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About

Caris Life Sciences, Inc., an artificial intelligence TechBio company, provides molecular profiling services in the United States and internationally. It develops and commercializes solutions to transform healthcare using molecular information, and artificial intelligence/machine learning algorithms. The company’s molecular intelligence product portfolio includes MI Profile Platform, a whole exome sequencing (WES)/ whole transcriptome sequencing (WTS) tissue-based molecular profiling solutions; Caris Assure Platform WES/WTS blood-based molecular profiling solutions; Precision Whole Genome Platform, a whole genome sequencing (WGS) blood- and tissue-based profiling solutions; and Caris Detect, a WGS-based multi-cancer early detection solution; Caris WGS MRD a WGS and digital droplet polymerase reaction-based minimal residual disease solution; and Caris ChromoSeq, a WGS and WTS based assay for therapy selection in hematological cancers. It also offers pharma research and development services comprising laboratory delivery, strategic data, and research services to biopharmaceutical customers. The company provides its precision oncology solutions to customers, such as hospitals, institutions and patients. The company was founded in 2008 and is headquartered in Irving, Texas.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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⭐ Superinvestors Holding CAI

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Manager	Shares	Value	% of Fund	Period
Stan Druckenmiller Duquesne Family Office	1.89M	$33.9M	1.00%	Mar 2026
Steve Cohen Point72 Asset Management	918.3K	$16.4M	0.02%	Mar 2026
Jim Simons Renaissance Technologies LLC	449.9K	$8.0M	0.01%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management repeatedly emphasized outstanding revenue growth, margin expansion, and profitability milestones, using specific percentages and concrete achievements such as 'total revenues increasing 81% year over year', 'gross margins improved to 62.7%', and 'positive adjusted EBITDA of $16.7 million'.

Q3 2025

Confident Specific

Management repeatedly used 'exceptional,' 'record-breaking,' and specific figures (113% revenue growth, 68% gross margin, $51.2M adjusted EBITDA) to convey strong performance and operating leverage.

Q4 2025

Confident Specific

Management repeatedly used strong positive language like 'record-breaking quarter', 'outstanding', 'exceptional', 'superb'. They provided specific numbers for revenue growth (125% YoY), gross margin (75%), and net income ($82M). The tone was assured and celebratory.

Q1 2026 latest

Confident Specific

Management repeatedly used strong positive language such as 'strong start to the year', 'continued growth, profitability, and cash generation', and gave precise figures like 79% revenue growth, 85% molecular profiling growth, 65% gross margin, and $26M adjusted EBITDA. They also provided specific metrics on case volumes (52,800), ASP increases (61%), and cash position ($825M).

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call, driven by accelerating revenue growth (79% YoY), expanding gross margins (65% vs 47% prior year), and a fourth consecutive quarter of positive adjusted EBITDA and free cash flow. Management’s disciplined execution is demonstrated by a strengthened balance sheet ($825M cash) and an improved debt facility. The ACHIEVE-1 data for Caris Detect validates the platform’s early detection capabilities, and new product launches (ChromoSeq, MI Clarity) broaden the addressable market. However, the slower January from the sales realignment and the need to sustain the February/March momentum into Q2 are key watch items. Investors should monitor Q2 volume and revenue trends, progress on MCED launch revenues, and any updates on MRD timeline. The overall financial discipline and strong execution support a more favorable outlook, provided the volume ramp continues as guided.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Caris Q1: Rev $216M (+79%), Adj EBITDA $26M, MCED launch imminent

Revenue & Profitability

Total revenue was $216 million, up 79% year-over-year. Molecular Profiling Services revenue was $211 million (+85% YoY). Adjusted EBITDA was positive $26 million, and free cash flow was positive $23 million, marking the fourth consecutive quarter of both metrics being positive. Cash on hand grew to $825 million. Gross margin on a GAAP basis improved to 65% from 47% in Q1 2025.

Outlook

Management is confident in the demand trajectory, citing a strong exit run rate of roughly 56,000 completed cases in February and March after the sales realignment. They reaffirmed full-year guidance for tissue growth in the low teens and blood growth in the high 50s to low 60s. Regarding the CRUSH initiative and broader reimbursement landscape, they believe their CDLT-based pricing is stable and do not expect downward adjustments from their PAMA submission.

Growth Drivers

Revenue growth of 79% was driven by 15% volume growth and a 61% increase in clinical ASP. MI Cancer Seek now covers more than 225 million lives and represented over 75% of tissue volume. Blood testing (Caris Assure) volume grew 58% year-over-year and 7% sequentially. The sales force was expanded from 82 to 146 territories, with activations growing 20% YoY in February and March. New product launches (ChromoSeq, MI Clarity, Detect) and a planned doubling of the liquid specialist team are expected to add further growth.

Balance Sheet & CapEx

In Q1 2026, purchases of property and equipment were just over $10 million. For Q2, management expects roughly $30 million in CapEx, driven by NovaSeq X purchases and inventory build ahead of the MCED (Caris Detect) launch. Operating expenses increased to $136 million in Q1 and are expected to rise to over $140 million in Q2 as the company invests in sales force expansion and new product commercialization.

Margins

GAAP gross margin improved to 65% in Q1 from 47% in Q1 2025, driven by ASP gains and operating leverage. For Q2, management expects gross margin to remain in the mid-60% range. While OpEx is increasing to fund growth initiatives, the company continues to deliver positive adjusted EBITDA and free cash flow, reflecting disciplined investment and a strong underlying business model.

Key Risks

Management and analysts highlighted reimbursement risks, including the CRUSH initiative and PAMA reporting. However, Caris believes its CDLT classification and recent PAMA submission (May 1) are secure, with no expected downward adjustments. The sales realignment caused a slower January transition, but performance improved strongly in February and March. Execution on new product launches and MCED adoption also carry execution risk.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-05

Record Q2 with 59,200 cases and 45% revenue growth, driven by commercial expansion and new product launches. Raised full-year guidance to $1.03–$1.04 billion, with continued investment in capacity and sales force. Strong demand for Caris Detect and robust financial position support ongoing innovation.

Q1 2026 Q1 2026 2026-05-07

Q1 2026 saw 79% revenue growth to $216M, driven by clinical profiling and new launches. Gross margin rose to 65%, with positive adjusted EBITDA and free cash flow. Guidance for strong volume and revenue growth is reaffirmed, supported by a robust pipeline and expanded sales force.

Q4 2025 Q4 2025 2026-02-26

Q4 and full-year 2025 saw record revenue and profitability, driven by strong molecular profiling growth, improved ASPs, and expanding clinical volumes. 2026 guidance projects continued double-digit growth, positive cash flow, and major investments in early detection and commercial expansion.

Q3 2025 Q3 2025 2025-11-05

Q3 2025 saw 113% revenue growth, record profitability, and margin expansion, driven by strong clinical profiling and higher ASPs. Guidance for FY25 was raised, with continued investment in early detection, MRD, and data platforms.

Q2 2025 Q2 2025 2025-08-12

Q2 2025 saw 81% revenue growth to $181.4M, driven by clinical and pharma segments, with gross margin up to 62.7%. Positive adjusted EBITDA and free cash flow were achieved, and FY 2025 revenue is guided to $675M–$685M, with strong growth expected in both volumes and ASPs.

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