Caris Life Sciences (CAI) investor relations material

Executive summary

• Q3 revenue rose 27.0% YoY to $275.4M; clinical cases increased 21% to ~61,500, while net income was $15.3M vs. $24.3M a year earlier.

• Nine-month revenue reached $755.2M, up 45.5% YoY; molecular profiling growth reflected higher case volumes and reimbursement.

• FY26 revenue guidance increased to $1.04B–$1.05B; positive full-year Adjusted EBITDA and free cash flow are expected while funding expansion and pipeline investment.

Financial highlights

• Q3 molecular profiling revenue was $262.7M, up 27%; Pharma R&D Services revenue was $12.7M, up 37%.

• Q3 operating income was $19.3M vs. $32.6M; net income was $15.3M vs. $24.3M, and diluted EPS was $0.05 vs. $0.08.

• Nine-month net income was $14.1M vs. a $150.0M loss; nine-month Adjusted EBITDA was $126.3M vs. $31.7M.

• Q3 Adjusted EBITDA was $44.4M vs. $51.2M; Q3 free cash flow was negative $39.7M vs. positive $55.3M.

• Cash, cash equivalents, restricted cash and marketable securities totaled $769.2M at September 30, 2026.

Outlook and guidance

• FY26 revenue guidance rose to $1.04B–$1.05B from $1.03B–$1.04B, implying 28%–29% growth; clinical therapy selection volume growth guidance remains ~20%.

• Q4 revenue guidance is $285M–$295M; Q4 clinical therapy selection volume is expected to be ~65,000 cases.

• FY26 GAAP operating expense guidance increased to ~$620M; full-year Adjusted EBITDA and free cash flow are expected to be positive, with free cash flow returning to positive in Q4.

• Q4 gross margin is expected near Q3's 66%; cost of services may outpace revenue growth short term during capacity expansion.

• Caris Confirm, a tumor-informed Whole Genome MRD assay, is planned for December 2026; ACHIEVE-2 interim results are expected in Q1 2027.