Guardant Health Reports Third Quarter 2025 Financial Results and Increases 2025 Revenue Guidance
Revenue growth of
Raises 2025 revenue guidance to
Third Quarter 2025 Financial Highlights
For the three-month period ended September 30, 2025, as compared to the same period of 2024:
-
Reported total revenue of
$265.2 million 39% , driven by:
-
Oncology revenue of
$184.4 million 31% , and approximately 74,000 oncology tests, an increase of40% -
Screening revenue of
$24.1 million $1.0 million -
Biopharma & Data revenue of
$54.7 million 18%
-
Generated non-GAAP gross margin of
66% , compared to63% in the third quarter of 2024
Recent Operating Highlights
- Expanded Shield to include multi-cancer detection (MCD) and initiated a large-scale real-world data initiative for Shield MCD
- Announced strong real-world performance data for Shield MCD utilizing the InfinityAI learning engine
- Established strategic collaborations with Quest Diagnostics and PathGroup to further accelerate nationwide access to Shield
- Improved stage I performance in Shield V2 CRC screening test
- Established a partnership with American Cancer Society to expand cancer screening access and advance health equity
- Reached a major milestone with the submission of Guardant360 Liquid PMA application to FDA
- Submitted Reveal immuno-oncology monitoring data package to MolDx for Medicare reimbursement
- Received new Guardant360 companion diagnostic approvals for breast cancer and non-small cell lung cancer
“This was an exceptional quarter for Guardant with broad-based growth across our business,” said Helmy Eltoukhy, co-founder and co-CEO. “Oncology volumes grew
“We made incredible progress in Screening in the third quarter. It has been very rewarding to see Shield take off and hear story after story of patients positively impacted by this pioneering test. To support the growing demand, we have accelerated our commercial infrastructure build out and established strategic collaborations with Quest Diagnostics and PathGroup to help rapidly broaden access to Shield throughout the country,” said AmirAli Talasaz, co-founder and co-CEO. “Beyond CRC screening, I’m pleased to share that we have now expanded Shield to include multi-cancer detection nationwide through our clinical data initiative, bringing this important innovation to a broader population.”
Third 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 third quarter of 2025 was
2025 Guidance
Guardant Health now expects full year 2025 revenue to be in the range of
Within this revenue range:
-
Oncology revenue is now expected to grow approximately
25% year over year in 2025, compared to prior guidance of approximately20% growth. Oncology volume is now expected to accelerate greater than30% growth in 2025 compared to20% growth in 2024. -
Screening revenue is now expected to be in the range of
$71 $73 million $55 $60 million - Biopharma & Data revenue growth is expected to continue to be in the mid-teens range.
Guardant Health now expects full year 2025 non-GAAP gross margin to be in the range of
Webcast Information
Guardant Health will host a conference call to discuss the third quarter 2025 financial results after market close on Wednesday, October 29, 2025 at 1:30 pm Pacific Time / 4:30 pm Eastern Time. A webcast of the conference call can be accessed at http://investors.guardanthealth.com. The webcast will be archived and available for replay for at least 90 days after the event.
Non-GAAP Measures
Guardant Health has presented in this release certain financial information in accordance with
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 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 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 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, 2024, 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.
