Business
Personalis Reports First Quarter 2020 Financial Results
MENLO PARK, Calif.--(BUSINESS WIRE)-- Personalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics for cancer, today reported financial results for the
About this update from Personalis, Inc.
[{"type":"text","content":" MENLO PARK, Calif.--(BUSINESS WIRE)--\nPersonalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics for cancer, today reported financial results for the first quarter ended March 31, 2020.\n\n\nFirst Quarter Highlights\n\n\n\nReported record revenues of $19.2 million in the first quarter of 2020 versus $14.1 million in the first quarter of 2019, an increase of 36%\n\n\nA total of 26 customers have placed orders for NeXT as of March 31, 2020, with 7 of those customers placing their orders in the first quarter of 2020\n\n\nReceived a new order outside of oncology to deliver neoantigen prediction, which will leverage the Company’s proprietary technology platform\n\n\n\n“I’m proud to say that we were able to report record revenues once again this quarter, in spite of the initial impact from the COVID-19 pandemic, and continued to see strong ordering levels from both our existing and new customers,” said John West, Chief Executive Officer. “Also, while our laboratory operations have been scaled down due to the COVID-19 shelter-in-place orders, and will be at least through May, we feel well-positioned to work through our VA MVP samples and also service our biopharma customers when they are able to send us their samples.”\n\n\nFirst Quarter 2020 Financial Results\n\n\nRevenues were $19.2 million in the three months ended March 31, 2020, up 36% from $14.1 million in the same period of the prior year. First quarter revenue growth was driven by an increase in volume for testing and analytical services provided to the U.S. Department of Veterans Affairs Million Veteran Program (VA MVP). In the first quarter, the VA MVP accounted for $14.8 million, or 77%, of revenues and the remaining $4.4 million, or 23%, was from biopharmaceutical and all other customers.\n\n\nGross margin was 21.1% for the three months ended March 31, 2020, compared with 28.3% in the same period of the prior year.\n\n\nOperating expenses were $13.7 million for the three months ended March 31, 2020, compared with $9.4 million in the same period of the prior year.\n\n\nNet loss was $9.1 million for the three months ended March 31, 2020 and net loss per share was $0.29 based on a weighted-average basic and diluted share count of 31.3 million, compared with a net loss of $5.7 million and a net loss per share of $1.84 on a weighted-average basic and diluted share count of...