Guardant Health, Inc. · NASDAQ:GH
Guardant Health — Investor Day (September 2025)
163 slides from Guardant Health's investor day presentation, Sep 24, 2025
Slide 1: Investor Day
Investor Day September 24, 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 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: Agenda
Agenda 9:00 Conquering cancer with data Helmy Eltoukhy, PhD Co-CEO & AmirAli Talasaz, PhD Co-CEO 9:20 Innovation is at our core Darya Chudova, PhD Chief Technology Officer 9:40 Clinical insights powered by real-world data Craig Eagle, MD Chief Medical Officer 9:55 Creating a new cancer paradigm Helm
Slide 4: Conquering cancer with data
Conquering cancer with data Helmy Eltoukhy, PhD co-Chief Executive Officer, co-Founder & Chair AmirAli Talasaz, PhD co-Chief Executive Officer & co-Founder
Slide 5: 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 5
Slide 6: What makes Guardant different
What makes Guardant different Execution Delivering commercial Innovation and operational Data excellence Blazing a trail with Leveraging data + AI exponential thinking to generate insights Our commitment to put patients first 6
Slide 7: One platform for the entire patient journey
One platform for the entire patient journey Profiling PLATFORM Monitoring Monitoring Screening Tumor Surgery MRD detected Profiling 7
Slide 8: Innovation fueling new products and major upgrades
Innovation fueling new products and major upgrades 2020 2021 2022 2023 2024 2025 LDT FDA Approved Smart Apps Wave 3 Smart Apps Wave 1 RNA Capabilities LDT Smart Apps Wave 2 +9x Genomic Breadth IHC Expanded Genomics 50% lower COGS 8
Slide 9: The future of cancer screening is now: Multi-cancer
The future of cancer screening is now Multi-cancer Expanding Shield to include multi-cancer detection BROADLY AVAILABLE IN OCTOBER The Shield MCD results report is not a part of the FDA approved Shield IVD and has not been cleared or approved by FDA. 9
Slide 10: The driving force behind our success is our team
The driving force behind our success is our team 81% of employees at Guardant Health say it’s a great place to work compared to 57% of employees at a typical US-based company 81% 2,250+ 295+ 15 Employees PhDs & MDs Countries Typical company 57% As of June 30, 2025. Source: Great Place To Work 2021 G
Slide 11: Expanded product offering coupled with operational excellence is accelerating our revenue growth
Expanded product offering coupled with operational excellence is accelerating our revenue growth 28% CAGR $920M1 Total Revenue $739M 23% CAGR $564M $450M $374M 2021 2022 2023 2024 2025E 1. Midpoint of revenue guidance provided July 30, 2025. 11
Slide 12: Major accomplishments since Investor Day 2023
Major accomplishments since Investor Day 2023 ONCOLOGY SCREENING Smart Platform paradigm shift Created a new category of test Therapy Selection MRD CRC Launch of Guardant360 Liquid CMS coverage for Reveal CRC Shield CRC FDA approval with primary label on Smart Platform and updated surveillance Medic
Slide 13: Largest blood biobank of its kind
Largest blood biobank of its kind >1M Patient Samples 13
Slide 14: Exponential data growth powering our InfinityAI learning engine
Exponential data growth powering our InfinityAI learning engine 1 Exabyte of Data Data Depth Multi-modal, longitudinal, EMR 1M Patient Samples Smart 1 PB per week Volume Scale Platform More patients, more tests, more use cases Launched 100K 2030 Patient Samples 2028 2026 2024 2022 2020 2019 14
Slide 15: InfinityAI is accelerating innovation across the business
InfinityAI is accelerating innovation across the business Fueling a rich data ecosystem >1,000,000 PATIENT SAMPLES Clinical insights >350,000 Biopharma applications EPIGENETIC PROFILES Product innovation >100 TUMOR TYPES 15
Slide 16: Still just scratching the surface of unleashing the power of blood…
Still just scratching the surface of unleashing the power of blood… 16
Slide 17: We are just at the beginning of our ambition to advance human health
$300B We are just at the beginning of our ambition to advance human health $50B Multi-Disease Cancer Screening $20B Screening $10B MRD Therapy Selection 17
Slide 18: What you'll hear today
Investor Day 2025 What you’ll hear today Smart Platform fueling best of breed innovation platform Power of InfinityAI learning engine growing exponentially Oncology business acceleration Industry-leading Biopharma business Shield is winning in blood-based screening Updated financial outlook 18
Slide 19: Innovation is at our core
Innovation is at our core Darya Chudova, PhD Chief Technology Officer
Slide 20: Multimodal profiling with Smart Platform is at the core of our innovation
Multimodal profiling with Smart Platform is at the core of our innovation 2013 2025 Digital Sequencing Smart Platform Technology Provides a Enabled category- high-resolution defining genomic multimodal view to liquid biopsy for inform decisions from precision oncology screening to disease monitoring
Slide 21: Smart Platform: collecting rich multimodal data to reveal structure and function
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Slide 22: Technology inflection points are driving expanded markets and deeper penetration
Technology inflection points are driving expanded markets and deeper penetration Cancer Multi-Disease Epigenomics Screening Screening MRD Therapy Genomics Selection 22
Slide 23: Signal decoding using Smart Platform and InfinityAI
Signal decoding using Smart Platform and InfinityAI More data COLORECTAL CANCER LUNG CANCER BREAST CANCER TRIPLE NEGATIVE BREAST CANCER Methylation Intensity 1,000s of epigenomic regions 23
Slide 24: Signal decoding using Smart Platform and InfinityAI
Signal decoding using Smart Platform and InfinityAI DETECT / QUANTIFY CHARACTERIZE / PREDICT Methylation Intensity Breast Cancer HR+ Indicates response to Rx 1,000s of epigenomic regions 24
Slide 25: Smart Platform: a decade of compound innovation
