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Sep 30, 2025
Guardant Health Q3 2025 Earnings Report
Guardant Health reported strong third-quarter 2025 financial results, with significant revenue growth across its oncology, screening, and biopharma & data segments, and increased its full-year 2025 revenue guidance.
Key Takeaways
Guardant Health delivered an exceptional third quarter in 2025, achieving a 39% increase in total revenue to $265.2 million, driven by robust performance in oncology test volumes, significant growth in screening revenue from Shield, and solid contributions from biopharma and data. The company also improved its non-GAAP gross margin to 66% and reduced its net loss compared to the prior year, demonstrating strong operational execution and market expansion.
Total revenue increased by 39% year-over-year to $265.2 million, surpassing $1 billion in annualized revenue.
Oncology test volume grew by 40%, with oncology revenue increasing by 31% to $184.4 million.
Screening revenue from Shield tests reached $24.1 million, with approximately 24,000 tests performed, a substantial increase from $1.0 million in the prior year.
Non-GAAP gross margin improved to 66% from 63% in the prior year period, reflecting enhanced profitability.
Revenue by Segment
Forward Guidance
Guardant Health has increased its full-year 2025 revenue guidance to $965 million to $970 million, reflecting strong anticipated growth across all segments, particularly in oncology and screening, while also improving non-GAAP gross margin expectations.
Positive Outlook
- Full-year 2025 revenue guidance increased to $965-$970 million, representing 31% growth.
- Oncology revenue expected to grow approximately 25% year-over-year in 2025, up from prior guidance of 20%.
- Oncology volume expected to accelerate to greater than 30% growth in 2025.
- Screening revenue guidance increased to $71-$73 million, driven by 80,000-82,000 Shield tests.
- Non-GAAP gross margin for full-year 2025 expected to be 64%-65%, an improvement from prior expectations.
Challenges Ahead
- Total non-GAAP operating expenses are expected to increase to $865-$875 million.
- Increased operating expenses are primarily due to continued investment in commercial team expansion.
- Increased operating expenses are also due to marketing activities to support the Shield product launch.
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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