Personalis, Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 7 May 2026: press release. Guidance figures: 8 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Revenue fell on planned non-core decline: Revenue was $15.5 million against $20.6 million a year earlier. The company said the decline reflected planned lower non-core revenue as it focuses on its MRD offering. Source
• Net loss widened to $30.0 million: Net loss was $30.0 million, or $0.29 per share, against $15.8 million, or $0.18 per share, a year earlier. Weighted-average shares rose to 104.2 million from 87.5 million. Source
• Clinical test revenue rose to $1.4M: Clinical test revenue was $1.4 million against $0.3 million. The company reported 7,815 clinical tests in the quarter against 2,184 a year earlier. Source
• Lung cancer Medicare coverage received: Medicare approved coverage for surveillance of cancer recurrence in Stage I to III non-small cell lung cancer. The company called it its second major coverage decision in six months, after breast cancer. Source
• SG&A rose to $17.9M: Selling, general and administrative expense was $17.9 million against $12.3 million. Total costs and expenses were $47.6 million against $38.3 million. Source
• Cash and investments reached $233.2M: Cash, cash equivalents and short-term investments totaled $233.2 million at quarter end, against $240.0 million at December 31, 2025. Source

“Our accomplishments in the first quarter demonstrated that our 'Win-in-MRD' strategy is working to establish NeXT Personal as the new standard for how cancer is detected and monitored,”

Chris Hall, Chief Executive Officer of Personalis

Guidance

What changed from last quarter

• Guidance kept: Full year 2026 guidance was reaffirmed with the same ranges as the prior release. Source
• New: Early access launch of the Real-Time Variant Tracker feature for NeXT Personal. Source

Results and growth drivers

• Revenue fell on planned non-core decline: Revenue was $15.5 million against $20.6 million a year earlier. The company said the decline reflected planned lower non-core revenue as it focuses on its MRD offering. Source
• Net loss widened to $30.0 million: Net loss was $30.0 million, or $0.29 per share, against $15.8 million, or $0.18 per share, a year earlier. Weighted-average shares rose to 104.2 million from 87.5 million. Source
• Operating loss widened to $32.2M: Loss from operations was $32.2 million against $17.7 million in the first quarter of 2025. Source

Revenue lines and customers

• Pharma and other customers $11.2M: Pharma testing services and all other customers contributed $11.2 million. Pharma testing services revenue was $10.7 million against $13.6 million a year earlier. Source
• Enterprise and sequencing about $2.9M: Enterprise sales were $0.4 million against $2.5 million, and population sequencing was $2.5 million against $4.2 million, together about $2.9 million. Source
• Related party revenue rose to $3.1M: Related party revenue was $3.1 million, up from $0.5 million in the first quarter of 2025. Source

“With new Medicare coverage for lung cancer joining our existing breast cancer win, Personalis now has a reimbursement success in two of the largest oncology indications.”

Chris Hall, Chief Executive Officer of Personalis

Clinical volume and reimbursement

• Clinical test revenue rose to $1.4M: Clinical test revenue was $1.4 million against $0.3 million. The company reported 7,815 clinical tests in the quarter against 2,184 a year earlier. Source
• Lung cancer Medicare coverage received: Medicare approved coverage for surveillance of cancer recurrence in Stage I to III non-small cell lung cancer. The company called it its second major coverage decision in six months, after breast cancer. Source
• Volume growth cited in seasonal quarter: Management said clinical volume growth came during what it called the industry's toughest seasonal quarter. Source

Products and published data

• Real-time variant tracker early access: The company launched early access to a NeXT Personal feature that tracks resistance and targetable mutations during routine disease monitoring. Source
• Breast cancer neoadjuvant data published: PREDICT-DNA results were published in the Journal of Clinical Oncology for triple-negative and HER2+ breast cancer. The company said the test predicts outcomes after neoadjuvant therapy better than current standard approaches. Source
• Colorectal data reported 100% specificity: A colorectal cancer podium presentation at AACR covered ctDNA detection for response to neoadjuvant immunotherapy. The company reported 100% negative predictive value and 100% specificity for relapse after surgery. Source
• Lung poster on immunotherapy response: A lung cancer poster at AACR presented ultrasensitive ctDNA monitoring with NeXT Personal for early response to immunotherapy in recurrent metastatic NSCLC. Source

“We are transforming our ultrasensitive MRD technology from a clinical leader into a potential commercial powerhouse”

Chris Hall, Chief Executive Officer of Personalis

Costs and margins

• SG&A rose to $17.9M: Selling, general and administrative expense was $17.9 million against $12.3 million. Total costs and expenses were $47.6 million against $38.3 million. Source
• Related party selling costs rose: Related party sales and marketing expenses were $2.9 million, against $0.6 million in the first quarter of 2025. Source
• Cost of revenue near revenue level: Cost of revenue was $15.2 million against $15.5 million of revenue, compared with $13.4 million on $20.6 million a year earlier. Source
• R&D spending increased: Research and development expense was $14.5 million against $12.6 million a year earlier. Source

Cash and capital

• Cash and investments reached $233.2M: Cash, cash equivalents and short-term investments totaled $233.2 million at quarter end, against $240.0 million at December 31, 2025. Source
• At-the-market sales added $21.0M: Net proceeds of about $21.0 million came from the at-the-market sales program, executed at a weighted-average price of $10.00 per share. Source
• Cash shifted into short-term investments: Cash and cash equivalents fell to $73.6 million from $124.2 million, while short-term investments rose to $159.6 million from $115.7 million. Source
• Shares outstanding increased: Shares issued and outstanding were 104,691,704 at March 31, 2026, against 102,475,891 at December 31, 2025. Source

Coming up, as management said on 7 May 2026

• Quarterly report filing date: The Form 10-Q for the quarter ended March 31, 2026 is to be filed with the SEC on May 7, 2026. Source

Figures management reported

Risks management discussed

• Regulatory: Clinical revenue is tied to Medicare reimbursement for breast and lung cancer surveillance, according to the company. Source
• Financial: Gross margin is set at 15% to 20% because the company is accelerating clinical volume ahead of full reimbursement coverage. Source

Earlier plans management reported on

• On track: Management said it remains on track to grow clinical revenue five-fold this year. Source
• Met: The February release called lung cancer Medicare coverage a key expected catalyst; the May release says coverage was received in the first quarter.

Other quarters

• Q3 FY2026 earnings call
• Q2 FY2026 earnings call
• Q4 FY2025 results
• Q3 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.