Another Cancer Testing Q2 Megapost: Grail, BillionToOne, Caris, Biodesix
BillionToOne shares fell sharply despite beating expectations, Caris plans MRD launch for second half, Grail FDA panel update.
Four cancer diagnostics companies reported second-quarter results Aug. 5, with revenue growth across the group but different reactions from the stock market.
Caris Life Sciences Shares Rise on 45 Percent Revenue Growth; MRD Launch Planned for Second Half
Caris Life Sciences reported Q2 2026 revenue of $263.7 million, up 45 percent year over year from $181.4 million in Q2 2025. Molecular profiling services revenue grew 55 percent to $252.3 million from $162.9 million a year ago, driven by an 18 percent increase in clinical case volume to approximately 59,200 cases. Pharma research and development services revenue fell 38 percent to $11.5 million from $18.5 million a year ago.
During the Q&A portion of a call with investors, Caris officials said they plan to finish validation of their whole-genome sequencing-based, tumor-informed minimal residual disease (MRD) test this year and seek to launch it in the second half of the year.
Net loss for the quarter was $637,000, or less than a penny per share, compared to a loss of $71.8 million, or $7.97 per share, in Q2 2025.
The company also announced a $100 million share repurchase program, of which approximately $82.1 million remains available.
As of June 30, Caris had $690.9 million in cash, cash equivalents and restricted cash, and $102.2 million in short-term marketable securities.
Caris raised its full-year 2026 revenue guidance to $1.03 billion to $1.04 billion, representing growth of 27 to 28 percent.
Grail Revenue Up 26 Percent, Expects FDA Meeting to Review Galleri
Grail reported Q2 revenue of $44.7 million, up 26 percent year over year from $35.5 million in Q2 2025. Galleri screening revenue grew 24 percent year over year to $42.6 million from $34.4 million a year ago, as Galleri test volume rose 35 percent year over year to more than 61,000 tests. Development services revenue grew to $2.0 million from $1.2 million.
“Grail continues to execute across our clinical and commercial priorities,” CEO Josh Ofman said in a statement. “We also expanded access through new and existing partnerships.”
Grail officials also announced that the FDA will hold an advisory committee meeting in the fall to review the company’s premarket approval (PMA) application for Galleri. Canaccord Genuity analyst Kyle Mikson noted that company officials continue to estimate FDA approval by early 2027. He added that the PMA submission is supported by data from the PATHFINDER 2 study and from the first year of the NHS-Galleri trial, noting that the primary endpoint across three years was not met.
Grail’s net loss for the quarter was $110.2 million, or $2.56 per share, compared to a loss of $114.0 million, or $3.18 per share, in Q2 2025. The quarter included a $25.4 million impairment charge related to a deferred asset recognized in connection with the company’s Samsung partnership.
As of June 30, GRAIL had $55.6 million in cash and cash equivalents, $806.0 million in short-term marketable securities, and $7.0 million in restricted cash.
BillionToOne Shares Fall 38 Percent
BillionToOne reported Q2 revenue of $109.4 million, up 64 percent year over year from $66.6 million in Q2 2025. Prenatal clinical testing revenue grew 55 percent to $94.2 million from $60.9 million a year ago. Oncology clinical testing revenue grew 176 percent to $13.7 million from $4.9 million a year ago. Total tests delivered grew 35 percent to 196,000.
Net income for the quarter was $8.1 million, or $.15 per diluted share, compared to a net loss of $246,000 in Q2 2025.
Despite the strong topline growth, shares fell nearly 40 percent to $90.93 in Aug. 6 trading on the Nasdaq.
In a note to investors, Guggenheim Securities analyst Subbu Nambi pointed to several factors that could have influenced investor sentiment, including $2.8 million worth of so-called “true-up” accounting measures and the fact that about $10 million in claims were held up by payers.
As of June 30, the company had $548.6 million in cash and cash equivalents.
Biodesix
Biodesix reported Q2 revenue of $26.9 million, up 34 percent from $20.0 million in Q2 2025. Diagnostic testing revenue grew 42 percent to $25.4 million from $17.9 million a year ago, driven by a 38 percent increase in test volumes to 20,900 tests. Development services revenue fell to $1.5 million from $2.1 million a year ago, reflecting timing of project completion and revenue recognition.
Net loss for the quarter was $7.3 million, or $.71 per share, compared to a loss of $11.5 million, or $1.56 per share, in Q2 2025.
“Our performance reflects continued adoption of our blood-based lung diagnostics, expanding reimbursement coverage, and improving sales force productivity,” CEO Scott Hutton said in a statement.
As of June 30, Biodesix had $30.0 million in cash and cash equivalents.