Guardant Health Reports First Quarter 2026 Financial Results and Increases 2026 Revenue Guidance
First quarter 2026 revenue growth of 48% driven by strong performance in Oncology and Screening
Raises 2026 revenue guidance to
First Quarter 2026 Financial Highlights
For the three-month period ended
-
Reported total revenue of
$301.7 million , an increase of 48%, driven by:-
Oncology revenue of
$205.0 million , an increase of 36%, and approximately 86,000 oncology tests, an increase of 47% -
Biopharma & Data revenue of
$53.0 million , an increase of 17% -
Screening revenue of
$41.6 million , and approximately 44,000 Shield screening tests, compared to$5.7 million revenue and 9,000 tests in the prior year period
-
Oncology revenue of
- Generated non-GAAP gross margin of 66%, compared to 65% for the first quarter of 2025
Recent Operating Highlights
-
Presented 38 abstracts at the 2026
American Association for Cancer Research Annual Meeting, highlighting the breadth and strength of the Guardant portfolio - Enhanced Guardant360 Tissue capabilities with the addition of whole transcriptome profiling, expanding clinical utility
- Announced collaboration with Nuvalent to develop companion diagnostics in targeted cancer therapy with initial emphasis on Guardant360 Tissue
- Received FDA approval for Guardant360® CDx as a companion diagnostic for Arvinas and Pfizer’s VEPPANU for ER+/HER2- ESR1 mutated advanced breast cancer
- Leveraged InfinityAI real-world evidence to support the approval of Daiichi Sankyo’s ENHERTU
- Activated direct-to-consumer and influencer campaigns during Colorectal Cancer Awareness Month to drive awareness and demand
- Launched nationwide, multi-year collaboration with Quest to expand access to Shield and accelerate screening adoption
-
Launched Shield Multi-Cancer Detection (MCD) in
Asia through Manulife partnership
“Our first-quarter revenue increased 48% year over year, reflecting strong momentum across the Guardant portfolio,” said
“We are pleased with our progress with Shield, including strong volume momentum exiting the first quarter,” said AmirAli Talasaz, co-founder and co-CEO. “We expect sustained volume growth as we further build out our commercial infrastructure and expand collaborations with Quest and other partners. With a disciplined focus on execution as we scale, we are well positioned to broaden our reach in cancer screening and drive long-term value creation.”
First Quarter 2026 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 first quarter of 2026 was
Cash, cash equivalents, restricted cash and marketable securities were
2026 Guidance
Within this revenue range:
- Oncology revenue is now expected to grow in the range of 28% to 29% in 2026, compared to prior guidance of 25% to 27%. Oncology volume is now expected to grow greater than 35% in 2026, compared to prior guidance of approximately 30%.
-
Guardant Health continues to expect Biopharma & Data revenue growth to be in the low double-digit range. -
Screening revenue is now expected to be in the range of
$186 to$198 million , driven by Shield volume of 230,000 to 245,000 tests. This compares to the prior guidance of$162 to$174 million revenue and 210,000 to 225,000 tests.
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, 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 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 |
||||||
|
|
|
2026 |
|
|
|
2025 |
|
|
|
|
|
|
||||
|
Revenue |
$ |
301,665 |
|
|
$ |
203,471 |
|
|
Costs and operating expenses: |
|
|
|
||||
|
Cost of revenue |
|
104,919 |
|
|
|
74,723 |
|
|
Research and development expense |
|
91,038 |
|
|
|
88,521 |
|
|
Sales and marketing expense |
|
169,132 |
|
|
|
104,316 |
|
|
General and administrative expense |
|
