Business
Personalis Reports Third Quarter 2020 Financial Results
MENLO PARK, Calif.--(BUSINESS WIRE)-- Personalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics for population sequencing and cancer, today reported
About this update from Personalis, Inc.
[{"type":"text","content":" MENLO PARK, Calif.--(BUSINESS WIRE)--\nPersonalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics for population sequencing and cancer, today reported financial results for the third quarter ended September 30, 2020.\n\nThird Quarter Highlights\n\n\nReported record revenues of $19.8 million in the third quarter of 2020 versus $17.2 million in the third quarter of 2019, an increase of 15.5%\n\n\n\nA total of 39 customers have placed orders for NeXT as of September 30, 2020, with 7 of those customers placing their first orders in the third quarter of 2020\n\n\n\nReceived a new task order with an approximate value of up to $31 million from U.S. Department of Veterans Affairs Million Veterans Program (VA MVP), increasing the contracted to date value to approximately $175 million\n\n\n\nAchieved milestone of completing more than 90,000 whole human genomes sequenced under the VA MVP contract\n\n\n\nCompleted a follow-on public offering and sold 6.6 million shares of common stock at a price of $19.00 per share; received net proceeds of $117.1 million after discounts, fees, and expenses\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. We continued to see strong ordering levels from both our existing and new customers, and year-to-date, our biopharma orders were twice the amount compared with last year,” said John West, Chief Executive Officer. “In addition, we further strengthened our balance sheet by raising $117.1 million with an equity financing in the quarter.”\n\nThird Quarter 2020 Financial Results\n\nRevenues were $19.8 million in the three months ended September 30, 2020, up 15.5% from $17.2 million in the same period of the prior year. In the third quarter, the VA MVP accounted for $14.1 million of the company’s total revenues, and the remaining $5.7 million was from biopharmaceutical and all other customers.\n\nGross margin was 26.9% for the three months ended September 30, 2020, compared with 32.8% in the same period of the prior year.\n\nOperating expenses were $15.0 million for the three months ended September 30, 2020, compared with $11.4 million in the same period of the prior year.\n\nNet loss was $9.5 million for the three...