Guardant Health, Inc. · NASDAQ:GH
Guardant Health — Q3 2026 Earnings Presentation
28 slides from Guardant Health's earnings presentation, Nov 5, 2026
Slide 1: Conquering Cancer with Data
Conquering Cancer with Data Q3 2026 November 5, 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: Strong execution across the business driving revenue growth
Strong execution across the business driving revenue growth Revenue +36% $361M $265M Q3 2025 Q3 2026 4 Oncology Biopharma & Data Screening Licensing & Other
Slide 5: Broad portfolio adoption powering Oncology growth
Broad portfolio adoption powering Oncology growth Oncology Revenue Oncology Volume +25% +58% $231M 117K $184M 74K Q3 2025 Q3 2026 Q3 2025 Q3 2026 5
Slide 6: Product innovation driving Oncology volume strength
Product innovation driving Oncology volume strength Oncology Volume Y/Y Growth 21% 24% 25% 30% 40% 38% 47% 63% 58% Guardant360 Liquid on track for ~30% FDA Approval full year growth, fueled by the Smart END OF TEMPLATE 117K Platform Upgrade Therapy Monitoring Upgrade Launch Guardant360 Tissue remain
Slide 7: Landmark FDA approval for ESR1 resistance monitoring in advanced breast cancer
Landmark FDA approval for ESR1 resistance monitoring in advanced breast cancer Companion diagnostic for AstraZeneca’s ETCAMAH, detecting ESR1 status before radiographic progression ~37,000 US women Testing recommended First monitoring approval with HR+/HER2-advanced every 3 months for Guardant360 CD
Slide 8: The ONLY FDA-approved companion diagnostic for ESR1-targeted therapies
The ONLY FDA-approved companion diagnostic for ESR1-targeted therapies 8
Slide 9: On track for improved reimbursement in 2027
On track for improved reimbursement in 2027 2027 PLA code ADLT submitted ADLT designation finalized Advanced Diagnostic Expected in 1H27 Dedicated billing code for Laboratory Test application to Guardant360 Liquid CDx CMS 9
Slide 10: The only multi-omic tissue CGP assay
PMA SUBMITTED TO FDA L o w In p u t R e q u i re men t The only multi-omic tissue CGP assay Comprehensive genomic analysis 92% less tissue area required1 DNA profiling Whole transcriptome analysis RNA expression Genome-wide methylation insight 40% fewer slides needed2 Smart Apps 1. Compared to other
Slide 11: Rapidly growing proprietary data powers InfinityAI and continuous product innovation
Rapidly growing proprietary data powers InfinityAI and continuous product innovation >1,500,000 Smart Apps PATIENT TESTS Genomics New product development Multi-modal >900,000 Claims Novel biological signatures EPIGENETIC PROFILES Longitudinal Data Real world data generation EMR >100 TUMOR TYPES Fast
Slide 12: Guardant360 Liquid Smart Apps: Wave 4 Launch
Guardant360 Liquid Smart Apps: Wave 4 Launch Next-generation capabilities setting a new standard in oncology care NOVEL INFORMATION CONTINUOUS IMPROVEMENT Response Prediction Methylation-Enhanced Features SERD1 benefit predictor Deletion detection: MTAP, CDKN2A, PTEN ICI2 monotherapy benefit predict
Slide 13: Reveal data pipeline supporting indication expansion
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 Breast Surveillance Elliot & Ademuyiwa et al IO Monitoring Chemo Monitoring END OF TEMPLATE RADIOHEAD, Liang et al RWE CDK4/6 M
Slide 14: Melanoma study supports earlier recurrence detection with Guardant Reveal
Melanoma study supports earlier recurrence detection with Guardant Reveal First published prospective MRD detection at day 28 associated with ~12x higher risk for recurrence study of Guardant Reveal in resected stage II–III melanoma 81% sensitivity (Distant recurrence, 13/16 patients) 100% specifici
Slide 15: Introducing
Introducing Demonstrates 1ppm limit of detection across major tumor types Clinical studies comprising 4000+ samples to date Launched for biopharma partners Clinical launch by year-end 2026 15
