Guardant Health Financials
This page shows Guardant Health (GH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Guardant Health generated $739.0M in revenue in fiscal year 2024. This represents an increase of 97.8% from the prior year.
Guardant Health's EBITDA was -$401.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 3.2% from the prior year.
Guardant Health generated -$274.9M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 3.2% from the prior year.
Guardant Health reported -$436.4M in net income in fiscal year 2024. This represents a decrease of 13.4% from the prior year.
Guardant Health earned $-3.56 per diluted share (EPS) in fiscal year 2024. This represents an increase of 11.0% from the prior year.
Guardant Health held $525.5M in cash against $1.1B in long-term debt as of fiscal year 2024.
Guardant Health had 124M shares outstanding in fiscal year 2024. This represents an increase of 21.8% from the prior year.
Guardant Health's operating margin was -60.0% in fiscal year 2024, reflecting core business profitability. This is up 50.0 percentage points from the prior year.
Guardant Health's net profit margin was -59.1% in fiscal year 2024, showing the share of revenue converted to profit. This is up 43.9 percentage points from the prior year.
Guardant Health invested $347.8M in research and development in fiscal year 2024. This represents an increase of 32.1% from the prior year.
Guardant Health invested $35.1M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 53.2% from the prior year.
GH Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $265.2M+14.3% | $232.1M+14.1% | $203.5M+31.2% | $155.1M+8.4% | $143.0M+4.3% | $137.2M+6.6% | $128.7M+1.4% | $126.9M |
| Cost of Revenue | $93.6M+15.2% | $81.2M+8.7% | $74.7M | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | $171.6M+13.7% | $150.9M+17.2% | $128.7M | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $90.0M+2.9% | $87.4M-1.2% | $88.5M-1.5% | $89.9M-4.3% | $93.9M+3.9% | $90.4M-3.0% | $93.1M-12.6% | $106.6M |
| SG&A Expenses | $53.3M+6.0% | $50.3M+7.0% | $47.0M+24.7% | $37.7M+4.1% | $36.2M-12.9% | $41.5M+2.6% | $40.4M+6.7% | $37.9M |
| Operating Income | -$99.0M+7.0% | -$106.4M+4.2% | -$111.0M+43.8% | -$197.5M-74.0% | -$113.5M+5.1% | -$119.6M+10.8% | -$134.1M+8.3% | -$146.1M |
| Interest Expense | $943K-4.1% | $983K+24.3% | $791K+22.6% | $645K+0.2% | $644K-0.2% | $645K+0.2% | $644K0.0% | $644K |
| Income Tax | $136K+257.9% | $38K-86.9% | $290K+153.6% | -$541K-210.4% | $490K-1.2% | $496K+106.7% | $240K-60.1% | $602K |
| Net Income | -$92.7M+7.2% | -$99.9M-5.0% | -$95.2M+49.1% | -$187.0M-117.2% | -$86.1M-18.3% | -$72.8M+45.5% | -$133.5M+4.6% | -$139.9M |
| EPS (Diluted) | $-0.74+7.5% | $-0.80-3.9% | $-0.77+51.3% | $-1.58-116.4% | $-0.73-9.0% | $-0.67+48.5% | $-1.30+5.1% | $-1.37 |
GH Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.3B-4.1% | $1.3B-0.9% | $1.3B-24.8% | $1.8B-0.6% | $1.8B-2.3% | $1.8B+21.7% | $1.5B-6.1% | $1.6B |
| Current Assets | $828.9M-6.2% | $883.4M-4.7% | $927.0M-31.2% | $1.3B0.0% | $1.3B-3.6% | $1.4B+26.5% | $1.1B-7.3% | $1.2B |
| Cash & Equivalents | $580.0M-7.8% | $629.1M-9.9% | $698.6M-38.4% | $1.1B+147.9% | $457.3M+68.7% | $271.1M+21.2% | $223.6M+57.9% | $141.6M |
| Inventory | $90.5M+7.6% | $84.1M+8.8% | $77.3M+24.7% | $61.9M-19.6% | $77.0M+27.3% | $60.5M+30.2% | $46.5M-9.9% | $51.6M |
| Accounts Receivable | $115.6M-11.3% | $130.3M+12.8% | $115.4M+30.0% | $88.8M0.0% | $88.8M+2.7% | $86.5M-0.8% | $87.2M-10.3% | $97.3M |
| Goodwill | $3.3M0.0% | $3.3M0.0% | $3.3M0.0% | $3.3M0.0% | $3.3M0.0% | $3.3M0.0% | $3.3M0.0% | $3.3M |
| Total Liabilities | $1.6B-0.4% | $1.6B+2.7% | $1.6B-2.0% | $1.6B+3.7% | $1.6B+1.4% | $1.5B-0.6% | $1.6B+0.4% | $1.5B |
| Current Liabilities | $236.9M-0.6% | $238.4M+5.6% | $225.8M+9.6% | $205.9M-9.2% | $226.8M+12.8% | $200.9M-1.6% | $204.2M+5.7% | $193.2M |
| Long-Term Debt | $1.1B-0.1% | $1.1B-0.1% | $1.1B | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$354.5M-16.0% | -$305.5M-21.8% | -$250.8M-258.0% | $158.7M-30.5% | $228.3M-22.0% | $292.7M+757.1% | -$44.6M-174.0% | $60.2M |
| Retained Earnings | -$2.9B-3.3% | -$2.8B-3.7% | -$2.7B-24.8% | -$2.1B-9.6% | -$2.0B-4.6% | -$1.9B-4.1% | -$1.8B-8.0% | -$1.7B |
GH Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | N/A | N/A | -$62.7M | N/A | N/A | N/A | -$74.4M | N/A |
| Capital Expenditures | N/A | N/A | $4.5M | N/A | N/A | N/A | $7.5M | N/A |
| Free Cash Flow | N/A | N/A | -$67.1M | N/A | N/A | N/A | -$82.0M | N/A |
| Investing Cash Flow | N/A | N/A | $302.9M | N/A | N/A | N/A | $157.2M | N/A |
| Financing Cash Flow | N/A | N/A | -$66.8M | N/A | N/A | N/A | -$854K | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | $45.0M | N/A | N/A | N/A | N/A | N/A |
