GRAIL (GRAL) 7th Annual Evercore ISI HealthCONx Conference summary

Commercial performance and growth

• Galleri sales grew over 50% year-on-year, with expected seasonal dip in Q3; revenue guidance tightened to 40%-50% growth for year-end.

• Test volume exceeded 32,000 in Q3, closely tracking revenue growth due to stable ASP.

• Over 12,000 physicians ordered tests in Q3, up from 11,000 in Q2; sales force restructured to focus on high-performing territories.

• Clinic channel (self-pay) remains the main volume driver, with growing participation from non-concierge physicians and some employer and insurance channels.

• Customers are often motivated by personal or family cancer history; large employers and life insurers offer the test as a benefit.

Market adoption and physician engagement

• Early adoption was led by concierge doctors, but now broader primary care participation is increasing.

• Preventative care-focused physicians are more comfortable discussing self-pay options.

• Peer sharing among experienced and new prescribers helps drive adoption and appreciation of test value.

• Reorder rates are not yet disclosed but are being tracked for future reporting.

Clinical validation and regulatory progress

• Real-world test performance matches published data for specificity and positive predictive value.

• NHS trial in the UK showed promising interim results but did not meet exceptional criteria for early rollout; full data expected in 2026.

• NHS rollout, if approved, could rapidly reach up to 19 million people aged 50-79 via direct invitations.

• U.S. FDA submission for Galleri expected in H1 2026, with a decision likely in H1 2027 after advisory review.