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Jun 30, 2025
Guardant Health Q2 2025 Earnings Report
Guardant Health reported strong financial results for the second quarter of 2025, with significant revenue growth across its key segments and increased full-year revenue guidance.
Key Takeaways
Guardant Health delivered an exceptional second quarter in 2025, with total revenue increasing by 31% year-over-year to $232.1 million, driven by robust performance in Oncology, Screening, and Biopharma & Data segments. The company also raised its full-year 2025 revenue guidance, reflecting continued strong demand and operational execution.
Total revenue for Q2 2025 reached $232.1 million, marking a 31% increase compared to the same period in 2024.
Oncology revenue grew by 22% to $158.7 million, with oncology test volume increasing by 30% to approximately 64,000 tests.
Screening revenue was $14.8 million, generated from approximately 16,000 Shield screening tests, demonstrating strong early commercial launch performance.
The company increased its full-year 2025 revenue guidance to a range of $915 million to $925 million, representing 24% to 25% growth.
Revenue by Segment
Forward Guidance
Guardant Health has increased its full-year 2025 revenue guidance and expects continued growth across its segments, with a focus on accelerating commercial infrastructure for Screening and achieving free cash flow breakeven for the non-Screening business.
Positive Outlook
- Full-year 2025 revenue guidance raised to $915 million to $925 million, representing 24% to 25% growth.
- Oncology revenue expected to grow approximately 20% year over year in 2025, up from prior guidance of 18%.
- Oncology volume expected to accelerate to greater than 27% growth in 2025.
- Screening revenue guidance increased to $55 million to $60 million, driven by 68,000 to 73,000 Shield tests.
- Non-GAAP gross margin for full-year 2025 expected to improve to 63% to 64%.
Challenges Ahead
- Total non-GAAP operating expenses expected to increase to $840 million to $850 million due to reinvestment in Screening commercial infrastructure.
- Free cash flow burn for the full year 2025 is still expected to be in the range of $225 million to $235 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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