Caris Life Sciences Inc. (NASDAQ: CAI) posted a first‑ever net income of $82.0 million for the quarter ended December 31, 2025, a dramatic turnaround from the $61.9 million loss reported in Q4 2024. Total revenue reached $292.9 million, up 125% year‑over‑year, driven largely by the company’s core molecular profiling services, which generated $282.1 million—an increase of 199% from the same period in 2024. The surge in profiling revenue was fueled by a 20% rise in case volume and an 87% lift in average selling price, reflecting both higher demand and pricing power in the precision‑oncology market.
The company’s gross margin expanded to 75% in Q4 2025, a 21‑percentage‑point jump from 54% in Q4 2024. The margin improvement reflects a higher mix of high‑margin profiling services and better reimbursement rates, offsetting the cost of scaling operations. Earnings per share (EPS) of $0.28 beat analyst consensus estimates of $0.01 to $0.03, a $0.25–$0.27 per‑share beat that underscores the impact of margin expansion and the one‑time revenue boost.
A significant portion of the quarter’s revenue—$89.8 million—originated from exceeding accrual estimates on prior‑period cases. This one‑time recognition inflated both revenue and net income, and the company disclosed the adjustment in its earnings presentation. When adjusted for this item, the underlying operating performance still shows a strong upward trajectory, but the magnitude of the reported net income is partially attributable to the prior‑period adjustment.
Caris reaffirmed its full‑year 2026 revenue guidance at $1.0 billion to $1.02 billion, a 23%–26% year‑over‑year increase from the 2025 guidance. The guidance signals management’s confidence in sustained demand for its profiling platform and the anticipated commercial launch of Caris Detect in the first half of 2026, a multi‑cancer early‑detection test that the company views as a significant growth opportunity.
"Demand for our platform continued to accelerate in 2025, driving strong growth in volume and revenue and expanding adoption across our solutions. We are focused on building on this momentum, advancing our pipeline, and are particularly excited about the planned launch of our Caris Detect solution in the first half of 2026, which we believe represents a significant growth opportunity for Caris and an important step forward for precision medicine," said David Dean Halbert, Founder, Chairman and CEO of Caris Life Sciences.
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