Guardant Health (GH) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $335 million, up 44% year-over-year, driven by strong growth in oncology, screening, and biopharma/data segments.

• Oncology revenue grew 38% to $219.1 million, with test volume up 63% to 104,000; screening revenue surged over 250% to $52.9 million, with Shield test volume up to 66,000.

• Major regulatory milestones included FDA approval for Guardant360 Liquid CDx and Shield workflow, and Shield's inclusion in American Cancer Society guidelines.

• UnitedHealth Group became the first major insurer to cover Shield, expanding access to colorectal cancer screening for 70 million lives.

• Net loss for Q2 2026 was $120.1 million, reflecting increased investments in R&D, sales, and marketing.

Financial highlights

• Total Q2 2026 revenue: $335 million, up from $232 million in Q2 2025 (44% growth).

• Non-GAAP gross margin improved to 67% from 66% year-over-year; GAAP gross margin steady at 65%.

• Adjusted EBITDA loss was $56 million, compared to a $52 million loss in Q2 2025; free cash flow burn was $70 million.

• Cash, cash equivalents, and investments totaled $1.2 billion as of June 30, 2026.

• Net loss per share was $0.90 for Q2 2026, compared to $0.80 in Q2 2025.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $1.34–$1.36 billion (36–38% growth).

• Oncology revenue expected to grow ~30% with 50% volume growth; screening revenue guidance raised to $218–$230 million, with 270,000–285,000 Shield tests.

• Non-GAAP gross margin outlook is 64–65%; non-GAAP operating expenses expected at $1.08–$1.1 billion.

• Full-year free cash flow burn expected at $195–$205 million, with company-wide cash flow breakeven targeted by end of 2027.

• Current cash and investments are expected to meet anticipated requirements for more than 12 months.