Freenome (NASDAQ:FRNM) Posts Earnings Results

Freenome (NASDAQ:FRNM) released its quarterly earnings results on Tuesday. The company reported $1.10 earnings per share (EPS) for the quarter, Zacks reports.

Here are the key takeaways from Freenome’s conference call:

• SimpleScreen CRC received FDA approval and Abbott began commercial sales on September 30; more than 2,000 clinical sites requested kits in the first month. The launch is still in an early setup phase focused on provider education, payer negotiations and ordering workflows, with no meaningful testing revenue expected in Q4.
• SimpleScreen CRC version 2 improved sensitivity for advanced precancerous lesions while maintaining about 80% CRC sensitivity at 90% specificity. Freenome plans a supplemental FDA filing by year-end, expects approval in the second half of 2027, and said approval and transfer to Abbott would trigger a $70 million milestone payment, currently expected in the first half of 2028.
• Freenome launched its lung cancer LDT, reporting 85% sensitivity, 82% sensitivity for stage 1 disease and a 99.8% negative predictive value; the multiomics lung test also received FDA Breakthrough Device Designation. The company expects two additional single-cancer data readouts in December and an asymptomatic multi-cancer readout in mid-2027.
• Q3 revenue was $183.5 million and net income was $60.1 million, driven largely by a one-time $180 million revenue recognition tied to Abbott’s CRC approval milestone. Freenome ended the quarter with about $430 million in cash and expects runway into 2028, but guided to just $2 million–$4 million of Q4 revenue and no meaningful testing revenue or royalties.

Freenome Stock Up 1.9%

NASDAQ:FRNM opened at $10.77 on Wednesday. The firm has a market capitalization of $1.16 billion, a price-to-earnings ratio of -179.47 and a beta of 0.60. Freenome has a 1-year low of $9.71 and a 1-year high of $17.50. The company’s fifty day simple moving average is $14.28.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. BTIG Research initiated coverage on shares of Freenome in a research report on Monday, August 17th. They issued a “buy” rating and a $17.00 price target on the stock. Wall Street Zen upgraded shares of Freenome to a “sell” rating in a research report on Saturday, September 26th. Weiss Ratings began coverage on shares of Freenome in a research note on Monday, August 24th. They issued a “sell (d+)” rating on the stock. Jefferies Financial Group started coverage on Freenome in a report on Monday, August 17th. They set a “buy” rating and a $17.00 price target on the stock. Finally, Guggenheim initiated coverage on shares of Freenome in a research report on Thursday, August 20th. They issued a “buy” rating and a $21.00 target price for the company. Five research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $18.00.

About Freenome

Freenome is a biotechnology company developing blood-based tests intended to detect cancer at earlier stages. Its approach combines analysis of biological signals—including DNA and other biomarkers—with computational tools to identify patterns associated with disease. The company’s research has focused on multiomics screening, particularly for colorectal cancer. Freenome has evaluated its blood-based colorectal cancer test in clinical studies; the test is investigational, and its availability and regulatory status may vary.