05:16 PM EDT, 08/13/2024 (MT Newswires) -- Grail (GRAL) reported a Q2 net loss late Tuesday of $51.06 per diluted share, widening from $6.22 a year earlier.

Revenue in the quarter ended June 30 rose to $32 million from $22.4 million a year earlier.

The Q2 net loss of $1.59 billion included goodwill and intangible impairment of $1.42 billion.

Grail reported results for the first time after separation from Illumina (ILMN).

The company said it plans to cut costs as part of a restructuring, including reducing existing staff and planned hires in 2024 by 30% and "substantially decreasing investment in product programs beyond Galleri," the multicancer early detection test

The company said its cash and cash equivalents as of June 30 were $958.8 million, up from $97.3 million as of Dec. 31. Grail expects the cost reductions to extend the existing cash runway from into 2028 from H2 2026

Shares of the company rose 11% in recent after-hours activity.

Price: 17.61, Change: +1.77, Percent Change: +11.18