Start here if you're new
what it is
Personalis sells cancer genomics tests and data to drugmakers, researchers, and hospitals.
how it gets paid
Last year Personalis made $70M in revenue. Clinical testing was the main engine at $28M, or 40% of sales.
why growth slowed
Revenue fell 17.7% last year. 11% gross margin matters because it says the company keeps very little of each dollar after direct costs.
what just happened
Q4 revenue hit $52M, but EPS was still -$0.65 and gross margin was only 11%.
At a glance
B balance sheet — gets the job done, barely
60/100 earnings predictability — reasonably predictable
-$1.37 fy2024 eps est
$85M fy2024 rev est
~-126% operating margin (deep loss vs sales)
xvary composite: 56/100 — below average
What they do
Personalis sells cancer genomics tests and data to drugmakers, researchers, and hospitals.
Personalis reads about 20,000 human genes from one tissue sample. That means your biopsy gives up more data than a standard test. The VA Million Veterans Program adds another lane, with sequencing tied to a 1,000,000-genome goal.
How they make money
$70M
annual revenue · their business grew -17.7% last year
Clinical testing
$28M
up
Pharma services
$22M
dn
Population genomics
$12M
up
Other lab services
$8M
flat
The products that matter
mrd cancer testing
NeXT Personal
2026 target · 170% clinical test volume growth
it's the centerpiece of the pivot, and management is targeting 170% clinical test volume growth in 2026. if that number slips, the bull case shrinks with it.
pivot engine
sequencing for drug developers
Pharma & Research Services
~$22M in segment mix
this business accounts for about $22M in the mix on this page, but management is pivoting away from it. legacy revenue can buy time, but it rarely gets a premium multiple on its own.
legacy revenue
Key numbers
$70M
annual revenue
This is the whole business. A $70M company with roughly a -126% operating margin still burns a lot of room.
-126.4%
op margin
For every $1 of sales, Personalis lost about $1.26 at the operating line. The margin is negative— not a positive triple-digit number.
$34M
long-term debt
Debt is only 5% of capital. That gives the balance sheet some cushion, but not much comfort.
1.85
beta
The stock moves about 85% more than the market. You get a rough ride for a small company name.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 2 — safer than 80% of stocks
- price stability 5 / 100
- long-term debt $34M (5% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for PSNL right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Q4 revenue hit $52M, but EPS was still -$0.65 and gross margin was only 11%.
Revenue jumped 261% from a weak base. The company still lost money, so the gap between sales growth and profit remains the story.
$52M
quarter revenue
-$0.65
quarter EPS
11.0%
gross margin
gross margin
11% gross margin matters because it says the company keeps very little of each dollar after direct costs.
source: company earnings report, 2026
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What could go wrong
the #1 risk for Personalis is clinical pivot economics that still do not work — Q4 gross margin was 11%, and 2026 is only guided to 15–20%.
med
premium valuation meets thin proof
the stock trades at 11.6x sales versus a peer average of 2.1x. that gap only works if the clinical business scales fast and cleanly.
if execution looks ordinary instead of exceptional, the multiple has room to compress long before the income statement improves.
med
margin structure is still broken
Q4 2025 gross margin was 11%, and management's 2026 guide is only 15–20%. this is still a business paying a lot to generate each dollar of revenue.
a slow margin recovery means more cash burn and a longer wait before the pivot starts looking economically real.
med
the growth target may be doing too much work
management is targeting 170% clinical test volume growth in 2026 while the legacy pharma and research business declines. that is a narrow bridge to profitability.
if clinical volumes disappoint, you are left with the old business shrinking before the new one has earned the right to replace it.
med
street estimates are already moving down
consensus revenue estimates have fallen 16%. analysts do not usually cut numbers during a pivot because things are going better than expected.
lower estimates can become a feedback loop: weaker confidence, weaker multiple, and a higher cost of future capital if the company ever needs it.
a ~$70M trailing revenue business (street near ~$85M forward) with ~$240M cash can buy time. it cannot buy proof. if volume growth stalls while margins stay near 11%, the ~$703M equity story has to reset.
source: institutional data · regulatory filings · risk analysis
Pay attention to
growth
clinical test volume vs the 170% target
this is the number that carries the whole pivot. if the ramp starts soft, the market will notice fast.
economics
gross margin moving off the floor
Q4 gross margin was 11%. management says 15–20% for 2026. you need to see movement in that direction, not another quarter stuck near the bottom.
calendar
next earnings as a proof point
the next report should tell you whether volume, margin, and cash burn are improving together or moving in opposite directions.
risk
another round of estimate cuts
revenue estimates are already down 16%. more cuts would suggest the pivot is slipping faster than management's language implies.
Analyst rankings
earnings predictability
60 / 100
60 / 100 means the numbers are only moderately predictable. in human-speak, expect uneven quarters.
beta
1.85
beta measures how violently a stock moves relative to the market. at 1.85, a 10% market move has historically looked more like 18.5% here.
source: institutional data
Institutional activity
institutional ownership data for PSNL is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$9
current price
n/a
target midpoint · n/a from current
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