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Personalis analyzes tumor and blood samples to help drug developers study cancer therapies and doctors monitor patients. Pharmaceutical companies supply most of its revenue, paying for tests and data analysis tailored to individual research projects or clinical trials. Its NeXT Personal test looks for traces of cancer in blood to help assess treatment response and monitor recurrence. Moderna is a major customer, using its services in personalized cancer-therapy trials. A small group of customers supplies most revenue, so demand depends heavily on trial enrollment, project schedules and customer funding.
Another substantial business is sequencing whole human genomes for large-scale research. All revenue from this activity comes from the U.S. Department of Veterans Affairs Million Veteran Program, whose orders depend on funding and discretionary renewals. Personalis formerly supplied tumor analysis for Natera’s cancer-monitoring tests, but no longer has a material commercial relationship with Natera after minimum-volume commitments expired.
Clinical testing is a smaller business. For NeXT Personal Dx, Personalis first analyzes a patient’s tumor and normal samples to build a personalized test, then checks blood samples for residual or returning cancer. Doctors order the tests, and Medicare and private insurers provide reimbursement. Tempus helps market NeXT Personal Dx. Insurance coverage varies by test and use; Medicare covers specified breast- and lung-cancer surveillance uses. Personalis’s current tests are not FDA-cleared companion diagnostics, limiting access to uses where an FDA-labeled drug requires such a test.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Personalis also depends on the U.S. Department of Veterans Affairs Million Veteran Program, which supplied all its population-sequencing revenue and 17% of total revenue in 2025.
Tempus AI competes with Personalis for cancer-profiling and clinical-trial customers, but its larger sales force also helps sell Personalis tests to doctors and drug developers. Watch its rollout of NeXT Personal in bundled biopharma studies and NeXT Personal Dx for colorectal cancer.
Natera now matters to Personalis mainly as a rival: its Signatera competes with NeXT Personal for cancer monitoring and biopharma studies, while the formerly material tumor-analysis supply relationship has ended. Watch Signatera's use by clinicians and drug developers, rather than expecting Natera orders to remain a major Personalis revenue source.
Guardant Health competes with Personalis for tests that guide cancer treatment, detect remaining cancer and support oncology drug development, with clinical testing paid by Medicare and private insurers and research services bought by biopharma companies. Its oncology and biopharma-and-data revenue are the lines to watch for demand in these overlapping markets.
Caris Life Sciences, Inc. competes with Personalis for oncologists and biopharma companies buying comprehensive cancer profiling and testing services. Watch demand for its tissue-based MI Profile, blood-based Caris Assure and biopharma research services—the offerings closest to Personalis's treatment-selection and drug-development work.
Personalis depends on Moderna's purchases of genomic testing for personalized cancer-therapy trials, which generated 22% of Personalis's 2025 revenue. Watch trial enrollment and sample volumes: fewer samples after Moderna completed enrollment in its Phase 3 melanoma trial in 2024 were the main reason Personalis's pharma testing revenue fell in 2025.
Personalis relies on Illumina alone for the machines that read DNA, various associated reagents, and machine maintenance and repairs. Illumina's equipment, reagent supply and service news therefore matter directly to the laboratory capacity behind Personalis's testing services.
NeoGenomics, Inc. competes with Personalis for cancer-testing business from oncology practices and pharmaceutical companies. Its laboratory testing and expert interpretation for community-based cancer practices are the clinical offerings to watch alongside its pharmaceutical testing services.
Myriad Genetics Inc competes with Personalis through Precise Tumor for cancer treatment selection and Precise MRD for monitoring remaining or recurrent cancer. Watch how Myriad uses its reach in community medicine to build the Precise MRD business against Personalis's NeXT Personal Dx.
Adaptive Biotechnologies Corporation shares Personalis's exposure to wider use of tests that detect small amounts of remaining cancer, but its clonoSEQ serves blood cancers while Personalis serves solid tumors. Watch clonoSEQ clinical testing and use by biopharma drug developers for signs of demand for residual-disease testing, not as a direct measure of solid-tumor adoption.
NeoGenomics, Inc. earningsNEO
NeoGenomics’s report will show how demand for cancer testing is changing among oncology practices and drug companies that Personalis also serves.
Look separately at NeoGenomics’s testing for oncology practices and its pharmaceutical testing services. Growth in both would suggest firmer demand among customer groups Personalis also serves; weakness in both would make those customers harder to win. The companies' tests and customer mix differ, so NeoGenomics’s results are evidence about the shared market, not a direct measure of Personalis’s results.
Illumina Inc earningsILMN
Illumina’s report may show whether Personalis’s sole supplier of sequencers and related reagents is maintaining supply and equipment service.
Watch Illumina’s comments on sequencer and reagent supply and equipment maintenance. Steady supply and service would support Personalis’s ability to process tests; shortages, delays, or cost pressure could disrupt testing, raise costs, or force time-consuming and expensive validation of another platform. Illumina’s report alone cannot confirm that Personalis has secured the supplies it needs.
Tempus AI, Inc. earningsTEM
Tempus AI’s report may show whether it is advancing tests sold with Personalis, using its sales force to reach drug developers and doctors.
Look for signs that Tempus AI is advancing NeXT Personal in bundled biopharma studies and NeXT Personal Dx for colorectal cancer. Progress in those shared offerings would suggest its sales channel could help Personalis reach more customers; growth at Tempus AI without progress in the joint offerings would not show that Personalis is gaining sales through the partnership.
Personalis, Inc. earningsThis company
Personalis’s report will show whether population sequencing and clinical diagnostics can make up for weaker pharmaceutical and enterprise testing.
Read revenue from population sequencing and clinical diagnostics alongside the cost of revenue, the direct cost of providing tests. If those newer sources grow without costs rising as fast, they are replacing lost work and leaving more gross profit. If they do not make up for weaker pharma or enterprise testing and gross profit does not improve, Personalis remains exposed to project timing and a few large customers.
Moderna, Inc. earningsMRNA
Moderna’s report may show how its personalized cancer-therapy trials are progressing, which affects its demand for genomic testing from Personalis.
Watch Moderna’s comments on enrollment and progress in personalized cancer-therapy trials. Continued enrollment and more samples to process would support the possibility of ongoing testing demand from this major Personalis customer; stalled enrollment or fewer samples could pressure that work and leave Personalis more exposed to a small number of customers. Trial progress does not confirm the orders Personalis actually receives.
