Business
Guardant Health Reports First Quarter 2023 Financial Results
Q1 revenue increased 34% year over year driven by clinical volume growth of 45% Raises 2023 revenue guidance to $535 to $545 million PALO ALTO,
About this update from Guardant Health, Inc.
[{"type":"text","content":"\nQ1 revenue increased 34% year over year driven by clinical volume growth of 45%\n\n\nRaises 2023 revenue guidance to $535 to $545 million\n\n\n PALO ALTO, Calif.--(BUSINESS WIRE)--\nGuardant Health, Inc. (Nasdaq: GH), a leading precision oncology company focused on helping conquer cancer globally through use of its proprietary tests, vast data sets and advanced analytics, today reported financial results for the quarter ended March 31, 2023.\n\n\nFirst Quarter 2023 Financial Highlights\n\n\n\nRevenue of $128.7 million for the first quarter of 2023, an increase of 34% over the first quarter of 2022\n\n\n\nReported 39,100 tests to clinical customers and 6,150 tests to biopharmaceutical customers in the first quarter of 2023, representing an increase of 45% and 21%, respectively, over the first quarter of 2022\n\n\n\nRecent Operating Highlights\n\n\n\nDelivered record clinical volumes driven by the FDA approval of Guardant360 CDx for ESR1 mutations in metastatic breast cancer and expanded commercial coverage to more than 300 million lives\n\n\n\nReceived Medicare coverage for Guardant Response, the first blood-only liquid biopsy for I-O monitoring for all solid tumors\n\n\n\nFiled premarket approval (PMA) application for Shield blood-based CRC screening, and FDA review process underway\n\n\n\nPresented additional data from ECLIPSE trial at Digestive Disease Week (DDW)\n\n\n\nStrengthened leadership team with the appointment of Ines Dahne-Steuber as Chief Operating Officer to drive further operating efficiency and scale, and the promotion of Darya Chudova to Chief Technology Officer to continue innovation of our market-leading technology platform\n\n\n\n“We are off to a very strong start with robust clinical volume growth fueled by continued expansion in lung cancer and a step change in breast cancer volumes following our recent FDA approval of Guardant360 CDx in metastatic breast cancer,” said Helmy Eltoukhy, co-founder and co-CEO. “With the recent coverage of Guardant Response, we now have full Medicare coverage across our Therapy Selection and MRD product portfolios. This coverage will help drive continued volume growth as we approach breakeven in our Therapy Selection core business and execute on our strategy to be the worldwide leader in precision oncology.”\n\n\n“Each quarter we are making more progress on our goal of develo...