Guardant Health (NASDAQ: GH) boosts 2026 revenue guidance on 48% Q1 jump
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Guardant Health reported strong first-quarter 2026 growth and raised its full-year 2026 revenue guidance to $1.30–$1.32 billion, implying 32%–34% growth over 2025. Revenue for the quarter rose 48% to $301.7 million, led by oncology revenue of $205.0 million, screening revenue of $41.6 million, and biopharma and data revenue of $53.0 million.
Non-GAAP gross margin improved to 66%, while non-GAAP operating expenses rose to $268.1 million as the company invested in commercial expansion, particularly for its Shield screening business. Guardant remained loss-making, with GAAP net loss of $112.1 million and non-GAAP net loss of $58.7 million, and free cash flow of negative $71.2 million.
The company now expects screening revenue of $186–$198 million in 2026, driven by 230,000–245,000 Shield tests, and continues to target full-year non-GAAP gross margin of 64%–65% and free cash flow burn of $185–$195 million, better than 2025. Cash, cash equivalents, restricted cash and marketable securities totaled about $1.2 billion as of March 31, 2026.
Positive
- Q1 2026 revenue grew 48% year over year to $301.7 million, with broad-based strength across oncology, screening, and biopharma and data businesses.
- The company raised 2026 revenue guidance to $1.30–$1.32 billion (32%–34% growth) and increased outlooks for oncology growth and Shield screening volumes.
- Screening revenue reached $41.6 million, up more than 600% year over year, with Shield tests rising to about 44,000 from 9,000.
- Non-GAAP gross margin improved to 66% in Q1 2026, up from 65% a year earlier, indicating better scalability of the core testing operations.
Negative
- GAAP net loss widened to $112.1 million in Q1 2026 from $95.2 million, and adjusted EBITDA loss remained around $58.9 million, showing profitability is still distant.
- Operating expenses increased to $318.1 million GAAP (non-GAAP $268.1 million), driven by commercial and marketing spend, contributing to continued negative free cash flow of $71.2 million in the quarter.
- The balance sheet shows a stockholders’ deficit of $181.1 million as of March 31, 2026, alongside $1.50 billion of convertible senior notes, reflecting a leveraged and equity-deficit capital structure.
Insights
Guardant posts 48% revenue growth, raises 2026 outlook but remains loss-making.
Guardant Health delivered Q1 2026 revenue of $301.7 million, up 48% year over year, with oncology up 36% and screening revenue exceeding 600% growth. Non-GAAP gross margin improved to 66%, showing better scale economics even as the business expands.
The company lifted 2026 revenue guidance to $1.30–$1.32 billion, up from $1.25–$1.28 billion, and increased expected oncology and Shield screening volumes. However, operating expenses rose sharply to $318.1 million GAAP, keeping GAAP net loss at $112.1 million and adjusted EBITDA loss essentially flat.
With cash, cash equivalents, restricted cash and marketable securities of roughly $1.2 billion as of March 31 2026 and projected 2026 free cash flow burn of $185–$195 million, the company appears positioned to fund its current growth plans. The investment case hinges on sustaining high growth in oncology and scaling Shield screening while narrowing non-GAAP losses over time.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 revenue: $301.7 million
Oncology revenue: $205.0 million
Screening revenue: $41.6 million
+5 more
8 metrics
Q1 2026 revenue
$301.7 million
Total revenue, up 48% year over year
Oncology revenue
$205.0 million
Q1 2026 oncology revenue, 36% year-over-year growth
Screening revenue
$41.6 million
Q1 2026 screening revenue, over 600% growth vs 2025
GAAP net loss
$112.1 million
Net loss for Q1 2026, vs $95.2 million in 2025
Non-GAAP net loss
$58.7 million
Non-GAAP net loss for Q1 2026, slightly better than 2025
2026 revenue guidance
$1.30–$1.32 billion
Full-year 2026 expected revenue, 32%–34% growth
Q1 2026 free cash flow
-$71.2 million
Free cash flow for Q1 2026
Cash and investments
$1.2 billion
Cash, cash equivalents, restricted cash and marketable securities as of March 31, 2026
Key Terms
non-GAAP gross margin, Adjusted EBITDA, free cash flow, convertible senior notes, +2 more
6 terms
non-GAAP gross margin financial
"Generated non-GAAP gross margin of 66%, compared to 65% for the first quarter of 2025"
Non-GAAP gross margin is a measure of a company's profitability that shows how much money it makes from sales after subtracting the direct costs of producing its products or services, but without applying certain accounting adjustments required by standard rules. It helps investors understand the company's core earning ability by excluding items like one-time expenses or accounting changes. This metric provides a clearer picture of ongoing business performance beyond official financial reports.
