Guardant Health Q1 2024 Earnings Report
Key Takeaways
Guardant Health reported a strong first quarter with revenue of $168.5 million, a 31% increase year-over-year. The company saw growth in both clinical and biopharma testing volume and improved free cash flow. They also raised their 2024 annual revenue guidance to $675 to $685 million.
Revenue increased by 31% to $168.5 million compared to the first quarter of 2023.
Clinical tests increased by 20% and biopharmaceutical tests increased by 37% compared to the first quarter of 2023.
Free cash flow improved to $(37.2) million compared to $(82.0) million in the prior year.
2024 annual revenue guidance raised to a new range of $675 to $685 million, representing growth of 20% to 21%.
Guardant Health
Guardant Health
Guardant Health Revenue by Segment
Forward Guidance
Guardant Health now expects full year 2024 revenue excluding screening to be in the range of $675 to $685 million, representing growth of 20% to 21% compared to full year 2023.
Positive Outlook
- Full year 2024 revenue excluding screening is expected to be in the range of $675 to $685 million.
- Revenue growth of 20% to 21% compared to full year 2023 is anticipated.
- Full year 2024 non-GAAP gross margin excluding screening is expected to be in the range of 61% to 63%.
- Total non-GAAP operating expenses are expected to be in the range of $720 to $730 million, representing a flat to 1% decrease compared to 2023.
- Free cash flow is expected to be in the range of $(275) to $(285) million in 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income