Why did PSNL's Q3 earnings exceed forecasts?

Personalis Inc. (PSNL) reported a 15% increase in full-year revenue for 2024, reaching $84.6 million, driven by a 60% growth in biopharma revenue. The company's strong performance in data development for its NeXT Personal MRD test and a significant 60% year-over-year growth in its pharmaceutical business were highlighted by BTIG analyst Mark Massaro. Personalis has recently made strides by submitting its breast cancer data to Medicare for the NeXT Personal MRD test and has reaffirmed its objective to obtain Medicare coverage decisions for two of its three areas of focus: breast cancer, lung cancer, and immunotherapy monitoring. The company has also expanded its MRD clinical study pipeline to over 20 studies, demonstrating a commitment to advancing its research and development efforts. These strategic initiatives and successes in business development have contributed to the company's revenue growth and exceeded the market's expectations.