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Guardant Health Reports First Quarter 2024 Financial Results and Increases 2024 Revenue Guidance
Revenue growth of 31% driven by strong clinical and biopharma volume and Guardant360 ASP tailwinds PALO ALTO, Calif.--(BUSINESS WIRE)-- Guardant Health, Inc.
About this update from Guardant Health, Inc.
[{"type":"text","content":"\nRevenue growth of 31% driven by strong clinical and biopharma volume and Guardant360 ASP tailwinds\n\n\n PALO ALTO, Calif.--(BUSINESS WIRE)--\nGuardant Health, Inc. (Nasdaq: GH), a leading precision oncology company, today reported financial results for the quarter ended March 31, 2024.\n\n\nFirst Quarter 2024 Financial Highlights\n\n\n\nRevenue of $168.5 million for the first quarter of 2024, an increase of 31% over the first quarter of 2023\n\n\n\nReported 46,900 tests to clinical customers and 8,450 tests to biopharmaceutical customers in the first quarter of 2024, representing increases of 20% and 37%, respectively, over the first quarter of 2023\n\n\n\nReduced free cash flow to $(37.2) million in the first quarter of 2024, compared to $(82.0) million in the prior year\n\n\n\nRaised 2024 annual guidance for revenue to a new range of $675 to $685 million, representing growth of 20% to 21%\n\n\n\nImproved annual free cash flow guidance to $(275) to $(285) million, a reduction of $60 to $70 million compared to 2023\n\n\n\nRecent Operating Highlights\n\n\n\nValidated the strength and quality of ECLIPSE clinical data with the study publication in The New England Journal of Medicine\n\n\n\nLaunched new service at The Royal Marsden to test advanced NSCLC patients in England through an expanded NHS study\n\n\n\nPresented new data demonstrating the value of epigenomic analysis and methylation sequencing using the Smart Liquid Biopsy platform at the 2024 AACR Annual Meeting\n\n\n\nSurpassed 500 peer-reviewed publications highlighting Guardant Health technology in scientific literature\n\n\n\n“We started the year off very strongly with first quarter revenue growing 31%, driven by both solid volume growth and significant improvements to Guardant360 reimbursement,” said Helmy Eltoukhy, co-founder and co-CEO. “In addition to strong topline performance, this was the first quarter of generating positive cash flow in our Therapy Selection business. We also recently surpassed a significant milestone with over 500 peer-reviewed publications highlighting our technology in scientific literature, demonstrating the impact our innovative suite of products have on both patients and the scientific community.”\n\n\n“The publication of ECLIPSE data in The New England Journal of Medicine, one of the world’s leading medical journals, underscores the qu...