Personalis (PSNL) PT Lowered to $7 at Needham

Needham analyst Mike Matson lowered the price target on Personalis (NASDAQ: PSNL) to $7.00 (from $7.25) while maintaining a Buy rating.

The analyst commented: 'PSNL's 4Q24 revenue was in line with its preannouncement and EPS beat consensus. Management provided 2025 revenue guidance that bracketed consensus. Revenue growth slowed to (15%) in 4Q24 from 41% growth in 3Q24 as a decline in Oncology growth was compounded by a decline in VA MVP growth. PSNL sequenced 1,441 NeXT Dx and NeXT Personal tests in 4Q24 (up 53% from 945 tests in 3Q24) and noted ongoing success with Tempus (TEM- Buy, covered by Ryan MacDonald) to commercialize NeXT Personal. PSNL also reiterated its expectations for at least two positive NeXT Personal reimbursement decisions in 2025. PSNL is increasing its cash burn to boost commercial capabilities ahead of potential NeXT Personal reimbursement in 2H25. We maintain our Buy rating but lower our price target to $7.00 from $7.25 due to our lower revenue estimates."

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