GRAIL (GRAL) Q4 2024 earnings summary

Executive summary

• 2024 marked a transformative year with separation from Illumina and public trading beginning in June.

• Sold over 137,000 Galleri tests in 2024, driving U.S. Galleri revenue up 45% year-over-year to $108.6M.

• Completed final study visits for NHS-Galleri and PATHFINDER 2 registrational studies, supporting modular PMA submission.

• Implemented a major restructuring to extend capital runway and support key milestones.

• Integrated Galleri into Quest Diagnostics' ordering system, expanding access for physicians and patients nationwide.

Financial highlights

• Q4 2024 revenue was $38.3 million, up 26% year-over-year; full year revenue reached $125.6 million, up 35%.

• Screening revenue for Q4 was $31.6 million, up 39% year-over-year; full year screening revenue was $108.6 million.

• Development services revenue for Q4 was $6.7 million; full year was $16.97 million, down 6% year-over-year.

• Q4 net loss was $97.1 million, a 48% improvement year-over-year; full year net loss was $2 billion, up 38% due to goodwill and intangible asset impairments.

• Q4 non-GAAP adjusted gross profit was $17.9 million, up 17%; full year adjusted gross profit was $57.8 million, up 44%.

• Q4 adjusted EBITDA was negative $84 million, a 32% improvement; full year adjusted EBITDA was negative $483.5 million, an 8% improvement.

• Year-end cash position was $767 million, extending runway into 2028.

Outlook and guidance

• Cash burn for 2025 expected to be no more than $320 million, a projected decrease of over 40% from 2024.

• Cash runway extends into 2028, supporting major milestones including study readouts and FDA submission.

• No change to 2025 guidance following Quest Diagnostics and TRICARE developments.

• Registrational study readouts expected in 2025 and 2026; modular PMA submission planned for H1 2026.