Business
Guardant Health Reports First Quarter 2020 Financial Results
Q1 2020 Revenue Increase of 84% Over Prior Year Period REDWOOD CITY, Calif., May 07, 2020 (GLOBE NEWSWIRE) -- Guardant Health, Inc. (Nasdaq: GH), a leading
About this update from Guardant Health, Inc.
[{"type":"text","content":"Q1 2020 Revenue Increase of 84% Over Prior Year Period\nREDWOOD CITY, Calif., May 07, 2020 (GLOBE NEWSWIRE) -- Guardant Health, Inc. (Nasdaq: GH), a leading precision oncology company focused on helping conquer cancer globally through use of its proprietary blood tests, vast data sets and advanced analytics, today reported financial results for the quarter ended March 31, 2020.\n Recent Highlights Revenue of $67.5 million for the first quarter of 2020, representing an 84% increase over the corresponding period of 2019 Reported 15,257 tests to clinical customers and 5,266 tests to biopharmaceutical customers in the first quarter of 2020, representing increases of 60% and 40%, respectively, over the first quarter of 2019 Onboarded more than 100 clinical sites for ECLIPSE trial and expanded the target number by 50% to 150 clinical sites Data published in Nature Cancer demonstrated robust concordance of Guardant360 liquid biopsy with tissue biopsy testing and builds upon the strong clinical evidence from plasmaMATCH for Guardant360’s use in metastatic breast cancer Strengthened leadership team with the addition of John Saia as Senior Vice President and General Counsel “During these challenging times, I have even more confidence in the value that liquid biopsy can bring to the cancer treatment paradigm. Cancer treatment is not something that can be delayed for long and we remain unwavering in our commitment to serving patients in the advanced cancer setting,” said Helmy Eltoukhy, PhD, co-founder and CEO. “We are operationally, financially, and strategically prepared to navigate through this difficult period and remain focused on the long-term opportunities ahead of us to transform cancer patient care.” “Consistent with our overall belief that earlier detection leads to better outcomes, we are confident that active surveillance testing of COVID-19 would benefit many essential businesses across the country. Given the significant testing gap that currently exists, we are exploring the feasibility of developing our own high throughput diagnostic test for COVID-19 to contribute to this need,” continued Dr. Eltoukhy. First Quarter 2020 Financial Results Revenue was $67.5 million for the three months ended March 31, 2020, an 84% increase from $36.7 million for the three months ended March 31, 2019. Precision oncology revenue grew 109% drive...