Summary by Moomoo AI
GRAIL reported Q2 2024 revenue of $32.0 million, up 43% year-over-year, driven by increased Galleri test volume. Screening revenue grew 41% to $28.2 million while development services revenue increased 59% to $3.8 million. The company recorded a net loss of $1.6 billion, primarily due to a $1.4 billion goodwill and intangible asset impairment charge.Following a portfolio review, GRAIL announced a restructuring plan to focus on its core multi-cancer early detection business and reduce costs. The plan includes a 30% reduction in workforce and planned hires, affecting approximately 350 current employees. The company expects annual cost savings of $120 million and projects the restructuring will extend its cash runway from 2026 into 2028.As of June 30, 2024, GRAIL had $958.8 million in cash and cash equivalents, bolstered by $932.3 million in disposal funding received from Illumina in connection with the spin-off completed on June 24, 2024. The company has sold over 215,000 commercial Galleri tests to date and established more than 140 commercial partnerships with healthcare systems, employers, payors and life insurance providers.
