Grail Inc

NASDAQ:GRALUnited States

Nov 12, 2024

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• -- Earnings Flash (GRAL) GRAIL Posts Q3 Revenue $28.7M, from 4:13PM ET on Tuesday Nov 12, 2024 by MT Newswires

  4:13PM ET on Tuesday Nov 12, 2024 by MT Newswires
  Companies Mentioned: GRAL
  04:13 PM EST, 11/12/2024 (MT Newswires) -- ...

• GRAIL Reports Third Quarter 2024 Financial Results, from 4:06PM ET on Tuesday Nov 12, 2024 by PR Newswire

  4:06PM ET on Tuesday Nov 12, 2024 by PR Newswire
  Companies Mentioned: GRAL

  Galleri Revenue Grew 52% Year-Over-Year to $25.4 Million

  Commercial Galleri Sales Surpassed 250,000 Tests Since Launch

  Cash Balance of $853.6 Million Provides Runway Into 2028

  GRAIL, Inc. (Nasdaq: GRAL), a healthcare company whose mission is to detect cancer early when it can be cured, today reported business and financial results for the third quarter 2024.

• GRAIL Reports Third Quarter 2024 Financial Results, from 4:06PM ET on Tuesday Nov 12, 2024 by Dow Jones

  4:06PM ET on Tuesday Nov 12, 2024 by Dow Jones
  Companies Mentioned: GRAL
  administrative 47,418 50,183 171,745 147,534 Goodwill and intangible impairment -- 718,466 1,420,936 718,466 -------------------- ------------------- ------------------ ------------------ Total costs and operating expenses 212,159 933,113 2,139,563 1,383,568 -------------------- ------------------- ------------------ ------------------ Loss from operations (183,507) (912,391) (2,052,220) (1,320,789) Other income (expense): Interest income 11,661 2,529 17,367 6,603 Other expense, net 561 196 514 421 -------------------- ------------------- ------------------ ------------------ Total other income, net 11,100 2,333 16,853 6,182 -------------------- ------------------- ------------------ ------------------ Loss before income taxes (172,407) (910,058) (2,035,367) (1,314,607) Benefit from income taxes 46,719 18,610 105,428 36,449 -------------------- ------------------- ------------------ ------------------ Net loss $ (125,688) $ (891,448) $ (1,929,939) $ (1,278,158) ==================== =================== ================== ================== Net loss per share -- Basic and Diluted $ (3.94) $ (28.71) $ (61.61) $ (41.17) Weighted average shares of common stock-- basic and diluted 31,880,054 31,049,148 31,326,117 31,049,148 GRAIL Condensed Consolidated Statements of Cash Flows (Unaudited) Nine Months Ended ----------------------------------------- September 30, October 1, (in thousands) 2024 2023 ------------------- -------------------- Net cash used by operating activities $ (483,666) $ (466,902) Net cash used by investing activities (4,905) (8,992) Net cash provided by financing activities 1,244,300 377,780 Effect of exchange rate changes on cash, cash equivalents, and restricted cash 228 49 ------------------- -------------------- Net increase (decrease) in cash, cash equivalents, and restricted cash $ 755,957 $ (98,065) Cash, cash equivalents and restricted cash -- beginning of period $ 101,512 $ 246,128 ------------------- -------------------- Cash, cash equivalents and restricted cash -- end of period $ 857,469 $ 148,063 =================== ==================== GRAIL Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) Three Months Ended Nine Months Ended --------------------------------------- -------------------------------------- September 30, October 1, September 30, October 1, (in thousands) 2024 2023 2024 2023 ------------------ ------------------- ------------------ ------------------ Gross loss (1) $ (22,233) $ (27,069) $ (62,054) $ (76,961) Amortization of intangible assets 33,473 33,473 100,417 100,417 Stock-based compensation 578 625 1,522 1,448 ------------------ ------------------- ------------------ ------------------ Adjusted Gross Profit $ 11,818 $ 7,029 $ 39,885 $ 24,904 ================== =================== ================== ================== (1) Gross profit/(loss) is calculated as total revenue less cost of revenue (exclusive of amortization of intangible assets), cost of revenue--related parties, and cost of revenue--amortization of intangible assets. GRAIL Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) Three Months Ended Nine Months Ended ------------------------------------ ------------------------------------ September 30, October 1, September 30, October 1, (in thousands) 2024 2023 2024 2023 ----------------- ----------------- ----------------- ----------------- Net loss $ (125,688) $ (891,448) $ (1,929,939) $ (1,278,158) Adjusted to exclude the following: Interest income (11,661) (2,529) (17,367) (6,603) Benefit from income tax expense (46,719) (18,610) (105,428) (36,449) Amortization of intangible assets (1) 34,583 34,583 103,750 103,750 Depreciation 4,647 5,216 14,865 15,018 Goodwill and intangible impairment(2) -- 718,466 1,420,936 718,466 Illumina/GRAIL merger & divestiture legal and professional services costs (3) 226 2,944 22,158 11,198 Stock-based compensation (4) 17,449 25,319 72,502 72,383 Restructuring(5) 19,007 -- 19,007 -- ----------------- ----------------- ----------------- ----------------- Adjusted EBITDA $ (108,156) $ (126,059) $ (399,516) $ (400,395) ================= ================= ================= ================= (1) Represents amortization of intangible assets, including developed technology and trade names. (2) Reflects impairment of the goodwill and intangible assets recognized as a result of Illumina's acquisition of the Company in August 2021 ("the Acquisition"). (3) Represents legal and professional services costs associated with the Acquisition and corresponding antitrust litigation, including compliance with the hold separate arrangements imposed by the European Commission, and legal and professional services costs associated with the divestiture. (4) Represents all stock-based compensation recognized on our standalone financial statements for the periods presented. (5) Represents employee severance, benefits, payroll taxes, and other costs associated with the Restructuring Plan.
  

• Press Release: GRAIL Reports Third Quarter 2024 Financial Results, from 4:06PM ET on Tuesday Nov 12, 2024 by Dow Jones

  4:06PM ET on Tuesday Nov 12, 2024 by Dow Jones
  Companies Mentioned: GRAL