Personalis Reports Second Quarter 2025 Financial Results
Strong Q2 Clinical Momentum with
Second Quarter 2025 and Recent Business Highlights
-
Clinical Adoption Acceleration: Delivered 3,478 clinical tests in the second quarter, a
59% sequential increase over Q1 2025, demonstrating accelerating physician adoption of the NeXT Personal® platform - Commercial Partnership Expansion: Broadened the strategic collaboration with Tempus AI, Inc. (Tempus) to add colorectal cancer, a major new indication, to the exclusive commercialization agreement, positioning Personalis to win in this attractive market
- World-Class Clinical Evidence Generation: Presented pivotal data at the 2025 ASCO Annual Meeting, including results from the PREDICT and SCANDARE studies showing NeXT Personal’s ability to predict therapy response in breast cancer. Notably, nearly half of all positive detections were found in the ultra-sensitive range
- Clinical Utility Demonstration: Additional data presented at ASCO from the Phase 3 CALLA trial in partnership with AstraZeneca showed NeXT Personal detected cervical cancer progression up to 16 months earlier than standard imaging
“The results of our 'Win-in-MRD' strategy are clear, with an impressive
Second Quarter 2025 Financial Results Compared with 2024
-
Revenue of
for the second quarter of 2025 compared with$17.2 million , a decrease of$22.6 million 24% , primarily due to the expected decline of in revenue from Natera, and a decrease in revenue from pharma tests and services, and other customers of$5.6 million , partially offset by an increase in population sequencing revenue of$2.1 million $2.0 million -
Pharma tests and services, and other customers of
for the second quarter of 2025 compared with$11.1 million , a decrease of$13.2 million 16% -
Population sequencing of
for the second quarter of 2025 compared with$3.3 million , an increase of$1.3 million 158%
-
Pharma tests and services, and other customers of
-
Gross margin of
27.6% for the second quarter of 2025 compared with35.6% , a decrease of8.0% primarily due to lower revenue volume, customer mix, and increased unreimbursed clinical test costs -
Net loss of
, and net loss per share of$20.1 million based on a weighted-average basic and diluted share count of 88.5 million in the second quarter 2025, compared with a net loss of$0.23 , and net loss per share of$12.8 million based on a weighted-average basic and diluted share count of 52.4 million$0.24 -
Cash, cash equivalents, and short-term investments of
as of June 30, 2025; cash usage of$173.2 million from operations and capital equipment additions in the second quarter of 2025$13.2 million
Third Quarter and Full Year 2025 Outlook
Personalis expects the following for the third quarter of 2025:
-
Total company revenue to be in the range of
to$12.0 $14.0 million -
Revenue from pharma tests and services, and all other customers to be in the range of
to$11.0 $13.0 million -
Revenue from population sequencing and enterprise sales of approximately
$1.0 million
Personalis now expects the following for the full year of 2025 (updated guidance):
-
Total company revenue in the range of
to$70 (reduced from$80 million to$80 )$90 million -
Revenue from pharma tests and services, and all other customers in the range of
to$52 (reduced from$58 million to$62 ); the lower range is due to variability with biopharma projects and timing of sample receipts$64 million -
Revenue from population sequencing and enterprise sales in the range of
to$15 $16 million -
Revenue from clinical tests reimbursed in the range of
to$3 (narrowed range from$6 million to$3 )$10 million -
Gross margin in the range of
22% to24% , which is lower than the32% gross margin for the full year of 2024 as we invest to drive clinical use of NeXT Personal ahead of reimbursement -
Net loss of approximately
(increased from$85 million )$83 million -
Cash usage of approximately
, which is an increase from the$75 million used in the full year of 2024 primarily due to investments in the next phase of our “Win-in-MRD� strategy, including growing test volume, expanding clinical evidence generation, and investing in commercial capabilities to drive growth$47 million
Webcast and Conference Call Information
Personalis will host a conference call to discuss the second quarter financial results, as well as plans for 2025, after market close on Tuesday, August 5, 2025, 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 . A replay of the webinar will be available shortly after the conclusion of the call and will be archived on the company's website.
