Personalis ( (PSNL) ) has released its Q3 earnings. Here is a breakdown of the information Personalis presented to its investors.
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Personalis, Inc., a leader in advanced genomics for precision oncology, is focused on transforming cancer management through personalized testing and innovative genomic profiling solutions.
In its recently released third-quarter 2024 financial results, Personalis reported a strong year-over-year revenue growth of 41%, primarily driven by a significant 96% increase in its biopharma sector. The company has raised its full-year revenue guidance, reflecting confidence in its accelerating growth path.
Key highlights from the quarter include substantial financing achievements, such as raising approximately $35 million from Tempus AI, Inc. and an additional $27.2 million through the company’s At-The-Market program. The company also demonstrated impressive clinical results at the ESMO Congress, enhancing its strategic positioning in obtaining Medicare coverage. Despite a notable increase in revenue, Personalis posted a net loss of $39.1 million for the quarter, impacted by non-cash expenses related to warrants issued to Tempus. However, the company maintains a robust cash balance of $143.7 million, extending its financial runway into the first half of 2027.
Looking forward, Personalis anticipates fourth-quarter revenue to be in the range of $15 to $16 million and has updated its full-year 2024 revenue guidance to $83 to $84 million. The company continues to focus on executing its ‘Win-in-MRD’ strategy, with optimism about becoming a leader in patient testing, backed by its strong technological capabilities and market strategies.
