Guardant Health, Inc. · NASDAQ:GH
Guardant Health — William Blair 46th Annual Growth Stock Conference (June 2026)
26 slides from Guardant Health's conference presentation, Jun 2, 2026
Slide 1: Conquering Cancer with Data
Conquering Cancer with Data William Blair Annual Growth Conference June 2, 2026
Slide 2: Safe harbor and non-GAAP disclosures
Safe harbor and non-GAAP disclosures Certain statements in this presentation and the accompanying oral commentary are forward-looking presentation are made only as of the date hereof. For a further description of the risks and uncertainties statements within the meaning of federal securities laws. T
Slide 3: On a mission to guard wellness and give every person more time free from disease
On a mission to guard wellness and give every person more time free from disease 3
Slide 4: One platform for the entire patient journey
One platform for the entire patient journey Profiling PLATFORM Monitoring Monitoring Screening Tumor Surgery MRD detected Profiling 4
Slide 5: Large growth markets powered by one platform
Large growth markets $300B powered by one platform $50B Multi-Disease Cancer Screening $20B Screening $10B MRD Therapy Selection 5
Slide 6: Innovation-led growth is accelerating revenue expansion
Innovation-led growth is accelerating revenue expansion Total Revenue +33% $1.31B¹ +33% +31% $982M +25% $739M +20% $564M $450M $374M 2021 2022 2023 2024 2025 2026E 1. Approximate preliminary revenue based on midpoint of full year 2026 guidance provided on May 7, 2026 6
Slide 7: Q1 2026 demonstrates broad-based growth acceleration
Q1 2026 demonstrates broad-based growth acceleration Revenue +48% $302M $203M Q1 2025 Q1 2026 7 Oncology Biopharma & Data Screening Licensing & Other
Slide 8: Large Oncology opportunity across early and late-stage disease
Large Oncology opportunity across early and late-stage disease Therapy Selection 1M $10B Late Stage Total U.S. Advanced Total U.S. Cancer Patients Addressable Market Therapy Monitoring MRD 18M $20B Early Stage Total U.S. Cancer Total U.S. Coming Soon Patients and Survivors Addressable Market Sources
Slide 9: Oncology momentum continues to strengthen
Tweak TM font Oncology momentum continues to strengthen Oncology Revenue Oncology Volume +36% +47% $205M 86K 59K $151M Q1 2025 Q1 2026 Q1 2025 Q1 2026 9
Slide 10: Multiple product catalysts are driving Oncology volume growth
Multiple product catalysts are driving Oncology volume growth Oncology Volume Therapy Monitoring Launch 86K Smart Apps Launch Wave 3 79K 74K END OF TEMPLATE CRC Surveillance Upgrade Reimbursement Wave 2 64K Wave 1 57K 59K 53K 49K Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 10
Slide 11: Innovation is expanding our leadership in Oncology
Innovation is expanding our leadership in Oncology First of its kind, Smart Platform launch Expanded genomic panel CMS coverage for Reveal CRC END OF TEMPLATE adding epigenomic capabilities, surveillance complementing large genomics panel Smart Apps launch, adding genome-wide methylation insight >50
Slide 12: Guardant360 Liquid CDx raises the standard for therapy selection
Guardant360 Liquid CDx raises the standard for therapy selection FDA Approved Largest FDA-approved liquid biopsy panel with a 100x expanded footprint Streamlines therapy selection portfolio Unlocks greater potential for Guardant360 Tissue Potential for improved reimbursement through ADLT designation
Slide 13: Reveal Ultra expands best-in-class MRD portfolio
Reveal Ultra expands best-in-class MRD portfolio Coming Soon Leverages Smart Platform liquid and tissue breakthroughs to achieve sensitivity with LOD below 1ppm Speed and ease of use – results delivered rapidly and reliably even from challenging tissue biopsy samples Compliments market-leading tissu
Slide 14: Industry-leading Biopharma & Data business
Industry-leading 200+ Lifetime Biopharma Biopharma & Data Partnerships business $3B+ Total Biopharma Addressable Market PLATFORM + $210M 2025 Biopharma & Data Revenue Internal data analysis based on projections from DeciBio. 14
