Guardant Health Reports Fourth Quarter and Full Year 2025 Financial Results and Provides 2026 Outlook
Fourth quarter 2025 revenue growth of 39% broadly driven by strong performance across Oncology and Screening
Expects full year 2026 total revenue to grow in the range of 27% to 30% year-over-year
Fourth Quarter 2025 Financial Highlights
For the three-month period ended
-
Reported total revenue of
$281.3 million , an increase of 39%, driven by:-
Oncology revenue of
$189.9 million , an increase of 30%, and approximately 79,000 oncology tests, an increase of 38% -
Biopharma & Data revenue of
$54.0 million , an increase of 9% -
Screening revenue of
$35.1 million , and approximately 38,000 Shield screening tests, compared to 6,400 tests in the prior year period
-
Oncology revenue of
- Generated non-GAAP gross margin of 66%, compared to 63% for the fourth quarter of 2024
Full Year 2025 Financial Highlights
For the twelve months ended
-
Reported total revenue of
$982.0 million , an increase of 33%, driven by:-
Oncology revenue of
$683.6 million , an increase of 26%, and approximately 276,000 oncology tests, an increase of 34% -
Biopharma & Data revenue of
$210.1 million , an increase of 18% -
Screening revenue of
$79.7 million , and approximately 87,000 Shield screening tests
-
Oncology revenue of
- Generated non-GAAP gross margin of 66%, compared to 62% for the full year 2024
-
Improved full year 2025 free cash flow burn to
$(233) million , compared to$(275) million for the full year 2024
Recent Operating Highlights
Oncology
- Received the first Guardant360 CDx companion diagnostic approval in colorectal cancer
-
Launched in-house testing service in
Italy at Policlinico Gemelli based on Guardant360 CDx technology - Expanded tissue-free Guardant Reveal to include late-stage therapy response monitoring
- Submitted Guardant Reveal chemotherapy monitoring data package to MolDx for Medicare reimbursement
Biopharma & Data
- Established a strategic collaboration with Merck to develop companion diagnostics and commercialize new cancer therapies using Guardant Infinity Smart Platform
Screening
-
Launched dedicated health systems team for Shield and deployed our first enterprise integrations with large health systems in
West Virginia andGeorgia -
Shield CRC received coverage for active-duty service members and their families through TRICARE, the
U.S. military’s health insurance coverage, with no copay for average-risk individuals ages 45+ -
Completed the acquisition of
MetaSight Diagnostics , expanding technology capabilities with potential to enhance testing performance across the portfolio
“We delivered an outstanding end to a great year, with fourth quarter revenue growth of 39% year-over-year,” said
“Shield has become one of the most successful diagnostic launches, with meaningful volume and revenue generation in 2025 that exceeded our expectations,” said AmirAli Talasaz, co-founder and co-CEO. “We are proud of the level of impact we have had to date, our commercial performance, and the strong operational foundations we’ve built to support the growing demand for Shield. We are excited to deliver another year of significant growth in 2026, fueled by our expanding commercial infrastructure and a pipeline of growth drivers in front of us.”
Fourth Quarter 2025 Financial Results
Revenue was
Gross profit, or total revenue less cost of revenue, was
Non-GAAP gross profit was
Operating expenses were
Net loss was
Non-GAAP net loss was
Adjusted EBITDA loss was
Free cash flow for the fourth quarter of 2025 was
In
In
Cash, cash equivalents, restricted cash and marketable debt securities were
Full Year 2025 Financial Results
Revenue was
Gross profit, or total revenue less cost of revenue, was
Non-GAAP gross profit was
Operating expenses were
Net loss was
Non-GAAP net loss was
Adjusted EBITDA loss was
Free cash flow for 2025 was
2026 Guidance
Within this revenue range:
- Oncology revenue is expected to grow in the range of 25% to 27% in 2026 and Oncology volume is expected to grow approximately 30% year-over-year in 2026.
- Biopharma & Data revenue growth is expected to be in the low double-digit range.
-
Screening revenue is expected to be in the range of
$162 to$174 million in 2026 and Screening volume is expected to be in the range of 210,000 to 225,000 tests in 2026. This compares to Screening revenue of$79.7 million and Screening volume of approximately 87,000 in 2025.
Webcast Information
Non-GAAP Measures
We define our non-GAAP measures as the applicable GAAP measure adjusted for the impacts of stock-based compensation and related employer payroll tax payments, contingent consideration, amortization of intangible assets, unrealized and realized gains (losses) on marketable equity securities, impairment of non-marketable equity securities, gain on extinguishment of convertible notes, and other non-recurring items.
