Full year revenue growth of 31% driven by
strong clinical and biopharma volume and Guardant360 ASP
tailwinds
Guardant Health, Inc. (Nasdaq: GH), a leading precision oncology
company, today announced preliminary, unaudited results for the
quarter and full year ended December 31, 2024.
Fourth quarter 2024 preliminary unaudited financial
results
For the three-month period ended December 31, 2024, as compared
to the same period of 2023:
- Total revenue of approximately $200 million, an increase of
29%
- Reported approximately 57,300 oncology clinical tests
(excluding Shield) and approximately 11,050 biopharma tests, an
increase of 24% and 16%, respectively
- Reported approximately 6,400 Shield screening tests, with
revenue of approximately $4 million
Full year 2024 preliminary unaudited financial
results
For the twelve-month period ended December 31, 2024, as compared
to the same period of 2023:
- Total revenue of approximately $737 million, an increase of
31%
- Reported approximately 206,700 oncology clinical tests
(excluding Shield) and approximately 40,500 biopharma tests, an
increase of 20% and 35%, respectively
Preliminary unaudited free cash flow was approximately negative
$84 million for the fourth quarter of 2024, and approximately
negative $275 million for the full year 2024. Cash, cash
equivalents, restricted cash and marketable debt securities were
$944 million as of December 31, 2024.
“2024 was an outstanding year for Guardant. We delivered key
milestones across the portfolio and completed the upgrade of
Guardant360 LDT onto our Smart Liquid Biopsy platform. We finished
the year strong with preliminary full year revenue growth of 31%,
driven by strong clinical and biopharma revenue and increasing
Guardant360 ASPs. Looking ahead, we believe we are well positioned
to continue to drive growth in our oncology business,” said Helmy
Eltoukhy, co-founder and co-CEO.
“We are extremely pleased with the strong traction and support
we saw in the first full quarter of commercial launch of Shield.
Given this success, we are focused on rapidly growing our
commercial infrastructure to capture the massive opportunity ahead.
We look forward to achieving additional milestones in 2025 as we
continue driving innovation and growth in our screening business,”
said AmirAli Talasaz, co-founder and co-CEO.
Guardant Health has not completed preparation of its financial
statements for the fourth quarter or full year of 2024. The
revenue, test volumes and free cash flow presented in this release
for the fourth quarter and the year ended December 31, 2024, are
preliminary and unaudited and are thus inherently uncertain and
subject to change as we complete our financial results. The company
is in the process of completing its customary year-end close and
review procedures as of and for the year ended December 31, 2024,
and there can be no assurance that final results for this period
will not differ from these estimates. During the preparation of
Guardant Health’s consolidated financial statements and related
notes as of and for the year ended December 31, 2024, the company’s
independent registered public accountants may identify items that
could cause final reported results to be materially different from
the preliminary financial estimates presented herein.
Upcoming events
Guardant Health plans to report its fourth quarter and full year
audited financial results for the period ended December 31, 2024,
during its February 2025 earnings call.
About Guardant Health
Guardant Health is a leading precision oncology company focused
on guarding wellness and giving every person more time free from
cancer. Founded in 2012, Guardant is transforming patient care and
accelerating new cancer therapies by providing critical insights
into what drives disease through its advanced blood and tissue
tests, real-world data and AI analytics. Guardant tests help
improve outcomes across all stages of care, including screening to
find cancer early, monitoring for recurrence in early-stage cancer,
and treatment selection for patients with advanced cancer. For more
information, visit guardanthealth.com and follow the company on
LinkedIn, X (Twitter) and Facebook.
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 December 31, 2023, and in
its other reports filed with or furnished to the Securities and
Exchange Commission thereafter. The forward-looking statements in
this press release are based on information available to Guardant
Health as of the date hereof, and Guardant Health disclaims any
obligation to update any forward-looking statements provided to
reflect any change in its expectations or any change in events,
conditions, or circumstances on which any such statement is based,
except as required by law. These forward-looking statements should
not be relied upon as representing Guardant Health’s views as of
any date subsequent to the date of this press release.
Source: Guardant Health, Inc.
Reconciliation of Free Cash
Flow to Net Cash Used in Operating Activities
(unaudited)
(in millions)
Three Months Ended December
31,
Twelve Months Ended December
31,
2024
2023
2024
2023
Net cash used in operating activities
$
(65
)
$
(79
)
$
(240
)
$
(325
)
Purchases of property and equipment
(19
)
(4
)
(35
)
(20
)
Free cash flow
$
(84
)
$
(83
)
$
(275
)
$
(345
)
Supplemental Cash Flow Investing and
Financing Activities
During the three-month period ended December 31, 2024, the
Company sold a portion of its investment in Lunit, Inc., and
received sales proceeds of $34 million, which will be recorded
under Investing Activities in the Consolidated Statements of Cash
Flows. In addition, during the three-month period ended December
31, 2024, no shares of the Company's common stock were sold under
the Open Market Sales Agreement with Jefferies LLC with respect to
the at-the-market (ATM) offering program entered into in August
2024.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250113396781/en/
Investor Contact: Zarak
Khurshid investors@guardanthealth.com Media Contact: Melissa Marasco
press@guardanthealth.com +1 650-647-3711
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