Guardant Health Reports Third Quarter 2026 Financial Results and Increases 2026 Revenue Guidance

Third quarter 2026 revenue growth of 36% driven by strong performance in Oncology and Screening Raises 2026 revenue guidance to $1.36 to $1.37 billion, representing growth of 38% to 40% PALO ALTO, Calif.--(BUSINESS WIRE)-- Guardant Health, Inc. (Nasdaq: GH), a leading precision oncology company, today reported financial results for the quarter ended September 30, 2026. Third Quarter 2026 Financial Highlights For the three-month period ended September 30, 2026, as compared to the same period of 2025: Reported total revenue of $361.0 million, an increase of 36%, driven by: Oncology revenue of $231.3 million, an increase of 25%, and 117,000 oncology tests, an increase of 58% Biopharma & Data revenue of $59.0 million, an increase of 8% Screening revenue of $67.6 million, an increase of 180%, and 83,000 Shield tests, an increase of 246% Generated non-GAAP gross margin of 67%, compared to 66% for the third quarter of 2025 Recent Operating Highlights Received U.S. Food and Drug Administration (FDA) approval and CE-marking in Europe for Guardant360 CDx as a companion diagnostic for AstraZeneca’s ETCAMAH (camizestrant), the first FDA approval of a liquid biopsy companion diagnostic for longitudinal testing in breast cancer Received FDA approval for Guardant360 CDx as a companion diagnostic for INLURIYO (imlunestrant) in combination with VERZENIO (abemaciclib) for eligible patients with ESR1-mutated advanced or metastatic breast cancer Submitted a premarket approval (PMA) application to the FDA for Guardant360 Tissue Launched Guardant Reveal Ultra with biopharma partners and remain on track for clinical launch in 2026 Expanded commercial coverage for Shield to more than 80% of eligible lives, with key additions including UnitedHealth Group, Carelon Healthcare Services, and EviCore Successfully deployed the new FDA-approved lower COGS, higher-throughput Shield workflow “Revenue grew 36% year over year as we continued to execute across Oncology, Screening, and Biopharma,” said Helmy Eltoukhy, co-founder and co-CEO. “Oncology volume grew 58% with broad contributions across our portfolio. The FDA approval of Guardant360 CDx for longitudinal ESR1 testing is a major advance for breast cancer patients, ushering in a new paradigm of cancer treatment. It reinforces the role of Guardant360 in enabling earlier therapy decisions and strengthens our leadership across the cancer care continuum.” “Shield continued to build momentum in the third quarter, with volume more than tripling year over year to 83,000 tests,” said AmirAli Talasaz, co-founder and co-CEO. “Commercial coverage continues to expand, with recent policy updates extending Shield coverage to approximately 100 million lives. With our lower COGS, higher-throughput workflow now fully implemented, we have a strong operational foundation to meet future Shield demand. Together, these advances expand access to Shield and move us closer to making blood-based cancer screening a routine part of preventive care.” Third Quarter 2026 Financial Results Revenue was $361.0 million for the third quarter of 2026, a 36% increase from $265.2 million for the corresponding prior year period. Oncology revenue grew 25% to $231.3 million for the third quarter of 2026, from $184.4 million for the corresponding prior year period, driven primarily by an increase in Oncology test volume, which grew 58% over the prior year period. Screening revenue grew 180% to $67.6 million for the third quarter of 2026, from $24.1 million for the corresponding prior year period, driven primarily by an increase in Shield test volume, which grew to 83,000 tests in the third quarter of 2026, from 24,000 tests in the prior year period. Biopharma & Data revenue grew 8% to $59.0 million for the third quarter of 2026, from $54.7 million for the corresponding prior year period. Licensing and other revenue was $3.1 million for the third quarter of 2026, compared to $2.0 million for the corresponding prior year period. Gross profit, or total revenue less cost of revenue, was $236.2 million for the third quarter of 2026, an increase of $64.5 million or 38%, from $171.6 million for the corresponding prior year period. Gross margin, or gross profit divided by total revenue, was 65% for the third quarter of 2026, as compared to 65% for the corresponding prior year period. Non-GAAP gross profit was $240.2 million for the third quarter of 2026, an increase of $65.9 million or 38%, from $174.3 million for the corresponding prior year period. Non-GAAP gross margin was 67% for the third quarter of 2026, as compared to 66% for the corresponding prior year period. Operating expenses were $368.9 million for the third quarter of 2026, as compared to $270.6 million for the corresponding prior year period. The year-over-year increase in operating expenses was primarily related to