Personalis Reports Preliminary Q4 And FY23 Revenue And Cash Balance; Sees Q4 Revenue $19.7M Vs $19.62M Est.; Sees FY23 Revenue $73.5M Vs $73.41M Est.

Author: Benzinga Newsdesk | January 05, 2024 10:08am

Personalis, Inc. (NASDAQ:PSNL), a leader in advanced genomics for precision oncology, today reported unaudited preliminary revenue for the fourth quarter and full year ended December 31, 2023.

Preliminary Fourth Quarter Revenue and Cash Balance

• Preliminary total company revenue is estimated to be $19.7 million in the fourth quarter of 2023, an increase of 18% compared with $16.7 million in the fourth quarter of 2022
• Preliminary revenue from pharma tests, enterprise sales, and other customers is estimated to be $18.7 million in the fourth quarter of 2023 compared with $15.8 million in the fourth quarter of 2022; revenue from enterprise customers includes revenue from Natera which is estimated to be $7.1 million in the fourth quarter of 2023, compared with $8.2 million from Natera in the fourth quarter of 2022
• Preliminary revenue from the Veteran's Administration Million Veteran's Program (VA MVP) is estimated to be $1.0 million in the fourth quarter of 2023, compared with $0.9 million in the fourth quarter of 2022
• Preliminary cash, cash equivalents, and short-term investments is estimated to be $114.0 million as of December 31, 2023, and is expected to last through the first quarter of 2026, as a result of 2023 cost-cutting measures which reduced expenses by approximately $35 million annually

Preliminary Full Year 2023 Revenue and Cash Usage

• Preliminary total company revenue is estimated to be $73.5 million in the full year of 2023, an increase of 13% compared with $65.0 million in the full year of 2022
• Preliminary revenue from pharma tests, enterprise sales, and other customers is estimated to be $64.1 million in the full year of 2023 compared with $56.6 million in the full year of 2022; revenue from enterprise customers includes revenue from Natera which is estimated to be $31.7 million in the full year of 2023, compared with $26.6 million from Natera in the full year of 2022
• Preliminary revenue from the VA MVP is estimated to be $9.4 million in the full year of 2023, compared with $8.4 million in the full year of 2022
• Cash usage is expected to be approximately $54 million in the full year of 2023, reduced from $119 million in 2022

"Our strong fourth quarter performance caps off a remarkable year where we delivered on our commitments to investors," stated Chris Hall, President and CEO of Personalis. "To touch on a few highlights, over this past year we launched our NeXT Personal Dx ultrasensitive MRD product, deepened clinical evidence to support obtaining reimbursement, presented unprecedented clinical evidence for early-stage lung cancer detection at medical conferences, expanded our relationships with research collaborators, and forged a new strategic commercial partnership with Tempus to commercialize and ramp our MRD product, all while reducing our annualized expenses by $35 million. I'm very proud of our progress and we expect to further leverage our clinical and commercial strength to drive more success in 2024."

The above information is preliminary and subject to Personalis' normal quarter and year-end accounting procedures and external audit by the company's independent registered public accounting firm. In addition, these preliminary unaudited results are not a comprehensive statement of the company's financial results for the year ended December 31, 2023, should not be viewed as a substitute for full, audited financial statements prepared in accordance with generally accepted accounting principles, and are not necessarily indicative of the company's results for any future period.

Posted In: PSNL