Business
Guardant Health Reports Second Quarter 2024 Financial Results and Increases 2024 Revenue Guidance
Revenue growth of 29% driven by strong clinical and biopharma volume and Guardant360 ASP tailwinds Shield approved by FDA as primary option for CRC screening
About this update from Guardant Health, Inc.
[{"type":"text","content":"\nRevenue growth of 29% driven by strong clinical and biopharma volume and Guardant360 ASP tailwinds\n\n\nShield approved by FDA as primary option for CRC screening and is commercially available in U.S.\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 June 30, 2024.\n\n\nSecond Quarter 2024 Financial Highlights\n\n\n\nRevenue of $177.2 million for the second quarter of 2024, an increase of 29% over the second quarter of 2023\n\n\n\nReported 49,400 tests to clinical customers and 10,475 tests to biopharmaceutical customers in the second quarter of 2024, representing increases of 14% and 56%, respectively, over the second quarter of 2023\n\n\n\nRaised 2024 annual guidance for revenue to a new range of $690 to $700 million, representing growth of 22% to 24%\n\n\n\nRecent Operating Highlights\n\n\n\nReceived FDA approval for Shield as a first-line CRC screening option and initiated commercial launch of Shield IVD\n\n\n\nShield now meets the requirements for Medicare coverage for 45 million eligible individuals\n\n\n\nLaunched major upgrade of Guardant360 on Smart Liquid Biopsy platform, further extending best-in-class performance\n\n\n\nUpgraded Guardant360 TissueNext to a 498 gene panel to identify more treatment options for patients with advanced cancer\n\n\n\nPublication of COSMOS study data in Clinical Cancer Research further validates Reveal for MRD CRC surveillance testing in Stage II and III patients\n\n\n\n“We had another strong quarter driven by solid volume growth, particularly for biopharma, and continued improvements to Guardant360 reimbursement,” said Helmy Eltoukhy, co-founder and co-CEO. “We also reached major milestones across our oncology business with the upgrades of Guardant360 onto our Smart Liquid Biopsy platform, a revolutionary platform that combines genomics with epigenomics, and of Guardant360 TissueNext to identify more treatment options for patients with advanced cancer. Additionally, our COSMOS study was recently published in Clinical Cancer Research and submitted to MolDx for Medicare reimbursement of CRC surveillance. We look forward to continuing this momentum throughout the remainder of the year as we deliver on our mission of giving us all more time free from cancer.”\n\n\n“FDA ...