GH Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 64.7%-0.3pp | 65.0%+1.7pp | 63.3% | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -37.3%+8.5pp | -45.9%+8.7pp | -54.6%+72.8pp | -127.4%-48.0pp | -79.4%+7.8pp | -87.2%+16.9pp | -104.2%+11.0pp | -115.1% |
| Net Margin | -35.0%+8.1pp | -43.0%+3.7pp | -46.8%+73.9pp | -120.6%-60.4pp | -60.2%-7.1pp | -53.1%+50.7pp | -103.7%+6.5pp | -110.3% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -7.3%+0.2pp | -7.5%-0.4pp | -7.1%+3.4pp | -10.5%-5.7pp | -4.8%-0.8pp | -4.0%+4.9pp | -8.8%-0.1pp | -8.7% |
| Current Ratio | 3.50-0.2 | 3.71-0.4 | 4.11-2.4 | 6.54+0.6 | 5.94-1.0 | 6.96+1.5 | 5.41-0.8 | 6.17 |
| Debt-to-Equity | -3.14+0.5 | -3.65+0.8 | -4.45-14.7 | 10.26+3.4 | 6.87+1.6 | 5.29+40.2 | -34.93-60.7 | 25.75 |
| FCF Margin | N/A | N/A | -33.0% | N/A | N/A | N/A | -63.7% | N/A |
Note: Shareholder equity is negative (-$139.6M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks.
Financial strength trend (9 signals). 7-9 = strong, 0-3 = weak.
Operating cash flow vs net income. Above 1.0x = cash-backed earnings.
Operating income vs interest expense. Above 5x = safe, below 2x = risky.
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Frequently Asked Questions
What is Guardant Health's annual revenue?
Guardant Health (GH) reported $739.0M in total revenue for fiscal year 2024. This represents a 97.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Guardant Health's revenue growing?
Guardant Health (GH) revenue grew by 97.8% year-over-year, from $373.7M to $739.0M in fiscal year 2024.
Is Guardant Health profitable?
No, Guardant Health (GH) reported a net income of -$436.4M in fiscal year 2024, with a net profit margin of -59.1%.
What is Guardant Health's earnings per share (EPS)?
Guardant Health (GH) reported diluted earnings per share of $-3.56 for fiscal year 2024. This represents a 11.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Guardant Health's EBITDA?
Guardant Health (GH) had EBITDA of -$401.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Guardant Health have?
As of fiscal year 2024, Guardant Health (GH) had $525.5M in cash and equivalents against $1.1B in long-term debt.
What is Guardant Health's operating margin?
Guardant Health (GH) had an operating margin of -60.0% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Guardant Health's net profit margin?
Guardant Health (GH) had a net profit margin of -59.1% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Guardant Health's free cash flow?
Guardant Health (GH) generated -$274.9M in free cash flow during fiscal year 2024. This represents a 3.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Guardant Health's operating cash flow?
Guardant Health (GH) generated -$239.9M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Guardant Health's total assets?
Guardant Health (GH) had $1.5B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Guardant Health's capital expenditures?
Guardant Health (GH) invested $35.1M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Guardant Health spend on research and development?
Guardant Health (GH) invested $347.8M in research and development during fiscal year 2024.
How many shares does Guardant Health have outstanding?
Guardant Health (GH) had 124M shares outstanding as of fiscal year 2024.
What is Guardant Health's current ratio?
Guardant Health (GH) had a current ratio of 4.68 as of fiscal year 2024, which is generally considered healthy.
What is Guardant Health's debt-to-equity ratio?
Guardant Health (GH) had a debt-to-equity ratio of -8.18 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Guardant Health's return on assets (ROA)?
Guardant Health (GH) had a return on assets of -29.4% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Guardant Health's cash runway?
Based on fiscal year 2024 data, Guardant Health (GH) had $525.5M in cash against an annual operating cash burn of $239.9M. This gives an estimated cash runway of approximately 26 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Guardant Health's debt-to-equity ratio negative or unusual?
Guardant Health (GH) has negative shareholder equity of -$139.6M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Guardant Health's Piotroski F-Score?
Guardant Health (GH) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals.
Are Guardant Health's earnings high quality?
Guardant Health (GH) has an earnings quality ratio of 0.55x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation.
Can Guardant Health cover its interest payments?
Guardant Health (GH) has an interest coverage ratio of -171.9x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline.
How financially healthy is Guardant Health?
Guardant Health (GH) scores 50 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks.