Personalis
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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.
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Q4 2025 earnings summary26 Feb, 2026

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.

How will Medicare coverage impact market share?
When will gross margin improve from current strategy?
Future of population sequencing and enterprise sales?
Margin recovery strategy beyond new coverage?
How does unreimbursed volume drive share?
Biopharma segment's long-term growth drivers?
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Personalis Inc is a biotechnology company that provides genomic sequencing and analytics services for cancer and other complex diseases. The company offers advanced molecular testing for research and clinical applications, including personalized cancer therapies and biomarker discovery. Personalis Inc is headquartered in Fremont, California, and its shares are listed on the NASDAQ.

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