Guardant Health : Q1 2026 Earnings Call

About this update from Guardant Health, Inc.

Conquering Cancer with Data Q1 2026 May 7, 2026 One platform for the entire patient journey Profiling PLATFORM Monitoring Screening Tumor detected Surgery MRD Monitoring Profiling 3 Q1 revenue accelerates to 48% growth Re venue +48% $302M $203M Q1 2025 Q1 2026 Oncology Biopharma & Data Screening Licensing & Other 4 Oncology drives growth with strong revenue and volume expansion Oncology Revenue $205M $151M Oncology Volume YoY Growth 86K 59K 36% YoY Growth 47% Q1 2025 Q1 2026 Q1 2025 Q1 2026 5 Multi-product momentum driving Oncology volume acceleration Y/Y Growth 14% Oncology Volume 21% 24% 25% 30% 40% 38% 47% Guardant360 Liquid y/y volume growth of approximately 30% driven by Smart Platform Wave 1 END OF TEMPLATE Wave 2 CRC Surveillance Reimbursement Upgrade Wave 3 Therapy Monitoring Launch Guardant360 Tissue remains second fastest growing Oncology product with volume growth accelerating in Q1 86K Reveal continues to be the fastest growing Oncology product with volume growth exceeding 100% y/y Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Smart Apps Launch 6 Rapidly scaling data + InfinityAI is fueling innovation and widening competitive moat >1,000,000 PATIENT SAMPLES >500,000 EPIGENETIC PROFILES >100 TUMOR TYPES Genomics Multi-modal Claims Longitudinal Data EMR Smart Apps New product development Novel biological signatures Real world data generation Faster regulatory approval 7 Indication Specific Studies 1H 2024 2H 2024 1H 2025 2H 2025 1H 2026 2H 2026 Liang et al Ademuyiwa et al CRC Surveillance COSMOS Breast Surveillance Elliot et al, IO Monitoring RADIOHEAD, Chemo Monitoring RWE Submitted for publication 5+ Tumor Types Published and submitted to MolDx CDK4/6 Monitoring Multiple MRD/Surveillance Multiple Covered by edicare MolDx is the Molecular Diagnostic Services Program to identify and establish Federal coverage reimbursement for molecular diagnostic tests 8 Strong Reveal data pipeline supporting indication expansion Raising the bar for liquid and tissue-based therapy selection to potentially unlock greater volume Expected 2026 launch Whole transcriptome upgrade Will be the most comprehensive FDA approved liquid biopsy for therapy selection Streamlines therapy selection portfolio Second major platform upgrade in less than a year for Guardant360 Tissue Further expands transcriptomic power of the Smart Platform 9 AACR 2026: Strong presence across the portfolio, including new Smart Apps + Smart Apps AI driven prediction & tracking of therapeutic response: Therapy response (SERD, anti-EGFR) Tumor Fraction as a measure of molecular progression Multi-modal modeling: Integration of clinical + genomic + epigenomic data Improved detection of challenging genomic alterations with epigenomics: ALK-fusion rescue MTAP deletions 38 Abstracts 6 Orals 10 InfinityAI and Smart Platform deepening strategic partnerships with leading biopharma companies Biopharma & Data Revenue FDA approval for Guardant360 CDx as a companion diagnostic for Arvinas and Pfizer's VEPPANU for ER+/HER2- ESR1 mutated $45M 17% $53M advanced breast cancer FDA approval of Guardant360 CDx as a companion diagnostic for Pfizer's Braftovi in BRAF V600E-mutant metastatic colorectal cancer Guardant InfinityAI contributed to the first tumor agnostic approval of Daiichi's ENHERTU® in Japan Collaboration with Merck to develop companion diagnostics and commercialize new therapies Q1 2025 Q1 2026 Collaboration with Nuvalent to develop companion diagnostics in targeted cancer therapy, with initial emphasis on Guardant360 Tissue 11 Shield momentum continues to drive rapid revenue and volume growth Screening Revenue $42M $6M Screening Volume 44K 9K Q1 2025 Q1 2026 Q1 2025 Q1 2026 12 Q1 Screening highlights Strong volume throughout the quarter with accelerated momentum in March Direct-to-Consumer and Influencer campaigns launched in conjunction with Colorectal Cancer Awareness Month Quest collaboration commenced nationwide Shield continues to demonstrate >90% adherence rate Launched Shield Multi-Cancer Detection (MCD) in Asia through Manulife partnership 13 DTC campaigns across TV and digital driving strong consumer engagement 14 14 Expanded marketing, EMR, and phlebotomy initiatives fueling record HCP engagement Nationwide EMR Coast to Coast Phlebotomy Extensive Guardant network across 50 states and over 40,000 phlebotomists 15 Improving the Shield experience through product enhancements 2-tube Shield kit now FDA approved 16 Shield is a multi-cancer detection platform When Shield is ordered for CRC screening: Physician opts in to receive MCD results report Patient authorizes release of medical data CRC CRC Bladder Lung Liver Ovarian Multi-cancer Stomach Esophageal Pancreatic Prostate Breast 17 Shield MCD launched in Asia through partnership with Manulife Leading global life and health insurance provider Strong presence in Asia with >13 million customers HONG KONG Shield MCD initially offered to Manulife customers in Hong Kong, Philippines and Singapore SINGAPORE PHILIPPINES 18 Revenue growth acceleration led by Oncology & Screening Q1'26 Q1'25 % Growth Total Revenue $302M $203M 48% Oncology $205M $151M 36% Biopharma & Data $53M $45M 17% Screening $42M $6M >6OO% Licensing & Other $2M $2M -- 19 Q1 2026 non-GAAP financial highlights Non-GAAP Measures 2 Q1'26 Q1'25 Gross Margin 1 66% 65% Total Operating Expense $268M $200M R&D $77M $75M S&M $154M $94M G&A $37M $31M Adjusted EBITDA 3 $(59M) $(59M) Free Cash Flow 4 $(71M) $(67M) March 31, 2026 December 31, 2025 Cash & investments 5 $1.2B $1.3B Gross margin is defined as gross profit divided by total revenue. Non-GAAP measures are defined as the applicable GAAP measures adjusted for the impacts of stock-based compensation and related employer payroll tax payments, contingent consideration, amortization of intangible assets, impairment of non-marketable equity securities, gain on extinguishment of convertible notes, and other non-recurring items. Please refer to the relevant non-GAAP tables in the associated press release for reference. Adjusted EBITDA is defined as net loss adjusted for interest income; interest expense; other income (expense), net; provision for income taxes; depreciation and amortization expense; stock-based compensation expense and related employer payroll tax payments; contingent consideration; and other non-recurring items. 20 Free cash flow is defined as net cash used in operating activities in the period less purchase of property and equipment in the period. Cash & investments include cash, cash equivalents, restricted cash & marketable securities. 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