Guardant Health, Inc. · NASDAQ:GH
Guardant Health — Q4 2024 Earnings Presentation
26 slides from Guardant Health's earnings presentation, Feb 20, 2025
Slide 1: Conquering Cancer with Data
Conquering Cancer with Data Q4 2024 & Full Year 2024 Earnings Call February 20, 2025
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 projections are reasonable, such forward-looking statements are only predictions and involve known and statements within the meaning of federal securities laws. These
Slide 3: Delivered key milestones across the continuum of cancer care in 2024
Delivered key milestones across the continuum of cancer care in 2024 Oncology Screening Therapy Selection MRD Profitable core business CRC data published Shield FDA approval Increased G360 ASP Breast data submitted Shield Medicare for publication reimbursement Launched Smart Liquid Biopsy for G360 C
Slide 4: Strong revenue growth in 2024
Strong revenue growth in 2024 Q4 Total Revenue Full Year Total Revenue $202M $739M $155M $564M 30% YoY Growth 31% YoY Growth Q4 2023 Q4 2024 FY 2023 FY 2024 4
Slide 5: Oncology clinical revenue growth driven by Guardant360 volume & ASP tailwinds
Oncology clinical revenue growth driven by Guardant360 volume & ASP tailwinds Oncology Clinical Revenue Growth Driven by… Revenue1 $543M Oncology Clinical Volume Growth1 $404M 24% Q4 2024 Y/Y Growth 20% FY 2024 Y/Y Growth Including double digit G360 34% YoY Growth growth ASP + Reimbursement Tailwind
Slide 6: Therapy Selection benefiting from multiple reimbursement tailwinds
Therapy Selection benefiting from multiple reimbursement tailwinds Guardant360 ASP now ~$3,000, reaching goal Biopharma Revenue (M) Guardant360 ASP ~4 years ahead of target ~$3,000 Tissue Medicare pricing increased from $3,100 to ~$2,750 $3,500, effective January 1, 2025 U.S. state legislative bioma
Slide 7: Smart Liquid Biopsy is strongly resonating in the marketplace
Smart Liquid Biopsy is strongly resonating in the marketplace Smart Liquid Biopsy reinforces G360’s #1 position in liquid CGP Smart Liquid Biopsy helps to drive greater depth of ordering and increased testing frequency Rich pipeline of additional features leveraging Smart Platform 7
Slide 8: Therapy Selection growth drivers
Therapy Selection growth drivers Major product Expanded ASP upgrades use cases tailwinds International Market Increased expansion growth penetration 8
Slide 9: Reveal poised for inflection following Medicare coverage for CRC surveillance
Reveal poised for inflection following Medicare coverage for CRC surveillance Reveal granted coverage in Medicare reimbursement the CRC surveillance setting is $1,644 per test, after curative intent consistent with prior treatment for stages I–IV expectations 9
Slide 10: Reveal clinical data pipeline in 2025 will support important inflection for additional reimbursement
Reveal clinical data pipeline in 2025 will support important inflection for additional reimbursement Indication Specific Studies 1H 2024 2H 2024 1H 2025 2H 2025 CRC Surveillance COSMOS Covered by Medicare Breast Multiple Therapy Monitoring Multiple Other Indications Multiple Longer term Phase II Pha
Slide 11: Achieved >50% COGS reduction
Reveal COGS Per Test1 Achieved >$1,000 >50% COGS >50% reduction reduction in Reveal ~$500 exiting 2024 FY 2024 FY 2025E Reveal COGS per test are non-GAAP. Non-GAAP measures are defined as the applicable GAAP measures adjusted for the impacts of stock-based compensation and related employer payroll t
Slide 12: Reveal on track for inflection this year
Reveal on track for inflection this year ASP Volume CRC surveillance reimbursement improvement acceleration Gross margin COGS Cash burn inflection reduction reduction 12
Slide 13: Multiple drivers of biopharma revenue growth
Multiple drivers of biopharma revenue growth Biopharma Revenue Lifetime biopharma partners >180 Including 19 out of the top 20 pharma companies $145M $110M >50% Of biopharma volumes are now Smart Liquid Biopsy 31% YoY Growth Multiple long-term strategic partnerships with large FY 2023 FY 2024 pharma
Slide 14: Biopharma & data highlights
