Personalis, Inc. Q4 FY2024 earnings call

• Personalis is a leader in the MRD testing market, with the NeXT Personal test being ultra-sensitive. 2024 was a significant year with $84.6M in full-year revenue, up 15% from 2023, driven by biopharma growth. - In Q4 2024, 1,441 molecular tests were delivered, a 52% increase from Q3. - Focus on three key areas in 2025: clinical usage (aim to increase test volume 30%-40% each quarter until reimbursement), deepening clinical evidence and achieving reimbursement (on track for CMS reimbursement for at least two indications in 2025, with studies submitted for publication), and progress with biopharma customers (ImmunoID NeXT platform remains key for biopharma).

For the fourth quarter of 2024, total revenue was $16.8 million, a 15% decrease compared to the prior year quarter, driven by lower volume from Natera and the VA MVP, partially offset by a 6% increase in biopharma revenue. Gross margin in Q4 2024 was 27.1%, up 60 basis points year-over-year due to favorable customer mix. For the full year 2024, total revenue was $84.6 million, a 15% increase from 2023, with gross margin at 31.7% for the year, up 6.9 percentage points due to favorable customer mix and cost reduction.

• Q1 2025 total company revenue expected in range of $17M-$18M. - Full year 2025 total company revenue expected in range of $80M-$90M, with revenue from pharma tests/services $62M-$64M, population sequencing/enterprise $15M-$16M, clinical revenue $3M-$10M. Gross margin expected 21%-23%, net loss ~$85M, cash usage $75M-$80M.

Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from current expectations, as detailed in SEC filings.

Q: Thomas Flaten asked about grouping Enterprise Sales and VA MVP program, asking if there are continuing Natera revenues.

A: Aaron Tachibana said they guided both together, with VA contract being $7.5M and enterprise customers making up the rest.

Q: Thomas Flaten then asked about number of customers and reorder rate.

A: Chris Hall said they're closing in on about 300 doctors using the test, retention is high with high reorder rate.

Q: Swayampakula Ramakanth asked about SG&A impact and reimbursement timing.

A: Chris Hall said the commercial team investment will be small, and reimbursement submission timing is variable, with expectation of back half of 2025 for announcements.

Q: William Ruby asked about cash usage and capital markets.

A: Aaron Tachibana said they have enough cash to get to cash flow break even, and no specific need to return to capital markets currently