Personalis, Inc. (NASDAQ:PSNL) Q4 2023 Earnings Conference Call February 28, 2024 5:00 PM ET

Company Participants

Caroline Corner - Investor Relations

Christopher Hall - President and Chief Executive Officer

Aaron Tachibana - Chief Financial Officer and Chief Operating Officer

Richard Chen - Executive Vice President, R&D, and Chief Medical Officer

Conference Call Participants

Madison Pasterchick - Morgan Stanley

Vidyun Bais - BTIG

Daniel Sammarco - TD Cowen

Operator

Greetings, and welcome to the Personalis Fourth Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. Brief question-and-answer session will follow the formal presentation. [Operator Instructions] Reminder, conference is being recorded.

It is now my pleasure to introduce your host, Caroline Corner, Investor Relations. Thank you. You may begin.

Caroline Corner

Thank you, operator. Welcome to Personalis’ fourth quarter and full year 2023 earnings call. Joining today’s call are Chris Hall, Chief Executive Officer and President; Aaron Tachibana, Chief Financial and Chief Operating Officer; and Rich Chen, Chief Medical Officer and EVP, R&D.

All statements made on this call that do not relate to matters of historical facts should be considered forward-looking statements within the meaning of U.S. securities laws. For example, any statements regarding trends and expectations for a financial performance this year and longer term, cash runway, revenue expectations and timing, reimbursement goals, size and booking of orders, products, services, technology, clinical milestones, the outcome and timing of reimbursement decisions, expectations for existing and future collaboration activities, cost expectations, our market opportunity, and business outlook.

These statements are subject to risks and uncertainties that could cause actual results to differ materially from our current expectations. We encourage you to review our most recent filings with the SEC, including the risk factors described in our most recent filings. Personalis undertake no obligation to update these statements, except as required by applicable law.

Our press release with a full year and fourth quarter 2023 results is available on our website, www.personalis.com, under the Investors section, and includes additional details about our financial results. Our website also has our latest SEC filings, which we encourage you to review. A recording of today’s call will be available on our website by 5 PM Pacific Time today.

Now, I would like to turn the call over to Chris, for his comments and full year and fourth quarter business highlights.

Christopher Hall

Thank you, Caroline. Good afternoon, everyone, and thank you for joining us. 2023 was a year of strong performance for Personalis, as we build a culture of execution and winning. We focused on the MRD market, reduced our annual expenses by $35 million and extended our cash runway to 2 years, delivered on all of our commitments to investors and positioned our company for a pivotal 2024. We ended the year with $73.5 million in revenue, a 13% year-over-year growth.