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Sep 30
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.
Guardant Health
Guardant Health
Guardant Health Revenue by Segment
Revenue by Segment
Oncology Revenue
CapyFin.comBiopharma and Data Revenue
CapyFin.comScreening Revenue
CapyFin.comLicensing and Other Revenue
CapyFin.com 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.
- Increased operating expenses are also due to existing product growth.
- Free cash flow burn is still expected to be in the range of $225-$235 million, although an improvement from 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income