Smart Platform: a decade of compound innovation Our unique chemistry Next-gen automation Single-sample genomic and epigenomic Continuous flow processing, smaller read-out without sacrificing quality footprint, less hands-on time Non-destructive methylation chemistry: AI-ready to streamline productio
Slide 26: In the last two years, Guardant products have transitioned to the Smart Platform
In the last two years, Guardant products have transitioned to the Smart Platform Cancer Detection Recurrence Surgery +/- Adjuvant 1st Line Tx 2nd Line Tx +Tx Development and regulatory work significantly accelerated with increasing AI adoption 26
Slide 27: Assay-driven innovation brings maximum insights from minimal tissue volumes
Assay-driven innovation brings maximum insights from minimal tissue volumes DNA Comprehensive Analysis PD-L1 92% less surface area 1 AI-powered RNA Comprehensive Analysis Methylation 40% fewer slides 2 Genome-wide Coverage 1. Compared to other leading comprehensive tissue tests. 2. For NGS testing o
Slide 28: Data-driven innovation unlocks capability to report tumor phenotype from liquid
Data-driven innovation unlocks capability to report tumor phenotype from liquid Therapy Selection TUMOR TUMOR GENOTYPE PHENOTYPE 28
Slide 29: Next wave of innovation driven by multimodal longitudinal data and InfinityAI
Next wave of innovation driven by 1 Exabyte of Data multimodal longitudinal data and InfinityAI Data Depth 1M Patient Multi-modal, longitudinal, EMR Samples 1 PB Per Week Smart Volume Scale Platform More patients, more tests, more use cases Launched 100K 2030 Patient Samples 2028 2026 2024 2022 2020
Slide 30: Data and science are converging to provide new insights for therapy selection
Data and science are converging to provide new insights for therapy selection from liquid LAUNCHED IN DEVELOPMENT Identify tumor site Identify more of origin eligible patients MOLECULAR & REAL-WORLD DATA Track molecular Predict response, tumor type overtime expand indications 30
Slide 31: Identify tumor origin
Identify tumor origin Clinical investigation does not always reveal tumor origin Case: “Tissue NGS was quantity not sufficient, so no Cancer Type prediction tissue tests could be used. IHC was inconclusive. Guardant360 came back 100% biliary. He said this was immensely helpful for him in selecting 1
Slide 32: Track molecular tumor type over time
T0HR+ Track molecular Initial test tumor type over time T1 Test 1 Today, molecular types can only be identified by direct tissue analysis Test 2 T Smart Platform decodes molecular types from epigenomic patterns in Test 3 blood HR- LAUNCHED HR / HER2 / TNBC Adeno / Squamous / status Small Cell 32
Slide 33: Identifying more eligible patients
Identifying more eligible patients GENOMIC BIOMARKER DETECTION Our Smart Platform identifies patients using GENOMIC + EPIGENOMIC BIOMARKER DETECTION epigenomic signatures that have been missed by traditional genomic analysis IN DEVELOPMENT 42% of missed ALK 2.4x more MTAP fusions in NSCLC deletions
Slide 34: Predict therapy response and expand indications
Predict therapy NON-RESPONDERS response and expand Breast Cancer indications SERD Lung Cancer RESPONDERS Richer information is needed to ICPI optimize treatment. CRC Cancer Anti-EGFR Smart Platform is discovering epigenomic predictive and/or prognostic signatures of therapy response IN DEVELOPMENT I
Slide 35: Setting the standard for managing exabyte scale distributed data
Setting the standard for managing exabyte scale distributed data 34-MEMBER CONSORTIUM TECH PROVIDERS Guardant-led standard for large-scale data DATASET USERS 35
Slide 36: InfinityAI brings capability to expand beyond cancer
InfinityAI brings capability to 1 Build cohort from 1M sample database expand beyond cancer 2 Assess comorbidities and outcomes 3 Associate with methylation signatures 36
Slide 37: Shield: exponential epigenomic and real-world evidence data growth fuels future development
Shield: exponential epigenomic and real-world evidence data growth fuels future development Epigenomic Profiles 350k Shield CRC V2 Performance Stage I sensitivity: 55% → 62% 97k Blended sensitivity: 83% → 84% 28k 11k Shield CRC Shield CRC Shield MCD* 2025** V1* V2* *Data cohorts available for respec
Slide 38: Evaluating multimodal landscape to expand Smart Platform
Evaluating multimodal landscape to expand Smart Platform Multiomic Epigenomic Genomic >25 pilot Features Features Features evaluations conducted proteins CpG site whole genome methylation sequencing metabolomics Richness of our hydroxy point Blood methylation mutations Sample biobank and power exoso
Slide 39: Key Takeaways: Technology
TECHNOLOGY Smart Platform now fuels the portfolio. Clinical products powered by genomic and epigenomic signals drive higher clinical value and higher performance Key Takeaways Data-driven innovation. Rich multi-modal data treasury creates a moat, and we are deploying InfinityAI to fuel powerful new
Slide 40: Clinical insights powered by real-world data
Clinical insights powered by real-world data Craig Eagle, MD Chief Medical Officer
Slide 41: Improving the future of cancer care through research partnerships and publications
Improving the future of cancer care through research partnerships and 600+ peer-reviewed publications Pancreatic Partnership with Top Thought Leaders GU Patient Outcomes 45+ 235+ rs he Ot All L u ng NCI-Designated Comprehensive Publications with patient outcomes Cancer Centers involved in 600+ 610+
Slide 42: Real-world data inflection unlocking incredible value
Real-world data inflection unlocking incredible value Differentiated Industry-leading clinico-genomic and clinico-genomic database epigenomic data Multiple time points in care journey • Claims data • Longitudinal data >1M Unique patient samples • Electronic medical records >350K Smart epigenomic pro
Slide 43: Predict therapy response through novel epigenomic signatures: Lung Cancer
Predict therapy response and expand indications through novel epigenomic signatures Lung Cancer Multimodal Signature of ICPI Response Signature outperforms bTMB predicting ICPI response with 3x hazard ratio 43 Source: Guardant Health data on file
