Personalis (PSNL) Q2 2026 earnings summary

Executive summary

• Revenue for Q2 2026 rose 30% year-over-year to $22.4 million, driven by pharma testing and clinical diagnostics, with clinical test volume up 199% to 10,384 tests and over 1,400 physicians ordering NeXT Personal.

• Clinical revenue surged 442% year-over-year to $2.6 million, supported by expanded Medicare coverage for NeXT Personal in immunotherapy and neoadjuvant breast cancer monitoring.

• Net loss widened to $31.7 million for the quarter, reflecting higher costs from increased test volumes, R&D, and selling expenses.

• A merger agreement with Tempus was signed in July 2026, with shareholders to receive Tempus stock or cash, and future financial guidance and earnings calls suspended.

• Customer concentration remains high, with Merck, VA MVP, and Moderna accounting for a significant portion of revenue.

Financial highlights

• Q2 2026 revenue: $22.4M (up 30% YoY); clinical test revenue: $2.6M (up 442% YoY); pharma testing services revenue: $16.8M (up 51% YoY).

• Net loss for Q2 2026: $31.7M (vs. $20.1M Q2 2025); net loss per share: $(0.30); weighted average shares outstanding: 105.4M.

• Gross margin for Q2 was approximately 21%, impacted by higher diagnostic test costs and lower reimbursement rates.

• Cash and short-term investments at June 30, 2026: $212.7M.

Outlook and guidance

• Management expects continued revenue growth from clinical diagnostics as Medicare and private payor coverage expands, with clinical revenue on track for over 500% annual growth.

• Gross margin expected to improve long-term with scale, but near-term variability anticipated due to customer mix and reimbursement timing.

• No further financial guidance or quarterly earnings calls due to pending merger with Tempus AI, Inc.

• Sufficient liquidity for at least the next 12 months; additional capital may be sought if the merger does not close.