EarningsQ2 2026 Earnings Report
MX:GRAL Q2 2026 EPS Results
Actual EPS-$46.32
Consensus EPS-$48.06
Beat/MissBeat by +$1.74
One Year Ago EPS-$57.54
MX:GRAL Q2 2026 Revenue Results
Actual Revenue$808.62M
Expected Revenue$767.06M
Beat/MissBeat by +$41.56M
YoY Revenue Growth+25.72%
Earnings Announcement Details
QuarterQ2 2026
Date08/05/2026
TimeAfter Close
Conference CallWednesday, August 5, 2026
MX:GRAL Upcoming Earnings
GRAIL Inc's next earnings date is estimated for November 18, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:GRAL Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a generally positive commercial and clinical momentum: strong year-over-year revenue and volume growth, meaningful gross profit improvement, substantial cash including a $110M Samsung strategic investment, and a robust, differentiated clinical evidence base with low false positive rate and high PPV. Key execution items — a completed PMA submission, anticipated FDA advisory committee and sales force expansion — support the company’s pathway to broader access. Offsetting these positives are continued large operating losses and a widened adjusted EBITDA shortfall, the NHS primary endpoint miss, pricing/ASP pressure from channel mix and competitive noise, and timing uncertainty around the FDA advisory committee and U.K. decision-making. Taken together, the highlights (growth, cash runway, unique clinical validation and commercialization readiness) outweigh the lowlights, though execution and regulatory timing risks remain significant.Company Guidance
Strong Revenue and Volume Growth
Total revenue of $44.7M in Q2 2026, up 26% year-over-year; screening revenue $42.6M, up 24% YoY. Q2 Galleri test volume >61,000, a 35% YoY increase. First half 2026 Galleri revenue grew ~30% YoY to >$80M and volume grew ~42% YoY to >117,000 tests.
Improving Unit Economics and Gross Profit
Non-GAAP adjusted gross profit of $21.6M in Q2, up $5.4M or 34% YoY, driven by fixed cost leverage from higher volumes and decreased sample reprocessing costs.
Substantial Cash Position and Strategic Investment
Cash balance of $861.6M at quarter end, including a $110M strategic investment from Samsung closed in June; financing supports international commercial expansion (South Korea partnership with potential to expand to Japan and Singapore).
Robust Clinical Evidence and Differentiated Test Performance
Large-scale clinical validation: PATHFINDER, PATHFINDER 2 (~35,000 participants) and NHS-Galleri (140,000 participants) presented at ASCO. Galleri demonstrated a false positive rate <0.5% (3x–6x fewer false positives versus some peers), positive predictive values ~50–60%, and increased cancer detection rates by ~4x to 6.5x when added to standard of care. Across studies ~40–50% of Galleri-detected cancers were Stage 1–2 and ~70% Stage 1–3; NHS-Galleri detected 366 Stage I–II cancers vs 290 by the UK standard screening control arm.
Regulatory Progress — PMA Submitted and AdCom Anticipated
Premarket approval (PMA) submitted to FDA in early 2026 and currently in iterative review. Management expects an FDA advisory committee in the fall and continues to target potential approval in early 2027.
Commercial Execution: Sales Expansion and Partnership Momentum
Field sales and medical team expansion substantially complete with new hires onboarded and trained. Added ~1,000 new ordering providers in Q2; growth in digital health channels, electronic ordering integrations (Quest, Athena), and a collaboration with Priority Health to expand employer coverage.
MX:GRAL Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed