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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.
Guardant Health
Guardant Health
Guardant Health Revenue by Segment
Revenue by Segment
Oncology Revenue
CapyFin.com 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.
- One-time cost incurred related to partnership agreements.
- Inclusion of the cost of processing Shield LDT samples as part of screening market development activities.