Business
Guardant Health Reports Third Quarter 2019 Financial Results and Raises 2019 Revenue Guidance
Q3 2019 revenue increase of 181% over prior year period REDWOOD CITY, Calif., Nov. 07, 2019 (GLOBE NEWSWIRE) -- Guardant Health, Inc. (Nasdaq: GH), a leading
About this update from Guardant Health, Inc.
[{"type":"text","content":"Q3 2019 revenue increase of 181% over prior year period\nREDWOOD CITY, Calif., Nov. 07, 2019 (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 third quarter ended September 30, 2019.\n Recent Highlights • Total revenue for the third quarter of 2019 was $60.8 million, a 181% increase over the third quarter of 2018 • Reported 13,259 tests to clinical customers and 5,280 tests to biopharmaceutical customers in the third quarter of 2019, representing increases of 89% and 111%, respectively, over the third quarter of 2018 • Initiated ECLIPSE, a large-scale registrational study designed to support the performance of the company’s LUNAR-2 blood test in colorectal cancer screening in average-risk adults • Submitted Premarket Approval Application package for Guardant360 to the U.S. Food and Drug Administration • Launched CLIA-version of the LUNAR Assay for use in prospective clinical trials “During the quarter, the Guardant team continued to make significant progress across our business,” said Helmy Eltoukhy, PhD, Chief Executive Officer. “We are especially excited by the recent initiation of our ECLIPSE study. If successful, we believe this registrational study will pave the way for a blood-based test to address the significant unmet need of physicians and their patients who seek an alternative to the current tools for colorectal cancer screening.” Third Quarter 2019 Financial Results Total revenue was $60.8 million for the three months ended September 30, 2019, a 181% increase from $21.7 million for the corresponding prior year period. Without the adoption of the new revenue recognition standard (“ASC 606”), total revenue for the three months ended September 30, 2019 would have been $59.7 million, a 175% increase over the corresponding prior year period. Precision oncology revenue increased 185% driven by higher testing volume and increased revenue per test. There were 13,259 clinical tests and 5,280 biopharmaceutical tests performed during the third quarter of 2019. Development services revenue increased 156% primarily from new projects in 2019 related to companion diagnostic development and regulatory approval services for biop...