Business
Personalis Reports Third Quarter 2021 Financial Results
MENLO PARK, Calif.--(BUSINESS WIRE)-- Personalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics for cancer and population sequencing, 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 cancer and population sequencing, today reported financial results for the third quarter ended September 30, 2021.\n\nThird Quarter and Recent Highlights\n\n\nReported quarterly revenue of $22.3 million in the third quarter of 2021 compared with $19.8 million in the third quarter of 2020, a 12% increase\n\n\nRecord quarterly revenue of $8.6 million from biopharma and all other customers, excluding the U.S. Department of Veterans Affairs Million Veteran Program (VA MVP), in the third quarter of 2021 compared with $5.7 million in the third quarter of 2020, a 50% increase\n\n\nRecord new orders received for cancer genomic testing from biopharma and all other customers, excluding the VA MVP; order value of more than three-times (3x) the amount of quarterly revenue reported in the third quarter of 2021\n\n\nReceived new order from the VA MVP with an aggregate value of approximately $10 million over a six-month period of performance from September 17, 2021 to March 31, 2022\n\n\nAnnounced a collaboration with Mayo Clinic to provide clinical-grade comprehensive cancer genomic sequencing for patients; creates framework for Personalis to sponsor future defined research studies and establishes Personalis as a preferred provider to Mayo Clinic for research and clinical sequencing and analysis services, particularly in the area of immuno-oncology\n\n\nAnnounced the appointment of Robert Bruce to the newly created position of Vice President, Reimbursement; the new role is tasked with driving efforts with Medicare and private payers\n\n\nAnnounced the signing of a new building lease agreement in Fremont, California for approximately 100K square feet for laboratory capacity and office space, which is planned to be the new company headquarters and support future growth\n\n\nEnded the third quarter of 2021 with cash and cash equivalents and short-term investments of $305.2 million\n\n\n“I’m proud to say that revenue from our oncology customers grew 50% over the same period of the prior year, and increased sequentially for the eighth consecutive quarter. In addition, our new-orders-to-revenue ratio during the third quarter was more than three-to-one, and gives us confidence in our future growth,” said John West, Chief Executive Officer. “Loo...