Adjusted EBITDA is defined as net loss adjusted for interest income; interest expense; other income (expense), net; provision for (benefit from) income taxes; depreciation and amortization expense; stock-based compensation expense and related employer payroll tax payments; contingent consideration; and other non-recurring items. Free cash flow is defined as net cash used in operating activities in the period less purchases of property and equipment in the period.
We believe that the exclusion of certain income and expenses in calculating these non-GAAP financial measures can provide a useful measure for investors when comparing our period-to-period core operating results, and when comparing those same results to that published by our peers. We exclude certain items because we believe that these income and expenses do not reflect expected future operating performance. Additionally, certain items are inconsistent in amounts and frequency, making it difficult to perform a meaningful evaluation of our current or past operating performance. We use these non-GAAP financial measures to evaluate ongoing operations, for internal planning and forecasting purposes, and to manage our business.
These non-GAAP financial measures are not intended to be considered in isolation from, as substitute for, or as superior to, the corresponding financial measures prepared in accordance with GAAP. There are limitations inherent in non-GAAP financial measures because they exclude charges and credits that are required to be included in a GAAP presentation, and do not present the full measure of our recorded costs against its revenue. In addition, our definition of the non-GAAP financial measures may differ from non-GAAP measures used by other companies.
About
Forward Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws, including statements regarding the potential utilities, values, benefits and advantages of Guardant Health’s liquid biopsy tests or assays, which involve risks and uncertainties that could cause the actual results to differ materially from the anticipated results and expectations expressed in these forward-looking statements. These statements are based on current expectations, forecasts and assumptions, and actual outcomes and results could differ materially from these statements due to a number of factors. These and additional risks and uncertainties that could affect Guardant Health’s financial and operating results and cause actual results to differ materially from those indicated by the forward-looking statements made in this press release include those discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operation” and elsewhere in its Annual Report on Form 10-K for the year ended
|
Condensed Consolidated Statements of Operations (unaudited) (in thousands, except per share data) |
||||||||||||||||
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|||||||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Revenue |
$ |
281,266 |
|
|
$ |
201,814 |
|
|
$ |
982,021 |
|
|
$ |
739,016 |
|
|
|
Costs and operating expenses: |
|
|
|
|
|
|
|
|||||||||
|
Cost of revenue |
|
99,492 |
|
|
|
77,593 |
|
|
|
349,007 |
|
|
|
289,799 |
|
|
|
Research and development expense |
|
98,264 |
|
|
|
93,543 |
|
|
|
364,191 |
|
|
|
347,753 |
|
|
|
Sales and marketing expense |
|
143,382 |
|
|
|
104,763 |
|
|
|
494,661 |
|
|
|
364,935 |
|
|
|
General and administrative expense |
|
60,933 |
|
|
|
51,880 |
|
|
|
211,410 |
