Guardant Health (GH) investor relations material

Strategic vision and innovation

• The Smart Platform and Infinity AI drive innovation by integrating multimodal data for oncology, screening, and multi-disease applications, supporting rapid clinical and regulatory advancement.

• Shield platform expands from CRC to multi-cancer detection, with a national rollout, large-scale data collection, and real-world validation studies to support regulatory-grade evidence.

• Biobank surpasses 1 million patient samples and 200+ PB of data, fueling Infinity AI for discovery, product upgrades, and development across 500+ diseases.

• Strategic collaborations, including Quest Diagnostics and Pfizer, expand access, accelerate clinical utility studies, and support commercial scale.

• Highlighted a succession of S-curves: therapy selection ($10B), MRD ($20B), cancer screening ($50B), and future multi-disease screening.

Product and business development

• Guardant360 Liquid and Tissue, powered by the Smart Platform, lead the therapy selection market with rapid turnaround, comprehensive profiling, and 15+ smart apps; PMA submitted for further adoption.

• Guardant Reveal is the leading tissue-free MRD solution, expanding with Reveal Ultra for ultrasensitive detection down to 1 ppm, launching soon.

• Shield, the first FDA-approved blood test for CRC screening, achieved rapid adoption, >90% adherence, NCCN guideline inclusion, and is expanding to multi-cancer detection.

• Strategic partnership with Quest Diagnostics will expand Shield's reach to 650,000 clinicians, with no expected ASP or margin impact.

• Biopharma business, serving 190+ customers, grew 30% in 2024, delivers double-digit growth, and is expanding the CDx pipeline.

Financial guidance and targets

• 2025 revenue expected at $915M–$925M, with 24%–25% YoY growth; oncology up 20%, biopharma/data mid-teens, and screening $55M–$60M.

• 2028 revenue target raised to ~$2.2B (34% CAGR), driven by oncology ($1.4B), biopharma/data ($300M), and screening ($500M+).

• Gross margin target increased to 65%–70% by 2028, supported by ASP increases, COGS reductions, and further automation.

• Company-wide free cash flow breakeven pulled forward to Q4 2027, 12 months ahead of prior guidance.

• Oncology and screening ASPs projected to rise, with Reveal targeting $1,000 and Guardant360 Liquid $3,300 by 2028.