GHNasdaqServices-Medical LaboratoriesUS GAAP · USD

Guardant Health, Inc.

Guardant Health is a precision oncology company built around blood- and tissue-based cancer tests, real-world data, and AI analytics. Its products are used to help detect cancer earlier, monitor recurrence, and guide treatment selection, with a growing mix of clinical testing, biopharma services, and screening revenue.

Kysy yhtiöstä
Liikevaihto982milj. USD
+32,9 %v/v
Liikevoitto (EBIT)−437milj. USD
+1,4 %v/v
EBIT-marginaali−44,5%
+15,5 %-yks.v/v
Nettotulos−416milj. USD
+4,6 %v/v
Vapaa kassavirta−233milj. USD
+15,2 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−1 000−50005001 000milj. USD2020: 287 milj. USD2020: EBIT −255 milj. USD20202021: 374 milj. USD2021: EBIT −411 milj. USD20212022: 450 milj. USD2022: EBIT −544 milj. USD20222023: 564 milj. USD2023: EBIT −565 milj. USD20232024: 739 milj. USD2024: EBIT −444 milj. USD20242025: 982 milj. USD2025: EBIT −437 milj. USD2025982−437
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Oncology clinical testing55 %

Blood and tissue tests used by clinicians for therapy selection, monitoring, and recurrence detection.

Screening20 %

Shield screening tests sold for early cancer detection in average-risk populations.

Biopharma and data services20 %

Companion diagnostic development, regulatory support, monitoring, data services, and referral services for drug developers.

Licensing and other5 %

Technology licensing and other ancillary revenue streams tied to proprietary sequencing and analytics.

Tuotteet

Raportoitu · osuus liikevaihdosta
69,6%21,4%FY2025100 %
  • Oncology69,6 %
  • Biopharma Data21,4 %
  • Screening8,1 %
  • Licensing Other0,9 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

Customers include oncologists, hospitals, cancer centers, research institutions, and patients who need actionable cancer testing across the care continuum. A second major customer group is biopharmaceutical companies, which use Guardant’s tests and data to support clinical studies, companion diagnostics, and regulatory programs. Payers and government programs are economically important because reimbursement determines adoption and realized revenue for clinical and screening tests.

Clinical oncology providers

Hospitals, cancer centers, and physicians order Guardant tests to guide therapy selection and monitor disease.

Biopharmaceutical companies

Drug developers buy companion diagnostic, monitoring, and data services to support trials and approvals.

Screening patients and providers

Average-risk individuals and their clinicians use Shield for early cancer detection when coverage is available.

Payers and government programs

Medicare, Medicare Advantage, and VA coverage determine reimbursement and patient access for tests.

Strategia

Guardant is expanding from advanced cancer testing into earlier-stage detection and broader multi-modal biology through its Smart Platform. Management is also pushing commercial scale by widening payer coverage, deepening biopharma relationships, and expanding lab capacity and partner access to support growth.

Expand screening adoption for ShieldLyhyt aikaväli

Screening opens a much larger addressable market than advanced oncology testing and depends on reimbursement and physician adoption.

Broaden the oncology portfolioKeskipitkä aikaväli

More tests across therapy selection and recurrence monitoring increase share of wallet across the cancer care continuum.

Scale biopharma and data servicesKeskipitkä aikaväli

Biopharma relationships diversify revenue and monetize Guardant’s data, assays, and regulatory expertise.

Build new products from multi-modal biologyPitkä aikaväli

The Smart Platform and AI analytics are intended to create differentiated next-generation tests.

Maantiede

Q1/2026

The business is centered in the United States, where reimbursement from Medicare, private payers, and the VA is critical to commercial adoption. Guardant also uses strategic relationships with cancer centers, distributors, and laboratory partners in Europe and Asia to support international commercialization, including approved activity in Japan.

USA94 %
Other countries (US filing)5,6 %

Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.

Riskit

Guardant remains loss-making and depends on continued revenue growth, reimbursement expansion, and access to capital to fund commercialization and R&D. Its business is also exposed to payer coverage risk, biopharma customer concentration, regulatory approvals, and supply-chain dependence on specialized sequencing equipment and services.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Ongoing operating losses1Payer coverage and reimbursement risk2Supplier and lab operations disruption3Regulatory and approval risk4Biopharma customer concentration5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Ongoing operating lossesVaikutus: KorkeaTodennäköisyys: Korkea

    The company has a long history of losses and must keep investing in clinical studies, sales, and lab capacity before profitability is reached.

    Kohdistuu: Cash burn and financing needs

  2. Payer coverage and reimbursement riskVaikutus: KorkeaTodennäköisyys: Korkea

    Revenue depends on Medicare, private payer, and government reimbursement decisions for clinical and screening tests.

    Kohdistuu: Oncology and Shield screening revenue

  3. Supplier and lab operations disruptionVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The company relies on limited or sole suppliers, including Illumina for sequencers and maintenance.

    Kohdistuu: Testing throughput and service continuity

  4. Regulatory and approval riskVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    New tests and international commercialization depend on FDA and foreign regulatory approvals.

    Kohdistuu: Product launches and Japan/other markets

  5. Biopharma customer concentrationVaikutus: KeskitasoTodennäköisyys: Matala

    A limited number of biopharma customers can materially affect revenue if programs end or are delayed.

    Kohdistuu: Biopharma and data revenue

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition and variable consideration

Clinical and screening revenue is based on expected collections, so payer behavior can change reported revenue timing and amount.

Vaikutus: Affects top-line growth and gross margin comparability

Stock-based compensation

Management says G&A expense has historically fluctuated significantly due to equity awards.

Vaikutus: Can materially affect operating loss and non-cash expense

Receivables and inventory estimates

As test volume grows, working capital balances may increase and require judgment on collectability and obsolescence.

Vaikutus: Affects cash conversion and balance sheet quality

Cash burn and financing capacity

The company has funded operations with equity, convertible notes, and revenue, so liquidity planning remains important.

Vaikutus: Influences dilution and capital structure

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Päivitetty: 24.9.2026