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Personalis (PSNL) investor relations material
Personalis Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved explosive clinical growth in 2025, validating the Win-in-MRD strategy and building momentum for 2026.
Delivered 6,183 clinical tests in Q4 2025, up 41% sequentially and 329% year-over-year; full year clinical test volume rose nearly 400% to over 16,000, reflecting rapid MRD adoption.
Secured two Medicare coverage decisions for breast and lung cancer surveillance, expected to drive significant clinical revenue growth.
Strong cash position of approximately $240 million at year-end supports commercial expansion and investment in MRD strategy.
Expanded commercial partnership with Tempus and increased field reps to drive adoption.
Financial highlights
Q4 2025 revenue was $17.3 million, a 3% year-over-year increase; full year 2025 revenue was $69.6 million, down from $84.6 million in 2024.
Clinical test revenue for 2025 was $2.0 million, more than double the prior year; Q4 clinical revenue was $0.9 million.
Biopharma MRD revenue grew 239% year-over-year despite a $19.5 million decline from Natera and $10 million from Moderna trial conclusion.
Gross margin was 11% in Q4 and 22.7% for the full year, reflecting intentional margin compression due to unreimbursed test volume.
Net loss for 2025 was $81.3 million, flat year-over-year; ended 2025 with $240 million in cash and short-term investments, no significant debt.
Outlook and guidance
2026 revenue guidance: $78–$80 million, with clinical revenue of $10–$11 million and biopharma MRD revenue of $20–$21 million.
Clinical test volume guidance for 2026: 43,000–45,000 tests, representing ~170% year-over-year growth.
Gross margin expected at 15–20% for 2026, with Q1 as the lowest point.
Net loss projected at ~$105 million; cash usage expected to be ~$100 million.
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