Guardant Health, Inc. · NASDAQ:GH
Guardant Health — 43rd Annual J.P. Morgan Healthcare Conference (January 2025)
33 slides from Guardant Health's conference presentation, Jan 13, 2025
Slide 1: Conquering Cancer with Data
Conquering Cancer with Data J.P. Morgan Healthcare Conference January 13, 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: Our mission is to guard wellness and give every person more time free from cancer
Our mission is to guard wellness and give every person more time free from cancer 3
Slide 4: Transforming patient lives across the continuum of cancer care
Transforming patient lives across the continuum of cancer care Screening MRD Therapy Selection 120M 15M 700K avg risk US patients total US patients total US patients Cancer Detection Recurrence Surgery +/- Adjuvant 1st Line Tx 2nd Line Tx +Tx FDA Approved 4
Slide 5: A positive Shield result detected stage II CRC cancer
At 68, Robert had never been screened for CRC A positive Shield result convinced him to have his first colonoscopy that detected stage II CRC cancer 55
Slide 6: Strong record of execution
Strong record of execution Total Revenue $737M1 +31% $564M $450M $374M year-over-year growth in 2024 $287M FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 6 1. Approximate preliminary revenue based on unaudited full year 2024 results provided on January 13, 2025
Slide 7: Delivered key milestones across the continuum of cancer care in 2024
Delivered key milestones across the continuum of cancer care in 2024 Therapy Selection MRD Screening Profitable core business CRC data published Shield FDA approval Increased G360 ASP Breast data submitted Shield Medicare reimbursement Launched Smart Liquid CRC MolDX data Biopsy for G360 submitted S
Slide 8: Leading in liquid biopsy for Therapy Selection
Leading in 700K Total U.S. Advanced liquid biopsy Cancer Patients for Therapy Selection $10B Total U.S. Addressable Market Sources: Therapy selection TAM is Stage IV patients., Data from internal modeling that sources information from US Cancer Statistics; SEER, CancerMPact®, NODA data, Treatment Ar
Slide 9: 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 $541M2 Oncology Clinical Volume Growth1,2 $404M 24% Q4 2024 Y/Y Growth 20% FY 2024 Y/Y Growth Including double digit G360 34% YoY Growth growth ASP + Reimbursement Tailw
Slide 10: Guardant360 ASP benefiting from multiple tailwinds
Guardant360 ASP benefiting from multiple tailwinds Biopharma Revenue (M) Guardant360 ASP now ~$3,000, reaching goal ~4 years ahead of target ~$3,0001 ~$2,750 Tissue Medicare pricing increased from $3,100 to $3,500, effective January 1, 2025 U.S. state legislative biomarker bills continue to support
Slide 11: The next generation of Guardant360
The next All Guideline Biomarkers 7 Day TAT 10X Lower TB generation of E EPIGENOM Detection NSIV ICS E B EH AC R Guardant360 MP KB CO ON Novel E 740 Genes Signatures powered by Smart Liquid A NE AT AP W D PL Y IC A DB T IO N S F U E L E Biopsy TISSUE OF ORGIN THERAPY TOXICITY TUMOR THERAPY SUBTYPING
Slide 12: Leveraging Smart Platform to advance tissue CGP
Leveraging Smart Platform to advance tissue CGP Coming soon in 2025 12
Slide 13: Multiple drivers of biopharma revenue growth
Multiple drivers of biopharma revenue growth Biopharma Revenue Lifetime biopharma partners $145M1 >180 Including 19 out of the top 20 pharma companies $110M Of biopharma volumes are >50% now Smart Liquid Biopsy 31% YoY Growth Multiple long-term strategic partnerships FY 2023 FY 2024 with large pharm
Slide 14: Therapy Selection growth drivers
Therapy Selection growth drivers Major product Expanded ASP upgrades use cases tailwinds International Market Increased expansion growth penetration 14
Slide 15: Paving the way for tissue-free MRD
Paving the 18M way for Total U.S. Patients tissue-free MRD $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, Mollica MA, Gallicchio L, Green P, Doose M, Brick R, Streck B, Reed C, de
Slide 16: Large market that can only be addressed by tissue-free MRD
Large market that can only be addressed by tissue-free MRD 18M Total U.S. cancer patients 12M+ Patients greater than 5 years out from surgery 3M+ Of cancer population can only be addressed with tissue-free <3% Of 18M+ patients are tested today Sources: 1-2 Survival data from the Surveillance, Epidem
Slide 17: Reveal on Smart Liquid Biopsy: high performance MRD without tissue for CRC surveillance