57,926 |
|
|
|
46,952 |
|
|
Total costs and operating expenses |
|
423,015 |
|
|
|
314,512 |
|
|
Loss from operations |
|
(121,350 |
) |
|
|
(111,041 |
) |
|
Interest income |
|
11,151 |
|
|
|
9,112 |
|
|
Interest expense |
|
(1,347 |
) |
|
|
(791 |
) |
|
Other income (expense), net |
|
(157 |
) |
|
|
7,851 |
|
|
Loss before provision for income taxes |
|
(111,703 |
) |
|
|
(94,869 |
) |
|
Provision for income taxes |
|
372 |
|
|
|
290 |
|
|
Net loss |
$ |
(112,075 |
) |
|
$ |
(95,159 |
) |
|
Net loss per share, basic and diluted |
$ |
(0.85 |
) |
|
$ |
(0.77 |
) |
|
Weighted-average shares used in computing net loss per share, basic and diluted |
|
131,273 |
|
|
|
123,871 |
|
|
Condensed Consolidated Balance Sheets (unaudited) (in thousands, except share and per share data) |
|||||||
|
|
|
|
|
||||
|
ASSETS |
|
|
|
||||
|
Current assets: |
|
|
|
||||
|
Cash and cash equivalents |
$ |
989,291 |
|
|
$ |
378,203 |
|
|
Short-term marketable securities |
|
113,469 |
|
|
|
823,395 |
|
|
Accounts receivable, net |
|
137,404 |
|
|
|
137,849 |
|
|
Inventory, net |
|
83,851 |
|
|
|
85,876 |
|
|
Prepaid expenses and other current assets, net |
|
43,490 |
|
|
|
40,723 |
|
|
Total current assets |
|
1,367,505 |
|
|
|
1,466,046 |
|
|
Restricted cash |
|
112,150 |
|
|
|
111,214 |
|
|
Property and equipment, net |
|
150,035 |
|
|
|
145,915 |
|
|
Right-of-use assets, net |
|
153,906 |
|
|
|
158,849 |
|
|
Intangible assets, net |
|
25,543 |
|
|
|
25,921 |
|
|
|
|
77,257 |
|
|
|
77,257 |
|
|
Other assets, net |
|
28,895 |
|
|
|
28,457 |
|
|
Total Assets |
$ |
1,915,291 |
|
|
$ |
2,013,659 |
|
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT |
|
|
|
||||
|
Current liabilities: |
|
|
|
||||
|
Accounts payable |
$ |
75,034 |
|
|
$ |
54,442 |
|
|
Accrued compensation |
|
91,326 |
|
|
|
119,646 |
|
|
Accrued expenses |
|
78,013 |
|
|
|
77,889 |
|
|
Deferred revenue |
|
47,772 |
|
|
|
50,753 |
|
|
Total current liabilities |
|
292,145 |
|
|
|
302,730 |
|
|
Convertible senior notes, net |
|
1,503,471 |
|
|
|
1,504,000 |
|
|
Long-term operating lease liabilities |
|
173,055 |
|
|
|
178,463 |
|
|
Other long-term liabilities |
|
127,693 |
|
|
|
127,773 |
|
|
Total Liabilities |
|
2,096,364 |
|
|
|
2,112,966 |
|
|
Stockholders’ deficit: |
|
|
|
||||
|
Common stock, par value of |
|
1 |
|
|
|
1 |
|
|
Additional paid-in capital |
|
2,930,665 |
|
|
|
2,900,056 |
|
|
Accumulated other comprehensive loss |
|
(5,152 |
) |
|
|
(4,852 |
) |
|
Accumulated deficit |
|
(3,106,587 |
) |
|
|
(2,994,512 |
) |
|
Total Stockholders’ Deficit |
|
(181,073 |
) |
|
|
(99,307 |
) |
|
Total Liabilities and Stockholders’ Deficit |
$ |
1,915,291 |
|
|
$ |
2,013,659 |
|
|
Supplemental Revenue Information (unaudited) (in thousands) |
||||||
|
|
|
Three Months Ended |
||||
|
|
|
2026 |
|
2025 |
||
|
|
|
|
||||
|
Oncology |
|
$ |
204,954 |
|
$ |
150,559 |
|
Biopharma and data |
|
|
52,977 |
|
|
45,376 |
|
Screening |
|
|
41,590 |
|
|
5,677 |
|
Licensing and other |
|
|
2,144 |
|
|
1,859 |
|
Total revenue |
|
$ |
301,665 |
|
$ |
203,471 |
|
Reconciliation of Selected GAAP Measures to Non-GAAP Measures (unaudited) (in thousands, except per share data) |
|||||||
|
|
Three Months Ended |
||||||
|
|
|
2026 |
|
|
|
2025 |
|
|
|
|
|
|
||||
|
GAAP cost of revenue |
$ |
104,919 |
|
|
$ |
74,723 |
|
|
Amortization of intangible assets |
|
(148 |
) |
|
|
(148 |
) |
|
Stock-based compensation expense and related employer payroll tax payments |
|
(3,211 |
) |
|
|
(2,390 |
) |
|
Non-GAAP cost of revenue |
$ |
101,560 |
|
|
$ |
72,185 |
|
|
|
|
|
|
||||
|
GAAP gross profit |
$ |
196,746 |
|
|
$ |
128,748 |
|
|
Amortization of intangible assets |
|
148 |
|
|
|
148 |
|
|
Stock-based compensation expense and related employer payroll tax payments |
