GRAIL (GRAL) Canaccord Genuity's 46th Annual Growth Conference summary

Financial and operational performance

• Achieved 30% revenue growth and 42% test volume growth in the first half, with over 117,000 tests conducted.

• Expanded sales force, now fully trained and active, expected to drive further growth.

• Digital health and employer channels showed strong traction, with digital health volumes doubling year-over-year.

• Average selling price (ASP) declined slightly to $700 per test, with expectations to reach $500 as Medicare reimbursement approaches.

• Operating margins are targeted at 50%-60% at scale, supported by automation and fixed cost leverage.

Strategic partnerships and technology integration

• Quest Diagnostics and athenahealth integrations have streamlined test ordering for physicians.

• Epic integration is expected by year-end, further reducing friction for test adoption.

• Samsung partnership in Korea began with a $110 million investment and will start with distribution, potentially expanding to Japan and local lab development.

Regulatory and clinical milestones

• FDA Advisory Committee (AdCom) meeting for Galleri test scheduled for September 23, focusing on test performance and efficacy.

• PATHFINDER 2 and NHS-Galleri studies provided robust data, with PATHFINDER 2 showing consistent or improved performance and NHS-Galleri demonstrating a 20%+ reduction in Stage IV cancers.

• Additional 12-month follow-up for NHS-Galleri expected to read out in the first half of 2027; nested mortality data anticipated in 2028.

• REACH study, important for Medicare coverage, is ongoing with final readout expected in 2030 or 2031, but interim data may be available earlier.