What is the composition of the customer base (e.g., number of hospital/clinical partners) and its concentration risk?

Answer

The press release you quoted from Personalis, Inc. (Nasdaq: PSNL) focuses on the company’s Q2 2025 financial results and highlights the rapid growth in the number of clinical tests performed (3,478 tests, a 59 % sequential increase versus Q1 2025). It emphasizes the accelerating physician adoption of the NeXT Personal® platform but does not provide any specific details about the makeup of Personalis’ customer base—such as:

• the total number of hospital or clinical partners that use Personalis’ services,
• the split between academic medical centers, community hospitals, independent clinics, or other types of customers,
• the geographic distribution of those partners, or
• any metrics that would allow an assessment of customer concentration risk (e.g., the percentage of revenue that comes from the top 5 or top 10 customers).

Because those data points are not disclosed in the news release, we cannot calculate or comment on the composition of Personalis’ customer base or its concentration risk from the information provided.

How you can obtain the missing details

1. Form 10‑K or 10‑Q filings – Public companies are required to disclose information about major customers and concentration risk in their SEC filings, especially in the “Management’s Discussion and Analysis” (MD&A) and “Risk Factors” sections. Reviewing Personalis’ most recent 10‑K (annual report) or 10‑Q (quarterly report) would be the most direct way to find:

   • The number of hospital/clinical partners,
   • Revenue percentages attributable to the largest customers,
   • Any statements about reliance on a limited set of partners.

2. Investor presentations / earnings call transcripts – Companies often provide a slide or a verbal comment on the breadth of their partner network and any concentration concerns during earnings calls. The transcript of the Q2 2025 earnings call (or the accompanying slide deck) may contain a “Customer Landscape” slide.

3. Company’s website / press releases – Occasionally, a firm will issue a separate “Customer Update” or “Partner Announcement” that lists new collaborations, which can be aggregated to estimate the total partner count.

4. Third‑party analyst reports – Equity research analysts covering Personalis may have compiled estimates of the partner base and concentration risk in their research notes or market commentary.

Why the information matters

• Diversified vs. concentrated revenue: A diversified partner base (e.g., many small‑to‑mid‑size hospitals and clinics) generally reduces the impact of losing any single customer. Conversely, if a large share of revenue comes from a handful of major academic medical centers, the company is more exposed to “concentration risk.”
• Scalability of the business model: Understanding whether growth is driven by adding new partners (expanding the network) or by deepening usage with existing partners helps gauge the sustainability of test volume growth.
• Strategic positioning: In precision‑oncology, partnerships with leading cancer centers can be a competitive moat, but over‑reliance on a few marquee institutions can also be a vulnerability if those institutions shift to a competitor’s platform.

Bottom line

Based solely on the Personalis Q2 2025 press release you provided, there is no disclosed data on:

• Number of hospital/clinical partners,
• Breakdown of partner types, or
• Customer concentration risk.

To answer the question comprehensively, you’ll need to consult Personalis’ SEC filings (10‑K/10‑Q), earnings‑call materials, or analyst research that specifically addresses the composition of its customer base and any related concentration‑risk considerations. If you locate those documents and share the relevant excerpts, I can help you interpret the figures and assess the risk profile.