commercial infrastructure expansion and marketing activities to support Screening and Oncology growth and an increase in stock-based compensation. Non-GAAP operating expenses were $287.4 million for the third quarter of 2026, as compared to $228.9 million for the corresponding prior year period. The year-over-year increase in non-GAAP operating expenses was primarily related to commercial infrastructure expansion and marketing activities to support Screening and Oncology growth. Net loss was $124.4 million for the third quarter of 2026, as compared to $92.7 million for the corresponding prior year period. Net loss per share was $0.93 for the third quarter of 2026, as compared to $0.74 for the corresponding prior year period. Non-GAAP net loss was $38.8 million for the third quarter of 2026, as compared to $48.3 million for the corresponding prior year period. Non-GAAP net loss per share was $0.29 for the third quarter of 2026, as compared to $0.39 for the corresponding prior year period. Adjusted EBITDA loss was $37.3 million for the third quarter of 2026, as compared to a $45.5 million loss for the corresponding prior year period. Free cash flow for the third quarter of 2026 was $(37.2) million, as compared to $(45.8) million for the corresponding prior year period. Cash, cash equivalents, and restricted cash were $1.1 billion as of September 30, 2026. 2026 Guidance Guardant Health now expects full year 2026 revenue to be in the range of $1.36 to $1.37 billion, representing growth of 38% to 40% compared to full year 2025. This compares to the prior range of $1.34 to $1.36 billion, representing growth of 36% to 38%. Within this revenue range: Oncology revenue is expected to grow approximately 30% and Oncology volume is now expected to grow over 50%. Biopharma & Data revenue growth is expected to be in the low double-digit range. Screening revenue is now expected to be in the range of $233 to $238 million, driven by Shield volume of 285,000 to 290,000 tests. This compares to the prior guidance of $218 to $230 million revenue and 270,000 to 285,000 tests. Guardant Health now expects full year 2026 non-GAAP gross margin to be 65%, compared to prior guidance of 64% to 65%. The company expects total non-GAAP operating expenses to be in the range of $1.105 to $1.125 billion, an increase compared to the prior range of $1.080 to $1.100 billion. Guardant Health now expects full-year free cash flow burn of $205 million to $220 million, compared to the previous outlook of $195 million to $205 million. Webcast Information Guardant Health will host a conference call to discuss the third quarter 2026 financial results after market close on Thursday, November 5, 2026 at 1:30 pm Pacific Time / 4:30 pm Eastern Time. A webcast of the conference call can be accessed at http://investors.guardanthealth.com. The webcast will be archived and available for replay for at least 90 days after the event. Non-GAAP Measures Guardant Health has presented in this release certain financial information in accordance with U.S. Generally Accepted Accounting Principles (GAAP) and also on a non-GAAP basis, including non-GAAP cost of revenue, non-GAAP gross profit, non-GAAP research and development expense, non-GAAP sales and marketing expense, non-GAAP general and administrative expense, non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss per share, basic and diluted, adjusted EBITDA, and free cash flow. We define our non-GAAP measures as the applicable GAAP measure adjusted for the impacts of stock-based compensation and related employer payroll tax expense, amortization of intangible assets, impairment of non-marketable equity securities, gain on extinguishment of convertible notes, and other items, including contingent consideration and non-recurring legal expenses. Adjusted EBITDA is defined as net loss adjusted for interest income; interest expense; other income (expense), net; provision for income taxes; depreciation and amortization expense; stock-based compensation expense and related employer payroll tax expense; and other items, including contingent consideration and non-recurring legal expenses. Free cash flow is defined as net cash used in operating activities in the period less purchases of property and equipment in the period. We believe that the exclusion of certain income and expenses in calculating these non-GAAP financial measures can provide a useful measure for investors when comparing our period-to-period core operating results, and when comparing those same results to that published by our peers. We exclude certain items because we believe that these income and expenses do not reflect expected future operating performance. Additionally, certain items are inconsistent in amounts and frequency, making it difficult to perform a meaningful evaluation of our current or past operating performance. We use these non-GAAP financial measures to evaluate ongoing