Guardant Health (GH) Company Report

Guardant Health projects $2.2 billion in revenue by 2028, with oncology products (Guardant360, Reveal) expected to contribute $1.4 billion, biopharma $300 million, and screening (Shield) $500 million.
The company is committed to achieving breakeven by the end of 2027 and anticipates overall gross margins for its portfolio to be in the 65-70% range by 2028.
Shield's long-term average selling price (ASP) target is over $700, with a clear pathway to reduce its cost per test to $200, aiming for long-term operating margins in the 20%+ region.
Guardant360 continues to demonstrate strong growth, nearing 30% year-over-year, driven by increased orders per ordering oncologist and SMART apps, with potential for further growth through monitoring applications.
Reveal's ASP is targeted at $1,000 by 2028, an increase from its current $600-$700, primarily through securing Medicare reimbursement for new indications.

3 days ago

Transcript

Guardant Health Outlines 2028 Financial Targets and Strategic Growth

Guidance Update

New Projects/Investments

Debt Issuance

Guardant Health projects $2.2 billion in total revenue by 2028, with oncology products (Guardant360, Guardant360 Tissue, and Reveal) expected to generate $1.4 billion and screening (Shield) $500 million.
The company is committed to achieving breakeven by the end of 2027 and anticipates overall gross margins of 65-70% by 2028.
Strategic initiatives include driving Guardant360 growth through SMART apps, positioning Reveal for therapy monitoring with an ongoing ADLT application, and expanding Shield's market reach via a partnership with Quest.
A recent capital raise was primarily used to pre-fund $490 million in convertible debt maturing at the end of 2027, reinforcing the company's financial flexibility without altering its breakeven timeline.

3 days ago

Transcript

Guardant Health Reports Strong Q3 and Outlines Key 2026 Growth Catalysts

Revenue Acceleration/Inflection

Product Launch

Guidance Update

Guardant Health reported a strong Q3 with all products performing well, notably Shield which generated $24 million in revenues last quarter and is projected to exceed $100 million in 2026.
Significant 2026 growth drivers include the launch of Reveal therapy monitoring, potential PMA approval for Guardant 360 Liquid in the latter half of 2026, and Shield partnerships with Quest and PathGroup going live early in the year.
The company is aggressively expanding its sales force, increasing from 100 reps at the start of 2025 to over 250 by year-end, with plans to reach 600-700 reps at steady state.
Shield has secured a guideline recommendation from NCCN, and an American Cancer Society (ACS) guideline inclusion is anticipated in the "very, very near future".
Guardant Health aims to increase Reveal ASPs to $1,000 by 2028 (from current $600-$700) and reduce Reveal COGS to well below $400 per test (from less than $500 this year).

Nov 19, 2025, 9:30 AM

Transcript

Guardant Health Reports Strong Q3 2025 Performance and Outlines 2026 Growth Catalysts

Product Launch

Revenue Acceleration/Inflection

New Projects/Investments

Guardant Health reported a strong Q3 2025, with all products, including Guardant 360 Liquid, Guardant 360 Tissue, Reveal, and Shield, performing well. Shield generated $24 million in revenue in Q3 2025.
The company anticipates continued momentum in 2026 driven by the launch of Reveal therapy monitoring, potential chemosestrant approval, and the potential FDA approval of Guardant 360 Liquid's PMA in the latter half of the year. Shield revenues are projected to exceed $100 million in 2026.
Guardant Health is significantly expanding its Shield salesforce, growing from 100 people at the start of 2025 to over 250 by year-end, with a long-term target of 600-700 reps. Partnerships with Quest and PathGroup are expected to commence in early 2026.
Reveal's cost of goods sold (COGS) per test has decreased from over $1,000 to less than $500 in 2025, with a goal of reaching below $400. The average selling price (ASP) for Reveal is targeted to reach $1,000 by 2028 from its current $600-$700.

Nov 19, 2025, 9:30 AM

Transcript

Guardant Health Discusses Strong Q3 Performance and 2026 Growth Catalysts

Product Launch

Revenue Acceleration/Inflection

New Projects/Investments

Guardant Health reported a "tremendous" Q3 with strong performance across all products, including $24 million in revenues for Shield and over 30% growth for Guardant 360 Liquid.
Key catalysts for 2026 include the potential FDA approval for Guardant 360 Liquid in the latter half of the year, which could lead to ADLT repricing and ASP improvements.
The company is expanding its commercial efforts for Shield, with partnerships with Quest and PathGroup going live in early 2026 and a continued salesforce build-out aiming for 600-700 reps at steady state.
Reveal's cost of goods sold (COGS) per test has significantly decreased to less than $500 this year, down from over $1,000 just over 12 months ago, with a long-term goal of below $400 through volume and automation.
Guardant Health launched multi-cancer detection in October, integrated with Shield testing, to collect valuable patient data, and is developing Reveal Ultra for highly sensitive cancer detection.