Slide 15: Biopharma & Data business creates strategic and financial value
Tweak TM font Biopharma & Data business creates strategic and financial value 26 Business delivers strong GMs and positive FCF CDx approvals Pharma partnerships fuel product innovation in the U.S., Japan, and Europe CDx approvals drive clinical volume 200+ Global footprint supports international exp
Slide 16: Only FDA-approved, Medicare reimbursed, guideline recommended blood test for CRC screening
120M Average-risk U.S. individuals eligible for CRC screening Only FDA-approved, Medicare 50M U.S. individuals currently reimbursed, guideline unscreened for CRC recommended blood test for colorectal cancer screening $50B U.S. Addressable CRC Screening Market Sources: AACR Study, Cancer Prev Res (20
Slide 17: Commercial execution and milestones are driving rapid Shield adoption
Commercial execution and milestones are driving rapid Shield adoption Quarterly Screening Revenue Annual Screening Revenue $192M1 END OF TEMPLATE $42M $35M NCCN Guideline inclusion ADLT Status $24M $80M $15M FDA Approval Medicare Coverage $4M $6M Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 2025
Slide 18: DTC campaigns across TV and digital driving strong consumer engagement
DTC campaigns across TV and digital driving strong consumer engagement 18
Slide 19: Quest collaboration launched in Q1 significantly expands Shield reach
Quest collaboration launched in Q1 significantly expands Shield reach Launched in Q1 >650,000 >8,000 EMR connected HCPs and hospitals National patient access points Access to Quest National Sales Team 19
Slide 20: Shield guideline inclusions create a path to broader adoption
Shield guideline inclusions create a path to broader adoption June 2025 May 2026 2027/28 National Comprehensive NCCN Cancer Network ® Guideline inclusion in 2025, Leverage state-level mandates USPSTF guideline and Quality reflecting the recommendation to drive accelerated insurance Scores inclusion
Slide 21: Shield is a multi-cancer detection platform
Shield is a CRC multi-cancer detection CRC Bladder Lung platform Ovarian Liver When Shield is ordered for CRC screening: Multi-cancer Opt-in rate Physician opts in to receive MCD results report Stomach Esophageal Patient authorizes release of medical data improved 1Q26 Pancreatic Prostate Breast 21
Slide 22: Shield selected for inclusion in NCI study to evaluate emerging technologies for multi-cancer detection
Tweak TM font Shield selected for inclusion in NCI study to evaluate emerging technologies for multi-cancer detection Multi-cancer 75% 99% Overall Sensitivity Specificity Lung Liver Bladder Pancreatic (171/229) (436/442) CRC Gastric Esophageal Ovarian 53% 92% 92% Stage I/II Stage III/IV Primary or S
Slide 23: Q1 execution supports strong 2026 outlook
Tweak TM font Q1 execution supports strong 2026 outlook Revenue Current Guidance¹ Total $1.30B – $1.32B 32% - 34% y/y growth Oncology 28% - 29% y/y growth Biopharma & Data Low double-digit growth Screening $186M - $198M 230K - 245K Shield volume Non-GAAP Gross Margin Non-GAAP Operating Expenses Free
Slide 24: Clear path to positive free cash flow
Tweak TM font Clear path to positive free cash flow 2023 2024 2025 2026 2027 2028 FCF Positive3 FCF Breakeven Q4 20273 Targeting free cash flow breakeven in Q4 2027 Excluding Screening, on track to $(190)M1 deliver positive free cash flow FY26 $(233)M Strong balance sheet following $(275)M recent fi
Slide 25: Key Takeaways
Tweak TM font Key Takeaways 2026 revenue of $1.31B Multiple product catalysts Durable >30% y/y growth are driving rapid Oncology through 2028 growth Shield is the best launch Strong execution, solidly in diagnostics history1 on track for FCF addressing a $50B On track for FCF breakeven TAM in 2027 b
Slide 26: Guardant
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