Biopharma & data highlights Strategic collaboration with Boehringer Ingelheim to develop a companion diagnostic for zongertinib to detect specific mutations in non-small cell lung cancer Collaboration with ConcertAI to create a differentiated data-as-a-service platform that integrates comprehensive
Slide 15: Shield is a platform developed for multi-cancer detection
CRC CRC Shield is a Bladder Lung platform Liver developed for Ovarian Multi-cancer multi-cancer Stomach Esophageal detection Pancreatic Prostate Breast 15
Slide 16: Already covered for 45 million Medicare beneficiaries
Already Favorable Medicare pricing $920 Effective Aug 1, 2024 covered for 45 million Received a unique PLA code Medicare beneficiaries 1 Improved Medicare pricing following ADLT designation $1,495 Expected in 2025 16 1. CMS data supplemented with market research – Medicare patients age 65-85 at aver
Slide 17: Strong traction in the first full quarter of commercial launch
Strong traction in the first full quarter of commercial launch Shield COGS Per Test1 6.4K Q4 ‘24 Volume >$1,000 Scale efficiency Gross Margin Breakeven ~$600 Scale efficiency $4.1M Automation Improved workflow Q4 ‘24 Revenue Pre-launch Post-launch 1H 2024 Q4 2024 1. ~$600 is the non-GAAP COGS for Sh
Slide 18: Shield was selected in a government funded population scale screening program
Shield was selected in a government funded population scale screening program Pilot program is expected to screen ~10,000 people in its first year in Abu Dhabi and CRC surrounding regions Overall compliance with the combination of FIT and colonoscopy is <10% in the region Expected to address low adh
Slide 19: Shield multi-cancer platform validation
Shield multi-cancer platform validation Shield was selected in a highly competitive process by NIH based on its strong performance • Data included detection across 10 cancer types (including lung, breast, CRC, prostate, bladder, ovarian, pancreatic, esophageal, liver & gastric) • Early-stage sensiti
Slide 20: Strong revenue growth in 2024
Strong revenue growth in 2024 Q4’24 Q4’23 % Growth FY’24 FY’23 % Growth Total Revenue $202M $155M 30% $739M $564M 31% Precision Oncology $185M $142M 30% $688M $514M 34% Clinical Test Revenue $146M $108M 35% $543M $404M 34% Biopharma Test Revenue $39M $34M 15% $145M $110M 31% Development Services & O
Slide 21: Q4 and full year 2024 financial highlights
Q4 and full year 2024 financial highlights Non-GAAP Measures1 Q4’24 Q4’23 FY’24 FY’23 Gross Margin2 63% 61% 62% 61% Gross Margin excluding Screening2 64% 63% 64% 63% Operating Expenses1 $215M $183M $757M $729M Adjusted EBITDA3 $(78M) $(78M) $(258M) $(344M) Free Cash Flow4 $(83M) $(83M) $(275M) $(345
Slide 22: Recent convertible exchange extends maturity on majority of outstanding debt
Recent convertible exchange extends maturity on majority of outstanding debt Balance Sheet Oncology Proforma Dec 31, 2024 Dec 31, 2023 Feb 14, 2025 Cash & investments1 $887M2 $944M $1,169M November 2027 Convertible Notes3 $491M $1,150M $1,150M February 2031 Convertible Notes4 $600M - - Conversion ex
Slide 23: New revenue breakdown starting in 2025
New revenue breakdown starting in 2025 Full Year Revenue $739M $5M 31% $14M $177M $564M Oncology $24M $136M Biopharma & Data $543M Licensing & Other $404M Screening FY 2023 FY 2024 23
Slide 24: Initiating full year 2025 guidance
Initiating full year 2025 guidance Total $850M – $860M Revenue 15% - 16% y/y growth 19% - 20% y/y ex $22M non-recurring OOP revenue in 2024 ~20% y/y ex $22M non-recurring OOP revenue in 2024 Oncology ~15% y/y growth Volume expected to accelerate to ~25% growth in 2025 Biopharma & Data Low double-dig
Slide 25: Upcoming key catalysts across the continuum of cancer care in 2025
Upcoming key catalysts across the continuum of cancer care in 2025 Oncology Biopharma & Data Screening Therapy Selection MRD Guardant360 Smart CRC surveillance Strategic biopharma Multi-cancer data Liquid Biopsy app reimbursement partnerships rollout ADLT status, improved Breast publication Guardant
Slide 26: Guardant
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