About Personalis, Inc.
At Personalis, we are transforming the active management of cancer through breakthrough personalized testing. We aim to drive a new paradigm for cancer management, guiding care from biopsy through the life of the patient. Our highly sensitive assays combine tumor-and-normal profiling with proprietary algorithms to deliver advanced insights even as cancer evolves over time. Our products are designed to detect minimal residual disease (MRD) and recurrence at the earliest timepoints, enable the selection of targeted therapies based on ultra-comprehensive genomic profiling, and enhance biomarker strategy for drug development. Personalis is based in
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts and can generally be identified by terms such as “anticipate,� “estimate,� “expect,� “if,� “may,� “future,� “will,� “position� or similar expressions. These statements include statements relating to: Personalis� achievement of its most critical strategic objectives for 2025, including receipt of Medicare reimbursement coverage for two indications, and Personalis� third quarter and full year 2025 financial guidance. Such forward-looking statements involve known and unknown risks and uncertainties and other factors that may cause actual results to differ materially from any anticipated results or expectations expressed or implied by such statements, including the risks, uncertainties and other factors that relate to the timing and pace of new orders from customers, including from ModernaTX, Inc., Merck Sharp & Dohme LLC and Natera, Inc.; our revenue guidance assumes the receipt of a task order from the
PERSONALIS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except share and per share data) |
||||||||||||||||
|
||||||||||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
Revenue (1) |
|
$ |
17,203 |
|
|
$ |
22,580 |
|
|
$ |
37,808 |
|
|
$ |
42,105 |
|
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of revenue |
|
|
12,447 |
|
|
|
14,543 |
|
|
|
25,845 |
|
|
|
28,575 |
|
Research and development |
|
|
12,381 |
|
|
|
12,957 |
|
|
|
25,021 |
|
|
|
25,728 |
|
Selling, general and administrative (2) |
|
|
14,179 |
|
|
|
11,973 |
|
|
|
26,442 |
|
|
|
23,575 |
|
Total costs and expenses |
|
|
39,007 |
|
|
|
39,473 |
|
|
|
77,308 |
|
|
|
77,878 |
|
Loss from operations |
|
|
(21,804 |
) |
|
|
(16,893 |
) |
|
|
(39,500 |
) |
|
|
(35,773 |
) |
Interest income |
|
|
1,878 |
|
|
|
1,136 |
|
|
|
3,905 |
|
|
|
2,495 |
|
Interest expense |
|
|
(48 |
) |
|
|
(9 |
) |
|
|
(76 |
) |
|
|
(18 |
) |
Other income (expense), net |
|
|
(80 |
) |
|
|
2,968 |
|
|
|
(126 |
) |
|
|
7,537 |
|
Loss before income taxes |
|
|
(20,054 |
) |
|
|
(12,798 |
) |
|
|
(35,797 |
) |
|
|
(25,759 |
) |
Provision for income taxes |
|
|
2 |
|
|
|
4 |
|
|
|
9 |
|
|
|
11 |
|
Net loss |
|
$ |
(20,056 |
) |
|
$ |
(12,802 |
) |
|
$ |
(35,806 |
) |
|
$ |
(25,770 |
) |
Net loss per share, basic and diluted |
|
$ |
(0.23 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.41 |
) |
|
$ |
(0.50 |
) |
Weighted-average shares outstanding, basic and diluted |
|
|
88,517,498 |
|
|
|
52,394,678 |
|
|
|
87,990,691 |
|
|
|
51,536,632 |
|
(1) |
Includes related party revenue of |
|
(2) |
Includes related party sales and marketing expenses of |
PERSONALIS, INC.
