Guardant Health (GH) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue grew 48% year-over-year to $302 million, marking the fastest growth in five years and surpassing $1 billion in trailing 12-month revenue.

• Oncology test volumes rose 47% to 86,000, and Shield screening test volumes increased nearly fivefold to 44,000, with strong adoption of Reveal and Guardant360 products.

• Screening revenue surged over 600% year-over-year to $42 million, reflecting successful marketing, partnerships, and expanded coverage.

• Raised full-year 2026 revenue guidance to $1.30–$1.32 billion, representing 32–34% growth, with continued investment in commercial expansion.

• Expanded clinical utility and partnerships, including FDA approval for Guardant360 CDx, new collaborations, and launch of Shield Multi-Cancer Detection in Asia.

Financial highlights

• Oncology revenue grew 36% to $205 million; biopharma and data revenue rose 17% to $53 million.

• Screening revenue increased from $6 million to $42 million year-over-year, driven by Shield test volume growth.

• Non-GAAP gross margin improved to 66% from 65% year-over-year, aided by lower sequencing costs and higher Shield ASP.

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

• Cash, cash equivalents, and marketable securities totaled $1.2 billion at quarter end.

Outlook and guidance

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

• Oncology revenue expected to grow 28–29% with volume growth over 35%.

• Screening revenue guidance increased to $186–$198 million, with Shield test volume of 230,000–245,000.

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

• Company-wide cash flow breakeven targeted by end of 2027.