Slide 44: Predict therapy response through novel epigenomic signatures: Colon Cancer
Predict therapy response and expand indications through novel epigenomic signatures Colon Cancer Methylation Signature of anti-EGFR Response Signature predicts anti-EGFR therapy benefit beyond SoC criteria like tumor sidedness 44 Source: Guardant Health data on file
Slide 45: PEGASUS clinical utility study using tissue-free MRD guided adjuvant therapy
PEGASUS clinical utility study using tissue-free MRD guided adjuvant therapy Large, prospective multi-center chemotherapy de-escalation study 140 stage III and high-risk stage II colon cancer patients Evaluates the use of Reveal to safely guidepost-surgical and post-adjuvant clinical management One
Slide 46: Real-world data inflection unlocking incredible value
Real-world data inflection unlocking incredible value Differentiated Industry-leading clinico-genomic and clinico-genomic database epigenomic data Multiple time points in care journey • Claims data • Longitudinal data >1M Unique patient samples • Electronic medical records >350K Smart epigenomic pro
Slide 47: Shield data for multi-cancer detection and cancer site of origin prediction
Shield data for multi-cancer detection and cancer site of origin prediction 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 Secondary CSO Accuracy He, et al. ASCO 2025
Slide 48: Cancer site of origin is critical to define follow up pathways
Cancer site of origin is critical to define the follow up pathways for patients testing positive for multi-cancer Non-specific follow up pathway Tumor-specific follow up pathways The Shield MCD results report is not a part of the FDA approved Shield IVD and has not been cleared or approved by FDA. 4
Slide 49: Real-world validation studies represent a major strategic advantage
Real-world validation studies represent a major strategic advantage Multi-cancer Shield real-world MCD study Unique advantages of this study design ~9,000 Shield IVD Tested Individuals Saves years of development time Deidentified Medical At least 1 year since claims data available Shield IVD test da
Slide 50: New large-scale study of real-world data for Shield MCD shows strong performance
New large-scale study of real-world data for Shield MCD shows strong performance 9,251 99% 41% Individuals age 45+ Real-world specificity >1 year of Positive predictive value who received Shield IVD clinical follow-up from test date (PPV) of Shield MCD for with no diagnosis of cancer any solid tumor
Slide 51: Real-world data inflection unlocking incredible value
Real-world data inflection unlocking incredible value Differentiated Industry-leading clinico-genomic and clinico-genomic database epigenomic data Multiple time points in care journey • Claims data • Longitudinal data >1M Unique patient samples • Electronic medical records >350K Smart epigenomic pro
Slide 52: Shield platform is driving a massive increase in data richness across human health
Shield platform is driving a massive increase in data richness across human health Liver Cardiovascular Other Respiratory 100+CANCER TYPES CRC Gastrointestinal 500+ DISEASES IN Hepatobiliary Pancreatic IN DATABASE DATABASE Degenerative neurological Other Breast NSCLC Autoimmune Expected to grow to >
Slide 53: Applying Shield's capabilities to other diseases
Applying Shield’s capabilities to other diseases Atherosclerotic CV disease Hypercholesterolemia Atopic Dermatitis Idiopathic Urticaria Training AI Cardiovascular Disease Neurodegenerative Disease models to Celiac Disease Other Disease of Liver see signals Chronic Hepatitis Other Liver Inflammatory
Slide 54: Key Takeaways: Real World Data
REAL WORLD DATA One-of-a-kind data moat. Industry leading clinico-genomic database growing richer with epigenomics, multiple time points and EMR data Key Takeaways InfinityAI is unlocking important new clinical applications. Smart platform methylation signatures are more sensitive in predicting ther
Slide 55: Creating a new cancer care paradigm
Creating a new cancer care paradigm Helmy Eltoukhy, PhD Co-CEO, Co-founder and Chair
Slide 56: Leader in therapy selection
Leader in 1M Total U.S. Advanced therapy selection Cancer Patients $10B U.S. Addressable Market Sources: Therapy selection TAM is Stage IV patients prevalence, 3rd party consulting, Data from internal modeling that sources information from US Cancer Statistics; SEER, 56 CancerMPact®, NODA data, Trea
Slide 57: Guardant360 Liquid: first FDA approved comprehensive liquid biopsy
DNA FDA DNA 740+ biomarkers with variants First Approved Comprehensive Analysis detected at as low as 0.001% MAF1 comprehensive liquid biopsy3 PD-L1 Methylation 5 Days AI-powered Genome-wide Coverage Actionable results in 5 days2 RNA Comprehensive Analysis 7-Day Turnaround time for fast treatment de
Slide 58: Majority of future CGP market growth will come from liquid testing
Majority of future CGP market growth will come from liquid testing TISSUE LIQUID TISSUE ~ $3B CGP Market LIQUID $10B Future CGP Today Market ~1 tissue/liquid test per patient per lifetime Multiple liquid tests per patient per lifetime We are the clear leader in Liquid CGP Sources: Public company dat
Slide 59: Multiple layers of rich information contribute to every patient report
SMART PLATFORM Multiple layers Genomics of rich information Epigenomics contribute to every Transcriptomics patient report Multi-modal Real-world evidence 59
Slide 60: Multiple layers of rich information contribute to every patient report
SMART PLATFORM Multiple layers of rich information Genomics contribute Epigenomics to every Transcriptomics patient Multi-modal report Real-world evidence Smart Smart Platform Platform Application Application 60
Slide 61: Multiple layers of rich information contribute to every patient report
SMART PLATFORM Multiple layers of rich Genomics information Epigenomics Transcriptomics contribute Multi-modal to every Real-world evidence LEARNING ENGINE patient report Smart Platform Application 61
