Personalis, Inc. (PSNL) Earnings Call Transcript & Summary

Good morning. I'm John West, your President, Chief Executive Officer and Director of Personalis, Inc. Welcome to -- all of you to Personalis' 2021 Annual Meeting of Stockholders. I want to thank you all for taking the time to join us and hope you are safe and well. While the meeting is virtual-only, registered stockholders will have the opportunity to ask questions or make a comment online during the Q&A portion. Before I call the meeting to order, I'd like to take this opportunity to introduce you to the members of Personalis' Board in attendance on today's call. In addition to myself, they are: Blaine Bowman, Dr. Alan Colowick, Karin Eastham, Ken Ludlum, Dr. Jonathan MacQuitty, Paul Ricci and Dr. Woody Myers. I'd like to thank our Board members for their dedication and willingness to serve. All of them are online as well as members of our management team. In addition to myself, the officers in attendance today are Richard Chen, MD, our Chief Scientific Officer; Aaron Tachibana, our Chief Financial Officer; and Steve Moore, our General Counsel and Secretary. I would also like to introduce Nathan Cowley, a member of Personalis' Finance Department who will read questions allowed, if any; and Dremeco Seifert of Deloitte & Touche LLP, the company's auditors; and Mike Tenta of Cooley LLP, the company's external legal counsel, who are available to respond to appropriate questions. The meeting will now officially come to order. We will proceed with the formal business of the meeting as set forth in your notice of annual meeting and proxy statement. After the formal part of the meeting, we will give you an opportunity to ask any questions you may have. Please note that this meeting is being recorded. Will the secretary please report at this time with respect to the mailing of the notice of the meeting and the stockholders list?

I have at this meeting a complete list of the stockholders of record of the company's common stock on March 19, 2021, the record date for this meeting. I also have an affidavit certifying that on April 1, 2021, a notice of the Annual Meeting of Stockholders of the company was deposited in the United States mail to all stockholders of record at the close of business on March 19, 2021.

At this time, I would like to introduce Lou Larsen, a representative of Broadridge Financial Solutions, Inc. I am appointing Mr. Larsen to act as inspector of elections at this meeting. Mr. Larsen has taken and subscribed the customary oath of office to execute his duties with strict impartiality. We will file this oath with the records of the meeting. Mr. Larsen's function is to decide upon the qualifications of voters, accept their votes and, when balloting on all matters is completed, to tally the final votes. Will the secretary please report at this time with respect to the existence of a quorum?

I have been informed by the inspector of election that proxies have been received for 32,134,794 of the 43,769,836 shares of common stock outstanding on the record date, which represents approximately 73% of the total number of outstanding shares. This constitutes a quorum for the meeting today, and we may now carry out the official business of the meeting.

We will now proceed with the formal business of this meeting. Will the secretary please open the polls for voting?

The time is now 9:04 a.m. Pacific Time and the polls are now open for voting. The polls will be closed to voting after we go through the matters to be voted on. There are 2 proposals to be considered today by the stockholders.

The first item of business is the election of 2 Class II nominees for director to hold office until the Annual Meeting of Stockholders in 2024 and until their successors are elected. In accordance with the provisions of our bylaws, stockholders are required to provide advanced notice of their intent to nominate candidates for directors. No stockholders submitted such notice. Therefore, I declare the nominations for directors closed. The nominees for director are Alan Colowick, MD; and John West. Are there any questions regarding the election of our Class II directors?

There are no questions.

Thank you. The second item of business today is the ratification of the selection by the Audit Committee of the Board of Deloitte & Touche LLP as the independent registered public accounting firm of the company for the fiscal year ended December 31, 2021. Are there any questions regarding the ratification of the selection of our auditors?

There are no questions.

That was the final proposal for today's meeting. The secretary will now describe the voting procedures.

Voting today is by proxy and electronic ballot. Each share of common stock is entitled to 1 vote. Any stockholder who has not voted or who wishes to change his or her vote may do so by clicking on the vote button in the webcast portal and following the instructions provided. Stockholders who have submitted proxies or who have previously voted via the Internet or by phone and who do not wish to change their vote do not need to take further action. Their votes will be counted automatically. If you wish to vote your shares online, please do so now. Polls will be closing shortly. The inspector of election will not accept any votes once the polls are closed. [Voting]

The time is now 9:07 a.m. Pacific Time and the polls are now closed for voting.

May we have the preliminary results of the voting?

The inspector of election has provided us with preliminary results and confirmed that we have received the necessary votes required to pass the following: one, each of Alan Colowick and John West has been elected as a Class II director to serve until our 2024 Annual Meeting of Stockholders and until his successor is elected; two, the appointment of Deloitte & Touche LLP as the independent registered public accounting firm of the company for the fiscal year ending December 31, 2021, has been ratified. A full tally of the votes will be published in a current report on Form 8-K, which will be filed with the Securities and Exchange Commission within the next 4 business days.

Thank you. With no further business, I hereby adjourn today's meeting. If shareholders have any other questions, now is the time to ask. [Operator Instructions] Nathan, do we have any questions?

There are no questions.

It appears there are no additional questions. Seeing no further questions, thank you again for your attendance at today's meeting and for your continued support of Personalis. So I believe that is the end of the meeting. Thank you.