Guardant Health, Inc. · NASDAQ:GH
Guardant Health — Q3 2025 Earnings Presentation
25 slides from Guardant Health's earnings presentation, Oct 29, 2025
Slide 1: Conquering Cancer with Data
Conquering Cancer with Data Q3 2025 Earnings Call October 29, 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: One platform for the entire patient journey
One platform for the entire patient journey Profiling PLATFORM 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 39% Growth Revenue $265M $191M Q3 2024 Q3 2025 Oncology Biopharma & Data Screening Licensing & Other 4
Slide 5: Oncology revenue and volume growth driven by strong performance across all products
Oncology revenue and volume growth driven by strong performance across all products Oncology Revenue Oncology Volume 74K $184M 53K $141M 31% YoY Growth 40% YoY Growth Q3 2024 Q3 2025 Q3 2024 Q3 2025 5
Slide 6: Oncology volume growth is accelerating driven by product upgrades and reimbursement coverage
Oncology volume growth is accelerating driven by product upgrades and reimbursement coverage Oncology Volume Five consecutive quarters of accelerating Y/Y 14% 21% 24% 25% 30% 40% Oncology and Guardant360 volume growth Growth Upgrade Steady cadence of new Smart Platform 74K applications to Guardant36
Slide 7: InfinityAI is accelerating innovation across the business
InfinityAI is accelerating innovation across the business 7
Slide 8: Smart Platform applications supporting accelerating growth of Guardant360 Liquid
Smart Platform applications supporting accelerating growth of Guardant360 Liquid 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
Slide 9: Q3 Oncology highlights
Q3 Oncology highlights Oncology y/y volume growth 40% driven by strong performance across all products Guardant360 y/y volume growth >30% Reveal continues to be the fastest growing Oncology product Submitted Guardant360 Liquid PMA to FDA Strong presence at ESMO 2025 with 15 abstracts spanning the ca
Slide 10: 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 RADIOHEAD, Liang IO Monitoring et al Chemo Monitoring RWE CDK4/6 Mon
Slide 11: 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 12: Strong quarter for biopharma with positive CDx momentum
Strong quarter for biopharma with positive CDx momentum Two new CDx approvals in Q3 Biopharma & Data Revenue $55M FDA approval for Guardant360 CDx as a companion diagnostic for Inluriyo for treatment $47M of ESR1-mutated advanced breast cancer Regulatory approval in Japan for Guardant360 18% YoY Gro
Slide 13: Continued strong traction in first full year of commercial launch
Continued strong traction in first full year of commercial launch Shield Volume 24K $24M 16K 9K 6K Q3 ‘25 Revenue Q4 2024 Q1 2025 Q2 2025 Q3 2025 13
Slide 14: Q3 Screening highlights
Q3 Screening highlights Strategic collaboration with Quest Diagnostics to expand nationwide access to Shield Partnership with PathGroup bringing Shield to 250+ hospitals and health systems in 25 states Shield continues to demonstrate a high adherence rate Improved stage I performance of Shield V2 CR
Slide 15: Commercial infrastructure is scaling rapidly bolstered by recent strategic collaborations
Commercial infrastructure is scaling rapidly bolstered by recent strategic collaborations >650K >8,000 EMR connected National patient HCPs and hospitals access points Access to Quest national sales team 250 >1K Hospitals & health systems In-office across 26 states phlebotomists 15
Slide 16: Shield is a multi-cancer detection platform
CRC CRC Lung Shield is a Bladder multi-cancer Liver Ovarian detection Multi-cancer platform Stomach Esophageal Pancreatic Prostate Breast 16
Slide 17: Multi-cancer
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. 17
Slide 18: Multi-cancer
NOW AVAILABLE Multi-cancer Expanding Shield to include multi-cancer detection Scalable platform Expanded patient for clinical data access 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 approved by FDA. 18
Slide 19: Supercharging data collection through Shield MCD rollout
Supercharging data collection through Shield MCD rollout IVD order Multiple endpoints including: Physician and patient opt in for MCD results report and enable access to medical records Device performance Safety Shield CRC and MCD result returned to physician Cancer stage shift Impact of interventio
Slide 20: Significant revenue growth in Q3 2025
Significant revenue growth in Q3 2025 Q3’25 Q3’24 % Growth Total Revenue $265.2M $191.5M 39% Oncology $184.4M $141.2M 31% Biopharma & Data $54.7M $46.5M 18% Screening $24.1M $1.0M -- Licensing & Other $2.0M $2.7M -- 20
Slide 21: Gross margin increase driven by reduction in Reveal COGS and rapid improvement in Shield
Gross margin increase driven by reduction in Reveal COGS and rapid improvement in Shield gross margin Non-GAAP Gross Margin1 Non-GAAP Shield Gross Margin1 66% 63% 55% Negative Q3 2024 Q3 2025 Q3 2024 Q3 2025 21 1. Gross margin is defined as gross profit divided by revenue.
Slide 22: Q3 2025 non-GAAP financial highlights
Q3 2025 non-GAAP financial highlights Non-GAAP Measures Q3’25 Q3’24 Variance Gross Profit $174.3M $121.1M $53.3M Gross Margin1 66% 63% ~300 bps Total Operating Expenses $228.8M $187.3M $41.5M R&D $75.8M $68.4M $7.4M S&M $115.9M $84.6M $31.3M G&A $37.1M $34.4M $2.8M Adjusted EBITDA2 $(45.5M) $(56.2M)
Slide 23: Raising revenue guidance for full year 2025
Raising revenue guidance for full year 2025 Revenue Current Guidance Prior Expectations Total $965M – $970M $915M - $925M ~31% y/y growth 24% - 25% y/y growth Oncology ~25% y/y growth ~20% y/y growth Biopharma & Data Mid-teens growth Mid-teens growth Screening $71M - $73M $55M - $60M 80K - 82K Shiel
Slide 24: 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 CRC surveillance Strategic biopharma Multi-cancer data Tissue launch reimbursement partnerships ADLT status, improved Continued profitability Positive gross margin
Slide 25: Guardant
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