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Sep 30, 2024
Guardant Health Q3 2024 Earnings Report
Reported a revenue increase of 34% driven by clinical and biopharma volume and Guardant360 ASP tailwinds.
Key Takeaways
Guardant Health reported a 34% increase in revenue for Q3 2024, reaching $191.5 million, driven by strong clinical and biopharma volume and Guardant360 ASP tailwinds. The company raised its 2024 annual revenue guidance to $720 to $725 million and improved its free cash flow to $(55) million. Shield received favorable Medicare pricing of $920.
Revenue increased by 34% to $191.5 million compared to Q3 2023.
Clinical tests (excluding Shield) increased by 21% and biopharma tests increased by 40% compared to Q3 2023.
Guardant360 ASP exceeded $3,000.
2024 annual revenue guidance raised to $720 to $725 million, representing 28% to 29% growth.
Revenue by Segment
Forward Guidance
Guardant Health now expects full year 2024 revenue to be in the range of $720 to $725 million, representing growth of 28% to 29% compared to full year 2023. Guardant Health 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, representing a flat to 1% decrease compared to 2023. Guardant Health now expects free cash flow to be in the range of $(265) to $(275) million in 2024, representing an improvement of $70 million to $80 million compared to 2023.
Positive Outlook
- Revenue growth of 28% to 29% expected for full year 2024.
- Non-GAAP gross margin excluding screening expected to be in the range of 61% to 63%.
- Total non-GAAP operating expenses expected to decrease flat to 1% compared to 2023.
- Free cash flow expected to improve by $70 million to $80 million compared to 2023.
- Revenue expected between $720 to $725 million.
Challenges Ahead
- Free cash flow to be in the range of $(265) to $(275) million in 2024.
- Non-GAAP operating expenses expected to be in the range of $720 to $730 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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