Caris Life Sciences : First Quarter 2026 Financial Results Conference Call Presentation

Published: 2026-05-07 16:33:04 ET CAI

Published on 05/07/2026 at 04:33 pm EDT

Where Molecular Science Meets Artificial Intelligence

Q1 2026 Earnings Call May 7, 2026

Powerful Molecular Platform

Broad Clinical Reach and Expanding Platform

Differentiated Technology

MI Profile (WES/WTS/IHC)

Tissue-Based Therapy Selection

Caris Assure (WES/WTS/CH)

Blood-Based Therapy Selection

Caris ChromoSeq (WGS/WTS) Heme Therapy Selection (Launched April 1, 2026)

MI Clarity (Digital AI) Early-Stage Breast Predictor (Launched May 5, 2026)

Caris Detect (WGS)

Multi-Cancer Early Detection (Upcoming Commercial Launch with Everlywell)

Caris MRD

(WES/WTS/WGS)

Tumor Naive (Seeking MolDX Approval) & Tumor Informed (In Development)

Data / Platform Output

52,800

Completed Cases Q126

+15%

Completed Growth Q126

1.07MM+

Profiled Cases

790,000+

Matched Profiles

728,000+

Whole Transcriptomes

677,000+

Whole Exomes

Growing Reach

225MM+

MI Cancer Seek Covered Lives

50+

MSL Team

70%+

EHR/Portal Orders

1,200+

Publications/ manuscripts

100

POA Members

6,100+

Ordering Oncologists

270+

Commercial Sales Team

Data points as of March 31, 2026

Strong Revenue Performance

Total Revenue

($ in millions)

Pharma R&D Services Molecular Profiling Services

$216.2

$210.8

$5.4

Total Q1 2026 Revenue Breakdown

($ in millions)

$5.4

$22.6

$120.9

79%

Tissue revenue increased 85% YOY

Blood revenue increased 80% YOY

$114.1

$6.8

$188.2

Q1 2025 Q1 2026

Q1 2026 Performance Highlights

Financial Highlights

GAAP Revenue growth of 79% - from $121MM to $216MM

Volume growth of 15% - completing 52,800 clinical cases

Clinical ASP increase of 61% - from $2,488 to $3,996

GAAP gross margin of 65%, a ~1,800 bps increase

GAAP Net Loss of $0.5MM and Positive Adjusted EBITDA of $26.2MM*

Positive GAAP Net Cash from Operating Activities of $32.9MM, Positive Free Cash Flow of $22.5MM* and cash, marketable securities and restricted cash on hand of $825.7MM

Additional Operating Highlights

Sales force re-alignment completed in January 2026, exited at a quarterly run-rate of approximately 56,000 completed cases for February and March

Reported ACHIEVE-1 Study results reinforcing the superior sensitivity and specificity of Caris Detect

Launched Caris ChromoSeq & Launched Caris MI Clarity

Refinanced $400 million credit facility at lower cost and secured additional strategic capital from Blue Owl and Blackstone

Note: Volume rounded to nearest 100.

* See earnings release for reconciliation. Free Cash Flow Includes annual bonus payment of $30.5MM in Q126

Molecular Profiling Growth Driven by Volume and ASP Uplift

Molecular Profiling Services Revenue

($ in millions)

Molecular Profiling Services Volume (1)

Blood

52,800

Blood Tissue

85%

$210.8

$22.6

Tissue

45,800

40,000

5,800

Q1 2025

15%

9,200

43,600

Q1 2026

$114.1

Molecular Profiling Services Reported ASP

Blood

Tissue

$101.5

$12.6

$4,317

70%

$2,534

$2,471

14%

$2,167

$188.2

Q1 2025 Q1 2026

(1) Volume rounded to nearest 100.

Q1 2025

Q1 2026

Commercial Execution Driving Clinical Volume Growth

Re-alignment of Sales Organization completed in January 2026

Clinical Volume

Completed Cases

45,900

15%

52,800

Quarterly run-rate of approximately 56,000

Commercial Highlights

Caris Assure volume growth

Orders electronically

Q1'25 Q1'26

completed cases for February

and March post January realignment

Territories

Phase 1 Territory Expansion Completed in January

in Q1'26

Physicians using EMR

submitted

commercial

team members at end of Q1'26

Note: Volume rounded to nearest 100.

Caris Detect Achieve 1 Results

Whole-genome sequencing delivered 60.3% Stage I/II sensitivity with 99.2% asymptomatic specificity across a 3,014-subject high-risk cohort

Deep Molecular Foundation

Asymptomatic

specificity n=141

Caris Detect leverages Caris' molecular profiling platform and AI models to identify hard-to-detect biological signals associated with early-stage cancer

1MM+

Cases Processed

50B+

Molecular Markers

3,014

96.0%

Benign / high-risk specificity n=2,051

Evaluable Subjects

Generated using only 1 of 9 potential pillars

Additional pillars, may further strengthen overall performance

Selected Stage I/II Sensitivity by Cancer Type

Total data set; sample size shown for each tumor type

Breast

53.7%

n=297

Prostate

74.1%

n=58

Lung

73.4%

n=30

Uterus

60.6%

n=32

Bowel

61.8%

n=55

Head & Neck

81.3%

n=16

Pancreas

70.0%

n=10

Other

69.7%

n=30

Note: Blinded validation excluded 36 unstaged cancer patients, 34 on treatment or blood collected after intent-to-treat surgery, and 24 samples below minimum quality metrics. ©2026 Caris Life Sciences 8

Overall Achieve 1 Performance

Total results: 2,122 interim subjects + 865 blinded validation subjects = 3,014 evaluable subjects

Stage I

56.8% (n=343)

60.3%

Stage I/II sensitivity

Stage II

67.7% (n=191)

Stage III

79.0% (n=143)

Stage IV

98.6% (n=145)

Additional Pipeline Solutions - Status

WHOLE GENOME

WHOLE EXOME WHOLE TRANSCRIPTOME

TUMOR NAIVE

WHOLE EXOME WHOLE TRANSCRIPTOME

TUMOR INFORMED

WHOLE GENOME

PATIENT POPULATION

Therapy Selection for the following:

Acute Myeloid Leukemia (AML)

Myelodysplastic Syndromes (MDS)

Myeloproliferative Neoplasms (MPN)

Suspected myeloid malignancies with persistent cytopenias and other causes reasonably excluded

PRODUCT FEATURES

>200x depth of coverage across WGS

Detects all types of genomic alterations (mutations, fusions, copy number alterations, expression, ploidy)

1.6 billion reads per patient

Breast cancer patients who are:

ER-positive (estrogen receptor-positive)

HER2-negative

Lymph node-negative, or sometimes with 1-3 positive nodes (especially postmenopausal patients)

Stage I or II

Two offerings

Uses MI Profile platform and Digital AI

Digital AI ONLY

Provides both early and late recurrence scores

Superior performance to currently available offerings

MRD intended use:

CRC

MRD CRC test is a minimal residual disease diagnostic test utilized for patients with stage II and III solid tumor cancers post curative intent treatment prior to adjuvant chemotherapy. The assay simultaneously profiles cancer-associated ctDNA/RNA alterations by analyzing a whole blood sample

Uses Caris Assure platform

Tumor naive

Additional indications to follow

Intended use:

Pan-Tumor Stage I, II, and III

Tumor/Normal WGS used to identify trackers

Proprietary approach to minimize false negatives

Maximizes tracker count to achieve ultra-low PPM

Uses Caris Precision WG platform

Tumor informed

Ultra-low sensitivity

Launched - Approved by MolDX

Launched Digital AI Solution

Compiling Additional Data for MolDX TA

Development/Launch Planning initiated

Q1 2026 Financial Overview

TOTAL REVENUE

+79% vs. Q1 2025

GROSS MARGIN(1)

+1800 bps vs. Q1 2025

ADJUSTED EBITDA(2)

+$62MM improvement vs. Q1 2025

FREE CASH FLOW(2)

+$57MM improvement vs. Q1 2025

Q1 HIGHLIGHTS

Molecular profiling revenue growth of 85% offset by lower pharma revenue from timing of deliverables

Gross margin remained in mid 60's% as pricing and mix continued to improve along with continued investment

Adjusted EBITDA and free cash flow (FCF) remained positive and FCF included $30.5MM of annual bonus payment

Gross margin = total revenue less cost of services, divided by total revenue

Adjusted EBITDA and free cash flow are non-GAAP; see earnings release for reconciliation.

Selected financial metrics

All amounts rounded to nearest million except gross margin

Q1 2025

Q1 2026

Change

GAAP

Total Revenue

Molecular Profiling Revenue Pharma R&D Services Revenue Gross Margin

Operating Expenses Net Income / (Loss)

NON-GAAP / CASH FLOW

$121MM

$114MM

$7MM 47%

$115MM

($103MM)

$216MM

$211MM

$5MM 65%

$136MM

($1MM)

+79%

+85%

-21%

+1800 bps

+$21MM

+$102MM

Adjusted EBITDA

Free Cash Flow

($36MM)

($34MM)

$26MM

$23MM

+$62MM

+$57MM

Molecular Profiling Services Performance in Q1 2026

Q1 2026 Molecular Profiling

Reported revenue and ASP continued to benefit from favorable collections across both MI Profile and Caris Assure

Molecular Profiling Services Revenue:

($ in millions)

$192.3

$79.7

$10.1

Additional revenue from exceeding accrual on prior years cases

Q1 2026

Revenue

$211MM

+85% vs. Q1 2025

MI Profile

$4,091

Base ASP (1)

Caris Assure

$2,421

Base ASP (1)

Additional revenue from exceeding accrual on current year cases Revenue base accrual

$30.4

$7.5

$169.7

$200.5

$10.3

PAMA Framework

CDLT reporting applies

2026 reporting window: May 1-Jul 31

Data set: Jan 1-Jun 30, 2025

Reported fields: HCPCS code, final private-payor rate, and volume

CLFS update effective: Jan 1, 2027

PAMA Submission Update

Submitted PAMA data on May 1, 2026

$4.6

$89.8

$3.9

$110.1

$12.0

(1) Base ASP accrual prior to additional revenue from exceeding accrual on prior year cases

Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26

$150.9

Both assays fall under CDLT reporting - not ADLT reporting

MI Cancer Seek

Caris Assure

CDLT Reporting

Molecular Profiling Services Tailwinds

Commercial and Reimbursement Tailwinds

Covered Lives

225MM+

MI Cancer Seek

Tissue Mix

>75%

Q1 2026 Volume

Assure Growth

+58%

Volume Growth

Molecular Profiling Services Gross Margin (1)

12%

76%

MI Profile

Benefited from MI Cancer Seek and continued improvement throughout FY25 and Q1 2026, supported by contracting and payer collection experience

MI Cancer Seek PLA code in effect for FY25

MI Cancer Seek >75% of tissue volume in Q1 2026

225MM+ covered lives and 9% MI Profile completed volume growth (with record Feb/March period after sales re-alignment)

Caris Assure ASP

Improved reimbursement rates throughout FY25 and Q1 2026

41%

38%

47%

45%

60%

57%

68%

61%

65%

64%

supported by contracting progress

Caris Assure PLA code in effect for FY25

$2,421 ASP in Q1 2026 and 58% volume growth

Volume increased 7% sequentially in Q1 2026

Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26

Q1'25 vs Q1'26:

+1,880 bps

(1) Gross Margin is calculated as total revenue less cost of services, divided by total revenue. Rounded to nearest percentage

Reaffirming Full Year 2026 Guidance

23% - 26% YoY

Total Revenue $1.00BN - $1.02BN

21% - 22% YoY

Molecular Profiling Revenue $925MM - $935MM

66% - 88% YoY

Pharma R&D Services Revenue $75MM - $85MM

Full year 2026 revenue is expected to be in the range of $1.0 billion to $1.02 billion, representing growth of approximately 23% to 26% compared to full year 2025.

Molecular profiling revenue is expected to grow approximately 21% to 22% year over year in 2026. Excluding out-of-year revenue from excess collections recorded in 2025, this range implies growth of approximately 26% to 28%.

Pharma R&D services revenue is expected to be in the range of $75 million to $85 million for the year.

Clinical Therapy Selection Volume 20% YoY

Clinical therapy selection volume is expected to be in the growth range of approximately 20% compared to full year 2025.

19% - 20% YoY

GAAP Operating Expenses $590MM - $595MM

GAAP operating expenses is expected to be in the range of $590 million to

$595 million, representing a 19% to 20% increase due to commercial expansion and increase in pipeline trial activities.

pipeline.

Free Cash Flow/Adjusted EBITDA Positive Expected to remain positive while investing in expansion and catalyst

Caris was founded to make precision medicine a reality.

We aim to fundamentally change the way disease is characterized and treated.

We believe that more information is more power.

And our philosophy is to provide every patient

more power in the battle against disease.

Disclaimer

Caris Life Sciences Inc. published this content on May 07, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 07, 2026 at 20:29 UTC.