NEW YORK – Personalis on Tuesday reported that its preliminary full-year revenues rose 15 percent while Q4 revenues declined 15 percent.
The Fremont, California-based firm reported approximately $16.8 million in revenues for the fourth quarter of 2024 compared with $19.7 million in the year-ago quarter, which it said was primarily due to declining revenues from Natera and the Veterans Affairs Million Veteran Program (VA MVP).
Revenues from pharma tests and services, enterprise sales, and other customers fell approximately 11 percent year over year, to $16.6 million from $18.7 million, largely driven by an expected 41 percent drop in revenue from Natera to $4.2 million.
The company delivered 1,441 molecular tests in Q4 and ended the quarter with approximately $185 million in cash, cash equivalents, and short-term investments, including a $50 million strategic investment from Merck.
The firm reported full-year preliminary revenues of $84.6 million, compared to $73.5 million for 2023, buoyed by pharma tests and services, enterprise sales, and other customers. Revenues exceeded the firm's guidance of between $83 million and $84 million.
Revenue from pharma tests and services, enterprise sales, and other customers rose 20 percent in 2024 to approximately $77.2 million from $64.1 million in 2023. This increase came despite revenue from Natera decreasing 20 percent to approximately $25.4 million for the full year.
Meanwhile, 2024 revenue from population sequencing for the VA MVP declined 21 percent to $7.4 million from $9.4 million in 2023.
"We ended the year strongly with the execution of a long-term commercial collaboration with Moderna and a strategic investment of $50 million from Merck, endorsing our technology platform and capabilities to support our partners' initiatives, and providing a pathway to cash flow breakeven," Chris Hall, Personalis' CEO and president, said in a statement.
Shares of Personalis were down 6 percent at $5.61 in Wednesday morning trading on the Nasdaq.