Personalis Reports Preliminary Fourth Quarter and Full Year 2024 Revenue

Original from: business wire

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, 2024 and preliminary cash balance.

Preliminary Full Year 2024 Revenue

· Revenue of approximately $84.6 million for the full year of 2024 compared with $73.5 million for the full year of 2023, an increase of 15%, and above the company’s previous full year guidance range of $83.0 to $84.0 million

· Revenue from pharma tests and services, enterprise sales, and other customers of approximately $77.2 million for the full year of 2024 compared with $64.1 million for the full year of 2023, an increase of 20%, despite revenue from Natera decreasing 20% to approximately $25.4 million for the full year of 2024

· Revenue from population sequencing for the U.S. Department of Veterans Affairs Million Veterans Program (VA MVP) of approximately $7.4 million for the full year of 2024, compared with $9.4 million for the full year of 2023, a decrease of 21%

Preliminary Fourth Quarter Revenue, Cash Balance, and Clinical Volume

· Revenue of approximately $16.8 million for the fourth quarter of 2024 compared with $19.7 million for the fourth quarter of 2023, a decrease of 15%, primarily due to the expected decline in revenue from Natera and the VA MVP

· Revenue from pharma tests and services, enterprise sales, and other customers of approximately $16.6 million for the fourth quarter of 2024 compared with $18.7 million for the fourth quarter of 2023, a decrease of 11%, which includes the expected decrease in revenue from Natera of 41% to approximately $4.2 million for the fourth quarter of 2024

· Cash, cash equivalents, and short-term investments of approximately $185.0 million as of December 31, 2024; includes the $50 million strategic investment from Merck

· Delivered 1,441 total molecular tests in the fourth quarter of 2024, an increase of 52% compared with 945 tests delivered in the third quarter of 2024

“In 2024, we grew annual revenue approximately 15% and executed on our key priorities and milestones, setting us up well for 2025,” said Chris Hall, Chief Executive Officer and President. “We ended the year strongly with the execution of a long-term commercial collaboration with Moderna and a strategic investment of $50 million from Merck, endorsing our technology platform and capabilities to support our partners’ initiatives, and providing a pathway to cashflow break-even.”

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, 2024, 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.

Source: Personalis Reports Preliminary Fourth Quarter and Full Year 2024 Revenue