Company profile

Ticker
PSNL
Exchange
CEO
John S. West
Employees
Incorporated in
Location
Fiscal year end
SEC CIK
IRS number
275411038

PSNL stock data

(
)

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

7 May 20
4 Jul 20
31 Dec 20

News

Company financial data Financial data

Quarter (USD) Mar 20 Dec 19 Sep 19 Jun 19
Revenue 19.16M 18.15M 17.15M 15.83M
Net income -9.14M -6.65M -6.89M -5.87M
Diluted EPS -0.29 -0.21 -0.22 -0.89
Net profit margin -47.70% -36.60% -40.14% -37.09%
Operating income -9.63M -7.2M -5.73M -4.06M
Net change in cash -8.35M -31.97M -76.26M
Cash on hand 46.69M 55.05M 87.01M 163.27M
Cost of revenue 15.12M 11.59M 11.52M 9.92M
Annual (USD) Dec 19 Dec 18 Dec 17
Revenue 65.21M 37.77M 9.39M
Net income -25.08M -19.89M -23.6M
Diluted EPS -1.39 -6.49 -7.78
Net profit margin -38.47% -52.64% -251%
Operating income -22.42M -13.77M -22.16M
Net change in cash 35.3M -2.87M
Cash on hand 55.05M 19.74M 22.62M
Cost of revenue 43.13M 25.97M 11.74M

Financial data from Personalis earnings reports

Date Owner Security Transaction Code 10b5-1 $Price #Shares $Value #Remaining
22 Jun 20 Richard Chen Common Stock Sell Dispose S No 12.37 1,085 13.42K 120,143
5 Jun 20 Richard Chen Common Stock Sell Dispose S No 14.34 272 3.9K 121,228
2 Jun 20 Lightspeed Venture Partners Select IV Common Stock Buy Aquire P No 13.98 380,654 5.32M 458,451
1 Jun 20 Lightspeed Venture Partners Select IV Common Stock Buy Aquire P No 12.98 77,797 1.01M 77,797
1 Jun 20 Richard Chen Common Stock Sell Dispose S No 13.19 289 3.81K 121,211
61.4% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 68 78 -12.8%
Opened positions 11 24 -54.2%
Closed positions 21 14 +50.0%
Increased positions 38 35 +8.6%
Reduced positions 8 8
13F shares
Current Prev Q Change
Total value 199.93M 198.17M +0.9%
Total shares 19.32M 17.16M +12.6%
Total puts 0 1K EXIT
Total calls 11.4K 24.4K -53.3%
Total put/call ratio 0.0
Largest owners
Shares Value Change
Abingworth 5.45M $43.59M 0.0%
JPM JPMorgan Chase & Co. 1.57M $12.68M +51.0%
BLK BlackRock 1.51M $12.21M +46.1%
Board of Trustees of The Leland Stanford Junior University 1.43M $11.52M 0.0%
CMTDF Sumitomo Mitsui Trust 1.21M $9.8M +26.4%
Nikko Asset Management Americas 1.21M $9.8M +26.4%
ARK Investment Management 1.1M $8.91M +76.4%
Wellington Shields & Co. 995.38K $8.03M +113.8%
Wellington Shields Capital Management 549.84K $4.44M +98.8%
Vanguard 542.61K $4.38M +22.2%
Largest transactions
Shares Bought/sold Change
JPM JPMorgan Chase & Co. 1.57M +530.94K +51.0%
Wellington Shields & Co. 995.38K +529.77K +113.8%
Orbimed Advisors 0 -483.84K EXIT
ARK Investment Management 1.1M +478.21K +76.4%
BLK BlackRock 1.51M +477.67K +46.1%
MYDA Advisors 0 -378.25K EXIT
Wellington Shields Capital Management 549.84K +273.26K +98.8%
Nikko Asset Management Americas 1.21M +253.88K +26.4%
CMTDF Sumitomo Mitsui Trust 1.21M +253.88K +26.4%
Zimmer Partners 0 -200K EXIT

