Caris Life Sciences (CAI) 44th Annual J.P. Morgan Healthcare Conference summary

Financial performance and outlook

• Ended the year with over $800 million in cash, reflecting strong financial health and profitability driven by technology investments and strategic decisions.

• Achieved $281 million in Q4 revenues, up 116% year-over-year, with total 2025 revenue reaching $800M, a 94% increase, and clinical volumes growing 22% YoY to ~199,300 cases.

• Average selling prices increased, with Q4 tissue ASP at $3,950 and blood ASP at $2,775, driven by payer contracting and FDA approval.

• True-ups contributed $135 million in 2025, mostly related to the current year, reflecting improved payer history and contract execution.

• Plans to expand commercial and pharma teams by 20%-25% in 2026 to drive further growth and capitalize on underpenetrated markets.

Market trends and strategic positioning

• Comprehensive genomic profiling is now recognized as standard of care, with only a third of patients currently receiving such testing, indicating significant growth potential.

• The company’s platform has surpassed 1,016,000 molecular profiles, with 75% matched to clinical outcomes, creating a unique and valuable data asset.

• Distribution channel reaches over 6,000 oncologists and includes 99 cancer centers, representing about 40% of the market.

• Strategic relationships with cancer centers and the Precision Oncology Alliance enable deep market penetration and collaborative research, resulting in over 1,200 joint publications.

• Outsourcing trends among internal labs are expected to continue, increasing demand for external partners with scale and advanced technology.

Product pipeline and innovation

• Multi-cancer early detection (MCED) program advancing with AchieveOne and AchieveTwo studies; AchieveOne readout expected by end of the current quarter, AchieveTwo by year-end.

• First commercial MCED partnership announced with Everlywell, targeting a $3,500 price point and broad consumer access.

• Caris ChromaSeq, a whole genome and transcriptome test for hematological malignancies, completed validation and is under MolDX review for imminent launch.

• MI Clarity assay uses AI and multimodal data to predict recurrence risk in breast cancer, showing improved performance over legacy tests.

• Minimal residual disease (MRD) products include both tissue-naive and whole genome-based tissue-informed assays, aiming for pan-tumor and early-stage applicability.