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Caris Life Sciences (CAI) investor relations material

Caris Life Sciences Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary5 Nov, 2025

Executive summary

  • Achieved record Q3 2025 revenue of $216.8 million, up 113% year-over-year, with net income of $24.3 million and positive adjusted EBITDA of $51.2 million, driven by strong clinical profiling and new product launches.

  • Clinical case volume grew 18.2% to 50,763, with clinical ASP up 87% to $4,089 per profile.

  • Gross margin improved to 68% from 43.7% a year ago, and free cash flow was $55.3 million.

  • Completed IPO in June 2025, raising $519.5 million in net proceeds and converting all preferred stock and convertible notes.

  • Strategic focus remains on expanding precision medicine, early detection, and leveraging AI and data platforms.

Financial highlights

  • Total revenue reached $216.8 million, up 113% year-over-year; molecular profiling revenue grew 121% to $207.6 million; pharma R&D services revenue up 18% to $9.2 million.

  • Gross margin expanded to 68% from 43.7% in Q3 2024.

  • Adjusted EBITDA was $51.2 million; net income $24.3 million; free cash flow $55.3 million.

  • Cash and investments increased to $759.3 million as of September 30, 2025.

  • Clinical profiling ASP rose 87% year-over-year to $4,089 per profile.

Outlook and guidance

  • FY25 revenue guidance raised to $720–$730 million, a 75–77% increase over 2024.

  • Clinical therapy selection volume growth expected at 21–22% for the year.

  • Q4 revenue guidance set at $200–$210 million, with pharma revenue expected at $20–$30 million.

  • Full-year gross margin expected to reach 62%, up from 43.4% in 2024.

  • Q4 tissue ASP expected around $3,600; blood ASP guidance raised to $2,300–$2,400 per case.

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