HIGHBuilt-inGeographic
90%
United States
“10-K Item 1: 'the United States, Europe (including the U.K.), and rest of the world...accounted for 90%, 9%, and 1%, respectively, of our revenue for the year ended December 31, 2025'”
PSNL · Concentration risk · 10-K extracted
Personalis (PSNL) concentration risks
Updated
The most significant concentration Personalis discloses is United States at 90%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Personalis’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 6 disclosed concentrations
HIGH3
MEDIUM0
LOW3
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHOutside partyCustomer
62%
top five customers
“10-K Item 1A: 'Our top five customers, including Moderna, the VA MVP and Natera, accounted for 62% and 81% of our revenue for the years ended December 31, 2025 and 2024, respectively.'”
HIGHOutside partySupplier
Illumina
“10-K Item 1: 'we rely on Illumina as the sole supplier of sequencers and various associated reagents, and as the sole provider of maintenance and repair services for these sequencers'”
LOWOutside partyCustomer
22%
Moderna
“10-K Item 1A: 'Moderna, which accounted for 22% and 28% of our revenue for the years ended December 31, 2025 and 2024, respectively.'”
LOWOutside partyCustomer
17%
VA MVP
“10-K Item 1A: 'the VA MVP, which accounted for 17% and 9% of our revenue for the years ended December 31, 2025 and 2024, respectively.'”
LOWOutside partyCustomer
8%
Natera
“10-K Item 1A: 'Natera, which accounted for 8% and 30% of our revenue for the years ended December 31, 2025 and 2024, respectively.'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-06Personalis' concentration profile is layered and substantial across geography, customers, and suppliers. Revenue is heavily domestic, with the United States accounting for 90% of the total — a structural characteristic of the business rather than a counterparty risk. On the customer side, the top five customers represented 62% of revenue, with Moderna at 22%, the VA MVP at 17%, and Natera at 8% individually — each a comparatively modest share on its own, but together a meaningful block of dependency risk. Notably, this concentration has already proven volatile: the top five figure fell from 81% the prior year, and Natera's share dropped sharply from 30% to 8%, showing customer mix here can swing quickly. Layered on top is a supply-side dependency: Illumina is the sole supplier of sequencers, associated reagents, and related maintenance services, with no disclosed alternative. Taken together, the customer concentration is the most idiosyncratic and volatile exposure, the geographic concentration is a structural backdrop, and the Illumina dependency is the one supply-chain single point of failure that could disrupt operations independent of demand.
For the engine’s reasoning on PSNL’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Diagnostics & Research
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| PSNL● | Personalis, Inc. | 3 | 0 | 3 | 6 |
| ADPT | Adaptive Biotechnologies Corpor | 2 | 0 | 0 | 2 |
| CDNA | CareDx, Inc. | 1 | 1 | 0 | 2 |
| CRL | Charles River Laboratories Inte | 1 | 1 | 0 | 2 |
| BLLN | BillionToOne, Inc. | 1 | 0 | 0 | 1 |
| A | Agilent Technologies, Inc. | 0 | 1 | 0 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.