Guardant Health, Inc. · NASDAQ:GH
Guardant Health — 44th Annual J.P. Morgan Healthcare Conference 2026
32 slides from Guardant Health's conference presentation, Jan 12, 2026
Slide 1: JP Morgan Healthcare Conference
JP Morgan Healthcare Conference January 12, 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: 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 3
Slide 4: Diagnosed with HR+/HER2- breast cancer
OCTOBER OCTOBER 2014 2025 2025 Diagnosed with Reveal returned a Guardant360 HR+/HER2- breast positive ctDNA identified multiple cancer result actionable mutations, guiding Successfully her physician to the treated with next step in her chemotherapy treatment plan Sarah Breast cancer patient 4
Slide 5: One platform for the entire patient journey
One platform for the entire patient journey Profiling PLATFORM Monitoring Monitoring Screening Tumor Surgery MRD detected Profiling 5
Slide 6: Strong revenue growth in 2025
Strong revenue growth in 2025 Q4 Revenue (M) FY Revenue (M) $9811 $2801 $739 $202 39% YoY Growth 33% YoY Growth Q4 2024 Q4 2025 2024 2025 1. Approximate preliminary revenue based on unaudited full year and Q4 2025 results provided on January 11, 2026 6
Slide 7: Expanded product offering coupled with operational excellence is accelerating our revenue growth
Expanded product offering coupled with operational excellence is accelerating our revenue growth Total Revenue +33% $981M1 +31% +25% $739M +20% $564M $450M $374M 2021 2022 2023 2024 2025E 1. Approximate preliminary revenue based on unaudited full year 2025 results provided on January 11, 2026 7
Slide 8: Delivered key milestones across the continuum of cancer care in 2025
Delivered key milestones 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 marg
Slide 9: 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 9
Slide 10: Smart Platform: serving the continuum of cancer care
Therapy Selection 1M $10B Smart Total U.S. Advanced Cancer Patients Total U.S. Addressable Market Platform: serving the continuum of MRD cancer care 18MTotal U.S. Cancer $20B Total U.S. Patients and Survivors Addressable Market Sources: Therapy selection TAM is Stage IV patients prevalence, 3rd part
Slide 11: Oncology volume growth acceleration driven by Smart Platform innovation
Oncology volume growth acceleration driven by Smart Platform innovation Oncology Volume 34% Steady cadence of new Smart Platform applications for Guardant360 Liquid 276K1 20% Guardant360 y/y growth of 25% in 2025 207K Reveal continues to be the fastest 173K growing product Strong traction in Guardan
Slide 12: InfinityAI is accelerating innovation across the business
InfinityAI is accelerating innovation across the business Fueling a rich data ecosystem >1,000,000 PATIENT SAMPLES Product innovation + Smart App launches >400,000 Clinical insights EPIGENETIC PROFILES Biopharma applications >100 TUMOR TYPES 12
Slide 13: InfinityAI powers navigation of integrated patient journey
InfinityAI powers navigation of integrated patient journey Guardant Results Guardant Publications Clinical History Biomarker Data Novel Therapeutics NCCN/ASCO Guidelines Trial Availability 13
Slide 14: Improving the future of cancer care through research partnerships and 670+ peer-reviewed publications
Improving the future of cancer care through research partnerships and 670+ peer-reviewed publications Partnership with Top Thought Leaders Patient Outcomes 45+ 270+ 670+ NCI-Designated Comprehensive Publications with patient outcomes 610+ Cancer Centers involved in involving targeted therapies publi
Slide 15: Reveal data pipeline driving reimbursement momentum
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, IO Monitoring Liang et al Chemo Monitoring RWE CDK4/6 Monitoring Mu
Slide 16: Unlocking new paradigms in therapy monitoring
Unlocking new paradigms in therapy monitoring Launched in Q4 2025 SERENA-6 Trial1 Tissue-free solution to monitor Liquid biopsy directed switch to a new treatment response and detect early treatment upon emergence of ESR1 disease progression with best-in-class resistance mutation speed and sensitivi
