Caris Life Sciences, Inc.

CAI

NasdaqMid CapHealthcare

13F Pro Quality Score

69.0/100

Rank #289 of 2,961 stocksTOP 10%

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Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Nov 14, 2026.

Revenue Growth

91.6/100

Profitability

73.7/100

Balance Sheet

84.7/100

Earnings Quality

77.4/100

Free Cash Flow

64.8/100

Institutional Flow

22.2/100

Revenue Scale

49.6/100

Dilution Risk

17.9/100

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What's Driving CAI's Business? Latest 10-Q Breakdown

32/32 datapoints verified

AI-extracted from the 10-Q filed 2026-08-05 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

Caris swung to profitability with Q2 revenue up 45% YoY to $263.7M, driven by a 54.8% surge in molecular profiling services, pushing operating income to $26.9M from a $18.0M loss a year ago.

Biggest Revenue Drivers

Molecular profiling services$252.3M+54.8% YoY

Driven primarily by higher clinical case volume (59,200 vs. 50,000 cases) and higher reimbursement, including improved average selling prices from enhanced contracting

Pharma research and development services$11.5M-38.0% YoY

Decrease was a result of the timing of delivery of services under applicable agreements

Biggest Revenue Drivers

Total revenue: $263.7M+45.4% YoY

Molecular profiling services$252.3M+54.8% YoY

Driven primarily by higher clinical case volume (59,200 vs. 50,000 cases) and higher reimbursement, including improved average selling prices from enhanced contracting

Pharma research and development services$11.5M-38.0% YoY

Decrease was a result of the timing of delivery of services under applicable agreements

Largest Expense Items

Cost of Services - Molecular profiling services$81.3M+24.5% YoY

Blood laboratory costs rose $10.4M (materials/testing +$8.6M, labor +$1.2M) and tissue laboratory costs rose $5.5M

General and administrative expense$66.5M+3.4% YoY

Higher labor, professional fees and utilities, largely offset by an $11.5M decrease in stock-based compensation tied to IPO-vesting awards in the prior-year quarter

Selling and marketing expense$53.8M+27.2% YoY

Personnel costs from sales team expansion (+$6.9M) plus higher travel/marketing and professional services spend

Research and development expense$32.4M+29.2% YoY

Higher depreciation, stock-based compensation, utilities, and biorepository collection fees

Margins: Gross profit rose 58.0% YoY to $179.6M as molecular profiling revenue grew faster than its cost of services; operating margin turned positive at 10% of revenue versus -10% a year ago as revenue growth outpaced opex growth.

Watch Items from the Filing

Payer 1 represented 37.3% of Q2 2026 revenue (down from 44.7% in Q2 2025); Payer 2 was 12.6% and Payer 3 was 15.6%, indicating continued heavy single-payer concentration.
The company remains under a DOJ Civil Investigative Demand regarding compliance with Medicare's 14-day rule, first disclosed March 2025, with the investigation still evolving and too early to assess outcome.
Management concluded disclosure controls were not effective as of June 30, 2026 due to an unremediated material weakness in internal control over financial reporting tied to insufficient qualified accounting resources.
Medicare patients accounted for approximately 38.9% of molecular profiling services revenue in Q2 2026, down from 49.7% in Q2 2025, showing a shifting but still substantial government payer exposure.
On April 1, 2026 the company refinanced into a new $400M term loan (maturing 2031) with a $300M delayed-draw facility for acquisitions, recognizing a $25.2M loss on extinguishment of the prior 2023 Term Loan.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-Q on SEC EDGAR →