Financial report summary

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Risks
  • We have a history of losses, and as our costs increase, we expect to incur significant losses for the foreseeable future and may not be able to generate sufficient revenues to achieve or sustain profitability.
  • If we are unable to increase sales of our current services or successfully develop and commercialize other services or products, or if we are unable to execute our sales and marketing strategy for our services or unable to gain sufficient acceptance in the market, we may fail to generate sufficient revenues to achieve profitability and sustain our business.
  • Our operations and employees face risks related to health crises, such as the ongoing COVID-19 pandemic, that could adversely affect our financial condition and operating results. The COVID-19 pandemic could materially affect our operations, including at our headquarters in the San Francisco Bay Area, which is currently subject to shelter-in-place orders, and the business or operations of our manufacturers, customers or other third parties with whom we conduct business.
  • If we cannot compete successfully with our competitors, we may be unable to increase or sustain our revenues or achieve and sustain profitability.
  • We currently derive a substantial portion of our revenues from DNA sequencing and data analysis services that we provide to our largest customer, the VA MVP. If the VA MVP’s demand for and/or funding for our DNA sequencing and data analysis services is substantially reduced, our business, financial condition, operating results, and cash flows would be materially harmed.
  • If we cannot maintain our current customer relationships, or fail to acquire new customers, our revenue prospects will be reduced. Many of our customers are biopharmaceutical companies engaged in clinical trials of new drug candidates, which trials are expensive, can take many years to complete, and have inherently uncertain outcomes.
  • Certain of our customers prepay us for a portion of the services that they expect to order from us in the future and we may be required to refund some or all of those prepayments if a customer cancels its contract with us or reduces the level of services that it expects to receive.
  • We rely on a limited number of suppliers, or in some cases, a sole supplier, for some of our laboratory instruments and materials, and we may not be able to find replacements or immediately transition to alternative suppliers should we need to do so.
  • Our inability to raise additional capital on acceptable terms in the future may limit our ability to continue to operate our business and further expand our operations.
  • We will need to invest in our infrastructure in advance of increased demand for our services, and our failure to accurately forecast demand would have a negative impact on our business and our ability to achieve and sustain profitability.
  • Our internal information technology systems, or those of our third-party vendors, contractors, or consultants, may fail or suffer security breaches, loss or leakage of data, and other disruptions, which could result in a material disruption of our services, compromise sensitive information related to our business, or prevent us from accessing critical information, potentially exposing us to liability or otherwise adversely affecting our business.
  • Security breaches, loss of data, and other disruptions could compromise sensitive information related to our business or prevent us from accessing critical information and expose us to liability, which could adversely affect our business and our reputation.
  • Our success depends on our ability to provide reliable, high-quality genomic data and analyses and to rapidly evolve to meet our customers’ needs.
  • If we cannot develop services and products to keep pace with rapid advances in technology, medicine, and science, or if we experience delays in developing such services and products, our operating results and competitive position could be harmed.
  • We are researching and developing improvements to our tests and test features on a continuous basis, but we may not be able to make these improvements on a timely basis, and even if we do, we may not realize the benefits of these efforts in our financial results.
  • Personalized cancer therapies represent new therapeutic approaches that could result in heightened regulatory scrutiny, delays in clinical development, or delays in or inability to achieve regulatory approval, commercialization, or payor coverage, any of which could adversely affect our business.
  • The loss of key members of our executive management team could adversely affect our business.
  • We rely on highly skilled personnel in a broad array of disciplines and if we are unable to hire, retain, or motivate these individuals, or maintain our corporate culture, we may not be able to maintain the quality of our services or grow effectively.
  • We may not be able to manage our future growth effectively, which could make it difficult to execute our business strategy.
  • Our employees may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements, which could cause significant liability for us and harm our reputation.
  • We may acquire businesses or assets, form joint ventures, or make investments in other companies or technologies that could harm our operating results, dilute our stockholders’ ownership, or cause us to incur debt or significant expense.
  • We rely on commercial courier delivery services to transport specimens to our laboratory facility in a timely and cost-efficient manner, and if these delivery services are disrupted, our business would be harmed.
  • Ethical, legal, and social concerns related to the use of genetic information could reduce demand for our tests.
  • The 2017 tax reform law and possible future changes in tax laws or regulations could adversely affect our business and financial condition.
  • Our effective tax rate may fluctuate, and we may incur obligations in tax jurisdictions in excess of accrued amounts.
  • Our tests may be subject to regulatory action if regulatory agencies determine that our tests do not appropriately comply with statutory and regulatory requirements enforced by the U.S. Food and Drug Administration, and/or CLIA requirements for quality laboratory testing.
  • If the FDA determines that our services are subject to enforcement as medical devices, we could incur substantial costs and time delays associated with satisfying statutory and regulatory requirements such as pre-market clearance or approval and we could incur additional expense in offering our tests and tests that we may develop in the future.
  • Failure to comply with federal, state, and foreign laboratory licensing requirements and the applicable requirements of the FDA or any other regulatory authority, could cause us to lose the ability to perform our tests, experience disruptions to our business, or become subject to administrative or judicial sanctions.
  • Complying with numerous statutes and regulations pertaining to our business is an expensive and time-consuming process, and any failure to comply could result in substantial penalties.
