Caris Life Sciences (CAI) Q1 2026 earnings summary

Executive summary

• Achieved Q1 2026 revenue of $216.2 million, up 79% year-over-year, driven by molecular profiling, clinical profiling, and new product launches.

• Completed 52,800 clinical cases, a 15% increase year-over-year, with clinical ASP rising 61% to $3,996.

• Net loss narrowed to $0.5 million from $102.6 million in Q1 2025, reflecting improved operating leverage.

• Adjusted EBITDA was $26.2 million and free cash flow $22.5 million, both positive and including annual bonus payments.

• Launched Caris ChromoSeq, Caris MI Clarity, and reported strong ACHIEVE-1 study results for Caris Detect.

Financial highlights

• Molecular profiling services revenue rose 85% year-over-year to $211 million.

• Pharma and research revenue was $5.4 million, down 21% year-over-year due to timing of deliverables.

• Gross margin improved to 65%, up from 47% in Q1 2025, with gross profit at $141.3 million.

• Operating expenses increased to $136 million, mainly due to higher stock-based compensation and headcount.

• Cash, cash equivalents, and restricted cash on hand totaled $825.7 million at quarter end.

Outlook and guidance

• Reaffirmed full-year 2026 revenue guidance of $1.0–$1.02 billion, representing 23–26% growth over 2025.

• Clinical therapy selection volume expected to grow approximately 20% year-over-year.

• Gross margin expected to remain in the 60%-65% range for Q2.

• Free cash flow and adjusted EBITDA expected to remain positive while investing in expansion.