CAI · Caris Life Sciences, Inc.

Caris Life Sciences delivered exceptional Q1 2026 results, with total revenue surging 79% to $216.2 million, primarily propelled by an 85% increase in molecular profiling services revenue to $210.8 million. This growth stemmed from higher clinical case volumes—approximately 52,800 cases, up 15% YoY, including 43,600 MI Profile and 9,200 Caris Assure cases—and improvements in average selling prices. Gross profit reached $141.3 million, yielding a 65% gross margin, a remarkable 1,800 basis point expansion from 47% in Q1 2025, driven by enhanced reimbursement and operational scale. Operating expenses rose 18% to $136.1 million, mainly due to higher stock-based compensation and headcount costs, yet the company achieved operating income of $5.3 million and a near-breakeven GAAP net loss of $0.5 million, a vast improvement from the $102.6 million loss last year. Non-GAAP Adjusted EBITDA turned positive at $26.2 million, while cash generation strengthened with $32.9 million in operating cash flow and $22.5 million in free cash flow, despite $30.5 million in annual bonus payments. CEO David Dean Halbert highlighted record February and March performance post-January sales re-alignment, targeting a 56,000-case quarterly run-rate, and emphasized the Achieve 1 study validating Caris Detect's superiority. Key launches included MolDX-approved Caris ChromoSeq for myeloid malignancies and Caris MI Clarity for breast cancer, alongside new AI Insights for pancreatic, ovarian, and NSCLC cancers. The company surpassed 1.07 million total profiles. Financially, it refinanced a $400 million credit facility at lower costs with Blue Owl and Blackstone. Guidance remains firm for FY2026 revenue of $1.0-1.02 billion (23-26% growth) and 20% clinical volume growth, signaling sustained momentum in precision medicine.