|
|
|
180,123 |
|
|
|
Total costs and operating expenses |
|
402,071 |
|
|
|
327,779 |
|
|
|
1,419,269 |
|
|
|
1,182,610 |
|
|
|
Loss from operations |
|
(120,805 |
) |
|
|
(125,965 |
) |
|
|
(437,248 |
) |
|
|
(443,594 |
) |
|
|
Interest income |
|
10,032 |
|
|
|
11,653 |
|
|
|
34,095 |
|
|
|
53,691 |
|
|
|
Interest expense |
|
(1,180 |
) |
|
|
(645 |
) |
|
|
(3,897 |
) |
|
|
(2,581 |
) |
|
|
Other income (expense), net |
|
(18,268 |
) |
|
|
4,667 |
|
|
|
(10,490 |
) |
|
|
(42,605 |
) |
|
|
Loss before (benefit from) provision for income taxes |
|
(130,221 |
) |
|
|
(110,290 |
) |
|
|
(417,540 |
) |
|
|
(435,089 |
) |
|
|
(Benefit from) provision for income taxes |
|
(1,727 |
) |
|
|
716 |
|
|
|
(1,263 |
) |
|
|
1,284 |
|
|
|
Net loss |
$ |
(128,494 |
) |
|
$ |
(111,006 |
) |
|
$ |
(416,277 |
) |
|
$ |
(436,373 |
) |
|
|
Net loss per share, basic and diluted |
$ |
(1.00 |
) |
|
$ |
(0.90 |
) |
|
$ |
(3.32 |
) |
|
$ |
(3.56 |
) |
|
|
Weighted-average shares used in computing net loss per share, basic and diluted |
|
128,657 |
|
|
|
123,754 |
|
|
|
125,374 |
|
|
|
122,745 |
|
|
|
Condensed Consolidated Balance Sheets (unaudited) (in thousands, except share and per share data) |
||||||||
|
|
|
|
|
|||||
|
ASSETS |
|
|
|
|||||
|
Current assets: |
|
|
|
|||||
|
Cash and cash equivalents |
$ |
378,203 |
|
|
$ |
525,540 |
|
|
|
Short-term marketable debt securities |
|
823,395 |
|
|
|
314,438 |
|
|
|
Accounts receivable, net |
|
137,849 |
|
|
|
110,253 |
|
|
|
Inventory, net |
|
85,876 |
|
|
|
71,083 |
|
|
|
Prepaid expenses and other current assets, net |
|
40,723 |
|
|
|
33,800 |
|
|
|
Total current assets |
|
1,466,046 |
|
|
|
1,055,114 |
|
|
|
Restricted cash |
|
111,214 |
|
|
|
104,215 |
|
|
|
Property and equipment, net |
|
145,915 |
|
|
|
136,813 |
|
|
|
Right-of-use assets, net |
|
158,849 |
|
|
|
142,265 |
|
|
|
Intangible assets, net |
|
25,921 |
|
|
|
6,760 |
|
|
|
|
|
77,257 |
|
|
|
3,290 |
|
|
|
Other assets, net |
|
28,457 |
|
|
|
37,152 |
|
|
|
Total Assets |
$ |
2,013,659 |
|
|
$ |
1,485,609 |
|
|
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT |
|
|
|
|||||
|
Current liabilities: |
|
|
|
|||||
|
Accounts payable |
$ |
54,442 |
|
|
$ |
38,551 |
|
|
|
Accrued compensation |
|
119,646 |
|
|
|
83,219 |
|
|
|
Accrued expenses |
|
77,889 |
|
|
|
68,345 |
|
|
|
Deferred revenue |
|
50,753 |
|
|
|
35,468 |
|
|
|
Total current liabilities |
|
302,730 |
|
|
|
225,583 |
|
|
|
Convertible senior notes, net |
|
1,504,000 |
|
|
|
1,142,547 |
|
|
|
Long-term operating lease liabilities |
|
178,463 |
|
|
|
164,292 |
|
|
|
Other long-term liabilities |
|
127,773 |
|
|
|
92,834 |
|
|
|
Total Liabilities |
|
2,112,966 |
|
|
|
1,625,256 |
|
|
|
Stockholders’ deficit: |
|
|
|
|||||
|
Common stock, par value of |
|
1 |
|
|
|
1 |
|
|
|
Additional paid-in capital |
|
2,900,056 |
|
|
|
2,443,788 |
|
|
|
Accumulated other comprehensive loss |
|
(4,852 |
) |
|
|
(5,201 |
) |
|
|
Accumulated deficit |
|
(2,994,512 |
) |
|
|
(2,578,235 |
) |
|
|
Total Stockholders’ Deficit |
|
(99,307 |
) |
|
|
(139,647 |
) |
|
|
Total Liabilities and Stockholders’ Deficit |
$ |
2,013,659 |
|
|
$ |
1,485,609 |
|
|
|
Supplemental Revenue Information (unaudited) (in thousands) |
||||||||||||
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||
|
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||
|
|
|
|
|
|
|
|
|
|
||||
|
Oncology |
|
$ |
189,949 |
|
$ |
145,613 |
|
$ |
683,595 |
|
$ |
542,827 |
|
Biopharma and data |
