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Guardant Health (GH) investor relations material
Guardant Health Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 revenue grew 39% year-over-year to $265.2 million, surpassing $1 billion in annualized revenue for the first time, with broad-based growth across Oncology, Screening, and Biopharma & Data.
Oncology revenue reached $184.4 million, up 31% year-over-year, driven by 74,000 tests (40% growth) and product upgrades.
Screening revenue surged to $24.1 million from $1.0 million, reflecting rapid Shield test adoption, FDA approval, and Medicare coverage.
Biopharma & Data revenue grew 18% to $54.7 million, supported by new companion diagnostic approvals and international expansion.
Net loss narrowed to $92.7 million from $107.8 million year-over-year, reflecting improved operating leverage.
Financial highlights
Non-GAAP gross margin improved to 66% from 63% year-over-year, with non-GAAP gross profit at $174.3 million.
Adjusted EBITDA loss was $45.5 million, improving by $10.7 million year-over-year.
Free cash flow burn was $45.8 million, improving by $9.5 million year-over-year; core business (ex-screening) was free cash flow positive.
Cash, cash equivalents, and restricted cash totaled $689.5 million as of September 30, 2025.
Net loss per share improved to $0.74 from $0.88 year-over-year.
Outlook and guidance
Full-year 2025 revenue guidance raised to $965–$970 million (31% growth), with oncology revenue expected to grow 25%.
Oncology test volume forecast to grow over 30% for the year.
Shield revenue guidance increased to $71–$73 million, with 80,000–82,000 tests expected.
Non-GAAP gross margin guidance raised to 64%–65%; non-GAAP operating expenses expected at $865–$875 million.
Free cash flow burn for 2025 expected at $225–$235 million, improving from $275 million in 2024.
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