Guardant Health, Inc. Condensed Consolidated Statements of Operations (unaudited) (in thousands, except per share data) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
|
|
|
|
|
|
|
||||||||
Revenue |
$ |
265,196 |
|
|
$ |
191,476 |
|
|
$ |
700,755 |
|
|
$ |
537,202 |
|
Costs and operating expenses: |
|
|
|
|
|
|
|
||||||||
Cost of revenue |
|
93,587 |
|
|
|
74,489 |
|
|
|
249,515 |
|
|
|
212,206 |
|
Research and development expense |
|
89,957 |
|
|
|
87,306 |
|
|
|
265,927 |
|
|
|
254,210 |
|
Sales and marketing expense |
|
127,375 |
|
|
|
97,880 |
|
|
|
351,279 |
|
|
|
260,172 |
|
General and administrative expense |
|
53,266 |
|
|
|
49,129 |
|
|
|
150,477 |
|
|
|
128,243 |
|
Total costs and operating expenses |
|
364,185 |
|
|
|
308,804 |
|
|
|
1,017,198 |
|
|
|
854,831 |
|
Loss from operations |
|
(98,989 |
) |
|
|
(117,328 |
) |
|
|
(316,443 |
) |
|
|
(317,629 |
) |
Interest income |
|
7,391 |
|
|
|
13,257 |
|
|
|
24,063 |
|
|
|
42,038 |
|
Interest expense |
|
(943 |
) |
|
|
(646 |
) |
|
|
(2,717 |
) |
|
|
(1,936 |
) |
Other income (expense), net |
|
(48 |
) |
|
|
(3,007 |
) |
|
|
7,778 |
|
|
|
(47,272 |
) |
Loss before provision for income taxes |
|
(92,589 |
) |
|
|
(107,724 |
) |
|
|
(287,319 |
) |
|
|
(324,799 |
) |
Provision for income taxes |
|
136 |
|
|
|
30 |
|
|
|
464 |
|
|
|
568 |
|
Net loss |
$ |
(92,725 |
) |
|
$ |
(107,754 |
) |
|
$ |
(287,783 |
) |
|
$ |
(325,367 |
) |
Net loss per share, basic and diluted |
$ |
(0.74 |
) |
|
$ |
(0.88 |
) |
|
$ |
(2.32 |
) |
|
$ |
(2.66 |
) |
Weighted-average shares used in computing net loss per share, basic and diluted |
|
124,807 |
|
|
|
123,051 |
|
|
|
124,268 |
|
|
|
122,406 |
|
Guardant Health, Inc. Condensed Consolidated Balance Sheets (unaudited) (in thousands, except share and per share data) |
|||||||
|
September 30, 2025 |
|
December 31, 2024 |
||||
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
580,013 |
|
|
$ |
525,540 |
|
Short-term marketable debt securities |
|
— |
|
|
|
314,438 |
|
Accounts receivable, net |
|
115,585 |
|
|
|
110,253 |
|
Inventory, net |
|
90,489 |
|
|
|
71,083 |
|
Prepaid expenses and other current assets, net |
|
42,798 |
|
|
|
33,800 |
|
Total current assets |
|
828,885 |
|
|
|
1,055,114 |
|
Restricted cash |
|
109,502 |
|
|
|
104,215 |
|
Property and equipment, net |
|
124,609 |
|
|
|
136,813 |
|
Right-of-use assets, net |
|
163,550 |
|
|
|
142,265 |
|
Intangible assets, net |
|
5,477 |
|
|
|
6,760 |
|
Goodwill |
|
3,290 |
|
|
|
3,290 |
|
Other assets, net |
|
41,473 |
|
|
|
37,152 |
|
Total Assets |
$ |
1,276,786 |
|
|
$ |
1,485,609 |
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
20,142 |
|
|
$ |
38,551 |
|
Accrued compensation |
|
98,209 |
|
|
|
83,219 |
|
Accrued expenses |
|
71,707 |
|
|
|
68,345 |
|
Deferred revenue |
|
46,861 |
|
|
|
35,468 |
|
Total current liabilities |
|
236,919 |
|
|
|
225,583 |
|
Convertible senior notes, net, principal amount of |
|
1,114,594 |
|
|
|
1,142,547 |
|
Long-term operating lease liabilities |
|
185,387 |
|
|
|
164,292 |
|
Other long-term liabilities |
|
94,359 |
|
|
|
92,834 |
|
Total Liabilities |
|
1,631,259 |
|
|
|
1,625,256 |
|
Stockholders’ deficit: |
|
|
|
||||
Common stock, par value of |
|
1 |
|
|
|
1 |
|
Treasury stock, at cost, 976,351 shares as of September 30, 2025 |
|
(45,010 |
) |
|
|
— |
|
Additional paid-in capital |
|
2,560,814 |
|
|
|
2,443,788 |
|
Accumulated other comprehensive loss |
|
(4,260 |
) |
|
|
(5,201 |
) |
Accumulated deficit |
|
(2,866,018 |
) |
|
|
(2,578,235 |