|
3,211 |
|
|
|
2,390 |
|
|
Non-GAAP gross profit |
$ |
200,105 |
|
|
$ |
131,286 |
|
|
|
|
|
|
||||
|
GAAP research and development expense |
$ |
91,038 |
|
|
$ |
88,521 |
|
|
Stock-based compensation expense and related employer payroll tax payments |
|
(14,449 |
) |
|
|
(13,090 |
) |
|
Contingent consideration |
|
— |
|
|
|
(534 |
) |
|
Non-GAAP research and development expense |
$ |
76,589 |
|
|
$ |
74,897 |
|
|
|
|
|
|
||||
|
GAAP sales and marketing expense |
$ |
169,132 |
|
|
$ |
104,316 |
|
|
Stock-based compensation expense and related employer payroll tax payments |
|
(14,702 |
) |
|
|
(10,189 |
) |
|
Non-GAAP sales and marketing expense |
$ |
154,430 |
|
|
$ |
94,127 |
|
|
|
|
|
|
||||
|
GAAP general and administrative expense |
$ |
57,926 |
|
|
$ |
46,952 |
|
|
Amortization of intangible assets |
|
(230 |
) |
|
|
(332 |
) |
|
Stock-based compensation expense and related employer payroll tax payments |
|
(19,509 |
) |
|
|
(13,571 |
) |
|
Contingent consideration |
|
— |
|
|
|
(490 |
) |
|
Other |
|
(1,150 |
) |
|
|
(2,000 |
) |
|
Non-GAAP general and administrative expense |
$ |
37,037 |
|
|
$ |
30,559 |
|
|
|
|
|
|
||||
|
|
Three Months Ended |
||||||
|
|
|
2026 |
|
|
|
2025 |
|
|
|
|
|
|
||||
|
GAAP loss from operations |
$ |
(121,350 |
) |
|
$ |
(111,041 |
) |
|
Amortization of intangible assets |
|
378 |
|
|
|
480 |
|
|
Stock-based compensation expense and related employer payroll tax payments |
|
51,871 |
|
|
|
39,240 |
|
|
Contingent consideration |
|
— |
|
|
|
1,024 |
|
|
Other |
|
1,150 |
|
|
|
2,000 |
|
|
Non-GAAP loss from operations |
$ |
(67,951 |
) |
|
$ |
(68,297 |
) |
|
|
|
|
|
||||
|
GAAP net loss |
$ |
(112,075 |
) |
|
$ |
(95,159 |
) |
|
Amortization of intangible assets |
|
378 |
|
|
|
480 |
|
|
Stock-based compensation expense and related employer payroll tax payments |
|
51,871 |
|
|
|
39,240 |
|
|
Contingent consideration |
|
— |
|
|
|
1,024 |
|
|
Impairment of non-marketable equity securities |
|
— |
|
|
|
5,000 |
|
|
Gain on extinguishment of convertible notes |
|
— |
|
|
|
(13,672 |
) |
|
Other |
|
1,150 |
|
|
|
2,000 |
|
|
Non-GAAP net loss |
$ |
(58,676 |
) |
|
$ |
(61,087 |
) |
|
|
|
|
|
||||
|
GAAP net loss per share, basic and diluted |
$ |
(0.85 |
) |
|
$ |
(0.77 |
) |
|
Non-GAAP net loss per share, basic and diluted |
$ |
(0.45 |
) |
|
$ |
(0.49 |
) |
|
Weighted-average shares used in computing GAAP and Non-GAAP net loss per share, basic and diluted |
|
131,273 |
|
|
|
123,871 |
|
|
Reconciliation of GAAP Net Loss to Adjusted EBITDA (unaudited) (in thousands) |
|||||||
|
|
Three Months Ended |
||||||
|
|
|
2026 |
|
|
|
2025 |
|
|
|
|
|
|
||||
|
GAAP net loss |
$ |
(112,075 |
) |
|
$ |
(95,159 |
) |
|
Interest income |
|
(11,151 |
) |
|
|
(9,112 |
) |
|
Interest expense |
|
1,347 |
|
|
|
791 |
|
|
Other expense (income), net |
|
157 |
|
|
|
(7,851 |
) |
|
Provision for income taxes |
|
372 |
|
|
|
290 |
|
|
Depreciation and amortization |
|
9,442 |
|
|
|
10,236 |
|
|
Stock-based compensation expense and related employer payroll tax payments |
|
51,871 |
|
|
|
39,240 |
|
|
Contingent consideration |
|
— |
|
|
|
1,024 |
|
|
Other |
|
1,150 |
|
|
|
2,000 |
|
|
Adjusted EBITDA |
$ |
(58,887 |
) |
|
$ |
(58,541 |
) |
|
Reconciliation of Free Cash Flow to (unaudited) (in thousands) |
|||||||
|
|
Three Months Ended |
||||||
|
|
|
2026 |
|
|
|
2025 |
|
|
|
|
|
|
||||
|
Net cash used in operating activities |
$ |
(65,623 |
) |
|
$ |
(62,689 |
) |
|
Purchases of property and equipment |
|
(5,580 |
) |
|
|
(4,459 |
) |
|
Free cash flow |
$ |
(71,203 |
) |
|
$ |
(67,148 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20260507017149/en/
Investor Contact:
investors@guardanthealth.com
Media Contact:
press@guardanthealth.com
Source:
