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Mar 31
Grail Inc Q1 2025 Earnings Report
Grail Inc reported Q1 2025 results with strong Galleri test growth and narrowed losses.
Key Takeaways
Grail Inc delivered Q1 revenue of $31.8M, driven by Galleri test growth, while reporting a net loss of $106.2M. Adjusted EBITDA improved significantly year-over-year. The company maintains a strong cash position to support operations through 2028.
Galleri test revenue grew 24% YoY to $29.1M with over 37,000 tests completed.
Total revenue reached $31.8M, up 19% YoY.
Net loss narrowed to $106.2M from $218.9M the prior year.
Cash and equivalents totaled $677.9M, providing runway into 2028.
Grail Inc
Grail Inc
Grail Inc Revenue by Segment
Grail Inc Revenue by Geographic Location
Revenue by Segment
Screening Revenue
CapyFin.comDevelopment services Revenue
CapyFin.comRevenue by Geographic Location
U.S. Galleri Revenue
CapyFin.com Forward Guidance
Grail anticipates continued growth in Galleri test adoption and aims to file premarket approval in 2026 based on NHS-Galleri trial results.
Positive Outlook
- Strong Galleri adoption with over 37,000 tests completed.
- Improved adjusted EBITDA and net loss YoY.
- High PPV, CSO accuracy, and specificity in NHS-Galleri trial.
- Integration with athenahealth to streamline ordering.
- Educational initiative with public figures to raise awareness.
Challenges Ahead
- Continued net and operating losses despite improvements.
- No reported free cash flow data.
- Development services revenue declined YoY.
- Still awaiting final NHS-Galleri trial results (due mid-2026).
- Galleri test not yet FDA approved.