📈 Price History

Ratio Health

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📊 Sector Averages

About

GRAIL, Inc., a commercial-stage healthcare company, provides multi-cancer early detection testing and services in the United States and internationally.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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⭐ Superinvestors Holding GRAL

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	55.2K	$2.9M	0.00%	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

The tone is confident and specific, with management citing concrete numbers like 45,000 tests sold, 11% revenue growth, and 25% repeat testing. They also acknowledge operational challenges (increased turnaround times and reprocessing costs) but frame them as solvable, maintaining an optimistic outlook on commercial growth and upcoming clinical milestones.

Q3 2025

Confident Specific

Management repeatedly cited specific positive metrics (39% volume growth, 61.6% PPV, 99.6% specificity, 84.2% updated PPV from SYMPLIFY) and tightened guidance ranges, projecting clear progress and milestones (FDA PMA submission in Q1 2026, NHS-Galleri mid-2026). Language like 'very pleased', 'very exciting', 'palpable momentum' reinforces the upbeat tone.

Q4 2025

Confident Specific

Management emphasizes strong Stage IV reduction (>20% in rounds 2-3) and fourfold cancer detection rate, while acknowledging the primary endpoint miss but framing it as a trend and planning extended follow-up. Language like 'compelling evidence', 'first time a multi-cancer early detection test has demonstrated population-scale stage shift' conveys confidence.

Q1 2026 latest

Confident Specific

Management repeatedly cited specific metrics (56k tests, 50% volume growth, 37% screening revenue growth) and highlighted strategic milestones (FDA PMA submission, ASCO data, Epic integration) without deflection or uncertainty.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger following this call due to accelerating volume growth (50% YoY), expanding health system partnerships, and major catalysts on the horizon (ASCO data, FDA decision). The reiterated guidance – despite a Q1 beat – suggests management is prudent given competitive dynamics and partner uptake uncertainty. Key watch items for next quarter: (1) full data readouts at ASCO and their impact on physician adoption, (2) FDA review timeline and potential AdCom, (3) ramp of the expanded sales force and Epic integration, and (4) any further price elasticity or ASP trends. The $823M cash position provides ample runway to navigate these milestones.

AI-generated concall tone analysis · Updated 2026-06-09 · Not investment advice

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

📊 MIXED GRAIL sold 56,000 Galleri tests in Q1 2026, up 50% YoY

Revenue & Profitability

Total revenue for Q1 2026 was $40.8 million, up 28% year-over-year. Screening revenue grew 37% to $39.8 million. Net loss was $93.2 million, an improvement of 12% from Q1 2025. Adjusted gross profit was $19.7 million, up 38%. Adjusted EBITDA was -$79.9 million, improving 19%. Cash position stood at $823.1 million. Management reiterated full-year revenue growth guidance of 22% to 32%.

Outlook

Management expressed optimism about the multi-cancer early detection market, noting that competitor advertising is raising overall awareness and creating tailwinds. They expect upcoming ASCO presentations of NHS-Galleri and PATHFINDER 2 data to further educate providers and payers. The company sees growing physician adoption and is encouraged by the FDA's rapid pathway framework, though details remain unclear. An FDA approval could act as a significant catalyst.

Growth Drivers

Key growth levers include a 50% year-over-year increase in Galleri test volumes, expansion of the field sales force from 90 to 120 territories (onboarded by mid-year), and new digital health partnerships (e.g., Hims & Hers, WHOOP) alongside existing partners like Function Health and Everlywell. The Epic EHR integration, expected to go live in Q3 2026, will enable ordering at the point of care in 450 health systems. Additionally, 1,300 new prescribers were added in Q1.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

Adjusted gross profit improved 38% year-over-year to $19.7 million, driven by fixed cost leverage from higher volumes and reduced sample reprocessing costs, partially offset by a decrease in average selling price (ASP). ASP stepped down sequentially due to expanded discounting programs; management expects only modest further declines per channel in 2026, with overall ASP influenced by channel mix. The company expects continued margin improvement as scale increases.

Key Risks

Key risks include uncertainty around FDA approval timing and the potential for an advisory committee review (which could extend review time), reliance on successful uptake from new digital health partners (Hims & Hers, WHOOP), competitive pressures from increasing MCED advertising, and the impact of NHS-Galleri data interpretation on provider and payer sentiment. Management also cited ASP declines and the need to balance volume growth with pricing.

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

Q2 2026 saw strong revenue and test volume growth, driven by Galleri's robust clinical validation and expanded commercial efforts. The company completed a $110M investment from Samsung, advanced toward FDA approval, and continued international expansion, while maintaining a strong cash position.

Q1 2026 Q1 2026 2026-05-05

Q1 2026 saw 50% test volume growth and 37% screening revenue growth, with strong adoption across providers and digital health. FDA review of Galleri is underway, Salesforce expansion is on track, and full-year revenue guidance is reiterated at 22–32%.

Q4 2025 Q4 2025 2026-02-19

Galleri test volumes and revenue grew strongly in 2025, with robust clinical data supporting early cancer detection. Despite not meeting the NHS-Galleri trial's primary endpoint, significant reductions in late-stage diagnoses and strong safety results underpin regulatory and commercial momentum.

Q3 2025 Q3 2025 2025-11-12

Galleri test volumes and revenue saw strong double-digit growth, driven by provider channel expansion and repeat testing. Clinical studies reinforced test performance, while strategic partnerships and new financing strengthened the balance sheet. FDA submission is now expected in Q1 2026.

Q2 2025 Q2 2025 2025-08-12

Q2 2025 saw 11% revenue growth to $35.5M, driven by strong Galleri test adoption and repeat testing. Positive clinical results, expanded partnerships, and improved cash burn guidance position the company for continued growth and regulatory milestones.

📊 Analysis Methodology

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