  • Expansion into international markets would subject us to increased regulatory oversight and regulatory, economic, social, health and political uncertainties, which could cause a material adverse effect on our business, financial position, and results of operations.
  • If we decide to grow our business by developing in vitro diagnostic tests, we may be subject to reimbursement challenges.
  • We could be adversely affected by violations of the Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”), and other worldwide anti-bribery laws.
  • Changes in health care policy could increase our costs, decrease our revenues, and impact sales of and reimbursement for our tests.
  • If we use hazardous materials in a manner that causes injury, we could be liable for resulting damages.
  • Litigation or other proceedings or third-party claims of intellectual property infringement, misappropriation or other violations may require us to spend significant time and money, and could in the future prevent us from selling our tests or impact our stock price, any of which could have a material adverse effect.
  • If we cannot license rights to use technologies on reasonable terms, we may not be able to commercialize new products in the future.
  • Developments or uncertainty in the patent statute, patent case law or U.S. Patent and Trademark Office (“USPTO”), rules and regulations may impact the validity, scope or enforceability of our patent rights, thereby impairing our ability to protect our products.
  • Patent terms may be inadequate to protect our competitive position for an adequate amount of time.
  • If we are not able to obtain and enforce patent protection for any products we develop and for our technologies, or if the scope of patent protection obtained is not sufficiently broad, our competitors and other third parties could develop and commercialize products and technology similar or identical to ours, and our ability to successfully commercialize our products, services, and technologies may be adversely affected.
  • We may become involved in lawsuits to protect or enforce our patents or other intellectual property, which could be expensive, time consuming, and unsuccessful.
  • If we are unable to protect the confidentiality of our trade secrets and know-how, our business and competitive position would be harmed.
  • We may not be able to enforce our intellectual property rights throughout the world.
  • Obtaining and maintaining patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by governmental patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.
  • Third parties may assert that our employees or consultants have wrongfully used or disclosed confidential information or misappropriated trade secrets.
  • Our use of “open source” software could subject our proprietary software to general release, adversely affect our ability to sell our products and services, and subject us to possible litigation.
  • If we fail to comply with our obligations under license or technology agreements with third parties, we may be required to pay damages and we could lose license rights that are critical to our business.
  • Any collaboration arrangements that we may enter into in the future may not be successful, which could adversely affect our ability to develop and commercialize our products.
  • We may be subject to claims challenging the inventorship of our patents and other intellectual property.
  • If our trademarks and trade names are not adequately protected, then we may not be able to build name recognition in our markets of interest and our business may be adversely affected.
  • The market price of our common stock may be volatile or may decline steeply or suddenly regardless of our operating performance, we may not be able to meet investor or analyst expectations, and you may lose all or part of your investment.
  • Our quarterly results may fluctuate significantly, which could adversely impact the value of our common stock.
  • Insiders may exercise significant control over our company and will be able to influence corporate matters.
  • Future sales of shares by existing stockholders, or the perception that such sales could occur, could cause our stock price to decline.
  • An active trading market for our common stock may not be sustained.
  • We do not currently intend to pay dividends on our common stock and, consequently, your ability to achieve a return on your investment will depend on appreciation of the value of our common stock.
  • Future sales and issuances of our common stock or rights to purchase common stock, including pursuant to our equity incentive plans, could result in additional dilution of the percentage ownership of our stockholders and could cause the stock price of our common stock to decline.
  • If securities or industry analysts do not publish research or reports about our business, or publish inaccurate or unfavorable research about our business, our stock price and trading volume could decline.
  • Our ability to use net operating losses to offset future taxable income may be subject to limitations.
  • Holders of our common stock could be adversely affected if we issue preferred stock.
  • Delaware law and provisions in our amended and restated certificate of incorporation and amended and restated bylaws could make a merger, tender offer, or proxy contest difficult, thereby depressing the trading price of our common stock.
  • Our amended and restated certificate of incorporation provides that the Court of Chancery of the State of Delaware and the federal district courts of the United States will be the exclusive forums for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.
  • The requirements of being a public company may strain our resources, result in litigation and divert management’s attention.
  • Material weaknesses in our internal control over financial reporting may cause us to fail to timely and accurately report our financial results or result in a material misstatement of our financial statements.
  • Our disclosure controls and procedures may not prevent or detect all errors or acts of fraud.
Management Discussion
  • The increase in the first quarter of 2020 from the VA MVP was driven by an increase in the volume of samples we tested in the period, partially offset by lower average prices per sample.
  • The decrease in the first quarter of 2020 from all other customers was driven by a decrease in the volume of samples we tested in the period. This was due to the receipt of relatively large orders from pharmaceutical customers in early 2018 that were fulfilled beginning around the second quarter of 2018 through the second quarter of 2019, partially offset by increases in samples tested for new customers in the first quarter of 2020.
  • The increase in the first quarter of 2020 was primarily due to the increase in revenues discussed above. The cost components related to the increase in costs of revenues were a $3.0 million increase in production materials due primarily to higher volume and customer mix, a $0.9 million increase in depreciation and maintenance on capitalized equipment, IT, and facility costs, a $0.7 million increase in the cost of consumables and laboratory supplies, and a $0.4 million increase related to personnel-related costs including salaries, bonuses, benefits, and stock-based compensation expense.
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