Guardant Health, Inc. · NASDAQ:GH
Guardant Health — Q2 2025 Earnings Presentation
27 slides from Guardant Health's earnings presentation, Jul 30, 2025
Slide 1: Conquering Cancer with Data
Conquering Cancer with Data Q2 2025 Earnings Call July 30, 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: One platform for the entire patient journey
One platform for the entire patient journey Profiling Monitoring Monitoring Screening Tumor Surgery MRD detected Profiling 3
Slide 4: Strong performance across Oncology, Screening and Biopharma & Data
Strong performance across Oncology, Screening and Biopharma & Data Revenue $232M $3M 31% $15M $177M $3M $56M $44M $159M $130M Q2 2024 Q2 2025 4 Oncology Biopharma & Data Screening Licensing & Other
Slide 5: Oncology revenue and volume growth driven by Guardant360 and Reveal
Oncology revenue and volume growth driven by Guardant360 and Reveal Oncology Revenue Oncology Volume 64K $159M 49K $130M 22% YoY Growth 30% YoY Growth Q2 2024 Q2 2025 Q2 2024 Q2 2025 5
Slide 6: Q2 Oncology highlights
Q2 Oncology highlights Strong volume growth across all products driven by Smart Liquid Biopsy Fourth consecutive quarter of accelerating Guardant360 Liquid y/y volume growth Introduced 11 groundbreaking Smart Liquid Biopsy applications for Guardant360 Liquid Launched upgraded Guardant360 Tissue in A
Slide 7: Groundbreaking SERENA-6 study potentially unlocks meaningful Guardant360 volume
Groundbreaking SERENA-6 study potentially unlocks meaningful Guardant360 volume First monitoring (~3x per year) application for Guardant360 Exceptional response from KOLs A new paradigm: exiting ASCO 2025 using liquid biopsy to enable switch to a new treatment upon emergence ~40,000 patient prevalen
Slide 8: AI x Infinity Smart Liquid Biopsy: fueling a rich application ecosystem
AI x Infinity Smart Liquid Biopsy: fueling a rich application ecosystem on Guardant360 100,000+ PATIENTS Clinical Data, Smart Liquid Biopsy- Outcomes & Based Applications Real-World Evidence AI LEARNING ENGINE 50+ TUMOR TYPES 8
Slide 9: Smart Liquid Biopsy-based applications support accelerating growth of Guardant360
Smart Liquid Biopsy-based applications support accelerating growth of Guardant360 Wave 1 Wave 2 Wave 3 Wave 4 July 2024 Late 2024 May 2025 … Introduction of SLB 3 New Apps 11 New Apps Cancer of Breast Unknown Subtyping Promoter Primary* Methylation MANY Lung Subtyping Negative Prediction MORE MRD-Le
Slide 10: Reveal clinical data pipeline in 2025 will support important inflection
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/IO Monitoring Multiple Other Indications Multiple Longer term Phase II
Slide 11: Submitted breast cancer data package to MolDx for Medicare reimbursement
Submitted breast cancer data package to MolDx to receive Medicare reimbursement 100% Retrospective study evaluating of 95 patients who were diagnosed with early-stage ER+/HER2- or TNBC1 undergoing chemotherapy prior to surgery • Sensitivity for distant recurrence in patients with Nearly 40% of patie
Slide 12: RADIOHEAD study demonstrates strong performance in IO monitoring
RADIOHEAD study demonstrates strong performance in IO monitoring RADIOHEAD was a large (521 patient) real-world pan-cancer study Study demonstrated that Reveal identified a strong decrease in tumor fraction that was very strongly associated with improved patient outcomes Reveal identified non-respon
Slide 13: Reveal used in largest MRD study in colon cancer
Reveal used in largest MRD study in colon cancer to enable timely treatment decisions Demonstrates the ability of Reveal to stratify the risk of disease recurrence and overall survival and inform timely treatment decisions after surgery Supports the routine use of ctDNA in the management of stage II
Slide 14: Oncology growth drivers