operations, for internal planning and forecasting purposes, and to manage our business. These non-GAAP financial measures are not intended to be considered in isolation from, as substitute for, or as superior to, the corresponding financial measures prepared in accordance with GAAP. There are limitations inherent in non-GAAP financial measures because they exclude charges and credits that are required to be included in a GAAP presentation, and do not present the full measure of our recorded costs against its revenue. In addition, our definition of the non-GAAP financial measures may differ from non-GAAP measures used by other companies. About Guardant Health Guardant Health is a leading precision oncology company focused on guarding wellness and giving every person more time free from cancer. Founded in 2012, Guardant is transforming patient care and accelerating new cancer therapies by providing critical insights into what drives disease through its advanced blood and tissue tests, real-world data and AI analytics. Guardant tests help improve outcomes across all stages of care, including screening to find cancer early, monitoring for recurrence in early-stage cancer, and treatment selection for patients with advanced cancer. For more information, visit guardanthealth.com and follow the company on LinkedIn, X (Twitter) and Facebook. Forward Looking Statements This press release contains forward-looking statements within the meaning of federal securities laws, including statements regarding the potential utilities, values, benefits and advantages of Guardant Health’s liquid biopsy tests or assays, which involve risks and uncertainties that could cause the actual results to differ materially from the anticipated results and expectations expressed in these forward-looking statements. These statements are based on current expectations, forecasts and assumptions, and actual outcomes and results could differ materially from these statements due to a number of factors. These and additional risks and uncertainties that could affect Guardant Health’s financial and operating results and cause actual results to differ materially from those indicated by the forward-looking statements made in this press release include those discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operation” and elsewhere in its Annual Report on Form 10-K for the year ended December 31, 2025, and in its other reports filed with or furnished to the Securities and Exchange Commission thereafter. The forward-looking statements in this press release are based on information available to Guardant Health as of the date hereof, and Guardant Health disclaims any obligation to update any forward-looking statements provided to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. These forward-looking statements should not be relied upon as representing Guardant Health’s views as of any date subsequent to the date of this press release. Guardant Health, Inc. Condensed Consolidated Statements of Operations (unaudited) (in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Revenue $ 360,975 $ 265,196 $ 997,618 $ 700,755 Costs and operating expenses: Cost of revenue 124,822 93,587 345,690 249,515 Research and development expense 100,838 89,957 288,409 265,927 Sales and marketing expense 177,218 127,375 536,304 351,279 General and administrative expense 90,862 53,266 210,448 150,477 Total costs and operating expenses 493,740 364,185 1,380,851 1,017,198 Loss from operations (132,765 ) (98,989 ) (383,233 ) (316,443 ) Interest income 9,749 7,391 31,099 24,063 Interest expense (1,345 ) (943 ) (4,038 ) (2,717 ) Other income (expense), net 342 (48 ) 493 7,778 Loss before provision for income taxes (124,019 ) (92,589 ) (355,679 ) (287,319 ) Provision for income taxes 343 136 900 464 Net loss $ (124,362 ) $ (92,725 ) $ (356,579 ) $ (287,783 ) Net loss per share, basic and diluted $ (0.93 ) $ (0.74 ) $ (2.68 ) $ (2.32 ) Weighted-average shares used in computing net loss per share, basic and diluted 134,422 124,807 132,866 124,268 Guardant Health, Inc. Condensed Consolidated Balance Sheets (unaudited) (in thousands, except share and per share data) September 30, 2026 December 31, 2025 ASSETS Current assets: Cash and cash equivalents $ 1,026,848 $ 378,203 Short-term marketable securities — 823,395 Accounts receivable, net 186,548 137,849 Inventory, net 93,490 85,876 Prepaid expenses and other current assets 36,519 40,723 Total current assets 1,343,405 1,466,046 Restricted cash 119,157 111,214 Property and equipment, net 151,474 145,915 Right-of-use assets 141,245 158,849 Intangible assets, net 24,988 25,921 Goodwill 77,257 77,257 Other assets, net 28,116 28,457 Total assets $ 1,885,642 $ 2,013,659 LIABILITIES AND STOCKHOLDERS’ DEFICIT Current liabilities: Accounts payable $ 102,512 $ 54,442 Accrued compensation 127,619 119,646 Accrued expenses 104,935 77,889 Deferred revenue 38,099 50,753 Total current