Guardant Health (GH) investor relations material

Financial and operational highlights

• Achieved over 40% year-over-year revenue growth and 60% oncology volume growth in Q2, with Shield growing over 250%.

• Shield now covers 80% of eligible patients, with 94 million covered lives and rapid commercial scale-up.

• Cost per Shield test reduced to $400 in Q2, targeting $350 by year-end and $200 at scale by 2027.

• Guardant360 ASP expected to rise to $5,000 by 2028 as ADLT pricing is realized across payers.

• Biopharma business projected to reach $300 million by 2028, with 10–15% annual growth.

Product innovation and clinical adoption

• Guardant360 Liquid and Tissue are complementary, with dual testing now recommended in guidelines and recent FDA approval simplifying workflows.

• Guardant360 CDx now covers over 700 genes and uniquely provides large-scale epigenomic data, enabling new clinical insights.

• Reveal MRD adoption has expanded, with Reveal Ultra (tumor-informed MRD) launching by year-end to complete the product suite.

• Shield’s multi-cancer detection (MCD) opt-in is seeing strong early adoption, offering broad accessibility compared to competitors.

• Longitudinal testing for breast cancer enabled by FDA approval of SERENA-6, with an estimated 150,000 annual testing opportunity.

Commercial strategy and market positioning

• Sales force expanded from 300 to over 400 in 2023, with plans to reach 600–700 reps and ramp DTC spend as Shield scales.

• Shield’s first-mover advantage, clinical validation, and national phlebotomy network differentiate it from competitors.

• Commercial coverage wins are expected to improve ASPs, though short-term ASP may dip as more commercial payers are added.

• Integrated portfolio across screening, MRD, and CGP testing provides a single-stop solution valued by oncologists.

• Ongoing investment in automation and workflow improvements to further reduce Shield’s cost of goods.