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Personalis Reports Preliminary Q4 Revenues up More Than 2 Percent

NEW YORK – Personalis reported Thursday preliminary revenues of approximately $20.7 million for the fourth quarter, up more than 2 percent from $20.2 million in the year-ago quarter and beating analysts' average estimate of $20.3 million.

For the quarter ended Dec. 31, the firm estimated its revenue from biopharma and other customers to be $15.4 million, more than double its Q4 2020 revenues of $7.6 million. This included $5.8 million in estimated revenue from Natera, via a development agreement focused on minimal residual disease cancer assays. Excluding that Natera revenue, the firm's estimated biopharma and other revenue for Q4 was about 26 percent higher than in Q4 2020.

Personalis estimated its revenue from the US Department of Veterans Affairs Million Veterans Program at $5.3 million for Q4 2021, a 58 percent decrease from $12.6 million in the year-ago quarter.

For the full year, Personalis estimated approximately $85.5 million in revenues, a 9 percent increase over $78.6 million in 2020. Estimated full-year revenue including $39.8 million from biopharma and other customers, up 77 percent from $22.5 million in 2020. Excluding revenue from its deal with Natera, full-year biopharma revenues would have been up 39 percent year over year, the firm said.

Personalis estimated full-year VA MVP revenue of $45.7 million, down 19 percent from $56.2 million in 2020. The company said its VA MVP unfulfilled orders were approximately $7.6 million as of Dec. 31, which should be recognized as revenue from the first quarter through the third quarter of 2022, depending upon sample receipt volume and timing.

The firm said its cash, cash equivalents, and short-term investments totaled about $287 million as of Dec. 31.

In a statement, Personalis CEO John West said that despite headwinds from the COVID-19 pandemic, oncology customer orders were significantly above preliminary revenue estimates for both the fourth quarter and full year of 2021, which puts the firm in a position to grow its oncology revenue by more than 50 percent in 2022.

"In addition, we recently launched NeXT Personal, our MRD liquid biopsy offering, which is expected to be an important growth driver for both biopharma and diagnostic test revenue in the future," he added.