Adjusted EBITDA financial
"Adjusted EBITDA loss was $58.9 million for the first quarter of 2026"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
free cash flow financial
"Free cash flow for the first quarter of 2026 was $(71.2) million"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
convertible senior notes financial
"Convertible senior notes, net | 1,503,471 | | | 1,504,000"
Convertible senior notes are a type of loan that a company issues to investors, which can be turned into company shares later on. They are called "senior" because they are paid back before other debts if the company runs into trouble. This allows investors to earn interest like a loan but also have the chance to own part of the company if its value rises.
stock-based compensation financial
"We define our non-GAAP measures as the applicable GAAP measure adjusted for the impacts of stock-based compensation"
Stock-based compensation is when a company pays employees, directors or consultants with shares or the right to buy shares instead of or in addition to cash. It matters to investors because issuing stock or options spreads ownership thinner (like cutting a pie into more slices), which can reduce each existing share’s claim on profits and can also change reported earnings; investors watch it to assess true cost of running the business and how management is incentivized.
companion diagnostic medical
"Received FDA approval for Guardant360® CDx as a companion diagnostic for Arvinas and Pfizer’s VEPPANU"
A companion diagnostic is a medical test designed to identify which patients are likely to benefit from a specific drug or medical treatment, much like a key that shows whether a particular lock will open. For investors, these tests matter because they can increase a drug’s chances of approval and market uptake, create a separate revenue stream, and reduce commercial risk by matching treatments to the patients most likely to respond.
Earnings Snapshot
Revenue: $301.7 million · Guidance included
Q1 2026
Revenue
$301.7 million
+48% year over year
Oncology revenue
$205.0 million
+36% year over year
Screening revenue
$41.6 million
over 600% growth year over year
GAAP net loss
$112.1 million
vs $95.2 million prior-year quarter
Non-GAAP net loss
$58.7 million
slight improvement vs $61.1 million
Guidance
For 2026, revenue is expected at $1.30–$1.32 billion (32%–34% growth), with screening revenue of $186–$198 million on 230,000–245,000 Shield tests and non-GAAP gross margin of 64%–65%.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): May 7, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of principal executive offices) (Zip Code)
(Registrant’s telephone number, include area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 7, 2026, Guardant Health, Inc. (the “Company”) issued a press release announcing financial results for the fiscal quarter ended March 31, 2026. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information furnished in this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |||||||
| 99.1 | Press release of Guardant Health, Inc., dated May 7, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| GUARDANT HEALTH, INC. | |||||||||||
| Date: | May 7, 2026 | By: | /s/ Michael Bell | ||||||||
Michael Bell | |||||||||||
Chief Financial Officer | |||||||||||
| (Principal Accounting Officer and Principal Financial Officer) | |||||||||||
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 $1.30 to $1.32 billion, representing growth of 32% to 34%
PALO ALTO, Calif. May 7, 2026 – Guardant Health, Inc. (Nasdaq: GH), a leading precision oncology company, today reported financial results for the quarter ended March 31, 2026.
