GRAIL (GRAL) investor relations material

Executive summary

• Q1 2026 saw strong commercial momentum, with Galleri test volumes rising 50% year-over-year to over 56,000 and screening revenue growing 37% to $39.8 million, despite a 9% ASP decline.

• Net loss improved 12% year-over-year to $93.2 million, reflecting better operating leverage and cost optimization.

• Adjusted EBITDA improved 19% to $(79.9) million, and adjusted gross profit rose 38% to $19.7 million.

• Completed FDA PMA submission for Galleri, now under review, with data from PATHFINDER 2 and NHS-Galleri trials.

• Cash, cash equivalents, and short-term marketable securities totaled $823.1 million as of March 31, 2026.

Financial highlights

• Q1 2026 total revenue was $40.8 million, up 28% year-over-year; screening revenue accounted for $39.8 million.

• Cost of screening revenue increased 24% to $21.2 million, reflecting higher test volumes.

• Research and development expenses decreased 10% to $48.0 million; sales and marketing expenses fell 12% to $30.7 million.

• Net loss per share improved to $(2.29) from $(3.10) year-over-year.

• Adjusted gross profit was $19.7 million, up from $14.3 million in the prior year.

Outlook and guidance

• Reiterated full-year revenue growth guidance of 22%–32%, with a 10% range to account for digital health partnership uptake variability.

• Expect modest ASP declines in 2026 due to channel mix, after significant price adjustments in 2025.

• Salesforce expansion to be completed by mid-year, expected to drive further growth.

• Management expects continued operating losses for several years as R&D and commercialization investments persist.

• Existing liquidity projected to fund operations into 2030, though additional financing may be needed for long-term growth.