Business
Guardant Health Reports Second Quarter 2020 Financial Results
Q2 2020 Revenue Increase of 23% Over Prior Year Period REDWOOD CITY, Calif., Aug. 06, 2020 (GLOBE NEWSWIRE) -- Guardant Health, Inc. (Nasdaq: GH), a leading
About this update from Guardant Health, Inc.
[{"type":"text","content":"Q2 2020 Revenue Increase of 23% Over Prior Year Period\n REDWOOD CITY, Calif., Aug. 06, 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 June 30, 2020. Recent Highlights Revenue of $66.3 million for the second quarter of 2020, an increase of 23% over the corresponding period of 2019 Precision oncology revenue of $51.0 million, an increase of 21% over the corresponding period of 2019Development services revenue of $15.3 million, an increase of 29% over the corresponding period of 2019 Reported 13,694 tests to clinical customers and 2,805 tests to biopharmaceutical customers in the second quarter of 2020, representing an increase of 15% and a decrease of 47% respectively, over the second quarter of 2019Presented data from a new patient cohort that demonstrated that its LUNAR-2 liquid assay achieved 90% sensitivity and 94% specificity in detecting early-stage colorectal cancerLaunched GuardantINFORM, a real-world clinical-genomic platform to accelerate precision oncology drug developmentAnnounced two strategic collaborations to develop the Guardant360 assay as a companion diagnostic for Janssen Biotech’s amivantamab in non-small-cell lung carcinoma, and expanding to a new indication, for Radius Health’s elacestrant in breast cancerStrengthened financial position with an underwritten public offering raising $354.6 million in net proceeds, ending the second quarter with $1.1 billion cash, cash equivalents and marketable securities “During this challenging time, our team at Guardant Health successfully executed across our business and has never wavered from our commitment to serve patients,” said Helmy Eltoukhy, PhD, co-founder and CEO. “As we look to the second half of this year, despite the ongoing pandemic, I am more confident than ever in the strength and resilience of our team, the promise of the Guardant platform and the significant opportunity ahead to transform patient care.” Second Quarter 2020 Financial Results Revenue was $66.3 million for the three months ended June 30, 2020, a 23% increase from $54.0 million for the three months ended June 30, 2019. Precision oncology revenue grew 21% driven pred...