PSNL drove solid growth from its NeXT Personal MRD test, reaffirmed its '26 guide, we reiterate our Buy rating, trim our PT from $13 to $11

研报英文原文证据摘录

PSNL drove solid growth from its NeXT Personal MRD test, reaffirmed its '26 guide, we reiterate our Buy rating, trim our PT from $13 to $11

n-26 Feb-26 Mar-26 Apr-26 May-26

PSNL

■ We expect PSNL and its partner Tempus to drive significant growth in the S&P 500 (rebased)EQUITY

commercial launch of NeXT Personal MRD in the clinic this year. Source: FactSet

■ We expect PSNL's MRD pharma business to become a larger mix of its biopharma

business, driving to $20M+ of its total biopharma revenue. Company Description

Personalis seeks to transform

the development of next-generationRESEARCH Upside Scenario therapies by providing more

■ Any quarterly beats, or guiding revenue above consensus expectations. comprehensive molecular data about

■ We cite the potential for MRD growth above its guidance. each patient’s cancer and immune

■ We cite the potential for additional Medicare coverage and commercial payer response in patient's tissue and blood

coverage for its MRD test. (liquid biopsy) samples. The company's

■ We look for a gradual increase in attach rate between its NeXT Personal MRD test lead product is its NeXT platform,

and its NeXT Dx therapy selection test. which covers 20,000 human genes for

■ We highlight the potential for rising demand for development of personalized a full exome view with the intention

cancer vaccines from large pharma companies. of identifying therapies and monitoring

■ We highlight the potential for the VA to make additional orders to PSNL. cancer progression. While PSNL's initial

focus was on population sequencing and

biopharma services, PSNL is transitioning Downside Scenario to become a player in the clinical

■ Any quarterly misses vs. the Street or revenue guidance below the Street. precision oncology diagnostics market