Personalis Inc
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
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Revenue
Note 3. Revenue
The Company disaggregates revenue by the following four customer types:
Pharma tests and services includes sales of testing services and data analytics for clinical trials and research to pharmaceutical companies in support of their drug development programs. Contracts typically contemplate a single project and involve a range of tests and analytics to fulfill the requirements of each particular project.
Enterprise sales includes sales of tumor profiling and diagnostic tests directly to another business as an input to their products. The Company is typically contracted to deliver specified tests and analytics in high volume over time. Revenue from the Company's partnership with Natera to provide advanced tumor analysis for use in Natera's MRD test makes up substantially all of the revenue in this category.
Population sequencing includes sales of genomic sequencing services and data analytics to support large-scale genetic research programs. The Company is typically contracted to perform whole genome sequencing and provide data that can be used for analysis across a large volume of samples. All of the revenue within this category is from the Company's partnership with the VA MVP.
Other includes sales of genomic tests and analytics to universities and non-profits. Other also includes sales of diagnostics tests ordered by healthcare providers for cancer patients, which was insignificant for periods presented.
The following table presents revenue disaggregated by customer type (in thousands):
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Pharma tests and services | $31,904 | $29,552 | $30,282 |
| Enterprise sales | 31,729 | 26,641 | 8,774 |
| Population sequencing | 9,412 | 8,443 | 45,671 |
| Other | 436 | 411 | 767 |
| Total revenue | $73,481 | $65,047 | $85,494 |
Revenue from countries outside of the United States, based on the billing addresses of customers, represented 10%,9%, and 8% of the Company’s revenue for the years ended December 31, 2023, 2022 and 2021, respectively.
Contract Assets and Liabilities
The opening and closing balances of receivables and contract liabilities from contracts with customers are shown below (in thousands). Contract assets were immaterial for all periods presented.
| December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Opening balances: | ||
| Accounts receivable, net | $16,642 | $18,468 |
| Short-term contract liabilities | $1,264 | $3,982 |
| Long-term contract liabilities (included in other long-term liabilities) | — | — |
| Total contract liabilities | 1,264 | 3,982 |
| Closing balances: | ||
| Accounts receivable, net | $17,730 | $16,642 |
| Short-term contract liabilities | $3,288 | $1,264 |
| Long-term contract liabilities (included in other long-term liabilities) | 3,928 | — |
| Total contract liabilities | 7,216 | 1,264 |
Amounts collected in advance of services being provided are deferred as contract liabilities in the consolidated balance sheets. The associated revenue is recognized, and the contract liability is reduced, as the services are subsequently performed. As of December 31, 2023, amounts related tounfulfilled services under contracts with an original expected duration of more than one year was $5.7 million. The Company expects to recognize approximately $1.8 million of this amount in the next 12 months, and the remaining $3.9 million in the 12 months after that. Revenue recognized that was included in the contract liability balance at the beginning of each reporting period was $0.4 million, $3.5 million, and $19.1 million for the years ended December 31, 2023, 2022, and 2021, respectively.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.