$PSNL
Personalis, Inc.

2021 Q3 Form 10-Q Financial Statement

#000156459021054262 Filed on November 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3 2020 Q2
Revenue $22.26M $19.82M $19.50M
YoY Change 12.34% 15.52% 23.19%
Cost Of Revenue $14.20M $14.48M $14.82M
YoY Change -1.97% 25.65% 49.35%
Gross Profit $8.066M $5.330M $4.670M
YoY Change 51.33% -5.31% -20.87%
Gross Profit Margin 36.23% 26.9% 23.95%
Selling, General & Admin $12.14M $7.790M $7.710M
YoY Change 55.84% 28.55% 41.05%
% of Gross Profit 150.51% 146.15% 165.1%
Research & Development $13.62M $7.190M $6.470M
YoY Change 89.39% 35.58% 43.87%
% of Gross Profit 168.82% 134.9% 138.54%
Depreciation & Amortization $1.500M $1.500M $1.400M
YoY Change 0.0% 25.0% 27.27%
% of Gross Profit 18.6% 28.14% 29.98%
Operating Expenses $25.76M $14.99M $14.17M
YoY Change 71.83% 182.67% 42.23%
Operating Profit -$17.69M -$9.660M -$9.500M
YoY Change 83.14% 68.59% 133.93%
Interest Expense $28.00K $120.0K $250.0K
YoY Change -76.67% -41.18% -66.44%
% of Operating Profit
Other Income/Expense, Net $5.000K $0.00 $1.000K
YoY Change -100.08%
Pretax Income -$17.66M -$9.540M -$9.251M
YoY Change 85.09% 38.66% 57.68%
Income Tax $12.00K $10.00K $4.000K
% Of Pretax Income
Net Earnings -$17.67M -$9.545M -$9.255M
YoY Change 85.12% 38.63% 57.69%
Net Earnings / Revenue -79.38% -48.17% -47.47%
Basic Earnings Per Share -$0.40
Diluted Earnings Per Share -$397.0K -$269.3K -$291.8K
COMMON SHARES
Basic Shares Outstanding 44.41M 35.46M 31.73M
Diluted Shares Outstanding 44.51M

Balance Sheet

Concept 2021 Q3 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $305.2M $206.1M $105.2M
YoY Change 48.1% 61.9% -35.58%
Cash & Equivalents $79.57M $133.2M $25.04M
Short-Term Investments $225.7M $72.80M $80.20M
Other Short-Term Assets $7.728M $9.000M $6.300M
YoY Change -14.13% 36.36% 65.79%
Inventory $5.523M $2.600M $3.300M
Prepaid Expenses
Receivables $10.53M $5.900M $5.400M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $329.0M $223.6M $120.1M
YoY Change 47.14% 59.37% -31.83%
LONG-TERM ASSETS
Property, Plant & Equipment $72.61M $23.40M $23.60M
YoY Change 210.31% 34.48% 76.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.067M $1.900M $1.800M
YoY Change 166.68% -6.13% 90.07%
Total Long-Term Assets $77.68M $25.20M $25.40M
YoY Change 208.25% 29.96% 62.03%
TOTAL ASSETS
Total Short-Term Assets $329.0M $223.6M $120.1M
Total Long-Term Assets $77.68M $25.20M $25.40M
Total Assets $406.7M $248.8M $145.5M
YoY Change 63.46% 55.8% -24.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.288M $6.500M $7.500M
YoY Change 12.12% -16.28% -14.59%
Accrued Expenses $977.0K $343.0K $297.0K
YoY Change 184.84% -2.56% -45.7%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $1.775M
YoY Change
Total Short-Term Liabilities $26.52M $35.90M $43.00M
YoY Change -26.14% -24.26% -23.68%
LONG-TERM LIABILITIES
Long-Term Debt $1.660M $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $53.22M $9.400M $9.400M
YoY Change 466.19% 944.44% 1908.55%
Total Long-Term Liabilities $54.88M $9.400M $9.400M
YoY Change 483.85% 944.44% -49.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.52M $35.90M $43.00M
Total Long-Term Liabilities $54.88M $9.400M $9.400M
Total Liabilities $81.40M $45.30M $52.40M
YoY Change 79.69% -6.21% -29.97%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $325.3M $203.5M $93.12M
YoY Change
Total Liabilities & Shareholders Equity $406.7M $248.8M $145.5M
YoY Change 63.46% 55.79% -24.16%

