Caris Life Sciences Q1 Revenue Jumps 79% to $216M, Gross Margin 65%
CAI•Caris reported first-quarter revenue of $216.2 million, up 79% year-over-year, driven by an 85% rise in molecular profiling services. The company achieved a 65% gross margin, posted positive adjusted EBITDA of $26.2 million, generated $32.9 million in operating cash and $22.5 million in free cash flow.
1. Q1 2026 Financial Results
Caris generated $216.2 million in total revenue for the quarter ended March 31, 2026, up 79% from $120.9 million a year ago, led by an 85% increase in molecular profiling services. Gross profit rose to $141.3 million, boosting gross margin to 65% from 47%, while net loss narrowed to $0.5 million and adjusted EBITDA reached $26.2 million.
2. Operational Highlights and Product Launches
The company completed approximately 52,800 clinical therapy selection cases, a 15% increase year-over-year, following a January sales force realignment that delivered a run rate of 56,000 cases in February and March. Caris reported positive blinded Achieve 1 study results, launched MolDX-approved Caris ChromoSeq for myeloid malignancies and introduced the MI Clarity AI tool for early-stage breast cancer.
3. Cash Flow, Capital and Outlook
Caris generated $32.9 million of net cash from operations and $22.5 million of free cash flow despite $30.5 million in bonus payments, and refinanced a $400 million credit facility at lower cost. The company reaffirmed full-year 2026 revenue guidance of $1.00–1.02 billion and clinical therapy selection volume growth of approximately 20%.
