Personalis Reports Second Quarter 2020 Financial Results

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 second quarter ended June 30, 2020.\n\n\nSecond Quarter Highlights\n\n\n\nReported record revenues of $19.5 million in the second quarter of 2020 versus $15.8 million in the second quarter of 2019, an increase of 23%\n\n\nA total of 32 customers have placed orders for NeXT as of June 30, 2020, with 6 of those customers placing their first orders in the second quarter of 2020\n\n\nAnnounced a collaboration with Sarepta Therapeutics, Inc. (Nasdaq: SRPT), a leader in precision genetic medicine for rare disease\n\n\nAnnounced expansion plans into China along with a partnership with Berry Genomics, who will provide services and support to Personalis\n\n\nAchieved milestone of completing the 75,000th whole human genome sequenced under the contract with the U.S. Department of Veterans Affairs Million Veteran Program (VA MVP)\n\n\n\n“I’m proud to say that we were able to report record revenues once again this quarter, with our team delivering strong execution across both our population sequencing and biopharma businesses, despite the impact from the COVID-19 pandemic, and we continued to see strong ordering levels from both our existing and new customers,” said John West, Chief Executive Officer. “In addition, our recently announced liquid biopsy product will be available to order immediately.”\n\n\nSecond Quarter 2020 Financial Results\n\n\nRevenues were $19.5 million in the three months ended June 30, 2020, up 23.2% from $15.8 million in the same period of the prior year. In the second quarter, the VA MVP accounted for $14.8 million of our total revenues, and the remaining $4.7 million was from biopharmaceutical and all other customers.\n\n\nGross margin was 24.0% for the three months ended June 30, 2020, compared with 37.3% in the same period of the prior year.\n\n\nOperating expenses were $14.2 million for the three months ended June 30, 2020, compared with $10.0 million in the same period of the prior year.\n\n\nNet loss was $9.3 million for the three months ended June 30, 2020 and net loss per share was $0.29 based on a weighted-average basic and diluted share count of 31.7 million, compared with a net loss of $5.9 million and a net loss per share of $0.89 based on a weighted-a...

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