SUPPLEMENTAL REVENUE INFORMATION (Unaudited) (In thousands) |
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|
||||||||||||||||
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
Pharma tests and services (1) |
|
$ |
11,023 |
|
|
$ |
13,197 |
|
|
$ |
24,617 |
|
|
$ |
23,009 |
|
Enterprise sales |
|
|
2,315 |
|
|
|
7,958 |
|
|
|
4,780 |
|
|
|
15,930 |
|
Population sequencing |
|
|
3,308 |
|
|
|
1,280 |
|
|
|
7,521 |
|
|
|
2,780 |
|
Clinical diagnostic |
|
|
469 |
|
|
|
117 |
|
|
|
777 |
|
|
|
312 |
|
Other |
|
|
88 |
|
|
|
28 |
|
|
|
113 |
|
|
|
74 |
|
Total revenue |
|
$ |
17,203 |
|
|
$ |
22,580 |
|
|
$ |
37,808 |
|
|
$ |
42,105 |
|
(1) |
Includes related party revenue of |
PERSONALIS, INC.
CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share and par value data) |
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|
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|
|
June 30,
|
|
|
December 31,
|
|
||
Assets |
|
|
|
|
|
|
||
Current assets |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
53,374 |
|
|
$ |
91,415 |
|
Short-term investments |
|
|
119,858 |
|
|
|
93,594 |
|
Accounts receivable, net (1) |
|
|
9,952 |
|
|
|
8,140 |
|
Inventory and other deferred costs |
|
|
5,435 |
|
|
|
5,939 |
|
Prepaid expenses and other current assets |
|
|
4,724 |
|
|
|
3,927 |
|
Total current assets |
|
|
193,343 |
|
|
|
203,015 |
|
Property and equipment, net |
|
|
45,812 |
|
|
|
48,274 |
|
Operating lease right-of-use assets |
|
|
15,654 |
|
|
|
16,453 |
|
Other long-term assets |
|
|
3,871 |
|
|
|
2,526 |
|
Total assets |
|
$ |
258,680 |
|
|
$ |
270,268 |
|
Liabilities and Stockholders� Equity |
|
|
|
|
|
|
||
Current liabilities |
|
|
|
|
|
|
||
Accounts payable (2) |
|
$ |
9,926 |
|
|
$ |
6,397 |
|
Accrued and other current liabilities (2) |
|
|
20,172 |
|
|
|
21,629 |
|
Contract liabilities |
|
|
1,625 |
|
|
|
3,100 |
|
Total current liabilities |
|
|
31,723 |
|
|
|
31,126 |
|
Long-term operating lease liabilities |
|
|
33,390 |
|
|
|
34,882 |
|
Other long-term liabilities (3) |
|
|
2,738 |
|
|
|
1,303 |
|
Total liabilities |
|
|
67,851 |
|
|
|
67,311 |
|
Commitments and contingencies (Note 11) |
|
|
|
|
|
|
||
Stockholders� equity |
|
|
|
|
|
|
||
Preferred stock, |
|
|
� |
|
|
|
� |
|
Common stock, |
|
|
9 |
|
|
|
9 |
|
Additional paid-in capital |
|
|
776,596 |
|
|
|
752,961 |
|
Accumulated other comprehensive income (loss) |
|
|
20 |
|
|
|
(23 |
) |
Accumulated deficit |
|
|
(585,796 |
) |
|
|
(549,990 |
) |
Total stockholders� equity |
|
|
190,829 |
|
|
|
202,957 |
|
Total liabilities and stockholders� equity |
|
$ |
258,680 |
|
|
$ |
270,268 |
|
(1) |
Includes related party accounts receivable of |
|
(2) |
Includes related party liabilities of |
|
(3) |
Includes related party liabilities of |
View source version on businesswire.com:
Investor Relations Contact:
Caroline Corner
[email protected]
415-202-5678
Media:
[email protected]
Source: Personalis, Inc.