) |
Total Stockholders’ Deficit |
|
(354,473 |
) |
|
|
(139,647 |
) |
Total Liabilities and Stockholders’ Deficit |
$ |
1,276,786 |
|
|
$ |
1,485,609 |
|
Guardant Health, Inc. Supplemental Revenue Information (unaudited) (in thousands) |
||||||||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
|
||||||||||
Oncology |
|
$ |
184,402 |
|
$ |
141,197 |
|
$ |
493,646 |
|
$ |
397,214 |
Biopharma and data |
|
|
54,731 |
|
|
46,547 |
|
|
156,127 |
|
|
128,067 |
Screening |
|
|
24,112 |
|
|
1,003 |
|
|
44,603 |
|
|
1,003 |
Licensing and other |
|
|
1,951 |
|
|
2,729 |
|
|
6,379 |
|
|
10,918 |
Total revenue |
|
$ |
265,196 |
|
$ |
191,476 |
|
$ |
700,755 |
|
$ |
537,202 |
Reconciliation of Selected GAAP Measures to Non-GAAP Measures (unaudited) (in thousands, except per share data) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP cost of revenue |
$ |
93,587 |
|
|
$ |
74,489 |
|
|
$ |
249,515 |
|
|
$ |
212,206 |
|
Amortization of intangible assets |
|
(151 |
) |
|
|
(151 |
) |
|
|
(449 |
) |
|
|
(717 |
) |
Stock-based compensation expense and related employer payroll tax payments |
|
(2,564 |
) |
|
|
(3,917 |
) |
|
|
(7,713 |
) |
|
|
(7,501 |
) |
Non-GAAP cost of revenue |
$ |
90,872 |
|
|
$ |
70,421 |
|
|
$ |
241,353 |
|
|
$ |
203,988 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP gross profit |
$ |
171,609 |
|
|
$ |
116,987 |
|
|
$ |
451,240 |
|
|
$ |
324,996 |
|
Amortization of intangible assets |
|
151 |
|
|
|
151 |
|
|
|
449 |
|
|
|
717 |
|
Stock-based compensation expense and related employer payroll tax payments |
|
2,564 |
|
|
|
3,917 |
|
|
|
7,713 |
|
|
|
7,501 |
|
Non-GAAP gross profit |
$ |
174,324 |
|
|
$ |
121,055 |
|
|
$ |
459,402 |
|
|
$ |
333,214 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP research and development expense |
$ |
89,957 |
|
|
$ |
87,306 |
|
|
$ |
265,927 |
|
|
$ |
254,210 |
|
Stock-based compensation expense and related employer payroll tax payments |
|
(13,750 |
) |
|
|
(18,750 |
) |
|
|
(41,095 |
) |
|
|
(38,815 |
) |
Contingent consideration |
|
(417 |
) |
|
|
(190 |
) |
|
|
(1,598 |
) |
|
|
(675 |
) |
Non-GAAP research and development expense |
$ |
75,790 |
|
|
$ |
68,366 |
|
|
$ |
223,234 |
|
|
$ |
214,720 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP sales and marketing expense |
$ |
127,375 |
|
|
$ |
97,880 |
|
|
$ |
351,279 |
|
|
$ |
260,172 |
|
Stock-based compensation expense and related employer payroll tax payments |
|
(11,451 |
) |
|
|
(13,287 |
) |
|
|
(33,396 |
) |
|
|
(27,874 |
) |
Non-GAAP sales and marketing expense |
$ |
115,924 |
|
|
$ |
84,593 |
|
|
$ |
317,883 |
|
|
$ |
232,298 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP general and administrative expense |
$ |
53,266 |
|
|
$ |
49,129 |
|
|
$ |
150,477 |
|
|
$ |
128,243 |
|
Amortization of intangible assets |
|
(236 |
) |
|
|
(340 |
) |
|
|
(834 |
) |
|
|
(1,011 |
) |
Stock-based compensation expense and related employer payroll tax payments |
|
(15,779 |
) |
|
|
(14,068 |
) |
|
|
(44,182 |
) |
|
|
(30,891 |
) |
Contingent consideration |
|
(115 |
) |
|
|
(340 |
) |
|
|
(835 |
) |
|
|
(760 |
) |
Non-recurring other operating expense |
|
— |
|
|
|
— |
|
|
|
(2,000 |
) |
|
|
— |
|
Non-GAAP general and administrative expense |
$ |
37,136 |
|
|
$ |
34,381 |
|
|
$ |
102,626 |
|
|
$ |
95,581 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP loss from operations |
$ |
(98,989 |
) |
|
$ |
(117,328 |
) |
|
$ |
(316,443 |
) |
|
$ |
(317,629 |
) |
Amortization of intangible assets |
|
387 |
|
|