Slide 17: Significant progress towards launch of tissue-informed MRD assay with best-in-class sensitivity
Significant progress towards launch of tissue-informed MRD assay with best-in-class sensitivity 500 100 Lower input challenging samples2 Emerging Achieved LOD below 1ppm across LoD95 (PPM) TI-MRD assays1 10 broad cohort of patients Ultra-sensitive Higher input range easier samples3 Assay consistentl
Slide 18: Industry-leading global biopharma business with growing long-term partnerships
Industry-leading global biopharma business with growing long-term partnerships 24 Total CDx approvals 200+ Lifetime biopharma partners in the U.S., Japan, and Europe across biomarker and tumor types including 19 of the top 20 pharma companies Multiple strategic partnerships with global large pharma
Slide 19: 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) 19
Slide 20: 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 20
Slide 21: Strong momentum continues for CRC screening
Strong momentum continues for CRC screening +14K 38K1 Volume +8K 24K +7K 16K +3K 9K 6K Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 1. Approximate preliminary revenue and volumes based on unaudited Q4 2025 results provided on January 11, 2026 21
Slide 22: Shield is advancing the fight against cancer
Shield is advancing the fight against cancer FDA-APPROVED BLOOD TEST Routine, high-adherence 22
Slide 23: Shield real-world patient adherence far surpasses other screening modalities
Shield real-world patient adherence far surpasses other screening modalities Colonoscopy or stool-based tests 93% Adherence rate for 25-71% Adherence rate2 first 100,000 patients1 1. Guardant Health internal data; 2. See appendix for sources 23
Slide 24: Commercial infrastructure is scaling rapidly bolstered by recent strategic collaborations
Commercial infrastructure is scaling rapidly bolstered by recent strategic collaborations >650K >8,000 Launching in EMR connected National patient Q1 2026 HCPs and hospitals access points Access to Quest national sales team Launched 24
Slide 25: Multi-channel messaging for HCPs and patients helps ensure Shield is top of mind at decision point
Multi-channel messaging for HCPs and patients helps ensure Shield is top of mind at decision point AWARENESS EDUCATION POINT OF DECISION 25
Slide 26: Major 2025 achievements lay the groundwork for strong Shield growth in 2026 and beyond
Major 2025 achievements lay the groundwork for strong Shield growth in 2026 and beyond Field Force Scale-Up OUS Self-Pay Expansion 2025 ACS Guidelines Targeted DTC Campaigns … 2026 ADLT Status: $1,495 Rate NCCN Guidelines Product-Market Fit EMR Integrations Commercial Excellence 26
Slide 27: Multi-cancer detection
Scalable platform for clinical data generation Multi-cancer detection 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 cleare
Slide 28: 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 28
Slide 29: Clear path to cash flow breakeven
Clear path to cash flow breakeven 2022 2023 2024 2025 2026 2027 2028 FCF Breakeven FCF Positive2 Targeting free cash flow Q4 20272 breakeven in Q4 2027 Excluding Screening, generated positive free cash flow in Q3 and Q4 2025 $(233)M1 $(275)M Strong balance sheet following recent financing and conver
Slide 30: Upcoming key catalysts across the continuum of cancer care in 2026
Upcoming 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 Quest collaboration launch Transition to NovaS
Slide 31: Guardant
(@) GUARDANT
Slide 32: References
References Sources for adherence for colonoscopy: • Bretthauer M, Løberg M, Wieszczy P, et al. NordICC Study Group. Effect of colonoscopy screening on risks of colorectal cancer and related death. N Engl J Med. 2022;387(17):1547-1556. doi:10.1056/NEJMoa2208375 • Lin JS, Perdue LA, Henrikson NB, Bean
Guardant Health — 44th Annual J.P. Morgan Healthcare Conference 2026 on 6ix