Grail said after the close of the market on May 5 that its first quarter revenues rose 28 percent year over year.
The Menlo Park, California-based multi-cancer early detection (MCED) company reported Q1 2026 revenue of $40.8 million, up from $31.8 million in Q1 2025, beating the consensus Wall Street estimate of $39.2 million.
Screening revenue, which consists primarily of sales of the Galleri MCED test, grew 37 percent to $39.8 million from $29.1 million a year ago, as Galleri test volume rose 50 percent year over year to more than 56,000 tests. Development services revenue fell 65 percent to $953,000 from $2.7 million a year ago.
In Wednesday morning trading on the Nasdaq, shares of Grail were up 15 percent.
The company’s net loss for the quarter was $93.2 million, or $2.29 per share, compared to a loss of $106.2 million, or $3.10 per share, in Q1 2025, beating the consensus Wall Street estimate of $2.66 loss per share.
Grail’s R&D expenses fell 10 percent to $48.0 million from $53.6 million in Q1 2025. Sales and marketing expenses declined 12 percent to $30.7 million from $35.0 million a year ago. General and administrative expenses fell 5 percent to $42.8 million from $45.1 million a year ago.
“Grail continues to execute commercially, with strong volume growth in Q1,” CEO Bob Ragusa said in a statement. “We are looking forward to our upcoming presentations of detailed results from our 35,000 [subject] PATHFINDER 2 study and the 140,000 [subject] NHS-Galleri trial, which were accepted for presentation at the 2026 ASCO Annual Meeting in late May.”
As of March 31, Grail had $69.3 million in cash and cash equivalents, $753.8 million in short-term marketable securities and $7.0 million in restricted cash.