Slide 62: Smart Platform Application Learning Engine
LEARNING ENGINE Smart Platform Application 62
Slide 63: Multiple layers of rich information contribute to every patient report
SMART PLATFORM Multiple layers Breast Subtyping of rich Tissue of SIV E EPIGENOM ICS PGx N information E B Origin EH AC R MP KB contribute CO ON E to every Tumor patient Fraction Lung Subtyping A NE AT report AP W D PL Y IC A DB T IO N S F U E L E Therapy Promoter Prediction Methylation Cancer of Un
Slide 64: Data and science are converging to provide a new dimension to treatment selection
SMART PLATFORM Data and science are converging to provide a new dimension to treatment selection 64
Slide 65: Data and science are converging to provide a new dimension to treatment selection
SMART PLATFORM Breast Cancer Data and science are converging SERD to provide a new dimension to treatment selection 1M 100k Powered by 10k 65
Slide 66: Smart Platform applications supporting accelerating growth of Guardant360
Smart Platform applications supporting accelerating growth of Guardant360 Wave 1 - July 2024 Wave 2 - Late 2024 Wave 3 - May 2025 Wave 4 … INTRODUCTION OF SLB 3 NEW APPS 11 NEW APPS Promoter Methylation Cancer of Unknown Primary* MANY MORE APPS TO COME Next-gen CHIP Filtration Lung Subtyping MRD-Lev
Slide 67: Guardant360 driving years of extremely robust volume growth
Guardant360 driving years of extremely robust volume growth Oncology Volume 64K 59K Launched 57K Four consecutive quarters of 53K accelerating volume growth 49K 46K 47K Upgrade to Smart Platform and a steady 44K cadence of new applications Product upgrade and applications are unlocking greater clini
Slide 68: Groundbreaking SERENA-6 study could potentially unlock meaningful Guardant360 volume
Groundbreaking SERENA-6 study could potentially unlock meaningful Guardant360 volume First monitoring Exceptional ~40,000 patient Potential driver of (~3x per year) response from prevalence in the significant application for KOLs at ASCO 2025 U.S.1 incremental Guardant360 Guardant360 revenue A NEW P
Slide 69: Submitted for PMA
Submitted for PMA Highest level of regulatory approval for our flagship test Further accelerates market adoption Paves the way for potential price increase with ADLT 69
Slide 70: One testing platform for the entire patient journey
One testing platform for the entire patient journey Profiling PLATFORM Monitoring Monitoring Screening Tumor Surgery MRD detected Profiling 70
Slide 71: Leader in tissue-free MRD
Leader in 18M tissue-free MRD Total U.S. Patients $20B Total U.S. Addressable Market Sources: 1-2 Survival data from the Surveillance, Epidemiology, and End Results (SEER) Program; Tonorezos E, Devasia T, Mariotto AB, 71 Mollica MA, Gallicchio L, Green P, Doose M, Brick R, Streck B, Reed C, de Moor
Slide 72: Large portion of the growing MRD market can only be addressed by tissue-free
Large portion of the growing MRD market can only be addressed by tissue-free Total U.S. cancer patients 18M Patients greater than 5 years out from surgery 12M+ Of cancer population can only be addressed with tissue-free 3M+ Of 18M patients are tested today <3% Sources: 1-2 Survival data from the Sur
Slide 73: Most validated and highest performance tissue-free solution available
Most validated and highest performance tissue-free solution available TISSUE- TUMOR FREE 50 PPM FRACTION 5-DAY MRD detection Limit of detection to Based on methylation to Turnaround time for timely maximize sensitivity accurately quantify adjuvant decision making disease burden 73
Slide 74: Operational execution unlocking Reveal inflection
Operational execution unlocking Reveal inflection CRC surveillance ASP COGS VOLUME VOLUME reimbursement Improvement Reduction ACCELERATION ACCELERATION Covered in the CRC Significant step up in Reduced COGS per test surveillance setting after ASP for Reveal by >50% curative intent treatment GROSS MA
Slide 75: Largest MRD study of Stage III colon cancer to-date reported at ASCO 2025
Largest MRD study of Stage III colon cancer to-date reported at ASCO 2025 NCCTG N0147 Trial1 Data from this study “support the routine use of ctDNA testing in the management of stage III colon cancer given the ability to further refine risk of recurrence and death beyond TNM stage” Additional clinic
Slide 76: Submitted breast cancer data package to MolDx for Medicare reimbursement
Submitted breast cancer data package to MolDx for Medicare reimbursement LIBERATE STUDY1 WUSTL STUDY2 100% Sensitivity for distant recurrence in 83% 99.5% patients with ER+/HER2- breast cancer Sensitivity Specificity Distant recurrence Sample-level Breast Specificity First publication utilizing Reve
Slide 77: Reveal IO monitoring submitted to MolDx
Reveal IO monitoring submitted to MolDx RADIOHEAD STUDY1 Identified non-responders more than three months before disease progression was visible on standard imaging Identified a strong decrease in tumor fraction that was very strongly associated with improved patient outcomes 77 1. RADIOHEAD was a l
Slide 78: A new paradigm of therapy monitoring
A new paradigm of therapy monitoring Additional data demonstrating that Guardant Reveal identified a strong decrease in tumor fraction that was very strongly associated with improved patient outcomes across different therapy classes Chemotherapy Monitoring Study1 CDK4/6 Monitoring Study2 78 1. Publi
Slide 79: A new standard in therapy monitoring
Launching in Q4 2025 THERAPY MONITORING A new standard in therapy monitoring 79
Slide 80: Many expected readouts will support MolDx
10x increase in Reveal data generation planned for 2026 Liver Other 20+ CRC Many expected readouts will support MolDx Pancreatic Publications Breast submissions NSCLC 80
Slide 81: 2025-2026 Reveal data pipeline driving reimbursement momentum
2025-2026 Reveal data pipeline driving reimbursement momentum Indication Specific Studies 1H 2024 2H 2024 1H 2025 2H 2025 1H 2026 2H 2026 CRC Surveillance COSMOS Covered by Medicare Elliot et al, Breast Surveillance Ademuyiwa et al IO Monitoring Liang et al Chemo Monitoring RWE CDK4/6 Monitoring Mul