Oncology growth drivers Therapy Selection MRD Expanded use cases Continued penetration in surveillance Major product upgrades Indication expansion with other tumor types CGP market share gain Commercial focus Market growth ASP tailwinds International expansion 14
Slide 15: Record quarter for biopharma and a strengthening pipeline
Record quarter for biopharma and a strengthening pipeline Biopharma & Data Revenue $56M Record quarter of volume and $44M revenue growth 28% YoY Growth Two new companion diagnostic deals signed in Q2 Q2 2024 Q2 2025 15
Slide 16: Continued strong traction in third full quarter of commercial launch
Continued strong traction in third full quarter of commercial launch Shield Volume 16K 9K $15M Q2 ‘25 Revenue 6K Q4 2024 Q1 2025 Q2 2025 16
Slide 17: Shield included in the updated NCCN CRC screening guidelines
Shield included in the updated NCCN CRC screening guidelines Risk Status Screening Modality and Schedule Category Endoscopy-based screening 2A Stool-based screening 2A Average risk (CSCR-1) Blood-based screening 2A Image-based screening 2A First national guideline recommendation for Shield 17
Slide 18: Q2 Screening highlights
Q2 Screening highlights Shield CRC continues to have a high adherence rate and strong depth of ordering per physician Better than expected new sales rep productivity ramp Shield included in the updated NCCN CRC screening guidelines Shield CRC named a winner of Fast Company’s 2025 World Changing Idea
Slide 19: Shield is a platform developed for multi-cancer detection
CRC Shield is a Bladder CRC Lung platform developed for Liver Ovarian multi-cancer Multi-cancer detection Gastric Esophageal Pancreatic Prostate Breast 19
Slide 20: NCI Vanguard study initiated using Shield MCD
NCI Vanguard study initiated using Shield MCD Began enrolling four-year pilot study for up to 24,000 patients Shield was selected in a highly competitive process based on its strong performance across 10 cancer types Early-stage sensitivity and accurate cancer site of origin prediction were importan
Slide 21: Significant revenue growth in Q2 2025
Significant revenue growth in Q2 2025 Q2’25 Q2’24 % Growth Total Revenue $232.1M $177.2M 31% Oncology $158.7M $130.3M 22% Biopharma & Data $56.0M $43.9M 28% Screening $14.8M - - Licensing & Other $2.6M $3.0M (15%) 21
Slide 22: Steep gross margin ramp for Shield driven by improvements in ASP and COGS
Steep gross margin ramp for Shield driven by improvements in ASP and COGS Shield Non-GAAP Gross Margin1,2 48% 18% 2% Q4 2024 Q1 2025 Q2 2025 1. Non-GAAP measures are defined as the applicable GAAP measures adjusted for the impacts of stock-based compensation and related employer payroll tax payments
Slide 23: Q2 2025 non-GAAP financial highlights
Q2 2025 non-GAAP financial highlights Non-GAAP Measures1 Q2’25 Q2’24 Variance Gross Profit $153.8M $106.8M $47.0M Gross Margin2 66% 60% 600 bps Total Operating Expenses1 $215.3M $178.8M $36.5M R&D $72.5M $73.0M $(0.5M) S&M $107.8M $74.6M $33.2M G&A $34.9M $31.2M $3.7M Adjusted EBITDA3 $(51.9M) $(61.
Slide 24: Raising revenue guidance for full year 2025
Raising revenue guidance for full year 2025 Revenue Current Guidance Prior Expectations Total $915M – $925M $880M - $890M 24% - 25% y/y growth 19% - 20% y/y growth Oncology ~20% y/y growth ~18% y/y growth Biopharma & Data Mid-teens growth Low double-digit growth Screening $55M - $60M $40M - $45M 68K
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 Tissue CRC surveillance Strategic biopharma Multi-cancer data launch reimbursement partnerships ADLT status, improved Continued profitability Positive gross Guarda
Slide 26: Investor Day
INVESTOR DAY Wednesday, September 24th NEW YORK Contact investors@guardanthealth.com for more information 26
Slide 27: () GUARDANT.
() GUARDANT.