Guardant Health, Inc. · NASDAQ:GH
Guardant Health — Q2 2026 Earnings Presentation
25 slides from Guardant Health's earnings presentation, Jul 30, 2026
Slide 1: Conquering Cancer with Data
Conquering Cancer with Data Q2 2026 July 30, 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: Trailblazing large growth markets powered by our Smart Platform
Trailblazing large growth markets $300B powered by our Smart Platform $50B Multi-Disease Cancer Screening $20B Screening $10B MRD Therapy Selection 3
Slide 4: Outstanding execution in Q2 driving revenue growth of 44%
Outstanding execution in Q2 driving revenue growth of 44% Revenue +44% $335M $232M Q2 2025 Q2 2026 4 Oncology Biopharma & Data Screening Licensing & Other
Slide 5: Multi-product momentum driving strong Oncology revenue and volume growth
Multi-product momentum driving strong Oncology revenue and volume growth Oncology Revenue Oncology Volume +38% +63% $219M 104K $159M 64K Q2 2025 Q2 2026 Q2 2025 Q2 2026 5
Slide 6: Continued acceleration of Oncology volume growth
Continued acceleration of Oncology volume growth Oncology Volume Y/Y Growth 21% 24% 25% 30% 40% 38% 47% 63% Guardant360 Liquid y/y volume growth accelerated to >30% driven by Smart Platform END OF TEMPLATE FDA Approval 104K Guardant360 Tissue remains second fastest Therapy Monitoring Launch growing
Slide 7: Rapidly scaling data + InfinityAI is fueling innovation and widening competitive moat
Rapidly scaling data + InfinityAI is fueling innovation and widening competitive moat >1,300,000 Smart Apps PATIENT TESTS Genomics New product development Multi-modal >700,000 Claims Novel biological signatures EPIGENETIC PROFILES Longitudinal Data Real world data generation EMR >100 TUMOR TYPES Fas
Slide 8: Raising the standard for therapy selection
Raising the standard for therapy selection FDA Approved Most advanced 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 8
Slide 9: Reveal Therapy Monitoring gaining significant traction & reshaping late-stage cancer management
Reveal Therapy Monitoring gaining significant traction & reshaping late-stage cancer management Best-in-class tissue-free solution 5-day turnaround Predicts therapy response months before scans Seamless connectivity to Guardant360 Liquid allows physicians to act sooner 9
Slide 10: Strong Reveal data pipeline supporting indication expansion
Strong Reveal data pipeline supporting indication expansion Indication Specific Studies 1H 2024 2H 2024 1H 2025 2H 2025 1H 2026 2H 2026 CRC Surveillance COSMOS Covered by Medicare Elliot et al, END OF TEMPLATE Breast Surveillance Ademuyiwa et al RADIOHEAD, IO Monitoring Liang et al Chemo Monitoring
Slide 11: InfinityAI and Smart Platform deepening strategic partnerships with leading biopharma companies
InfinityAI and Smart Platform deepening strategic partnerships with leading biopharma companies Biopharma & Data Revenue FDA approval for Guardant360 CDx as a companion diagnostic for 9% Boehringer Ingelheim’s HERNEXEOS for HER2 (ERBB2)-mutant advanced non-small cell lung cancer $61M $56M FDA approv
Slide 12: Shield is a multi-cancer detection platform
Shield is a CRC multi-cancer detection CRC platform Bladder Lung 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 12
Slide 13: Exceptional commercial execution driving rapid Shield revenue and volume growth
Exceptional commercial execution driving rapid Shield revenue and volume growth Screening Revenue Screening Volume 66K $53M $15M 16K Q2 2025 Q2 2026 Q2 2025 Q2 2026 13
Slide 14: Commercial expansion and key guideline inclusions are driving Shield adoption
Commercial expansion and key guideline inclusions are driving Shield adoption Quarterly Screening Revenue $53M $42M $35M NCCN $24M $15M $4M $6M Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 14
Slide 15: Recent Screening highlights
Recent Screening highlights Strong volume growth driven by commercial scale, DTC momentum, and Quest collaboration Shield included in the American Cancer Society’s colorectal cancer screening guidelines UnitedHealth Group coverage for Shield in adults 45 or older FDA approval received for higher-thr
Slide 16: Scaled Shield commercial engine
Scaled Shield commercial engine >400 Person Field Force DTC and Influencer Co-Promote Campaigns Nationwide EMR HCP Marketing >30 Person Health Systems Team 16
Slide 17: Shield guideline inclusion is driving commercial coverage momentum
Shield guideline inclusion is driving commercial coverage momentum July 2026 Coverage begins August 1, 2026 17
Slide 18: Shield is now covered for approximately 70 million people
Shield is now covered for approximately 70 million people UnitedHealth (~15M)1 120M Average-risk U.S. individuals ACS (~5M)1 eligible for CRC screening Medicare (~50M) $50B U.S. Addressable CRC Commercial (uncovered, ~50M) Screening Market Sources: AACR Study, Cancer Prev Res (2020) 18 1. Based on i
Slide 19: FDA Approved
FDA Approved Workflow Improvement Higher-throughput, lower-COGS Shield workflow enables path to $200 cost per test Establishes the foundation for the scalability in our lab operations 19
Slide 20: Revenue growth driven by Oncology & Screening momentum
Revenue growth driven by Oncology & Screening momentum Q2’26 Q2’25 % Growth Total Revenue $335M $232M 44% Oncology $219M $159M 38% Biopharma & Data $61M $56M 9% Screening $53M $15M 257% Licensing & Other $2M $3M -- 20
Slide 21: FDA approval advances Shield's path to $200
FDA approval Cost Per Test advances Shield’s ~$410 path to $200 ~$350 cost per test • Workflow Improvement ~$200 • Future Automation • Scale Efficiencies Q2 2026 Q4 2026 Q4 2028 1. Approximate cost per test based on unaudited results provided on July 30, 2026. Bars not to scale. Reflects non-GAAP fi
Slide 22: Q2 2026 non-GAAP financial highlights
Q2 2026 non-GAAP financial highlights Non-GAAP Measures1 Q2’26 Q2’25 Gross Margin2 67% 66% Total Operating Expense $288M $215M R&D $81M $73M S&M $172M $108M G&A $35M $35M Adjusted EBITDA3 $(56M) $(52M) Free Cash Flow4 $(70M) $(66M) June 30, 2026 December 31, 2025 Cash & investments5 $1.2B $1.3B 1. N
Slide 23: Raising full year guidance on strong Q2 performance
Raising full year guidance on strong Q2 performance Revenue Current Guidance Prior Guidance Total $1.34B – $1.36B $1.30B - $1.32B 36% - 38% y/y growth 32% - 34% y/y growth Oncology ~30% y/y growth 28% - 29% y/y growth Biopharma & Data Low double-digit growth Low double-digit growth Screening $218M -
Slide 24: Key catalysts across the continuum of cancer care in 2026
Key catalysts across the continuum of cancer care in 2026 ONCOLOGY BIOPHARMA & DATA SCREENING Therapy Selection MRD Guardant360 Liquid FDA MolDx coverage for Reveal CDx approvals, including ACS guidelines approval and launch Breast MRD SERENA-6 Transition to NovaSeq X MolDx coverage for Reveal Addit
Slide 25: () GUARDANT.
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