Freenome (NASDAQ:FRNM) Posts Earnings Results

Freenome (NASDAQ:FRNM) posted its quarterly earnings results on Tuesday. The company reported $1.10 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 Price Performance

FRNM stock traded up $0.20 during midday trading on Tuesday, hitting $10.77. 700,332 shares of the company’s stock were exchanged, compared to its average volume of 854,934. The company’s 50-day simple moving average is $14.36. The stock has a market capitalization of $1.16 billion, a PE 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.

Analyst Ratings Changes

A number of research firms have weighed in on FRNM. Jefferies Financial Group assumed coverage on Freenome in a research note on Monday, August 17th. They set a “buy” rating and a $17.00 price objective on the stock. TD Cowen started coverage on Freenome in a report on Tuesday, August 18th. They issued a “buy” rating and a $17.00 target price for the company. Guggenheim assumed coverage on Freenome in a research note on Thursday, August 20th. They issued a “buy” rating and a $21.00 target price for the company. Wall Street Zen upgraded Freenome to a “sell” rating in a report on Saturday, September 26th. Finally, Leerink Partners assumed coverage on shares of Freenome in a research report on Friday, August 14th. They set an “outperform” rating and a $18.00 price target on the stock. Five research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus 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.