liabilities 373,165 302,730 Convertible senior notes, net 1,502,413 1,504,000 Long-term operating lease liabilities 160,220 178,463 Other long-term liabilities 125,746 127,773 Total liabilities 2,161,544 2,112,966 Stockholders’ deficit: Common stock, par value of $0.00001 per share; 350,000,000 shares authorized; 134,719,874 and 130,635,301 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively 1 1 Additional paid-in capital 3,080,321 2,900,056 Accumulated other comprehensive loss (5,133 ) (4,852 ) Accumulated deficit (3,351,091 ) (2,994,512 ) Total stockholders’ deficit (275,902 ) (99,307 ) Total liabilities and stockholders’ deficit $ 1,885,642 $ 2,013,659 Guardant Health, Inc. Supplemental Revenue Information (unaudited) (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Oncology $ 231,264 $ 184,402 $ 655,323 $ 493,646 Biopharma and data 58,972 54,731 172,896 156,127 Screening 67,614 24,112 162,070 44,603 Licensing and other 3,125 1,951 7,329 6,379 Total revenue $ 360,975 $ 265,196 $ 997,618 $ 700,755 Reconciliation of Selected GAAP Measures to Non-GAAP Measures (unaudited) (in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 GAAP cost of revenue $ 124,822 $ 93,587 $ 345,690 $ 249,515 Amortization of intangible assets (151 ) (151 ) (449 ) (449 ) Stock-based compensation expense and related employer payroll tax expense (3,891 ) (2,564 ) (11,047 ) (7,713 ) Non-GAAP cost of revenue $ 120,780 $ 90,872 $ 334,194 $ 241,353 GAAP gross profit $ 236,153 $ 171,609 $ 651,928 $ 451,240 Amortization of intangible assets 151 151 449 449 Stock-based compensation expense and related employer payroll tax expense 3,891 2,564 11,047 7,713 Non-GAAP gross profit $ 240,195 $ 174,324 $ 663,424 $ 459,402 GAAP research and development expense $ 100,838 $ 89,957 $ 288,409 $ 265,927 Stock-based compensation expense and related employer payroll tax expense (15,896 ) (13,750 ) (46,370 ) (41,095 ) Other — (417 ) — (1,598 ) Non-GAAP research and development expense $ 84,942 $ 75,790 $ 242,039 $ 223,234 GAAP sales and marketing expense $ 177,218 $ 127,375 $ 536,304 $ 351,279 Stock-based compensation expense and related employer payroll tax expense (18,230 ) (11,451 ) (50,526 ) (33,396 ) Non-GAAP sales and marketing expense $ 158,988 $ 115,924 $ 485,778 $ 317,883 GAAP general and administrative expense $ 90,862 $ 53,266 $ 210,448 $ 150,477 Amortization of intangible assets (128 ) (236 ) (484 ) (834 ) Stock-based compensation expense and related employer payroll tax expense (28,291 ) (15,779 ) (72,642 ) (44,182 ) Other (19,000 ) (115 ) (21,400 ) (2,835 ) Non-GAAP general and administrative expense $ 43,443 $ 37,136 $ 115,922 $ 102,626 Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 GAAP loss from operations $ (132,765 ) $ (98,989 ) $ (383,233 ) $ (316,443 ) Amortization of intangible assets 279 387 933 1,283 Stock-based compensation expense and related employer payroll tax expense 66,308 43,544 180,585 126,386 Other 19,000 532 21,400 4,433 Non-GAAP loss from operations $ (47,178 ) $ (54,526 ) $ (180,315 ) $ (184,341 ) GAAP net loss $ (124,362 ) $ (92,725 ) $ (356,579 ) $ (287,783 ) Amortization of intangible assets 279 387 933 1,283 Stock-based compensation expense and related employer payroll tax expense 66,308 43,544 180,585 126,386 Impairment of non-marketable equity securities — — — 5,000 Gain on extinguishment of convertible notes — — — (13,672 ) Other 19,000 532 21,400 4,433 Non-GAAP net loss $ (38,775 ) $ (48,262 ) $ (153,661 ) $ (164,353 ) GAAP net loss per share, basic and diluted $ (0.93 ) $ (0.74 ) $ (2.68 ) $ (2.32 ) Non-GAAP net loss per share, basic and diluted $ (0.29 ) $ (0.39 ) $ (1.16 ) $ (1.32 ) Weighted-average shares used in computing GAAP and Non-GAAP net loss per share, basic and diluted 134,422 124,807 132,866 124,268 Reconciliation of GAAP Net Loss to Adjusted EBITDA (unaudited) (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 GAAP net loss $ (124,362 ) $ (92,725 ) $ (356,579 ) $ (287,783 ) Interest income (9,749 ) (7,391 ) (31,099 ) (24,063 ) Interest expense 1,345 943 4,038 2,717 Other expense (income), net (342 ) 48 (493 ) (7,778 ) Provision for income taxes 343 136 900 464 Depreciation and amortization 10,178 9,408 29,181 29,686 Stock-based compensation expense and related employer payroll tax expense 66,308 43,544 180,585 126,386 Other 19,000 532 21,400 4,433 Adjusted EBITDA $ (37,279 ) $ (45,505 ) $ (152,067 ) $ (155,938 ) Reconciliation of Free Cash Flow to Net Cash Used in Operating Activities (unaudited) (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net cash used in operating activities $ (23,707 ) $ (35,413 ) $ (147,108 ) $ (158,387 ) Purchases of property and equipment (13,480 ) (10,350 ) (30,819 ) (20,458 ) Free cash flow $ (37,187 ) $ (45,763 ) $ (177,927 ) $ (178,845 ) Investor Contact: Zarak Khurshid investors@guardanthealth.com Media Contact: Meaghan Smith press@guardanthealth.com Source: Guardant Health, Inc.