Caris Life Sciences Posts $106M Q4 EBITDA and Eyes 20% 2026 Volume Growth
Caris Life Sciences reported Q4 net income of $82M and adjusted EBITDA of $106M, its third straight positive EBITDA and free cash flow quarter, with cash rising $43M to over $800M. It reiterated 2026 guidance for 20% volume growth, will expand salesforce by 20%-25%, and launch Caris Detect in Q2.
1. Q4 Financial Performance
Caris Life Sciences achieved GAAP net income of $82 million and adjusted EBITDA of $106 million in Q4 2025, marking its third consecutive quarter of positive adjusted EBITDA and free cash flow. Cash on hand grew by $43 million to just over $800 million, strengthening the balance sheet.
2. 2026 Guidance and Growth Drivers
The company maintained full-year 2026 guidance for 20% volume growth and forecasts Q1 revenue growth of 70% to 74%, with tissue volumes up in the low teens and blood volumes rising in the high-50s to low-60s. A 20%–25% increase in its salesforce to approximately 300 professionals is expected to drive incremental volume growth in the second half of the year.
3. Caris Detect Development and Launch Plans
Interim data for the Caris Detect whole genome sequencing-based blood test showed 63.1% sensitivity for stage 1 and 2 cancers, underpinning its regulatory and commercial potential. The company plans to launch Caris Detect in Q2 2026, aiming to expand its early detection portfolio.
4. Capital Allocation and Infrastructure Investment
Caris Life Sciences allocated $60 million of capital expenditures for its molecular sequencing assay launch, with 35% of spending in H1 and 25% in H2 2026. Investments will focus on NovaSeq machines, capacity expansion and infrastructure, and anticipated average sales prices of $4,200 for tissue and $2,400–$2,500 for blood tests.