Slide 82: Ultra-high sensitivity remains a challenge for tissue-informed MRD tests
ctDNA Detection Levels Ultra-high 100,000 Sensitivity of current exome and whole genome-based tissue-informed MRD assays clinical 10,000 sensitivity 1,000 remains a Parts-Per-Million (PPM) 100 challenge for 10 tissue-informed 1 Ultra-sensitive detection MRD tests 0 82
Slide 83: Bringing sensitivity down to 1 ppm
Coming Soon Bringing sensitivity down to 1 ppm 83
Slide 84: Reveal Ultra: ultra-sensitive tissue-informed MRD assay down to 1 ppm
Reveal Ultra: A novel, ultra-sensitive, tissue-informed MRD assay achieves sensitivity down to 1 part-per-million Leverages Smart Platform liquid and Novel Ultra-Sensitive MRD Tech tissue breakthroughs to achieve best-in- 1,000 CRC & Lung class sensitivity Cancer Samples Cancer-free Normals 200 100
Slide 85: Triple-negative Breast Cancer Patient
Triple-negative Breast Cancer Patient 85 De-identified patient information shown; Image not of actual patient
Slide 86: Key Takeaways: Oncology
ONCOLOGY Leader in liquid CGP. Accelerating growth and extending leadership position through innovation and commercial excellence Key Takeaways Fueling next waves of oncology growth. Progression testing and Smart Apps developed using InfinityAI + Data Treasury will accelerate oncology growth Leader
Slide 87: Leading commercial engine for oncology
Leading commercial engine for oncology Chris Freeman, Ed.D. Chief Commercial Officer, Oncology
Slide 88: Focused on driving accelerated volume and revenue growth
Focused on driving accelerated volume and revenue growth Oncology Volume Oncology Revenue +27% +20% Y/Y GROWTH1 Y/Y GROWTH1 $543M 207K 173K $404M 125K $298M $236M 88K 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 1. Guidance provided July 30, 2025. 88
Slide 89: Complete product offering with best-in-class products for each use case
Complete product offering with best-in-class products for each use case Treatment Selection Monitoring & MRD All advanced-stage solid tumors All stages of CRC, breast and lung cancers 89
Slide 90: Complete product offering with best-in-class products for each use case
Complete product offering with best-in-class products for each use case Treatment Selection Monitoring & MRD • Expanded DNA panel by ~10x • Expanded DNA panel ~10x • Coverage for CRC surveillance • 15 app launches for Smart Platform • Added RNA, IHC and germline • 50% lower COGS • All guidelines bio
Slide 91: One testing platform for the entire patient journey
One testing platform for the entire patient journey Profiling PLATFORM Monitoring Monitoring Screening Tumor Surgery MRD detected Profiling 91
Slide 92: Strong breadth and increasing depth per ordering physician
Strong breadth and increasing depth per ordering physician BREADTH DEPTH Average Demand Per MD 26 22% >10K 10% 21 19 16 12 Active Ordering MDs 2021 2022 2023 2024 2025 YTD Source: Guardant Health internal data. Active ordering MD is defined as ordering customer in last twelve months. 92
Slide 93: One shared commercial infrastructure across our Oncology portfolio
One shared commercial infrastructure across our Oncology portfolio SALES & EMR DIGITAL BACK-END MANAGED SUPPORT INTEGRATION ORDERING OPERATIONS CARE #1 1300+ >50% #1 310M share of voice Integrated of orders Industry- covered lives accounts are digital leading turnaround time 93
Slide 94: Consistently the #1 share of voice in therapy selection
Consistently the #1 share of voice in therapy selection 35% 30% 25% 20% 15% 10% 5% 0% 2022 2023 2024 YTD 2025 YTD: 2025 includes January – July 2025 94 Sources: Guardant Health commissioned oncology surveys Other combines CGP peers with <5% during any given period
Slide 95: Field & support teams, share of voice, liquid CGP market share
Field & support teams Share of voice Liquid CGP market share Guardant Health data on file 95
Slide 96: Oncology EMR integrations have accelerated access and scaled operationally
Oncology EMR integrations have accelerated access and scaled operationally & many more… 65% of US oncologists covered by 1300+ Integrated EMR accounts1 our EMR integration1 96 Epic and Aura are registered trademarks of Epic Systems Corporation. 1. Guardant Health data on file.
Slide 97: Momentum continues for biomarker testing coverage
Momentum continues for biomarker testing coverage 23 Enacted biomarker testing laws1 State Biomarker Enacted In current legislative Introduced but did Legislation (signed into law) process not advance 97 1. As of 9/1/2025
Slide 98: Strong ASP improvement across product suite
Strong ASP improvement across product suite Increased Medicare Q2 ‘23 $2600 - $2700 pricing Progress with major Q2 ‘25 $3000 - $3100 commercial payers Increased Medicare Q2 ‘23 $1400 pricing Reimbursement increased Q2 ‘25 $2000 related to Tissue RNA feature Q2 ‘23 $400 - $500 Medicare reimbursement
Slide 99: Significant unmet global need
20M+ New Cancer Patients Each Year Significant unmet global need 95% Of these patients live outside of the US Sources: AACR Study, Cancer Prev Res (2020) 99
Slide 100: Unlocking global opportunity as markets evolve
Unlocking global opportunity as markets evolve Italy Middle East Spain UK Fondazione Policlinico Strategic sales & Vall d’Hebron is the exclusive Gemelli lab launching Q4 marketing partnership with reference lab for Catalunya NHS reimbursement 2025, national expansion Hikma lung ctDNA pilot, nationa
Slide 101: Oncology growth drivers
Oncology growth drivers THERAPY SELECTION MRD Product upgrades and new Continued strength in CRC, Breast applications and other indications Repeat progression testing New monitoring applications (IO & Chemo) Monitoring New products and upgrades International expansion (Reveal Ultra) Reimbursement co
Slide 102: Key Takeaways: Commercial Oncology
COMMERCIAL ONCOLOGY Accelerating revenue growth. Smart platform rollout catalyzing a new wave of growth Key Takeaways delivering volumes and revenue ahead of our commercial milestones and plans Leading commercial team. Best in class offering, strong pipeline of product plus #1 commercial team positi