Slide 16: New CDx approvals reinforce our strategic relationship with biopharma
New CDx approvals reinforce our strategic relationship with biopharma Biopharma & Data Revenue ETCAMAH | U.S.: First FDA-approved liquid biopsy CDx for +8% ESR1-mutated advanced breast cancer ETCAMAH | Europe: CE marking expands access to ESR1 $59M monitoring $55M INLURIYO + VERZENIO | U.S.: FDA-app
Slide 17: Shield CRC is powering our MCD strategy
Shield CRC is powering our MCD strategy CRC Multi-cancer Shield is a multi-cancer detection platform 17
Slide 18: Commercial execution and expanded patient access fuel rapid Shield growth
Commercial execution and expanded patient access fuel rapid Shield growth Screening Revenue Screening Volume +180% +246% $68M 83K $24M 24K Q3 2025 Q3 2026 Q3 2025 Q3 2026 18
Slide 19: Industry recognition of Shield drives record sequential quarterly revenue growth
Industry recognition of Shield drives record sequential quarterly revenue growth Quarterly Screening Revenue $68M $53M $42M $35M NCCN $24M $15M $4M $6M Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 19
Slide 20: Shield commercial coverage is expanding rapidly
Shield commercial coverage is expanding rapidly Clinical Guidelines National Payor Benefit Managers & Payors Broad coverage began August 1, 2026 1 Note: Carelon coverage policy effective 11/15/26, EmblemHealth effective 11/15/26, and EviCore effective 1/1/27 20
Slide 21: Shield reaches approximately 100 million eligible U.S. covered lives
Shield reaches approximately 100 million eligible U.S. covered lives 120M Average-risk U.S. individuals Medicare and ~100M eligible for CRC screening Commercial Coverage $50B U.S. Addressable CRC ~20M Not covered Screening Market Note: Figures are approximate and based on all coverage policies effec
Slide 22: Shield is positioned to win in MCD
Shield is positioned to win in MCD Established Channel Broad national commercial reach and patient engagement Brand Strength Leveraging awareness of Shield and leadership in blood-based CRC screening Patient Access Multi-cancer 100 million patients now covered for Shield CRC screening Fast Tracked P
Slide 23: Oncology & Screening drive 36% revenue growth
Oncology & Screening drive 36% revenue growth Q3’26 Q3’25 % Growth Total Revenue $361M $265M 36% Oncology $231M $184M 25% Biopharma & Data $59M $55M 8% Screening $68M $24M 180% Licensing & Other $3M $2M 60% 23
Slide 24: Shield cost per test reductions ahead of plan
Shield cost per test Cost Per Test reductions ahead $410 of plan $330 TARGET Low COGS workflow $200 State-of-the-art Automation Scale Efficiencies Q2 2026 Q3 2026 Q4 2028 1. Approximate cost per test based on unaudited results provided on Sep 30, 2026. Reflects non-GAAP figures. 24
Slide 25: Q3 2026 non-GAAP financial highlights
Q3 2026 non-GAAP financial highlights Non-GAAP Measures1 Q3’26 Q3’25 Gross Profit2 $240M $174M Gross Margin3 67% 66% Total Operating Expense $287M $229M R&D $85M $76M S&M $159M $116M G&A $43M $37M Adjusted EBITDA4 $(37M) $(46M) Free Cash Flow5 $(37M) $(46M) September 30, 2026 December 31, 2025 Cash
Slide 26: Raising full year guidance on strong Q3 performance
Raising full year guidance on strong Q3 performance Revenue Current Guidance Prior Guidance Total $1.36B – $1.37B $1.34B - $1.36B 38% - 40% y/y growth 36% - 38% y/y growth Oncology ~30% y/y growth ~30% y/y growth Biopharma & Data Low double-digit growth Low double-digit growth Screening $233M - $238
Slide 27: 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 guideline approval and launch Breast MRD SERENA-6 Quest collaboration Transition to NovaSeq X MolDx covera
Slide 28: (@) GUARDANT’
(@) GUARDANT’