Guardant Health, Inc. · NASDAQ:GH
Guardant Health — Q1 2025 Earnings Presentation
25 slides from Guardant Health's earnings presentation, Apr 30, 2025
Slide 1: Conquering Cancer with Data
Conquering Cancer with Data Q1 2025 Earnings Call April 30, 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: One platform for the entire patient journey
One platform for the entire patient journey Profiling 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 Revenue $203M New revenue breakout 21% $2M $168M $6M $5M $45M Oncology $38M Biopharma & Data $151M Screening $126M Licensing & Other Q1 2024 Q1 2025 4
Slide 5: Oncology revenue and volume driven by Guardant360 and Reveal
Oncology revenue and volume driven by Guardant360 and Reveal Oncology Revenue Oncology Volume 59K $151M 47K $126M 20% YoY Growth 25% YoY Growth Q1 2024 Q1 2025 Q1 2024 Q1 2025 5
Slide 6: Q1 Oncology highlights
Q1 Oncology highlights Continued volume growth across all products driven by Smart Liquid Biopsy Significant large accounts going live with Epic integration Multiple quarters of accelerating Guardant360 y/y volume growth Guardant360 ASP improvement to $3,000-$3,100 Tissue Medicare pricing increase f
Slide 7: AI x Infinity Smart Liquid Biopsy: fueling a rich application ecosystem on Guardant360
AI x Infinity Smart Liquid Biopsy: fueling a rich application ecosystem on Guardant360 Homologous 100,000 Recombination Deficiency (HRD) IO Prediction PATIENTS Tumor Burden Quantification Clinical Data & MANY Real-World Evidence MORE APPS AI LEARNING ENGINE TO COME 50+ Promoter Methylation CHIP Filt
Slide 8: Launched upgraded Guardant360 Tissue: leverages Infinity SLB application ecosystem
Launched upgraded Guardant360 Tissue: leverages Infinity SLB application ecosystem The first broad multiomic tissue CGP test DNA PD-L1 RNA Methylation Comprehensive analysis AI-powered Comprehensive analysis Genome-wide coverage Works synergistically with Guardant360 Liquid to provide unprecedented
Slide 9: Breast cancer MRD publication in Clinical Cancer Research
Breast cancer MRD publication in Clinical Cancer Research 83% Sensitivity 99.5% Specificity First publication utilizing Reveal on Smart Liquid Biopsy platform with early-stage (stage II-III) triple-negative breast cancer (TNBC) patients Distant recurrence Sample-level Retrospective study evaluating
Slide 10: 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 Covered by Medicare Breast Multiple Therapy Monitoring Multiple Other Indications Multiple Longer term Phase II Pha
Slide 11: Oncology growth drivers
Oncology growth drivers Therapy Selection MRD Expanded use cases Continued penetration in surveillance Major product upgrades Indication expansion with other tumor types CGP market share gain Commercial focus Market growth ASP tailwinds International expansion 11
Slide 12: Healthy start to the year with strengthened biopharma pipeline
Healthy start to the year with strengthened biopharma pipeline Biopharma Revenue Pfizer relationship meaningfully strengthened $45M with recent collaboration announcement $38M Strong and growing pipeline of new companion diagnostic deals 21% YoY Growth Guardant Inform real-world data business is exp
Slide 13: Strong traction in second full quarter of commercial launch
Strong traction in second full quarter of commercial launch 9K Q1 ‘25 Volume $5.7M Q1 ‘25 Revenue Exited Q1 with positive momentum 13 1. Approximate preliminary volume and revenue based on unaudited full year 2024 results provided on January 13, 2025
Slide 14: Received ADLT status for CRC screening
Received ADLT status for CRC screening $920 $1,495 Improved Medicare pricing Effective Aug 1, 2024 Effective Apr 1, 2025 Covered for >50 million Medicare and VA beneficiaries1 14 1. CMS data supplemented with market research – Medicare patients age 65-85 at average risk for CRC who have seen a prima
Slide 15: Q1 Screening highlights
Q1 Screening highlights Achieved positive gross margin for Shield ahead of schedule Shield received first payor coverage for average-risk individuals age 45+ from the VA Community Care Network, with no copay for >9M beneficiaries Newly released AGA Clinical Practice Update1 recognizes programmatic s
Slide 16: Shield is a platform developed for multi-cancer detection
CRC Shield is a CRC Bladder Lung platform developed for Liver Ovarian Multi-cancer multi-cancer Gastric Esophageal detection Pancreatic Prostate Breast 16
Slide 17: Shield data for multi-cancer detection and CSO prediction
Shield data for multi-cancer Multi-cancer detection and CSO prediction Prostate Lung Liver 60% 98.5% Overall Sensitivity Specificity (224/375) (397/403) Bladder Pancreatic Esophageal 35% 84% 89% Stage I/II Stage III/IV Primary or Secondary CRC Gastric Ovarian Breast CSO Accuracy 17 Gittelman, et al
Slide 18: Shield multi-cancer data by cancer type
Shield multi-cancer data by cancer type Stage I/II Stage III/IV Cancer Type Sensitivity Sensitivity Sensitivity 74% Esophageal-Gastric1,2 Liver1 96% 94% 100% 100% 95% 92% Sensitivity in the Ovarian1 70% 80% 67% 6 most aggressive cancers Pancreas1 68% 50% 96% (defined as shortest survival rates1) Lun
Slide 19: Significant revenue growth in Q1 2025
Significant revenue growth in Q1 2025 Q1’25 Q1’24 % Growth Total Revenue $203.5M $168.5M 21% Oncology $150.6M $125.7M 20% Biopharma & Data $45.4M $37.6M 21% Screening $5.7M - - Licensing & Other $1.9M $5.2M (64%) 19
Slide 20: Reveal CRC & Shield are gross margin positive following significant COGS reductions
Reveal CRC & Shield are gross margin positive following significant COGS reductions Cost per test Cost per test >$1,000 >$1,000 Shield ASP Reveal CRC ASP ~$600 >$600 ~$500 <$500 FY 2024 Q1 2025 Pre-launch Q1 2025 1H 2024 20
Slide 21: Q1 2025 non-GAAP financial highlights
Q1 2025 non-GAAP financial highlights Non-GAAP Measures1 Q1’25 Q1’24 Gross Margin2 65% 63% Total Operating Expenses1 $199.6M $176.5M R&D $74.9M $73.4M S&M $94.1M $73.1M G&A $30.6M $30.0M Adjusted EBITDA3 $(58.5M) $(61.1M) Free Cash Flow4 $(67.1M) $(37.2M) March 31, 2025 December 31, 2024 Cash & inve
Slide 22: Raising revenue guidance for full year 2025
Raising revenue guidance for full year 2025 Revenue Current Guidance Prior Expectations Total $880M – $890M $850M - $860M 19% - 20% y/y growth 15% - 16% y/y growth Oncology ~18% y/y growth ~15% y/y growth Biopharma & Data Low double-digit growth Low double-digit growth Screening $40M - $45M $25M - $
Slide 23: 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 Tissue CRC surveillance Strategic biopharma Multi-cancer data launch reimbursement partnerships ADLT status, improved Continued profitability Positive gross Guarda
Slide 24: Guardant
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Slide 25: Supplemental 2024 quarterly revenue information
Supplemental 2024 quarterly revenue information Recast ($K) Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Total Revenue 168,491 177,235 191,476 201,814 739,016 Oncology 125,748 130,269 141,197 145,613 542,827 Biopharma & Data 37,587 43,933 46,547 49,512 177,579 Screening - - 1,003 4,121 5,124 Licensing &