Caris Life Sciences Inc

carislifesciences.com

What Do They Do?

Provides molecular profiling tests for physicians treating patients, plus data and research services for drug companies and academic researchers.

How Do They Make Money?

Caris earns payment for molecular profiling from patients, hospitals, and commercial or government payers when results reach ordering physicians; collection typically comes within 90 to 120 days of billing. Biopharma customers pay for research services as the work is provided, sometimes when milestones are reached and for ongoing support.

revenue

Segment	Share	Revenue	How money arrives
Cost of services - Molecular profiling services Sold outright	94%		Sold outright
Cost of services - Pharma research and development services Recurring	5.6%		Recurring

Who Are Their Customers?

Treating physicians order profiling for patients, while hospitals, institutions and biopharma companies are also customers. Caris works with academic researchers and sells internationally through distributors or direct contracts with hospital systems.

Do Revenues Turn Into Profits?

Not on paper. It lost $68.1M in FY2025, but brought in more cash than it spent: $66.9M of free cash flow.

Operating income, FY2025

6% of revenue

▲ Now profitable vs FY2024 (−$257.1M, −62%)

Net income, FY2025

−8% of revenue

▼ −76% (Loss) vs FY2024 (−$281.9M, −68%)

Free cash flow, FY2025

8% of revenue

▲ Now profitable vs FY2024 (−$253.6M, −62%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +45%; vs $181.4M in Q2 FY2025
Net income: ▼ −99% (Loss); vs −$71.8M in Q2 FY2025

Cost of services - Molecular profiling services share of revenue vs 89.8% in Q2 FY2025

Aug 5, 2026 Caris raised its 2026 revenue guidance It raised full-year 2026 revenue guidance to $1.03 billion to $1.04 billion, with expected growth of 27% to 28%.

Growing. Revenue grew 2.7x in 2 years, from $306.1M in FY2023 to $812M in FY2025, about 63% a year.

Revenue over time

Cost of services - Molecular profiling services Cost of services - Pharma research and development services

$1B$500M$0

FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Foundation Medicine, Tempus, Memorial Sloan Kettering Cancer Center, New York Presbyterian—Weil Cornell, Grail, Freenome, Guardant Health, Exact Sciences, Delfi Diagnostics, Natera, SAGA Diagnostics, Personalis, BillionToOne, Quest Diagnostics, Adaptive Biotechnologies, Illumina, NeoGenomics, Myriad Genetics, Laboratory Corporation of America, and BostonGene

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