Caris Life Sciences (CAI) investor relations material

Executive summary

• Achieved total revenue of $216.2 million for Q1 2026, up 79% year-over-year, driven by molecular profiling and higher clinical case volumes.

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

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

• Positive adjusted EBITDA of $26.2 million and free cash flow of $22.5 million, with net cash from operating activities at $32.9 million.

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

Financial highlights

• Molecular profiling services revenue grew 85% year-over-year to $210.8 million.

• Pharma and research revenue was $5.4 million, with a 21% year-over-year decline due to timing of project deliveries.

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

• Operating expenses increased to $136.1 million, mainly due to higher stock-based compensation and headcount.

• Cash on hand grew to over $825 million, with $821.1 million in cash, cash equivalents, and restricted cash 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.

• Q2 volume expected to exceed 58,000 cases, a 10% sequential increase from Q1.

• Revenue guidance maintained, with evaluation after Q2 based on new product launches.

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