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Sep 30, 2023
Guardant Health Q3 2023 Earnings Report
Reported a revenue increase of 22% year over year, driven by clinical volume growth of 35%.
Key Takeaways
Guardant Health reported a 22% increase in revenue for Q3 2023, driven by strong clinical volume growth. The company has raised its full year 2023 revenue guidance to $553 to $556 million.
Revenue of $143.0 million for the third quarter of 2023, an increase of 22% over the third quarter of 2022
Reported 43,900 tests to clinical customers and 7,500 tests to biopharmaceutical customers in the third quarter of 2023, representing increases of 35% and 11%, respectively, over the third quarter of 2022
Received regulatory approval in Japan for Guardant360 CDx as a companion diagnostic to ENHERTU for treatment of non-small cell lung cancer patients with HER2 mutations
Raises 2023 revenue guidance to $553 to 556 million
Revenue by Segment
Forward Guidance
Guardant Health now expects full year 2023 revenue to be in the range of $553 to $556 million, representing growth of 23% to 24% compared to full year 2022. Guardant Health continues to expect full year 2023 operating expenses to be below full year 2022, driven by efficiency measures and continued leverage of its existing infrastructure, and free cash flow to be approximately negative $350 million in 2023.
Positive Outlook
- Full year 2023 revenue to be in the range of $553 to $556 million
- Revenue growth of 23% to 24% compared to full year 2022
- Full year 2023 operating expenses to be below full year 2022
- Driven by efficiency measures
- Continued leverage of its existing infrastructure
Challenges Ahead
- Free cash flow to be approximately negative $350 million in 2023
- Net loss was $86.1 million for the third quarter of 2023
- Gross margin was 60%, as compared to 66% for the corresponding prior year period
Historical Earnings Impact
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Avg. Return Before/After Earnings
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