Guardant Health (GH) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue grew 31% year-over-year to $232.1 million, driven by strong performance in Oncology, Biopharma & Data, and Screening segments, with net loss narrowing to $99.9 million from $102.6 million year-over-year.

• Oncology revenue increased 22% to $158.7 million, with volumes up 30% year-over-year, led by Guardant360 Liquid and Reveal.

• Shield Screening revenue reached $14.8–$15 million on 16,000 tests, with high patient adherence, strong commercial momentum, and inclusion in NCCN guidelines.

• Biopharma & Data business achieved record revenue of $56 million, up 28% year-over-year, with new companion diagnostic deals and higher test volumes.

• Significant product innovation included 11 new Smart Liquid Biopsy applications, expanded clinical utility, and Shield's FDA Breakthrough Device Designation.

Financial highlights

• Total Q2 2025 revenue: $232.1 million, up 31% year-over-year; Oncology $158.7 million (+22%), Biopharma & Data $56.0 million (+28%), Screening $14.8 million.

• Non-GAAP gross profit: $153.8 million (66% margin), up 44% year-over-year; gross margin improved from 60% a year ago.

• Adjusted EBITDA loss narrowed to $51.9 million from $61.9 million year-over-year.

• Free cash flow burn reduced to $65.9 million from $99.1 million year-over-year; cash and equivalents at quarter-end: $735–$735.5 million.

• Net loss per share: $0.80; non-GAAP net loss per share: $0.44.

Outlook and guidance

• Full-year 2025 revenue guidance raised to $915–$925 million (24–25% growth), up from prior $880–$890 million guidance.

• Oncology revenue expected to grow ~20% year-over-year; Oncology volume growth projected at >27%.

• Shield revenue guidance increased to $55–$60 million, with 68,000–73,000 tests expected for 2025.

• Biopharma & Data revenue growth expected in mid-teens percentage.

• Non-GAAP gross margin guidance raised to 63–64%; free cash flow burn for 2025 expected at $225–$235 million.