Caris Life Sciences Inc. (NASDAQ:CAI) shares are up during Friday’s premarket session following better-than-expected fourth-quarter earnings and a significant interim readout from the company’s Achieve 1 study.

Sales More Than Doubled

Caris Life Sciences on Thursday reported fourth-quarter earnings of 28 cents compared to the consensus loss of 3 cents.

Sales for the quarter jumped 125% year over year to $292.89 million, beating the consensus of $208.63 million.

The increase was driven primarily by a 199% growth in molecular profiling services revenue, which was $282.1 million, attributable to an increase in total clinical case volume and ASP improvements across therapy selection solutions.

The company completed approximately 52,700 clinical therapy selection cases, an increase of approximately 20% year over year, consisting of approximately 44,150 MI Profile cases and approximately 8,550 Caris Assure cases.

Reported gross margin of 75%, an approximate 2,000 bps improvement.

The company reported positive Adjusted EBITDA of $106.1 million, a shift from a loss ...