Slide 103: Industry-leading Biopharma business shaping standard of care
Industry-leading Biopharma business shaping standard of care Jaime Boyle Senior Vice President, Biopharma
Slide 104: Leader in biomarker testing in clinical studies
Leader in biomarker testing 190+ in clinical studies Lifetime Biopharma Partnerships PLATFORM $3B+ Total Biopharma Addressable Market Internal data analysis based on projections from DeciBio. 104
Slide 105: Strong biopharma growth with a strengthening pipeline
Strong biopharma growth with a strengthening pipeline Biopharma & Data Revenue >$200M1 Record quarter of volume and revenue in Q2 $178M 2025 (28% y/y revenue growth) $136M Expecting mid-teens growth for FY 2025 >50% of biopharma volumes are now on the Smart Platform 2023 2024 2025E 105 1. Guidance p
Slide 106: The promise of precision oncology cannot be achieved through genomics alone
The promise of precision oncology cannot be achieved through genomics alone Of patients with actionable genomic alterations, only ~15-25% receive a matched therapy1 Genomic-based precision medicine has revolutionized cancer treatment, but only for a fraction of patients 1. JNCI: Journal of the Natio
Slide 107: Best-in-class services to expedite drug development, regulatory submission, and commercial goals
Best-in-class services to expedite drug development, regulatory submission, and commercial goals Companion Translational Data-driven diagnostics research biological insights Partner to accelerate new Unlock new drug development strategies Deep insights from indications and biomarkers for new with ge
Slide 108: Excellence in companion diagnostics
Excellence in companion diagnostics Strong and growing pipeline 22 of new CDx deals CDx approvals in the U.S., Japan, and Europe across biomarker and tumor types Multiple sPMA submissions in 2025 Expanding relationships with key large pharma for CDx 108
Slide 109: CDx leadership in groundbreaking SERENA-6 results
CDx leadership in groundbreaking SERENA-6 results A partnership - built on years of trust - resulting in an innovative study design to expand patient eligibility for a new treatment class The result of multiple Positions GH as a years of trusted preferred partner for partnership with new practice ch
Slide 110: Unmatched testing partner for seamless CDx development in China
Unmatched testing partner for seamless CDx development in China with global clinical trials 30+ Partners engaged with 15+ partners signed Rapid volume expansion with exponential growth over the next few years 110
Slide 111: Epigenomics drives smarter patient outcomes and broader label opportunities
Epigenomics drives smarter patient outcomes and broader label opportunities Response Prediction Epigenomic biomarkers Enhanced Patient Identification serve as novel predictive/prognostic Molecular Tumor Subtype Identification biomarkers to expand patient reach and improve Adverse Event Prediction tr
Slide 112: Faster, safer dose optimization utilizing epigenomics from ctDNA
Faster, safer dose optimization utilizing epigenomics from ctDNA on Smart Platform Potential Optimal Dose 100% First publication with 80% Amgen on dose optimization using ctDNA 60% 40% Study utilized patients with ctDNA 20% clearance or tumor fraction (TF) to identify optimal dose for clinical 0% re
Slide 113: Strategic collaboration with Pfizer
Strategic collaboration with Pfizer aims to employ Smart Platform to support Pfizer’s oncology portfolio Utilize Guardant assays in Evaluate clinical utility of Partner on development Pfizer’s global clinical methylation applications, and commercialization of studies including China including use of
Slide 114: The future of biomarker discovery is multi-modal
The future of biomarker discovery is multi-modal, enabling precision targeting from every angle Early Stage Unlock diverse biomarker definitions to reveal the most urgent unmet needs InfinityAI Clinical Development Model biomarker impact on patient populations to power smarter, faster trial design T
Slide 115: Key portfolio enhancements will drive significant growth
Key portfolio enhancements will drive significant growth Unlocking Growing Market Expanding Driving CDx Epigenomic Share in MRD & Testing Beyond Partnerships with Applications with Monitoring Liquid to Tissue Practice-Changing Smart Platform + Biomarkers InfinityAI 115
Slide 116: Key Takeaways: Biopharma
BIOPHARMA Industry-leading growth engine. A high-performing biopharma business delivering sustained double-digit revenue growth Key Takeaways Leading indicator of clinical business. Translational discoveries driving CDx approvals and paradigm-shifting studies like SERENA-6 Transformative biopharma p
Slide 117: The future of cancer screening is now
The future of cancer screening is now AmirAli Talasaz, PhD Co-CEO and Co-founder
Slide 118: Approaching a world where everyone gets a blood test to screen for cancer
Approaching a world where everyone gets a blood test to screen for cancer 118
Slide 119: Shield is a multi-cancer detection platform
CRC CRC Bladder Lung Shield is a multi-cancer Liver Ovarian detection Multi-cancer platform Stomach Esophageal Pancreatic Prostate Breast 119
Slide 120: Lifting all Screening
Lifting all Screening 83% 90% 2X Increase in CRC screening rate when Shield is offered1 Overall CRC Specificity sensitivity Closing the Gap 88% Of patients tested with Shield 90% Patient Adherence ~65%2 were unscreened for CRC1 Colonoscopy + stool tests ~35%2 120 1. Haynes et al. American Journal of
Slide 121: Upcoming guideline and HEDIS updates are key catalysts for long-term growth
Upcoming guideline and HEDIS updates are key catalysts for long-term growth 2025 2025 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 inclus
Slide 122: Shield: Strong foundation for long-term growth
Shield: Strong foundation for long-term growth 2025 2028 REVENUE OUTLOOK REVENUE OUTLOOK $55 – $60M >$500M COMMERCIAL REPS COMMERCIAL REPS >250 600 – 700 Represents testing of <2% Most successful Dx launch1 of unscreened patients 1. By revenue for the first 12 months, excluding COVID tests 122
