Personalis Reports Fourth Quarter and Full Year 2019 Financial Results

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[{"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 fourth quarter and full year ended December 31, 2019.\n\n\nFourth Quarter and Full Year 2019 Highlights\n\n\n\nReported record revenues of $18.2 million in the fourth quarter and $65.2 million for the full year of 2019, representing a 38% and 73% increase versus $13.2 million in the fourth quarter and $37.8 million for the full year 2018\n\n\n\n\nA total of 19 different customers placed orders for NeXT during 2019, with 9 of those customers placing their orders in the fourth quarter of 2019\n\n\n\n\nLaunched NeXT Dx Test, a diagnostic test for biopharmaceutical customers to utilize in clinical trials\n\n\n\n“We are encouraged by the customer adoption and ramp of new orders for our NeXT platform, with orders exceeding revenues once again this quarter,” said John West, Chief Executive Officer. “With the recent uptick in orders, as well as our broadening product offerings, which now includes diagnostic capabilities and with our liquid biopsy to be launched with customers this year, we expect revenues from biopharmaceutical customers to grow increasingly through the latter half of 2020.”\n\n\nFourth Quarter 2019 Financial Results\n\n\nRevenues were $18.2 million in the three months ended December 31, 2019, up 38% from $13.2 million in the same period of the prior year. Fourth 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 fourth quarter, the VA MVP accounted for $13.8 million, or 76%, of revenues and the remaining $4.4 million, or 24%, was from biopharmaceutical and all other customers.\n\n\nGross margin was 36.2% for the three months ended December 31, 2019, compared with 36.7% in the same period of the prior year.\n\n\nOperating expenses were $13.8 million for the three months ended December 31, 2019, compared with $8.0 million in the same period of the prior year.\n\n\nNet loss was $6.6 million for the three months ended December 31, 2019 and net loss per share was $0.21 based on a weighted-average basic and diluted share count of 31.2 million, compared with a net loss of $3.6 million and a net loss per share of $1.16 on a weighted-averag...

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