Business
Guardant Health Reports Third Quarter 2020 Financial Results
Q3 2020 Revenue Increase of 23% Over Prior Year Period REDWOOD CITY, Calif.--(BUSINESS WIRE)-- Guardant Health, Inc. (Nasdaq: GH), a leading precision
About this update from Guardant Health, Inc.
[{"type":"text","content":"\nQ3 2020 Revenue Increase of 23% 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 ended September 30, 2020.\n\nRecent Highlights\n\n\nRevenue of $74.6 million for the third quarter of 2020, an increase of 23% over the corresponding period of 2019\n\n\nPrecision oncology revenue of $60.4 million, an increase of 16% over the corresponding period of 2019\n\n\nDevelopment services and other revenue of $14.2 million, an increase of 63% over the corresponding period of 2019\n\n\n\n\nReported 16,950 tests to clinical customers and 3,071 tests to biopharmaceutical customers in the third quarter of 2020, representing an increase of 28% and a decrease of 42%, respectively, over the third quarter of 2019\n\n\nReceived FDA-approval for Guardant360® CDx, becoming the first liquid biopsy test for comprehensive tumor mutation profiling across all solid cancers\n\n\nLaunched enhanced version of Guardant360 including tumor mutational burden (TMB) and expanded homologous recombination deficiency (HRD) and fusion gene set\n\n\nStudy published in Nature Medicine shows evidence of Guardant360 liquid biopsy accelerating clinical trial enrollment compared to tissue biopsy\n\n\n\"Our strong performance in the third quarter is a testament to our team’s dedication, as they stay focused on executing for our customers and on our pipeline programs,” said Helmy Eltoukhy, PhD, co-founder and CEO. “While we expect to continue to see impacts related to the pandemic in the fourth quarter, we are confident that the fundamentals of our business are firmly intact. With the FDA approval of Guardant360 CDx behind us and as we look forward to 2021, I am more confident than ever in the opportunity that lies ahead for Guardant to transform patient care across the cancer care continuum.”\n\nThird Quarter 2020 Financial Results\n\nRevenue was $74.6 million for the three months ended September 30, 2020, a 23% increase from $60.8 million for the three months ended September 30, 2019. Precision oncology revenue grew 16% driven predominantly by an increase in average selling price. There were 16,950 clinical test...