Guardant Health Q2 2024 Earnings Report
Key Takeaways
Guardant Health reported a strong second quarter with a 29% increase in revenue, driven by growth in clinical and biopharma testing volume and improved reimbursement for Guardant360. The FDA approved Shield as a first-line CRC screening option, and the company raised its full-year revenue guidance for 2024.
Revenue increased by 29% year-over-year to $177.2 million.
Clinical tests grew by 14% and biopharmaceutical tests grew by 56% compared to the prior year period.
Shield received FDA approval and is commercially available in the U.S.
2024 annual revenue guidance raised to $690 to $700 million, representing 22% to 24% growth.
Guardant Health
Guardant Health
Guardant Health Revenue by Segment
Forward Guidance
Guardant Health expects full year 2024 revenue excluding screening to be in the range of $690 to $700 million, representing growth of 22% to 24% compared to full year 2023. The company continues to expect full year 2024 non-GAAP gross margin excluding screening to be in the range of 61% to 63% and total non-GAAP operating expenses to be in the range of $720 to $730 million. Free cash flow is expected to be in the range of $(275) to $(285) million.
Positive Outlook
- Revenue guidance raised to $690 to $700 million, representing 22% to 24% growth compared to full year 2023.
- Non-GAAP gross margin excluding screening expected to be in the range of 61% to 63%.
- Total non-GAAP operating expenses expected to be in the range of $720 to $730 million, representing a flat to 1% decrease compared to 2023.
- Free cash flow expected to be in the range of $(275) to $(285) million, representing an improvement of $60 million to $70 million compared to 2023.
- The company is positioned for continued growth and margin improvement.