Q2 2024 Grail Inc Earnings Call Transcript
Key Points
- Revenue for Q2 2024 was $32 million, up 43% compared to Q2 2023.
- Total revenue for the first half of 2024 increased by 40% compared to the same period in 2023.
- GRAIL's Galleri test has been prescribed by over 11,000 healthcare providers, with more than 215,000 tests sold.
- Completion of final study visits for 140,000 participants in the NHS-Galleri study and enrollment of 35,000 participants in the PATHFINDER 2 study.
- Corporate restructuring extends cash runway into 2028, providing greater financial flexibility.
- Net loss for Q2 2024 was $1.59 billion, a 721% increase compared to Q2 2023.
- Goodwill and intangible impairment of $1.42 billion significantly impacted financial results.
- Increased general and administrative expenses related to legal and professional services and higher employee compensation.
- Adjusted EBITDA for Q2 2024 was negative $139.4 million, representing an increased loss compared to Q2 2023.
- Reductions in spend and headcount by approximately 30%, impacting various commercial and R&D activities.
Good day, ladies and gentlemen, and welcome to the GRAIL second quarter 2024 earnings call. At this time, all participants are in listen-only mode. After the speakers' presentation, there will be a question-and-answer session. Please be advised this conference call is being recorded.
GRAIL Investor Relations, please begin.
Thank you, and thank you all for joining us today. On the call today are Bob Ragusa, our Chief Executive Officer; Aaron Freidin, our Chief Financial Officer; Dr. Joshua Ofman, our President; and Sir Harpal Kumar, our President, Biopharma Business & Europe.
Before we get underway, I'd like to remind everybody that we will be making forward-looking statements on this call based on current expectations. It is our intent that all statements other than statements of historical fact made during today's call, including statements regarding our anticipated financial results and commercial activity, will be covered by the Safe Harbor provisions for forward-looking statements contained in Section 28 of
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