|
491 |
|
|
|
1,283 |
|
|
|
1,728 |
|
Stock-based compensation expense and related employer payroll tax payments |
|
43,544 |
|
|
|
50,022 |
|
|
|
126,386 |
|
|
|
105,081 |
|
Contingent consideration |
|
532 |
|
|
|
530 |
|
|
|
2,433 |
|
|
|
1,435 |
|
Non-recurring other operating expense |
|
— |
|
|
|
— |
|
|
|
2,000 |
|
|
|
— |
|
Non-GAAP loss from operations |
$ |
(54,526 |
) |
|
$ |
(66,285 |
) |
|
$ |
(184,341 |
) |
|
$ |
(209,385 |
) |
|
|
|
|
|
|
|
|
||||||||
GAAP net loss |
$ |
(92,725 |
) |
|
$ |
(107,754 |
) |
|
$ |
(287,783 |
) |
|
$ |
(325,367 |
) |
Amortization of intangible assets |
|
387 |
|
|
|
491 |
|
|
|
1,283 |
|
|
|
1,728 |
|
Stock-based compensation expense and related employer payroll tax payments |
|
43,544 |
|
|
|
50,022 |
|
|
|
126,386 |
|
|
|
105,081 |
|
Contingent consideration |
|
532 |
|
|
|
530 |
|
|
|
2,433 |
|
|
|
1,435 |
|
Non-recurring other operating expense |
|
— |
|
|
|
— |
|
|
|
2,000 |
|
|
|
— |
|
Unrealized and realized losses on marketable equity securities |
|
— |
|
|
|
1,686 |
|
|
|
— |
|
|
|
47,225 |
|
Impairment of non-marketable equity securities |
|
— |
|
|
|
— |
|
|
|
5,000 |
|
|
|
— |
|
Gain on extinguishment of convertible notes |
|
— |
|
|
|
— |
|
|
|
(13,672 |
) |
|
|
— |
|
Non-GAAP net loss |
$ |
(48,262 |
) |
|
$ |
(55,025 |
) |
|
$ |
(164,353 |
) |
|
$ |
(169,898 |
) |
|
|
|
|
|
|
|
|
||||||||
GAAP net loss per share, basic and diluted |
$ |
(0.74 |
) |
|
$ |
(0.88 |
) |
|
$ |
(2.32 |
) |
|
$ |
(2.66 |
) |
Non-GAAP net loss per share, basic and diluted |
$ |
(0.39 |
) |
|
$ |
(0.45 |
) |
|
$ |
(1.32 |
) |
|
$ |
(1.39 |
) |
Weighted-average shares used in computing GAAP and Non-GAAP net loss per share, basic and diluted |
|
124,807 |
|
|
|
123,051 |
|
|
|
124,268 |
|
|
|
122,406 |
|
Reconciliation of GAAP Net Loss to Adjusted EBITDA (unaudited) (in thousands) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP net loss |
$ |
(92,725 |
) |
|
$ |
(107,754 |
) |
|
$ |
(287,783 |
) |
|
$ |
(325,367 |
) |
Interest income |
|
(7,391 |
) |
|
|
(13,257 |
) |
|
|
(24,063 |
) |
|
|
(42,038 |
) |
Interest expense |
|
943 |
|
|
|
646 |
|
|
|
2,717 |
|
|
|
1,936 |
|
Other expense (income), net |
|
48 |
|
|
|
3,007 |
|
|
|
(7,778 |
) |
|
|
47,272 |
|
Provision for income taxes |
|
136 |
|
|
|
30 |
|
|
|
464 |
|
|
|
568 |
|
Depreciation and amortization |
|
9,408 |
|
|
|
10,598 |
|
|
|
29,686 |
|
|
|
31,933 |
|
Stock-based compensation expense and related employer payroll tax payments |
|
43,544 |
|
|
|
50,022 |
|
|
|
126,386 |
|
|
|
105,081 |
|
Contingent consideration |
|
532 |
|
|
|
530 |
|
|
|
2,433 |
|
|
|
1,435 |
|
Non-recurring other operating expense |
|
— |
|
|
|
— |
|
|
|
2,000 |
|
|
|
— |
|
Adjusted EBITDA |
$ |
(45,505 |
) |
|
$ |
(56,178 |
) |
|
$ |
(155,938 |
) |
|
$ |
(179,180 |
) |
Reconciliation of Free Cash Flow to Net Cash Used in Operating Activities (unaudited) (in thousands) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
|
|
|
|
|
|
|
||||||||
Net cash used in operating activities |
$ |
(35,413 |
) |
|
$ |
(51,059 |
) |
|
$ |
(158,387 |
) |
|
$ |
(175,345 |
) |
Purchases of property and equipment |
|
(10,350 |
) |
|
|
(4,199 |
) |
|
|
(20,458 |
) |
|
|
(16,210 |
) |
Free cash flow |
$ |
(45,763 |
) |
|
$ |
(55,258 |
) |
|
$ |
(178,845 |
) |
|
$ |
(191,555 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20251029232885/en/
Investor Contact:
Zarak Khurshid
investors@guardanthealth.com
Media Contact:
Meaghan Smith
press@guardanthealth.com
Source: Guardant Health, Inc.
