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- **Clinical Volume Surge**: 364% YoY growth to 4,388 tests, 700+ physicians ordering NeXT Personal.
- **MolDX Milestones**: 3 dossiers under review, targeting 2 approvals by year-end.
- **MRD Revenue Growth**: 300% YoY biopharma MRD revenue, 1/3 of Q3 biopharma from MRD.
- **Financial Challenges**: $14.5M revenue (44% YoY decline), 13.2% gross margin, $85M net loss guidance.
- **Strategic Focus**: Ultrasensitive MRD leadership, clinical adoption, and reimbursement expansion.

**【CEO Summary Section】**
- Q3 clinical test volume reached 4,388, up 26% sequentially and 364% year-over-year, driven by partnerships like Tempus and direct physician orders.
- Submitted lung cancer for MolDX coverage, bringing total dossiers under review to 3, targeting 2 approvals by year-end.
- Biopharma MRD revenue grew 300% YoY, with 1/3 of Q3 biopharma revenue from MRD projects.
- Clinical evidence highlights include NeXT Personal's lead time advantage in detecting MRD progression (5+ months ahead of imaging) and superior sensitivity in Phase III trials.

**【CFO Financial Commentary】**
- Total revenue $14.5M (44% YoY decline), driven by $4.6M loss from Natera wind-down and $2.5M biopharma delays.
- Gross margin 13.2% (down 20.8% YoY) due to unreimbursed clinical test costs; long-term margin target >50% post-reimbursement.
- Operating expenses $25.2M (9% YoY increase), with 60% growth in sales expenses to support clinical adoption.
- Updated FY25 guidance: $68-73M revenue (down from $70-80M), $130M+ cash at year-end, and $85M net loss.

**【Q&A Key Highlights】**
- **Biopharma Delays**: Q3 sample customs issues caused $2.5M revenue shortfall; expect resolution in Q4/Q1.
- **Clinical Growth Management**: 26% Q3 test growth vs. 30-40% target due to prudent volume pacing ahead of reimbursement.
- **MolDX Progress**: 3 dossiers (breast, IO, lung) in review; anticipate 2 approvals by year-end despite government shutdown risks.
- **MRD Biopharma Demand**: 2 new prospective trials signed in Q3, with >$5M+ pipeline per customer.
- **Long-Term Outlook**: Target $20B+ MRD market share; gross margin >50% post-reimbursement, with 2026+ revenue ramp from biopharma and clinical adoption.

Personalis, Inc. (PSNL) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

PSNL

PSNL fundamentals

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