Grail 2025 Q3 Earnings 29.2% Net Loss Reduction and 26.3% Revenue Growth

Grail (GRAL) reported fiscal 2025 Q3 earnings on Nov 13, 2025, with revenue rising 26.3% year-over-year to $36.19 million, exceeding expectations by $0.8 million. The company narrowed its net loss to $88.98 million, a 29.2% improvement, and revised 2025 cash burn guidance downward to $290 million.

Revenue

Grail’s total revenue surged to $36.19 million in Q3 2025, driven by a 26.3% year-over-year increase. Screening revenue, the company’s core segment, accounted for $32.81 million, reflecting robust demand for its Galleri test. Development services revenue contributed $3.39 million, while intangible asset amortization remained at $0. The performance underscores the growing adoption of Galleri, with 45,000 tests sold in the quarter.

Earnings/Net Income

The company significantly narrowed its net loss to $88.98 million, a 29.2% reduction from $125.69 million in Q3 2024. Earnings per share improved to a loss of $2.46 from $3.94, a 37.6% improvement. These results reflect disciplined cost management and operational efficiency gains. Despite ongoing losses, the 37.6% EPS improvement signals progress toward profitability.

Post-Earnings Price Action Review

Following the earnings report, Grail’s stock experienced mixed short-term performance. Shares dropped 3.40% in the latest trading day but rebounded with a 3.92% weekly gain. Month-to-date, the stock surged 20.08%, outperforming broader market trends. Analysts attributed the volatility to post-earnings optimism over reduced cash burn and strategic partnerships, though short-term trading activity remained cautious amid ongoing losses.

CEO Commentary

CEO Robert Ragusa highlighted strong commercial progress, with Galleri volumes and revenue growing 39% and 29% year-over-year, driven by expanded provider adoption and repeat testing. Strategic priorities include securing FDA approval for Galleri and expanding reimbursement. Partnerships with Samsung for Asian markets and Medcan in Canada were emphasized as key growth drivers.

Guidance

Grail revised 2025 U.S. Galleri revenue growth guidance to the midpoint of its initial 20-30% range, aligning with Q3’s 28% year-over-year growth. Full-year 2025 cash burn was reduced to $290 million, a 50% decline from 2024. For 2026, the company targets FDA PMA submission in Q1 and NHS Galleri results by midyear.

Additional News

Grail announced a strategic collaboration with Samsung to bring Galleri to Asian markets, pending definitive agreements, with Samsung committing a $110 million equity investment. The company also completed a $325 million private placement, strengthening its balance sheet. Notably, PATHFINDER 2 study results demonstrated Galleri’s ability to increase cancer detection by over sevenfold when added to standard screenings, with a 61.6% positive predictive value and 99.6% specificity. These advancements position Grail for regulatory and market expansion in 2026.