|
|
54,005 |
|
|
49,512 |
|
|
210,132 |
|
|
177,579 |
|
Screening |
|
|
35,129 |
|
|
4,121 |
|
|
79,732 |
|
|
5,124 |
|
Licensing and other |
|
|
2,183 |
|
|
2,568 |
|
|
8,562 |
|
|
13,486 |
|
Total revenue |
|
$ |
281,266 |
|
$ |
201,814 |
|
$ |
982,021 |
|
$ |
739,016 |
|
Reconciliation of Selected GAAP Measures to Non-GAAP Measures (unaudited) (in thousands, except per share data) |
||||||||||||||||
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|||||||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
GAAP cost of revenue |
$ |
99,492 |
|
|
$ |
77,593 |
|
|
$ |
349,007 |
|
|
$ |
289,799 |
|
|
|
Amortization of intangible assets |
|
(151 |
) |
|
|
(151 |
) |
|
|
(600 |
) |
|
|
(868 |
) |
|
|
Stock-based compensation expense and related employer payroll tax payments |
|
(3,499 |
) |
|
|
(1,993 |
) |
|
|
(11,212 |
) |
|
|
(9,494 |
) |
|
|
Non-GAAP cost of revenue |
$ |
95,842 |
|
|
$ |
75,449 |
|
|
$ |
337,195 |
|
|
$ |
279,437 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
GAAP gross profit |
$ |
181,774 |
|
|
$ |
124,221 |
|
|
$ |
633,014 |
|
|
$ |
449,217 |
|
|
|
Amortization of intangible assets |
|
151 |
|
|
|
151 |
|
|
|
600 |
|
|
|
868 |
|
|
|
Stock-based compensation expense and related employer payroll tax payments |
|
3,499 |
|
|
|
1,993 |
|
|
|
11,212 |
|
|
|
9,494 |
|
|
|
Non-GAAP gross profit |
$ |
185,424 |
|
|
$ |
126,365 |
|
|
$ |
644,826 |
|
|
$ |
459,579 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
GAAP research and development expense |
$ |
98,264 |
|
|
$ |
93,543 |
|
|
$ |
364,191 |
|
|
$ |
347,753 |
|
|
|
Stock-based compensation expense and related employer payroll tax payments |
|
(11,904 |
) |
|
|
(12,397 |
) |
|
|
(52,999 |
) |
|
|
(51,212 |
) |
|
|
Contingent consideration |
|
(416 |
) |
|
|
— |
|
|
|
(2,014 |
) |
|
|
(675 |
) |
|
|
Non-GAAP research and development expense |
$ |
85,944 |
|
|
$ |
81,146 |
|
|
$ |
309,178 |
|
|
$ |
295,866 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
GAAP sales and marketing expense |
$ |
143,382 |
|
|
$ |
104,763 |
|
|
$ |
494,661 |
|
|
$ |
364,935 |
|
|
|
Stock-based compensation expense and related employer payroll tax payments |
|
(12,846 |
) |
|
|
(8,997 |
) |
|
|
(46,242 |
) |
|
|
(36,871 |
) |
|
|
Non-GAAP sales and marketing expense |
$ |
130,536 |
|
|
$ |
95,766 |
|
|
$ |
448,419 |
|
|
$ |
328,064 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
GAAP general and administrative expense |
$ |
60,933 |
|
|
$ |
51,880 |
|
|
$ |
211,410 |
|
|
$ |
180,123 |
|
|
|
Amortization of intangible assets |
|
(236 |
) |
|
|
(340 |
) |
|
|
(1,070 |
) |
|
|
(1,351 |
) |
|
|
Stock-based compensation expense and related employer payroll tax payments |
|
(17,063 |
) |
|
|
(13,519 |
) |
|
|
(61,245 |
) |
|
|
(44,410 |
) |
|
|
Contingent consideration |
|
(115 |
) |
|
|
(250 |
) |
|
|
(950 |
) |
|
|
(1,010 |
) |
|
|
Other |
|
— |
|
|
|
— |
|
|
|
(2,000 |
) |
|
|
— |
|
|
|
Non-GAAP general and administrative expense |
$ |
43,519 |
|
|
$ |
37,771 |
|
|
$ |
146,145 |
|
|
$ |
133,352 |
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|||||||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
GAAP loss from operations |
$ |
(120,805 |
) |
|
$ |
(125,965 |
) |
|
$ |
(437,248 |
) |
|
$ |
(443,594 |
) |
|
|
Amortization of intangible assets |
|
387 |
|
|
|
491 |
|
|
|
1,670 |
|
|
|
2,219 |
|
|
|
Stock-based compensation expense and related employer payroll tax payments |
|
45,312 |
|
|
|
36,906 |
|
|
|
171,698 |
