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Jun 30, 2024
Grail Inc Q2 2024 Earnings Report
GRAIL's second quarter revenue grew, and the company prioritized its portfolio and corporate restructure extending its cash runway.
Key Takeaways
GRAIL reported a 43% year-over-year increase in revenue to $32.0 million for the second quarter of 2024. The company's strategic update includes reducing overall spend and focusing on core multi-cancer early detection priorities, which is expected to extend the cash runway into 2028.
Revenue in the second quarter was $32.0 million, representing 43% growth year over year.
Net loss for the quarter was $(1.6) billion, including amortization and impairment of acquisition-related intangible items.
Adjusted gross profit was $16.0 million.
Cash and cash equivalents totaled $958.8 million as of June 30, 2024.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
GRAIL anticipates reducing its burn in 2025 to $325 million and expects $27 million in savings in 2024, net of anticipated severance and benefits costs.
Positive Outlook
- Focusing resources on core multi-cancer early detection priorities.
- Progressing toward completion of registrational studies.
- Planning premarket approval application submission.
- Reducing existing headcount and planned hires for 2024 by approximately 30%.
- Substantially decreasing investment in product programs beyond Galleri.
Challenges Ahead
- Reducing overall spend.
- Restructuring costs.
- Reducing the size of the commercial organization.
- Streamlining investments in the enterprise business.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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