Nov 19, 2025, 9:30 AM

Transcript

Guardant Health Expands Reveal Test for Late-Stage Therapy Response Monitoring

Product Launch

New Projects/Investments

Guardant Health has expanded its Guardant Reveal® blood test to include late-stage therapy response monitoring for patients with solid tumors.
The expanded Guardant Reveal utilizes epigenomic (methylation) signals to measure changes in circulating tumor DNA (ctDNA) levels, offering a tissue-free solution to predict therapy response across various treatment classes, including immunotherapy and chemotherapy.
Clinical evidence supports this expansion, with studies indicating Guardant Reveal can predict long-term patient benefit up to 18 months earlier for chemotherapy monitoring and detect immunotherapy responses up to 5 months earlier than standard imaging.
Alongside the Reveal expansion, a new universal ordering option was launched to simplify clinical workflows and reduce administrative burden for physicians.

Nov 10, 2025, 1:05 PM

Press Release

Guardant Health Announces Pricing of Upsized Public Offering of Common Stock

Debt Issuance

New Projects/Investments

Guardant Health, Inc. announced the pricing of an upsized underwritten public offering of 3,333,333 shares of common stock at a public offering price of $90.00 per share.
The size of the common stock offering was increased from the previously announced $250.0 million.
Guardant Health granted the underwriters an option to purchase up to an additional 499,999 shares of common stock.
The company estimates the net proceeds from the common stock offering will be approximately $284.4 million, excluding any exercise of the underwriters’ option.
The net proceeds are intended for general corporate purposes, which may include repurchasing a portion of Guardant Health’s 0% convertible senior notes due 2027 or acquiring complementary products, technologies, intellectual property, or businesses.

Nov 7, 2025, 10:17 PM

8-K

Guardant Health's Shield Blood Test Demonstrates High Adherence in New Study

New Projects/Investments

Revenue Acceleration/Inflection

Guardant Health announced new real-world data showing its Shield blood-based screening test achieved 95% patient adherence in a study of 20,000 patients, significantly surpassing reported adherence rates for colonoscopy or stool-based tests (25-71%).
Shield is the first and only blood test to receive FDA approval as a primary screening option for colorectal cancer in average-risk adults aged 45 and older.
An additional study in Appalachia indicated Shield increased overall colorectal cancer screening rates from 45% to 90%, with a 98.5% adherence rate in that specific study.
The company highlights Shield's potential to address the issue of over 50 million eligible adults in the U.S. not completing recommended screenings due to existing options being perceived as unpleasant or inconvenient.

Nov 5, 2025, 9:05 PM

Press Release

Guardant Health Announces Convertible Notes and Common Stock Offerings

Debt Issuance

New Projects/Investments

Guardant Health announced plans to raise $300 million through convertible senior notes due in 2033 and $250 million via a common stock offering.
The company intends to use the capital for general corporate purposes, including potentially repurchasing some of its 0% convertible senior notes due in 2027 and acquiring complementary products or technologies.
Despite strong revenue growth exceeding 30% in the last twelve months, Guardant Health remains unprofitable with a net loss of approximately $399 million over the same period.
The convertible notes will not be redeemable by Guardant Health before November 20, 2029.

Nov 5, 2025, 3:54 AM

Morningstar

Guardant Health Announces Proposed Public and Convertible Notes Offerings

Debt Issuance

New Projects/Investments

Guardant Health announced a proposed underwritten public offering of $250.0 million of common stock, with an option for underwriters to purchase up to an additional $37.5 million.
Concurrently, the company intends to offer $300.0 million aggregate principal amount of Convertible Senior Notes due 2033, with an option for initial purchasers to buy up to an additional $45.0 million.
The net proceeds from both offerings are intended for general corporate purposes, which may include repurchasing a portion of Guardant Health's 0% convertible senior notes due 2027 or acquiring complementary products, technologies, intellectual property, or businesses.
The completion of the common stock offering is not contingent on the completion of the concurrent convertible notes offering, and vice versa.

Nov 4, 2025, 9:39 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for Guardant Health.

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