Reveal on Smart Liquid Biopsy: high performance MRD without tissue for CRC surveillance COSMOS-CRC 1,977 samples from 342 CRC patients undergoing curative intent therapy 81% 99% Surveillance Specificity Sensitivity 0.005% LoD95 at 5ng1 1. LoD data is based on internal analytical validity data on fil
Slide 18: 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 Breast Multiple Therapy Monitoring Multiple Other Indications Multiple Longer term Phase II Phase III Phase III pro
Slide 19: Reveal on track for inflection this year
Reveal on track for inflection this year CRC surveillance ASP COGS reimbursement improvement reduction Gross margin Volume Cash burn inflection acceleration reduction 19
Slide 20: One platform for the entire patient journey
One platform for the entire patient journey Profiling Monitoring Monitoring Screening Tumor Surgery MRD detected Profiling
Slide 21: Pioneering a new category of cancer screening
Pioneering a 120M new category Average-risk U.S. individuals of cancer screening $50B Total U.S. Addressable Market Sources: AACR Study, Cancer Prev Res (2020) 21
Slide 22: 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 22
Slide 23: Overall CRC sensitivity and specificity
83% 90% 90% Overall CRC Specificity Patient adherence sensitivity1 Publication of ECLIPSE2 Randomized study by Shield modeling shows validates strength of Kaiser shows proportion favorable life years gained, clinical data of screening completed is CRC cases averted, and 3x higher with added CRC deat
Slide 24: Already covered for 45 million Medicare beneficiaries
Already covered for Favorable Medicare pricing $920 Effective Aug 1, 2024 45 million Medicare $1,495 Improved Medicare pricing beneficiaries following ADLT 1 designation Expected in 2025 1. US census data 24
Slide 25: Strong support across the ecosystem
Strong support across the ecosystem Advocacy Groups $0 What are the BENEFITS of the test? Some patients may not care to “out of pocket” cost for do a stool test or colonoscopy follow-up colonoscopy due to inconvenience, preparation requirements, following a positive and/or concerns about risk or col
Slide 26: Rapidly growing commercial infrastructure
Rapidly growing commercial infrastructure 100 fully trained reps EMR integrations in the field and growing Network of >40K COMING IN 2025 phlebotomists nationally 26
Slide 27: Strong traction in first full quarter of commercial launch
Strong traction in first full quarter of commercial launch 6.4K Q4 ‘24 Volume1 $4M Q4 ‘24 Revenue1 1. Approximate preliminary volume and revenue based on unaudited full year 2024 results provided on January 13, 2025 27
Slide 28: On track for COGs reduction
Shield COGs Per Test On track >$1,000 Scale efficiency for COGs Gross Margin Breakeven reduction ~$600 Scale efficiency Automation Improved workflow to ~$200 ~$200 Pre-launch Post-launch At ~1M test run-rate 1H 2024 Q4 20241 2028 1. Approximate preliminary COGS based on unaudited results provided on
Slide 29: NIH selected Shield for Vanguard MCD study
Multi-cancer NIH selected Shield for Vanguard MCD study Prospective, Shield selected on Detecting 10 cancer types, interventional study of up strong feasibility data in including lung, breast, to 24,000 people predicting presence of colorectal, prostate, bladder, cancers and cancer site ovarian, pan
Slide 30: Strong revenue growth in 2024
Strong revenue growth in 2024 Q4 Revenue Full Year Revenue $200M1 $737M1 $155M $564M 29% YoY Growth 31% YoY Growth Q4 2023 Q4 2024 FY 2023 FY 2024 30 1. Approximate preliminary revenue based on unaudited full year 2024 results provided on January 13, 2025
Slide 31: On track to reach cash flow breakeven with healthy cash balance
On track to reach cash flow breakeven with healthy cash balance CASH BURN REDUCING EVERY YEAR Guardant Health FCF 2022 2023 2024 2025 2026 2027 2028 breakeven in 2028 FCF breakeven Therapy Selection FCF positive from 2024 onwards $(275)M1 MRD FCF breakeven by end of 2026 $(347)M $(387)M $(450)M – $(
Slide 32: Upcoming key catalysts across the continuum of cancer care in 2025
Upcoming key catalysts across the continuum of cancer care in 2025 Therapy Selection MRD Screening Guardant360 Smart Liquid CRC surveillance Multi-cancer data Biopsy app rollout reimbursement ADLT status, improved Guardant360 Tissue Breast publication Medicare pricing launch Positive gross margin Co
Slide 33: () GUARDANT
() GUARDANT
Guardant Health — 43rd Annual J.P. Morgan Healthcare Conference (January 2025) on 6ix