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GRAIL, Inc., a commercial-stage healthcare company, provides multi-cancer early detection testing and services in the United States and internationally. It offers Galleri, a cancer screening test for asymptomatic individuals over 50 years of age; and a diagnostic aid for cancer tests to accelerate diagnostic resolution for patients with clinical suspicion of cancer. The company also provides development services, including support for ongoing clinical studies, pilot testing, research, and therapy development. In addition, its precision oncology portfolio consists of n RUO-targeted methylation-based platform that enables applications for disease prognostication, risk stratification, minimal residual disease detection, and recurrence and relapse monitoring. The company was incorporated in 2015 and is headquartered in Menlo Park, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $147M | $-378M | $-408M | $-300M | -15.8% | 17.2% | -79.9% |
| 2024 | $126M | $-610M | $-2.0B | $-582M | -81.0% | 34.9% | 38.3% |
| 2023 | $93M | $-638M | $-1.5B | $-609M | -40.2% | 67.6% | -72.9% |
| 2022 | $56M | $-588M | $-5.4B | $-584M | -116.2% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 55.55 | 93.10 | 125.60 | 147.17 |
| Operating Revenue | 55.55 | 93.10 | 125.60 | 147.17 |
| Cost Of Revenue | 172 | 188.72 | 203.62 | 209.74 |
| Gross Profit | -116.45 | -95.61 | -78.02 | -62.57 |
| Operating Expense | 626.01 | 701.30 | 690.20 | 471.59 |
| Research And Development | 329.58 | 338.74 | 322.38 | 195.79 |
| Selling General And Administration | 296.44 | 362.56 | 367.82 | 275.80 |
| Total Expenses | 798.01 | 890.02 | 893.82 | 681.34 |
| Operating Income | -742.46 | -796.92 | -768.22 | -534.16 |
| Total Operating Income As Reported | -5,442.89 | -1,515.38 | -2,189.16 | -562.16 |
| EBITDA | -587.70 | -638.22 | -610.17 | -377.82 |
| Normalized EBITDA | 4,112.73 | 80.25 | 810.77 | -349.82 |
| EBIT | -742.46 | -796.92 | -768.22 | -534.16 |
| Interest Income | 1.74 | 7.95 | 26.73 | 28.65 |
| Net Interest Income | 1.74 | 7.95 | 26.73 | 28.65 |
| Other Non Operating Income Expenses | -0.24 | -0.21 | 0.06 | -0.99 |
| Other Income Expense | -4,700.67 | -718.67 | -1,420.87 | -28.99 |
| Interest Income Non Operating | 1.74 | 7.95 | 26.73 | 28.65 |
| Net Non Operating Interest Income Expense | 1.74 | 7.95 | 26.73 | 28.65 |
| Pretax Income | -5,441.39 | -1,507.64 | -2,162.36 | -534.50 |
| Tax Provision | -42.29 | -41.95 | -135.36 | -126.15 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | -36.53 | -19.99 | -88.95 | -6.61 |
| Net Income Continuous Operations | -5,399.10 | -1,465.68 | -2,027 | -408.35 |
| Net Income From Continuing And Discontinued Operation | -5,399.10 | -1,465.68 | -2,027 | -408.35 |
| Net Income From Continuing Operation Net Minority Interest | -5,399.10 | -1,465.68 | -2,027 | -408.35 |
| Net Income | -5,399.10 | -1,465.68 | -2,027 | -408.35 |
| Net Income Common Stockholders | -5,399.10 | -1,465.68 | -2,027 | -408.35 |
| Net Income Including Noncontrolling Interests | -5,399.10 | -1,465.68 | -2,027 | -408.35 |
| Normalized Income | -735.20 | -767.21 | -695.01 | -386.96 |
| Diluted NI Availto Com Stockholders | -5,399.10 | -1,465.68 | -2,027 | -408.35 |
| Basic Average Shares | 31.05 | 31.05 | 31.90 | 36.75 |
| Diluted Average Shares | 31.05 | 31.05 | 31.90 | 36.75 |
| Reconciled Depreciation | 154.76 | 158.70 | 158.06 | 156.34 |
| Reconciled Cost Of Revenue | 172 | 188.72 | 203.62 | 209.74 |
| Total Unusual Items | -4,700.43 | -718.47 | -1,420.94 | -28 |
| Total Unusual Items Excluding Goodwill | -4,700.43 | -718.47 | -1,420.94 | -28 |
| Special Income Charges | -4,700.43 | -718.47 | -1,420.94 | -28 |
| Impairment Of Capital Assets | 4,700.43 | 718.47 | 1,420.94 | 28 |
| General And Administrative Expense | 174.11 | 200.27 | 213.86 | 159.10 |
| Other Gand A | 174.11 | 200.27 | 213.86 | 159.10 |
| Selling And Marketing Expense | 122.33 | 162.29 | 153.96 | 116.69 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| GRAIL, Inc.this co. | GRAL | $2.9B | -6.99 | 1.11 | -15.8% | -7.04 |
| Warby Parker Inc. | WRBY | $3.0B | 1803.71 | 8.05 | 0.4% | 64.67 |
| LifeStance Health Group, Inc. | LFST | $2.9B | 301.90 | 1.92 | 0.6% | 39.90 |
| Adaptive Biotechnologies Corporation | ADPT | $2.9B | - | 13.23 | -27.2% | - |
| Brookdale Senior Living Inc. | BKD | $2.8B | -10.81 |
| -63.45 |
| 587.0% |
| 23.48 |
| Soleno Therapeutics, Inc. | SLNO | $2.8B | 132.26 | 6.14 | 4.6% | 96.72 |
| Arcutis Biotherapeutics, Inc. | ARQT | $2.7B | -170.10 | 14.49 | -8.5% | 1582.53 |
| Disc Medicine, Inc. | IRON | $2.7B | -12.80 | 3.67 | -28.7% | -12.77 |
| Definium Therapeutics, Inc. | DFTX | $2.7B | -14.59 | 8.07 | -55.3% | -13.82 |
| Peer Median | - | -10.81 | 7.09 | -4.0% | 39.90 | |