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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.
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Q3 2025 earnings summary29 Oct, 2025

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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Frequently asked questions

Guardant Health, Inc. is a cancer-specific diagnostic company that provides blood tests, data sets, and analytics. The company's blood test detects cancer mutations in blood so that clinicians can prescribe medicines to match specific types of cancer. The company also provides its patient data sets and analytic tools to change the way hospitals model cancer outcomes. The company is based in Redwood City, California.

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