The precision medicine company Caris Life Sciences, Inc. (NASDAQ: CAI) announced on June 8 that its board of directors has authorized a new share repurchase program for up to $100 million of its common stock. Based on the current share price, this buyback authorization represents approximately 2% of the company's market capitalization.
According to the announcement, the company may repurchase shares through open market transactions, privately negotiated deals, or other methods, including trading plans established under Rule 10b5-1 of the Securities Exchange Act of 1934. The timing, manner, price, and volume of repurchases will be determined by the company at its discretion, considering market conditions, the trading price of the stock, the company's financial position, capital requirements, and other relevant factors.
The repurchase program does not obligate the company to acquire any specific number of shares and has no set expiration date. The board of directors reserves the right to amend, suspend, or terminate the plan at any time. Caris intends to fund the repurchases using its existing cash and cash equivalents.
This authorization for a stock buyback comes at a time of strong financial performance for the company. Based on its previously released first-quarter results, Caris reported total revenue of $216.2 million for Q1 2026, a year-over-year increase of 79%. Revenue from its molecular profiling services grew 85% to $210.8 million. The company achieved its fourth consecutive quarter of positive adjusted EBITDA ($26.2 million) and positive free cash flow ($22.5 million).
Regarding its product pipeline, the company is actively advancing the commercialization of its multi-cancer early detection test, Caris Detect. A partnership with Everlywell has been established, with a launch expected in the first half of 2026. Caris has also completed a realignment of its sales team, expanding its coverage from 82 to 146 territories to deepen connections with oncologists.
Headquartered in Irving, Texas, Caris Life Sciences is an AI TechBio company focused on precision medicine. It utilizes whole genome, whole exome, and whole transcriptome sequencing combined with artificial intelligence to develop diagnostic solutions for early cancer detection, diagnosis, monitoring, and treatment selection. The company maintains offices in Phoenix, New York, Cambridge, Tokyo, and Basel.
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