Freenome (NASDAQ:FRNM) Announces Quarterly Earnings Results

Freenome (NASDAQ:FRNM) released its quarterly earnings data on Tuesday. The company reported $1.10 EPS for the quarter, Zacks reports. The business had revenue of $183.49 million during the quarter, compared to the consensus estimate of $106.50 million.

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 Down 8.3%

Shares of NASDAQ:FRNM traded down $0.95 on Thursday, hitting $10.61. The company’s stock had a trading volume of 58,192 shares, compared to its average volume of 847,428. The stock has a market cap of $1.14 billion, a P/E ratio of 20.63 and a beta of 0.60. The firm’s 50-day moving average price is $14.20. Freenome has a 1 year low of $9.71 and a 1 year high of $17.50.

Analyst Ratings Changes

A number of equities research analysts have issued reports on FRNM shares. Wall Street Zen raised shares of Freenome to a “sell” rating in a report on Saturday, September 26th. Weiss Ratings began coverage on Freenome in a report on Monday, August 24th. They issued a “sell (d+)” rating for the company. Jefferies Financial Group started coverage on Freenome in a research report on Monday, August 17th. They issued a “buy” rating and a $17.00 price target for the company. Leerink Partners started coverage on Freenome in a research note on Friday, August 14th. They set an “outperform” rating and a $18.00 price objective on the stock. Finally, TD Cowen initiated coverage on Freenome in a report on Tuesday, August 18th. They set a “buy” rating and a $17.00 price objective on the stock. Five analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target 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.