Business
Personalis Reports First Quarter 2024 Financial Results
Raises full year revenue guidance due to greater pharma testing demand FREMONT, Calif.--(BUSINESS WIRE)-- Personalis, Inc. (Nasdaq: PSNL), a leader in
About this update from Personalis, Inc.
[{"type":"text","content":"\nRaises full year revenue guidance due to greater pharma testing demand\n\n\n FREMONT, Calif.--(BUSINESS WIRE)--\nPersonalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics for precision oncology, today reported financial results for the first quarter of 2024 ended March 31, 2024, and provided recent business highlights.\n\n\nRecent Business Highlights\n\n\n\nThe analytical validation for the company’s NeXT Personal MRD test was published in Oncotarget on March 14, 2024. NeXT Personal is the first-to-market ultra-sensitive minimal residual disease (MRD) assay to detect cancer, and monitor therapy response in patients with solid tumor cancers. The study demonstrated a detection threshold of 1.67 parts per million (PPM) of ctDNA with high specificity, which is expected to enable an ultra-sensitive range leading to early cancer recurrence detection.\n\n\n\nFive abstracts focused on MRD in breast cancer, therapy monitoring, and colorectal cancer were accepted for the upcoming American Society of Clinical Oncology medical conference in June. Two abstracts will be featured as podium presentations.\n\n\n\nNeXT Personal Dx clinical launch proceeding ahead of plan; 338 total molecular tests delivered in Q1, reflecting 100% engagement of NeXT Personal Dx early access clients and strong NeXT Dx growth.\n\n\n\n“We began 2024 with strong execution as we delivered revenue of $19.5 million in the first quarter, exceeding the upper-end of our guidance range, and we continue to develop compelling NeXT Personal clinical evidence as we work towards obtaining Medicare coverage,” said Chris Hall, Chief Executive Officer. “Our efforts in 2024 are focused on executing on the four pillars of our Win-in-MRD strategy: (1) focusing on cancer types where we believe our test provides the most value, (2) generating robust clinical evidence with top KOLs to support our submission for Medicare coverage, (3) leveraging our early success with biopharma customers to accelerate adoption, and (4) working with Tempus AI to expedite commercialization in a capital-efficient manner.”\n\n\nFirst Quarter Results\n\n\n\nTotal company revenue of $19.5 million in the first quarter of 2024, compared with $18.9 million in the first quarter of 2023\n\n\nRevenue from pharma testing and services grew 55% to $9.8 million in the first quarter of 2024 from $6.3 million in the ...