FREMONT, Calif. - Personalis, Inc. (NASDAQ: NASDAQ:PSNL), a company specializing in advanced genomics for cancer treatment, has announced an 18% increase in its preliminary revenue for the fourth quarter of 2023, reaching $19.7 million compared to $16.7 million in the same period the previous year. This growth is part of a broader upward trend, with full-year revenue for 2023 estimated at $73.5 million, marking a 13% rise from $65.0 million in 2022.
The company's revenue from pharmaceutical tests, enterprise sales, and other customers for the fourth quarter is estimated at $18.7 million, up from $15.8 million in the previous year's quarter. However, revenue from Natera (NASDAQ:NTRA), a notable enterprise customer, decreased to $7.1 million from $8.2 million year-over-year. The Veteran's Administration Million Veteran's Program (VA MVP) also contributed to the revenue, with a slight increase from $0.9 million to $1.0 million in the fourth quarter.
Personalis has reported a substantial cash reserve, with cash, cash equivalents, and short-term investments estimated at $114.0 million as of December 31, 2023. The company expects these funds to sustain operations into the first quarter of 2026, following cost-reduction measures in 2023 that trimmed annual expenses by approximately $35 million.
The full-year revenue from pharma tests, enterprise sales, and other customers is projected at $64.1 million, up from $56.6 million in 2022. Revenue from Natera over the full year is estimated at $31.7 million, increasing from $26.6 million. The VA MVP's contribution for the year is estimated at $9.4 million, compared to $8.4 million in the previous year. The company's cash usage in 2023 is expected to be around $54 million, significantly reduced from $119 million in 2022.
Chris Hall, President and CEO of Personalis, highlighted the company's achievements, including the launch of their NeXT Personal Dx ultrasensitive MRD product, efforts to obtain reimbursement through clinical evidence, and a strategic partnership with Tempus to commercialize their MRD product.
The financial data presented is preliminary and subject to standard year-end accounting adjustments and an external audit. These unaudited figures should not be considered a substitute for full financial statements prepared in accordance with generally accepted accounting principles and may not reflect the company's results for any future period.
This report is based on a press release statement and contains forward-looking statements that involve risks and uncertainties.
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