Slide 123: Strategic collaboration with Quest Diagnostics to expand access to Shield
Strategic collaboration with Quest Diagnostics to expand access to Shield Access to Quest national >650K >8,000 EMR connected National patient sales team HCPs and hospitals access points 123
Slide 124: Shield leverages Smart Platform
Shield leverages Smart Platform a leading data engine that powers efficiency and continuous improvement Profiling PLATFORM Monitoring Monitoring Screening Tumor Surgery MRD detected Profiling 124
Slide 125: Shield MCD ordering: physician opt-in and patient authorization
Multi-cancer When Shield is ordered for CRC screening Physician opts in to receive MCD results report Patient authorizes release of medical data The Shield MCD results report is not a part of the FDA approved Shield IVD and has not been cleared or approved by FDA. 125
Slide 126: Expanding Shield to include multi-cancer detection
The future of cancer screening is now Multi-cancer Expanding Shield to include multi-cancer detection Scalable platform Expand patient access for clinical data to multi-cancer generation detection The Shield MCD results report is not a part of the FDA approved Shield IVD and has not been cleared or
Slide 127: Supercharging data collection through Shield MCD rollout
Shield IVD order Supercharging data collection through Shield MCD rollout Physician and patient opt in for MCD results report and enable access to medical records Drive deeper understanding of clinical utility by real-time return of results Shield CRC and MCD result Population level learning engine
Slide 128: Breakthrough Multi-cancer Device Designation
Breakthrough Multi-cancer Device Designation The Shield MCD results report is not a part of the FDA approved Shield IVD and has not been cleared or approved by FDA. 128
Slide 129: Shield is a platform with the ability to expand beyond cancer
Neurodegenerative Disease Shield is a platform with Lung Disease Liver Disease the ability to expand beyond cancer Organ Rheumatoid Health Arthritis Cardiovascular Disease 129
Slide 130: Shield: Building a Blockbuster Brand
Shield: Building a Blockbuster Brand Stephen Murphy Senior Vice President, Screening Marketing
Slide 131: Strong market position one year post launch
KEY ACHIEVEMENTS Launched FDA-approved Shield in August 2024 Covered by Medicare Obtained ADLT status March 2025 Deployed a national commercial field force Strong market Included in NCCN guidelines position one year 40,000 coast-to-coast phlebotomy network post launch Multiple EMR integrations, incl
Slide 132: Strong momentum underway for Screening
Strong momentum underway for Screening Volume Revenue 2025 Screening Outlook1 16K $15M VOLUME 68 – 73K tests 9K REVENUE 6K $6M $4M $55 – $60M Q4 2024 Q1 2025 Q2 2025 Q4 2024 Q1 2025 Q2 2025 132 1. Guidance provided July 30, 2025.
Slide 133: Market leader in blood, and just getting started
120M Average-risk U.S. individuals eligible for CRC screening Market leader in blood, and just getting started $50B U.S. Addressable CRC Screening Market Sources: AACR Study, Cancer Prev Res (2020) 133
Slide 134: First mover in blood, focused on rapid growth
First mover Win with leading CRC blood test today in blood Focused on rapid growth Precision targeting of reimbursed populations Drive awareness and outsized impact through bold, differentiated messaging 134
Slide 135: Commercial infrastructure is scaling rapidly
Commercial infrastructure is scaling rapidly >250 >40K 250 hospitals & health systems Coast to coast field force phlebotomists across 26 states by the end of 2025 network nationally 1K+ in-office phlebotomists 135
Slide 136: Nationwide EMR integrations simplify ordering
Nationwide EMR integrations simplify ordering Epic is a registered trademark of Epic Systems Corporation. 136 athenahealth is a registered trademark of athenahealth, inc. eClinicalWorks is a registered trademark of eClinicalWorks, LLC
Slide 137: Employing bold messaging to capture attention and open doors
Employing bold messaging to capture attention and open doors 1. Coronado GD, Jenkins CL, Shuster E, et al. Blood-based colorectal cancer screening in an integrated health system: a randomised trial of patient adherence. Gut. 2024;73(4):622-628. 137 doi:10.1136/gutjnl-2023-330980 2. Referenced with p
Slide 138: Multi-channel messaging for HCPs and patients
Multi-channel messaging for HCPs and patients helps ensure Shield is top of mind at decision point Awareness Education Point of Decision 138
Slide 139: Medicare pricing of $1,495
MEDICARE PRICING OF $1,495 following ADLT designation Strong reimbursement from Medicare Advantage commercial payers 139
Slide 140: Next-generation operating model will increase scale with practical AI-integrations
Next-generation operating model will increase scale with practical AI-integrations Stronger C/X and AI Scaling of Service Internal AI Automations Self-Service Options AI-Powered Outreach Q3 ‘ 25 Simplified Ordering Q1 ‘ 26 AI-Driven Sales Tools Q4 ‘ 25 AI-Integrated Client Q4 ‘ 25 Enhanced Self-Serv
Slide 141: Shield's fundamentals will deliver strong margins at scale
Shield's fundamentals will deliver strong margins at scale Expecting Screening to be FCF breakeven at $600m to $800m revenue run rate Strong Deep Ordering Per Next Generation Scalable Gross Profit Account Operating Model Platform $1,495 ADLT price 90%+ patient adherence Efficient and scalable Smart
Slide 142: Key Takeaways: Cancer Screening
CANCER SCREENING Key Takeaways Trailblazing new markets. Created a new category in screening that’s on track to be the most successful diagnostics launch Positioned to win. Best-in-class performance and a first-mover advantage for CRC screening alongside our rapidly scaling commercial infrastructure
Slide 143: Accelerating revenue growth and path to profitability
Accelerating revenue growth and path to profitability Mike Bell Chief Financial Officer
