cash, cash equivalents, and short-term investments of $328.9 million as of June 30, 2021
Achieved milestone of delivering more than 125,000 whole human genome sequences to the VA MVP
"I’m proud to say that we were able to report record revenue once again this quarter and that we achieved our twentieth consecutive quarter of growth, as we converted an increasing number of orders into revenue. Revenue from biopharma and all other customers grew 72% over the same period of the prior year, and increased sequentially for the seventh consecutive quarter," said John West, Chief Executive Officer. "Recently, we achieved a significant milestone of sequencing our 125,000th whole human genome for the VA MVP, which highlights our expertise and ability to scale. In addition, our development efforts for NeXT Personal, our Minimal Residual Disease (MRD) offering that we expect to launch in 2021, remain on-track."
Second Quarter 2021 Financial Results
Revenue was $21.7 million in the three months ended June 30, 2021, up 11% from $19.5 million in the same period of the prior year.
Gross margin was 37.7% in the three months ended June 30, 2021, compared with 24.0% in the same period of the prior year.
Operating expenses were $23.1 million in the three months ended June 30, 2021, compared with $14.2 million in the same period of the prior year.
Net loss was $15.0 million in the three months ended June 30, 2021 and net loss per share was $0.34 based on a weighted-average basic and diluted share count of 44.0 million, compared with a net loss of $9.3 million and a net loss per share of $0.29 on a weighted-average basic and diluted share count of 31.7 million in the same period of the prior year.
Business Outlook
Personalis expects the following for the third quarter of 2021:
Total revenue to be approximately $22.2 million
Revenue from biopharma and all other customers, excluding VA MVP, to be in the range of $7.5 million to $8.5 million
Net Loss to be in the range of $17 million to $18 million; estimated outstanding shares of 44 million
Personalis expects the following for the full year of 2021:
Total revenue to be approximately $85 million
Revenue from biopharma and all other customers, excluding VA MVP, to be in the range of $33 million to $34 million
Net Loss to be in the range of $65 million to $70 million; estimated outstanding shares of 44 million
Webcast and Conference Call Information
Personalis will host a conference call to discuss the second quarter 2021 financial results after market close on Wednesday, August 4, 2021 at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. The conference call can be accessed live over the phone by dialing (866) 220-8061 for U.S. callers or (470) 495-9168 for international callers, using the conference ID: 8564509. The live webinar can be accessed at View Source