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Personalis Projects 2020 Q4 Revenues Up 11 Percent

NEW YORK – Personalis reported Monday that it anticipates an 11 percent increase in its 2020 fourth quarter revenues compared to the same period of 2019.

For the quarter ended Dec. 31, 2020, the Menlo Park, California-based precision oncology and population genomics company estimated earnings of $20.2 million in the fourth quarter of 2020 compared with $18.2 million in Q4 2019.

"We were able to report record revenue once again this quarter and achieved our first $20 million revenue quarter, despite the impact from the COVID-19 pandemic" Personalis CEO John West said in a statement. According to West, biopharma revenue was strong and customer orders outpaced the firms reported revenue during Q4.

"In addition, we have several customers that have placed orders for our liquid biopsy offering, which we expect will be an important driver of growth in the future," he added.

Personalis projected that its revenue for Fiscal Year 2020 will reach $78.6 million, a 21 percent increase over the $65.2 million it reported in 2019.

It also noted that its preliminary revenue from the US Department of Veterans Affairs Million Veterans Program dropped to approximately $12.6 million in the fourth quarter of 2020 — about 9 percent less than the $13.8 million it brough in in the fourth quarter of 2019.

As of Dec. 31, 2020, the company had cash, cash equivalents and short-term investments totaling approximately $203 million.

Personalis is scheduled to release its full Q4 and 2020 financial results on Feb. 25.

In morning trading on the Nasdaq, Personalis' shares were up about percent at $37.93.