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Personalis (PSNL) investor relations material
Personalis Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
- Q2 2025 revenue was $17.2M, down 24% year-over-year, mainly due to declines from Natera and pharma services, partially offset by growth in population sequencing and clinical diagnostics. 
- Clinical test volume grew 59% sequentially to 3,478 tests, driven by strong physician adoption of the MRD/NeXT Personal platform. 
- Net loss for Q2 2025 was $20.1M, compared to $12.8M last year; H1 2025 net loss was $35.8M. 
- Expanded Tempus partnership to include colorectal cancer and extended exclusivity through November 2029. 
- Presented pivotal clinical data at ASCO 2025, demonstrating NeXT Personal's predictive power and early cancer detection. 
Financial highlights
- Q2 2025 revenue: $17.2M (down 24% year-over-year); H1 2025 revenue: $37.8M (down 10%). 
- Pharma tests and services revenue declined 16% year-over-year to $11.0M, mainly due to fewer clinical trial samples from Moderna. 
- Population sequencing revenue rose 158% to $3.3M, driven by increased VA MVP sample processing. 
- Gross margin was 27.6% in Q2 2025, down from 35.6% year-over-year, impacted by unreimbursed clinical test costs and lower volume. 
- Cash and short-term investments totaled $173.2M at quarter end, with $13.2M used in Q2 operations and capex. 
Outlook and guidance
- Full-year 2025 revenue guidance lowered to $70M–$80M (from $80M–$90M), reflecting biopharma project delays and Natera relationship ending. 
- Q3 2025 revenue expected at $12M–$14M; pharma and other customer revenue projected at $11M–$13M. 
- Gross margin for 2025 projected at 22%–24%, down from 32% in 2024, due to investment in clinical test volume ahead of reimbursement. 
- Net loss for 2025 expected to be ~$85M, with cash usage of ~$75M, up from $47M in 2024. 
- Current cash and investments expected to fund operations for at least the next 12 months. 
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