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Mar 31, 2023
Guardant Health Q1 2023 Earnings Report
Reported a revenue increase of 34% year over year, driven by a 45% growth in clinical volume.
Key Takeaways
Guardant Health reported a strong start to 2023 with a 34% increase in revenue compared to Q1 2022, driven by significant growth in clinical testing volume. The company has raised its full-year revenue guidance and is making strides in CRC screening with its Shield test.
Revenue increased by 34% year over year, reaching $128.7 million.
Clinical test volume increased by 45% and biopharmaceutical test volume increased by 21%.
Received Medicare coverage for Guardant Response, expanding coverage across Therapy Selection and MRD product portfolios.
Filed PMA application for Shield blood-based CRC screening, with FDA review underway.
Revenue by Segment
Forward Guidance
Guardant Health expects full year 2023 revenue to be in the range of $535 million to $545 million. The company continues to expect full year 2023 operating expenses to be below full year 2022, and free cash outflow to be approximately $350 million in 2023.
Positive Outlook
- Full year 2023 revenue expected to be in the range of $535 million to $545 million.
- Revenue guidance represents growth of 19% to 21% compared to full year 2022.
- Operating expenses expected to be below full year 2022.
- Efficiency measures and continued leverage of existing infrastructure.
- Focus on driving operating efficiency and scale.
Challenges Ahead
- Free cash outflow to be approximately $350 million in 2023.
- Gross margin decreased due to change in mix between clinical and biopharma revenue.
- Reduction in gross margin due to increased proportion of volume coming from Reveal, TissueNext and Response.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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