Business
Guardant Health Reports Second Quarter 2023 Financial Results and Increases Revenue Guidance
Q2 revenue increased 26% year over year driven by clinical volume growth of 49% Raises 2023 revenue guidance to $545 to $550 million PALO ALTO,
About this update from Guardant Health, Inc.
[{"type":"text","content":"\nQ2 revenue increased 26% year over year driven by clinical volume growth of 49% \n\n\nRaises 2023 revenue guidance to $545 to $550 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 June 30, 2023.\n\n\nSecond Quarter 2023 Financial Highlights\n\n\n\nRevenue of $137.2 million for the second quarter of 2023, an increase of 26% over the second quarter of 2022\n\n\n\nReported 43,500 tests to clinical customers and 6,700 tests to biopharmaceutical customers in the second quarter of 2023, representing increases of 49% and 12%, respectively, over the second quarter of 2022\n\n\n\nRecent Operating Highlights\n\n\n\nReceived new commercial plan coverage from Anthem Blue Cross and Blue Shield, Aetna, and Humana, resulting in Guardant360 now being covered by all major U.S. commercial health insurers and exceeding 300 million covered lives\n\n\n\nAnnounced reimbursement approval of Guardant360 CDx liquid biopsy test in Japan for patients with advanced solid tumor cancers\n\n\n\nReceived first commercial plan coverage for Guardant Reveal\n\n\n\nStrengthened financial position with an underwritten public offering raising $381 million in net proceeds, ending the quarter with $1.2 billion of cash, cash equivalents and marketable securities\n\n\n\n“We had another very strong quarter with revenue growing 26% year over year, driven by strength across precision oncology where we reached 50,000 combined tests during the quarter,” said Helmy Eltoukhy, co-founder and co-CEO. “Our clinical volumes were driven by growth in lung and breast cancer for Guardant360 and by rapid year-over-year growth for Reveal and TissueNext. With this strong momentum, we are on track to achieve cash flow breakeven in Therapy Selection within the next 3-6 months.”\n\n\n“We are continuing to make advancements in our screening business as we spearhead a new patient-preferred category with our Shield blood test,” said AmirAli Talasaz, co-founder and co-CEO. “In the near-term, we remain focused on obtaining FDA approval for the Shield test in colorectal cancer, preparing for the commercial launch of Shield IVD in 2024 and deliverin...