NEW YORK – Grail said after the close of the market on Thursday that its fourth quarter revenues grew 26 percent year over year bolstered by strong sales of the Galleri blood-based cancer early detection assay.
For the three months ended Dec. 31, the Menlo Park, California-based company tallied $38.3 million in revenues compared to $30.3 million a year ago. Galleri revenue grew 39 percent year over year to $31.6 million, and the company said that it sold more than 137,000 Galleri tests in 2024.
Meanwhile, development services revenue fell 13 percent to $6.7 million from $7.7 million.
"2024 was a transformational year for Grail as we completed the separation from Illumina in June 2024 and completed study visits for our two registrational studies in July," Grail CEO Bob Ragusa said in a statement. "We executed a restructuring in the third and fourth quarters, and continue to focus on business efficiencies while also growing commercially."
The firm announced in August 2024 that it would reduce its existing headcount and planned hires for 2024 by approximately 30 percent as part of a restructuring that would also decrease its investment in product programs beyond its Galleri test.
Ragusa added that the company plans to read out registrational studies of Galleri in 2025 and 2026 and complete a modular premarket approval submission to the US Food and Drug Administration in the first half of 2026.
Grail trimmed its Q4 net loss to $97.1 million, or $2.89 per share, from a net loss of $187.5 million, or $6.04 per share, in Q4 2023. The fourth quarter net loss was partially driven by amortization of Illumina acquisition-related intangible items of $34.6 million.
The company slashed its Q4 R&D costs 43 percent to $48.3 million from $84.1 million a year ago while trimming its SG&A expenses 21 percent to $72.6 million from $91.8 million.
Grail's full-year 2024 revenues jumped 35 percent to $125.6 million from $93.1 million in 2023. Galleri revenue grew 45 percent to $108.6 million from $75.0 million, while development services revenue fell 6 percent to $17.0 million from $18.1 million a year ago.
The company's full-year net loss swelled to $2.03 billion, or $63.54 per share, from $1.47 billion, or $47.21 per share, in 2023, primarily due to a goodwill and intangible assets impairment charge of $1.42 billion versus $718.5 million of such charges in FY 2023.
Grail's full-year R&D costs shrunk 5 percent to $322.4 million from $338.7 million, while its SG&A spending grew about 1 percent to $367.9 million from $362.6 million in 2023.
The firm finished the year with $214.2 million in cash and cash equivalents and $549.2 million in short-term marketable securities.