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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.
Guardant Health
Guardant Health
Guardant Health Revenue by Segment
Revenue by Segment
Oncology Revenue
CapyFin.com 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.
- Still expecting a loss on free cash flow.
- Still expecting a loss on Non-GAAP net income.
- No positive EPS guidance given.