Slide 144: Guidance for full year 2025
Guidance for full year 2025 Revenue Guidance Total $915M – $925M Non-GAAP Gross Margin 24% - 25% y/y growth 63% – 64% Oncology ~20% y/y growth Non-GAAP Operating Expenses $840M – $850M Biopharma & Data Mid-teens growth Free Cash Flow Screening $55M - $60M $(225M) – $(235M) 68K - 73K Shield volume No
Slide 145: Revenue growth has accelerated over the last two years
Revenue growth has accelerated over the last two years 28% CAGR Total Revenue $920M1 $739M 23% CAGR $564M $450M $374M 2021 2022 2023 2024 2025E 1. Revenue guidance updated July 30, 2025. Oncology Biopharma & Data Screening Licensing & Other 145
Slide 146: Increasing 2028 revenue target with growth driven across all businesses
Increasing 2028 revenue target with growth driven across all businesses Total Revenue 34% CAGR Screening ~$2.2B Biopharma & Data Oncology $920M 2025 2028 Oncology Biopharma & Data Screening 146
Slide 147: Multiple drivers to sustain strong Oncology volume growth
Multiple drivers to sustain ONCOLOGY strong Oncology volume growth Oncology Volume 2026 - 2028 Key Growth Drivers +27%1 +20% Smart applications Product upgrade MRD indication expansion Progression testing Market share gains Therapy monitoring Monitoring Liquid attachment Reveal Ultra launch 2023 202
Slide 148: Updating 2028 Oncology ASP targets
Updating 2028 Oncology ASP targets ONCOLOGY Prior Updated Q2 2025 2028 Target 2028 Target $3,000-$3,100 $3,000 $3,300 Expanded commercial coverage Expanded commercial coverage $2,000 $2,000 $3,000 Medicare Advantage pull-through Tissue RNA reimbursement Breast/IO/other Medicare coverage $600-$700 $1
Slide 149: Increasing 2028 Oncology revenue target
Increasing 2028 Oncology revenue target ONCOLOGY ~$1.4B ~30% 2028 Oncology revenue target 2025-2028 CAGR 149
Slide 150: Biopharma & Data business is well-positioned to continue generating significant value
BIOPHARMA Biopharma & Data business is well-positioned & DATA to continue generating significant value Business delivers strong GMs and positive FCF ~$300M Pharma partnerships fuel product innovation CDx approvals drive clinical volume 2028 Biopharma & Data revenue target Global footprint supports i
Slide 151: Strong progress against previous Investor Day Screening assumptions
Strong progress against previous SCREENING Investor Day Screening assumptions 2023 assumptions 2025 assumptions FDA approval 2024 FDA approval 2024 2nd line label 1st line label Medicare rate $920 / ASP ~$500 Medicare rate $1,495 / ASP ~$700 1 year first mover advantage 2 years first mover advantage
Slide 152: On track to deliver 2028 Screening revenue target
On track to deliver SCREENING 2028 Screening revenue target >$500M 2028 Screening revenue target 152
Slide 153: Increasing 2028 total revenue target
Increasing 2028 total revenue target ~$2.2B ~34% 2028 Total revenue target 2025-2028 CAGR 153
Slide 154: ASP increases and COGS reductions will deliver improved gross margins
ASP increases and COGS reductions will deliver improved gross margins Key drivers to reduce COGS Non-GAAP Blended Gross Margin NovaSeq X transition Test volume 65-70% 63-64% Operational efficiencies Test volume Automation Test volume Workflow efficiencies Automation 2025 2028 Test volume 154
Slide 155: Balancing tight cost control with investments in innovation and commercial expansion
Balancing tight cost control with investments in innovation and commercial expansion R&D* G&A* S&M* ~$430M $330M $328M $296M ~$285M $270M $129M $133M ~$130M 2023 2024 2025E 2023 2024 2025E 2023 2024 2025E % OF REVENUE % OF REVENUE % OF REVENUE 58% 40% 31% 23% 18% 14% 48% 44% 47% LRP ASSUMPTIONS LRP
Slide 156: Adopting AI to drive significant efficiencies across all areas of the business
Adopting AI to drive significant efficiencies across all areas of the business Technology Clinical Data Software Sales Systems Development Finance Regulatory Legal Reimbursement Human Resources Client Services Investor Relations Dark blue shading represents stage of AI implementation 156
Slide 157: Topline growth, improved gross margins, and tight cost control reduce cash burn
Free Cash Flow Topline growth, improved gross 2022 2023 2024 2025E margins, and tight cost control has led to year-over-year $(225M)-$(235M)1 reductions in $(275M) cash burn $(387M) $(345M) 157 1. Free cash flow guidance provided July 30, 2025.
Slide 158: Improved revenue and gross margin forecast brings forward free cash flow breakeven
Free Cash Flow Forecast 2027 2028 2025 2026 Improved revenue FCF Positive FCF Breakeven Q4 2027 and gross margin forecast brings forward free cash flow breakeven target to end of 2027 $(225M)-$(235M)1 FCF breakeven target pulled forward 12 months 158 1. Free cash flow guidance provided July 30, 2025
Slide 159: Key Takeaways: Financials
FINANCIALS Executing ahead of plan. Increased 2028 revenue target to ~$2.2B with growth forecasted across all businesses Key Takeaways Expanding gross margins. ASP increases and COGS reductions will deliver improved blended gross margin Balancing cost control with investment in innovation and commer
Slide 160: Delivering on our promise to patients
Delivering on our promise to patients Helmy Eltoukhy, PhD co-Chief Executive Officer, co-Founder & Chair AmirAli Talasaz, PhD co-Chief Executive Officer & co-Founder
Slide 161: Key Takeaways: Investor Day 2025
INVESTOR DAY 2025 Best of breed innovation platform. Proprietary Smart Platform combined with multi-modal data & AI is fueling our growth in oncology, cancer screening and beyond Key Takeaways Powerful InfinityAI learning engine accelerating clinical science. Exponential epigenomics data growth and
Slide 162: New announcements today
NEW ANNOUNCEMENTS TODAY Increased 2028 revenue target to ~$2.2B Accelerated company-wide breakeven to Q4 2027, 12 months ahead of previous guidance Submitted Guardant360 Liquid PMA to FDA Launching Reveal for therapy monitoring in Q4 2025 Increasing Reveal clinical data generation by 10x in 2026 wit
Slide 163: 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 163