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Guardant Health Reports Fourth Quarter and Full Year 2020 Financial Results and Provides Revenue Outlook for Full Year 2021
2020 Revenue Increased 34% Over Prior Year Period REDWOOD CITY, Calif.--(BUSINESS WIRE)-- Guardant Health, Inc. (Nasdaq: GH), a leading precision oncology
About this update from Guardant Health, Inc.
[{"type":"text","content":"\n2020 Revenue Increased 34% Over Prior Year Period\n\n REDWOOD CITY, Calif.--(BUSINESS WIRE)--\nGuardant 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 and full year ended December 31, 2020.\n\nRecent Highlights\n\n\nRevenue of $78.3 million for the fourth quarter and $286.7 million for the full year of 2020, representing 25% and 34% increases, respectively, over the corresponding periods of 2019\n\n\nLaunched Guardant Reveal, the first blood-only test with a 7-day turnaround time, for residual disease and recurring monitoring in patients with early-stage colorectal cancer\n\n\nAnnounced development of tissue-based Comprehensive Genomic Profiling assay to provide a comprehensive product offering to oncologists, and its launch later in 2021\n\n\nAnnounced partnership with a premier cancer center in Spain, Vall d’Hebron Institute of Oncology, to build a liquid biopsy laboratory and submitted application for regulatory approval of Guardant360 in Japan\n\n\nStrengthened balance sheet with $1 billion capital raise and ended 2020 with approximately $2 billion in cash, cash equivalents and marketable securities\n\n\n\"I am proud of the Guardant team for the progress made across our business amidst a uniquely challenging year,” said Helmy Eltoukhy, PhD, co-founder and CEO. “Looking ahead in 2021, we will continue to invest aggressively across our business to build the foundations for complete cancer testing to significantly improve outcomes across the continuum of cancer care.”\n\nFourth Quarter 2020 Financial Results\n\nRevenue was $78.3 million for the three months ended December 31, 2020, a 25% increase from $62.9 million for the three months ended December 31, 2019. Precision oncology revenue grew 13% driven predominantly by an increase in clinical testing revenue which grew 47% over the prior year period. There were 17,353 clinical tests and 4,841 biopharmaceutical tests performed during the fourth quarter of 2020. Development services and other revenue increased 148% primarily related to the timing of project related milestones for companion diagnostic development programs.\n\nGross profit, or total revenue less cost of precision oncology te...