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Sep 30, 2025
Grail Inc Q3 2025 Earnings Report
GRAIL reported Q3 2025 results with strong Galleri test demand, but continued operating losses.
Key Takeaways
GRAIL, Inc. posted $36.2 million in revenue for Q3 2025, driven primarily by Galleri test sales. While losses narrowed compared to the prior year, the company still recorded a net loss of $89 million. Strong growth in test volumes and international expansion were key highlights.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
GRAIL anticipates completing its PMA submission for Galleri to the FDA in Q1 2026 and continues to invest in global market expansion.
Positive Outlook
- PMA submission for Galleri expected in Q1 2026.
- Strong Galleri test volume growth in Q3 2025.
- New strategic partnership with Samsung for Asian markets.
- Galleri introduced commercially in Canada.
- Private placement bolstered cash runway into 2030.
Challenges Ahead
- Ongoing operating losses despite revenue growth.
- Adjusted EBITDA remains significantly negative.
- High R&D and SG&A expenses continue to pressure margins.
- No clear timeline for FDA approval of Galleri.
- No reported improvements in GAAP profitability.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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