First Quarter 2026 Financial Highlights
For the three-month period ended March 31, 2026, as compared to the same period of 2025:
•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
•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 Helmy Eltoukhy, co-founder and co-CEO. “Oncology testing volumes continued to accelerate, reaching 86,000 in the quarter, up 47% year over year. Guardant360 Liquid and Guardant360 Tissue demonstrated significant growth, and we saw strong receptivity to our expansion into therapy response monitoring with Guardant Reveal. We believe these trends, driven by our Smart platform and InfinityAI offerings, position us well for sustained growth and for extending our leadership in precision oncology.”
“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 $301.7 million for the first quarter of 2026, a 48% increase from $203.5 million for the corresponding prior year period. Oncology revenue grew 36% to $205.0 million for the first quarter of 2026, from $150.6 million for the corresponding prior year period, primarily driven by an increase in Oncology test volume, which grew 47% over the prior year period, and an increase in reimbursement for our oncology tests. Screening revenue grew over 600% to $41.6 million for the first quarter of 2026, from $5.7 million for the corresponding prior year period, driven primarily by an increase in Shield screening test volume, which grew to approximately 44,000 tests in the first quarter of 2026, from approximately 9,000 tests in the prior year period. The increase was also attributable to an increase in reimbursement for our Shield screening tests. Biopharma and Data revenue grew 17% to $53.0 million for the first quarter of 2026, from $45.4 million for the corresponding prior year period. Licensing and other revenue was $2.1 million for the first quarter of 2026, compared to $1.9 million for the corresponding prior year period.
1
Gross profit, or total revenue less cost of revenue, was $196.7 million for the first quarter of 2026, an increase of $68.0 million or 53%, from $128.7 million for the corresponding prior year period. Gross margin, or gross profit divided by total revenue, was 65% for the first quarter of 2026, as compared to 63% for the corresponding prior year period.
Non-GAAP gross profit was $200.1 million for the first quarter of 2026, an increase of $68.8 million or 52%, from $131.3 million for the corresponding prior year period. Non-GAAP gross margin was 66% for the first quarter of 2026, as compared to 65% for the corresponding prior year period.
Operating expenses were $318.1 million for the first quarter of 2026, as compared to $239.8 million for the corresponding prior year period. Non-GAAP operating expenses were $268.1 million for the first quarter of 2026, as compared to $199.6 million for the corresponding prior year period. The year-over-year increase in both operating expenses and non-GAAP operating expenses was primarily related to commercial infrastructure expansion and marketing activities to support the Shield and Oncology growth.
Net loss was $112.1 million for the first quarter of 2026, as compared to $95.2 million for the corresponding prior year period. Net loss per share was $0.85 for the first quarter of 2026, as compared to $0.77 for the corresponding prior year period.
Non-GAAP net loss was $58.7 million for the first quarter of 2026, as compared to $61.1 million for the corresponding prior year period. Non-GAAP net loss per share was $0.45 for the first quarter of 2026, as compared to $0.49 for the corresponding prior year period.
Adjusted EBITDA loss was $58.9 million for the first quarter of 2026, as compared to a $58.5 million loss for the corresponding prior year period.
Free cash flow for the first quarter of 2026 was $(71.2) million, as compared to $(67.1) million for the corresponding prior year period.
Cash, cash equivalents, restricted cash and marketable securities were $1.2 billion as of March 31, 2026.
2026 Guidance
Guardant Health now expects full year 2026 revenue to be in the range of $1.30 to $1.32 billion, representing growth of 32% to 34% compared to full year 2025. This compares to the prior range of $1.25 to $1.28 billion, representing growth of 27% to 30%.
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.
Guardant Health continues to expect full year 2026 non-GAAP gross margin to be in the range of 64% to 65%. Guardant Health now expects total non-GAAP operating expenses to be in the range of $1.05 to $1.07 billion, an increase compared to the prior range of $1.03 to $1.05 billion. Guardant Health continues to expect free cash flow burn to be in the range of $185 to $195 million, an improvement compared to $233 million for the full year 2025.
