GRAIL (GRAL) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue rose 26% year-over-year to $44.7 million, driven by a 35% increase in Galleri test volumes and international expansion initiatives.

• Completed $110 million equity investment from Samsung, supporting commercialization in Asia, especially South Korea.

• Net loss for Q2 2026 was $110.2 million, a 3% improvement year-over-year, reflecting higher revenue and improved cost leverage.

• Expanded sales and medical teams following positive clinical trial results, with new personnel now fully deployed.

• Galleri test continues to demonstrate robust clinical performance and safety in large-scale interventional studies, with pivotal results presented at ASCO 2026.

Financial highlights

• Q2 2026 revenue reached $44.7 million, up 26% year-over-year; screening revenue was $42.6 million, up 24%.

• Galleri test volumes exceeded 61,000 in Q2, a 35% increase year-over-year.

• Adjusted gross profit was $21.6 million, up 34% year-over-year; adjusted EBITDA loss was $90.3 million, a 15% increase in loss.

• Ended Q2 with $861.6 million in cash, cash equivalents, and short-term marketable securities, including the Samsung investment.

• Net loss per share for Q2 2026 was $(2.56), improved from $(3.18) in Q2 2025.

Outlook and guidance

• Anticipates FDA advisory committee review for Galleri in fall 2026, with potential approval expected in early 2027.

• Expects FDA approval to drive payer and employer adoption and set a regulatory benchmark for future MCED tests.

• Ongoing international expansion, particularly in Asia via Samsung partnership, with further updates expected as partnerships develop.

• Management expects continued operating losses as investments in R&D and commercialization persist.