Business
Personalis Reports Second Quarter 2023 Financial Results
FREMONT, Calif.--(BUSINESS WIRE)-- Personalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics for precision oncology, today reported financial results
About this update from Personalis, Inc.
[{"type":"text","content":" FREMONT, Calif.--(BUSINESS WIRE)--\nPersonalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics for precision oncology, today reported financial results for the second quarter ended June 30, 2023 and provided recent business highlights.\n\n\nRecent Business Updates\n\n\n\nAnnounced a collaboration with National Cancer Center Hospital East and Ono Pharmaceutical Co. Ltd to perform exploratory biomarker analysis using highly sensitive and comprehensive genomic tests from Personalis to better predict immunotherapy response for resectable rectal cancer with mismatch repair deficiency (dMMR)\n\n\n\nReceived notice from the U.S. Department of Veterans Affairs Million Veterans Program (VA MVP) that it has exercised the first of four one-year renewal options under the September 2022 contract\n\n\n\nFiled second patent infringement lawsuit against Foresight Diagnostics as part of the company’s continuing efforts to protect its investment and industry-leading intellectual property position in whole genome, tumor-informed minimal residual disease (MRD) testing\n\n\n\n“We continue expanding our biopharma funnel of opportunities for NeXT Personal® and expect revenue growth to begin ramping later this year, which allowed us to tighten the revenue guidance range,” said Chris Hall, President and CEO of Personalis. “We continue to crisply execute and plan to launch our highly sensitive MRD test later this year for oncologists. As we and our partners build a base of supportive evidence, we are paving the way for our successful entry into the clinical diagnostics market.”\n\n\nSecond Quarter Financial Highlights\n\n\n\nReported total company revenue of $16.7 million for the second quarter of 2023, representing an 8% decrease compared with $18.2 million for the second quarter of 2022\n\n\nRevenue from pharma tests, enterprise sales, and other customers of $13.7 million in the second quarter of 2023, representing a 3% decrease compared with $14.2 million in the second quarter of 2022; revenue from enterprise customers includes revenue from Natera of $7.4 million in the second quarter of 2023, compared with $6.9 million from Natera in the second quarter of 2022\n\n\n\nRevenue from population sequencing for the VA MVP of $3.0 million in the second quarter of 2023, compared with $4.0 million in the second quarter of 2022\n\n\n\n\n\n\nCash, cash equ...