Cashflow Statement

Concept 2021 Q3 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income -$17.67M -$9.545M -$9.255M
YoY Change 85.12% 38.63% 57.69%
Depreciation, Depletion And Amortization $1.500M $1.500M $1.400M
YoY Change 0.0% 25.0% 27.27%
Cash From Operating Activities -$17.88M -$16.12M -$15.36M
YoY Change 10.92% 67.39% 40.79%
INVESTING ACTIVITIES
Capital Expenditures -$2.962M -$1.550M -$780.0K
YoY Change 91.1% -57.77% -57.61%
Acquisitions
YoY Change
Other Investing Activities $32.63M $7.210M -$6.840M
YoY Change 352.58% -117.91%
Cash From Investing Activities $29.67M $5.650M -$7.610M
YoY Change 425.12% -112.86% 313.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -506.0K 118.7M 1.320M
YoY Change -100.43% -623.32% -99.08%
NET CHANGE
Cash From Operating Activities -17.88M -16.12M -15.36M
Cash From Investing Activities 29.67M 5.650M -7.610M
Cash From Financing Activities -506.0K 118.7M 1.320M
Net Change In Cash 11.28M 108.2M -21.65M
YoY Change -89.57% -241.95% -116.65%
FREE CASH FLOW
Cash From Operating Activities -$17.88M -$16.12M -$15.36M
Capital Expenditures -$2.962M -$1.550M -$780.0K
Free Cash Flow -$14.92M -$14.57M -$14.58M
YoY Change 2.39% 144.46% 60.75%

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<p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-family:Arial;font-size:9pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:6.67%;color:#000000;font-family:Arial;font-size:9pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. The estimates include, but are not limited to, useful lives assigned to long-lived assets, discount rates for lease accounting, the valuation of stock options, the valuation of stock-based awards, and provisions for income taxes and contingencies. Actual results could differ from these estimates, and such differences could be material to the Company’s condensed consolidated financial position and results of operations.</p>
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2800000
us-gaap Operating Lease Expense
OperatingLeaseExpense
1600000
CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P12Y4M24D
CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.066
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
927000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3838000
CY2021Q3 psnl Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
60744000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
85457000
CY2021Q3 psnl Lessee Operating Lease Liability Discount On Obligation Amount
LesseeOperatingLeaseLiabilityDiscountOnObligationAmount
29039000
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
56418000
CY2021Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3552000
CY2021Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
52866000
us-gaap Operating Lease Payments
OperatingLeasePayments
2300000
us-gaap Operating Lease Payments
OperatingLeasePayments
1200000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
46400000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
9800000
CY2021Q3 psnl Share Based Compensation Arrangement By Share Based Payment Award Options And Equity Instruments Other Than Options Grants In Period Unvested And Unexercised But Reserved Shares Yet Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAndEquityInstrumentsOtherThanOptionsGrantsInPeriodUnvestedAndUnexercisedButReservedSharesYetGranted
10374992
CY2020Q4 psnl Share Based Compensation Arrangement By Share Based Payment Award Options And Equity Instruments Other Than Options Grants In Period Unvested And Unexercised But Reserved Shares Yet Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAndEquityInstrumentsOtherThanOptionsGrantsInPeriodUnvestedAndUnexercisedButReservedSharesYetGranted
9086875
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Rights
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights
Options granted to new hires generally vest over a four-year period, with 25% vesting at the end of one year and the remaining vesting monthly thereafter. Options granted as merit awards generally vest monthly over a three- or four-year period.
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Award Vesting Rights Percentage
SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage
0.25
CY2021Q3 psnl Closing Price Of Common Stock
ClosingPriceOfCommonStock
19.24
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
12.53
CY2021Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
19400000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y4M24D
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4761000
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3689000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1690000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10346000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4761000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-17670000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-9545000
us-gaap Net Income Loss
NetIncomeLoss
-45027000
us-gaap Net Income Loss
NetIncomeLoss
-27939000
CY2021Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
44511534
CY2020Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
35460092
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
43579308
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
32845583
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6529381
CY2021Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.40
CY2020Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.27
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.03
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.85
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6079490
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6529381
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6079490

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