|
|
|
141,987 |
|
|
|
Contingent consideration |
|
531 |
|
|
|
250 |
|
|
|
2,964 |
|
|
|
1,685 |
|
|
|
Other |
|
— |
|
|
|
— |
|
|
|
2,000 |
|
|
|
— |
|
|
|
Non-GAAP loss from operations |
$ |
(74,575 |
) |
|
$ |
(88,318 |
) |
|
$ |
(258,916 |
) |
|
$ |
(297,703 |
) |
|
|
|
|
|
|
|
|
|
|
|||||||||
|
GAAP net loss |
$ |
(128,494 |
) |
|
$ |
(111,006 |
) |
|
$ |
(416,277 |
) |
|
$ |
(436,373 |
) |
|
|
Amortization of intangible assets |
|
387 |
|
|
|
491 |
|
|
|
1,670 |
|
|
|
2,219 |
|
|
|
Stock-based compensation expense and related employer payroll tax payments |
|
45,312 |
|
|
|
36,906 |
|
|
|
171,698 |
|
|
|
141,987 |
|
|
|
Contingent consideration |
|
531 |
|
|
|
250 |
|
|
|
2,964 |
|
|
|
1,685 |
|
|
|
Unrealized and realized (gains) losses on marketable equity securities |
|
— |
|
|
|
(2,824 |
) |
|
|
— |
|
|
|
44,401 |
|
|
|
Impairment of non-marketable equity securities |
|
13,582 |
|
|
|
— |
|
|
|
18,582 |
|
|
|
— |
|
|
|
Gain on extinguishment of convertible notes |
|
— |
|
|
|
— |
|
|
|
(13,672 |
) |
|
|
— |
|
|
|
Other |
|
4,900 |
|
|
|
(1,100 |
) |
|
|
6,900 |
|
|
|
(1,100 |
) |
|
|
Non-GAAP net loss |
$ |
(63,782 |
) |
|
$ |
(77,283 |
) |
|
$ |
(228,135 |
) |
|
$ |
(247,181 |
) |
|
|
|
|
|
|
|
|
|
|
|||||||||
|
GAAP net loss per share, basic and diluted |
$ |
(1.00 |
) |
|
$ |
(0.90 |
) |
|
$ |
(3.32 |
) |
|
$ |
(3.56 |
) |
|
|
Non-GAAP net loss per share, basic and diluted |
$ |
(0.50 |
) |
|
$ |
(0.62 |
) |
|
$ |
(1.82 |
) |
|
$ |
(2.01 |
) |
|
|
Weighted-average shares used in computing GAAP and Non-GAAP net loss per share, basic and diluted |
|
128,657 |
|
|
|
123,754 |
|
|
|
125,374 |
|
|
|
122,745 |
|
|
|
Reconciliation of GAAP Net Loss to Adjusted EBITDA (unaudited) (in thousands) |
||||||||||||||||
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|||||||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
GAAP net loss |
$ |
(128,494 |
) |
|
$ |
(111,006 |
) |
|
$ |
(416,277 |
) |
|
$ |
(436,373 |
) |
|
|
Interest income |
|
(10,032 |
) |
|
|
(11,653 |
) |
|
|
(34,095 |
) |
|
|
(53,691 |
) |
|
|
Interest expense |
|
1,180 |
|
|
|
645 |
|
|
|
3,897 |
|
|
|
2,581 |
|
|
|
Other expense (income), net |
|
18,268 |
|
|
|
(4,667 |
) |
|
|
10,490 |
|
|
|
42,605 |
|
|
|
(Benefit from) provision for income taxes |
|
(1,727 |
) |
|
|
716 |
|
|
|
(1,263 |
) |
|
|
1,284 |
|
|
|
Depreciation and amortization |
|
10,050 |
|
|
|
10,454 |
|
|
|
39,736 |
|
|
|
42,387 |
|
|
|
Stock-based compensation expense and related employer payroll tax payments |
|
45,312 |
|
|
|
36,906 |
|
|
|
171,698 |
|
|
|
141,987 |
|
|
|
Contingent consideration |
|
531 |
|
|
|
250 |
|
|
|
2,964 |
|
|
|
1,685 |
|
|
|
Other |
|
— |
|
|
|
— |
|
|
|
2,000 |
|
|
|
— |
|
|
|
Adjusted EBITDA |
$ |
(64,912 |
) |
|
$ |
(78,355 |
) |
|
$ |
(220,850 |
) |
|
$ |
(257,535 |
) |
|
|
Reconciliation of Free Cash Flow to (unaudited) (in thousands) |
||||||||||||||||
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|||||||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net cash used in operating activities |
$ |
(26,373 |
) |
|
$ |
(64,513 |
) |
|
$ |
(184,760 |
) |
|
$ |
(239,858 |
) |
|
|
Purchases of property and equipment |
|
(27,848 |
) |
|
|
(18,875 |
) |
|
|
(48,306 |
) |
|
|
(35,085 |
) |
|
|
Free cash flow |
$ |
(54,221 |
) |
|
$ |
(83,388 |
) |
|
$ |
(233,066 |
) |
|
$ |
(274,943 |
) |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20260219448137/en/
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