Webcast Information
Guardant Health will host a conference call to discuss the first quarter 2026 financial results after market close on Thursday, May 7, 2026 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 U.S. Generally Accepted Accounting Principles (GAAP) and also on a non-GAAP basis, including non-GAAP cost of revenue, non-GAAP gross profit, non-GAAP research and development expense, non-GAAP sales and marketing expense, non-GAAP general and administrative expense, non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss per share, basic and diluted, adjusted EBITDA, and free cash flow.
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.
2
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, 2025, 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.
Investor Contact:
Zarak Khurshid
investors@guardanthealth.com
Media Contact:
Meaghan Smith
press@guardanthealth.com
3
Guardant Health, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except per share data)
| Three Months Ended March 31, | |||||||||||
| 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 | |||||||||
4
Guardant Health, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands, except share and per share data)
| March 31, 2026 | December 31, 2025 | ||||||||||
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 | |||||||||
Goodwill | 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 $0.00001 per share; 350,000,000 shares authorized; 131,514,404 and 130,635,301 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 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 | |||||||
5
Guardant Health, Inc.
Supplemental Revenue Information
(unaudited)
(in thousands)
| Three Months Ended March 31, | ||||||||||||||
| 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 March 31, | |||||||||||
| 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 | |||||||
6
| Three Months Ended March 31, | |||||||||||
| 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 March 31, | |||||||||||
| 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 Net Cash Used in Operating Activities
(unaudited)
(in thousands)
| Three Months Ended March 31, | |||||||||||
| 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) | |||||||
7
FAQ
How did Guardant Health (GH) perform financially in Q1 2026?
Guardant Health reported strong Q1 2026 revenue of $301.7 million, up 48% year over year. Growth was driven by oncology testing, a more than sixfold increase in screening revenue, and solid biopharma and data revenue, though the company still posted a $112.1 million GAAP net loss.
What were Guardant Health’s key revenue drivers in the first quarter of 2026?
Q1 2026 revenue was led by $205.0 million in oncology revenue, up 36%, and screening revenue of $41.6 million, up over 600%. Biopharma and data revenue reached $53.0 million. Shield screening test volume grew to about 44,000 from 9,000 a year earlier.
Did Guardant Health (GH) raise its 2026 revenue guidance?
Yes. Guardant Health increased its 2026 revenue guidance to $1.30–$1.32 billion, implying 32%–34% growth over 2025. This is up from the prior range of $1.25–$1.28 billion, reflecting stronger expected oncology growth and higher Shield screening volumes.
Is Guardant Health profitable, and what were its Q1 2026 losses?
The company remains unprofitable. In Q1 2026, Guardant Health reported a GAAP net loss of $112.1 million and a non-GAAP net loss of $58.7 million. Adjusted EBITDA loss was $58.9 million, and free cash flow was negative $71.2 million for the quarter.
How is Guardant Health’s cash position and 2026 cash burn outlook?
As of March 31, 2026, Guardant Health held about $1.2 billion in cash, cash equivalents, restricted cash and marketable securities. For full-year 2026, the company expects free cash flow burn of $185–$195 million, an improvement from $233 million in 2025.
What guidance did Guardant Health give for its Shield screening business in 2026?
For 2026, Guardant Health expects screening revenue of $186–$198 million, driven by 230,000–245,000 Shield tests. This compares with prior guidance of $162–$174 million in screening revenue and 210,000–225,000 Shield tests, indicating higher anticipated demand.
How did Guardant Health’s margins and operating expenses trend in Q1 2026?
Non-GAAP gross margin improved to 66% from 65% a year earlier, reflecting better efficiency. However, GAAP operating expenses rose to $318.1 million, with non-GAAP operating expenses at $268.1 million, mainly due to expanded commercial infrastructure and marketing, pressuring bottom-line results.