Guardant Health (GH) investor relations material

Executive summary

• Q1 2026 revenue reached $302 million, up 48% year-over-year, driven by strong Oncology, Screening, and Biopharma & Data performance, marking the fastest growth in five years and surpassing $1 billion in trailing 12-month revenue.

• Oncology revenue rose 36% to $205 million, with test volumes up 47% to 86,000; Shield screening revenue surged over 600% to $42 million, with volumes increasing from 9,000 to 44,000.

• Biopharma & Data revenue increased 17% to $53 million, supported by new partnerships and FDA approvals.

• Raised full-year 2026 revenue guidance to $1.30–$1.32 billion, representing 32–34% growth.

• Expanded clinical utility and partnerships, including FDA approval for Guardant360 CDx and new collaborations.

Financial highlights

• Non-GAAP gross margin improved to 66% from 65% year-over-year, driven by lower sequencing costs and improved screening margins.

• Adjusted EBITDA loss was $59 million, flat year-over-year; free cash flow burn was $71 million.

• Total non-GAAP operating expenses rose to $268 million from $200 million, with R&D at $77 million, S&M at $154 million, and G&A at $37 million.

• Screening gross margin expanded from 18% to 56% as Shield volume increased; cost per test dropped from $520 to $420.

• Ended Q1 with $1.2 billion in cash, equivalents, and investments.

Outlook and guidance

• Raised full-year 2026 revenue guidance to $1.30–$1.32 billion, representing 32–34% growth.

• Oncology revenue expected to grow 28–29% with volume growth over 35%; Biopharma & Data to see low double-digit growth.

• Screening revenue guidance increased to $186–$198 million, with Shield test volumes projected at 230,000–245,000.

• Full-year non-GAAP gross margin expected at 64–65%; free cash flow burn forecast at $185–$195 million.

• Company targets cash flow breakeven by end of 2027; excluding screening, rest of business expected to be free cash flow positive in 2026.