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
Revenue
+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
edicareMolDx 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 growthScreening Revenue
$42M
$6M
Screening Volume
44K
9K
Q1 2025
Q1 2026
Q1 2025
Q1 2026
12
Q1 Screening highlightsStrong 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
1414
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 reportPatient 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 highlightsNon-GAAP Measures2 | Q1'26 | Q1'25 |
Gross Margin1 | 66% | 65% |
Total Operating Expense | $268M | $200M |
R&D | $77M | $75M |
S&M | $154M | $94M |
G&A | $37M | $31M |
Adjusted EBITDA3 | $(59M) | $(59M) |
Free Cash Flow4 | $(71M) | $(67M) |
March 31, 2026 December 31, 2025
Cash & investments5 $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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