Guardant Health, Inc. GH
We are a leading precision oncology company focused on guarding wellness and giving every person more time free from cancer. We are transforming patient care by providing critical insights into what drives disease through our advanced blood and tissue tests, real-world data and AI analytics. Our tests help improve outcomes across all stages of care, including screening to find cancer early, monitoring for recurrence in early-stage cancer, and treatment selection for patients with advanced cancer. For patients with advanced-stage cancer, we offer the Guardant360 Liquid test, formerly known as the Guardant360 LDT test, and the Guardant360 CDx test, the first comprehensive liquid biopsy test approved by the U.S. Food and Drug Administration, or the FDA, to provide tumor mutation profiling with solid tumors and to be used as a companion diagnostic in connection with non-small cell lung cancer, or NSCLC, colorectal cancer and breast cancer. We also offer the Guardant360 Tissue test for advanced-stage cancer and the Guardant Reveal test to detect residual and recurring disease in early-stage colorectal, breast and lung cancer patients. We have also expanded the Guardant Reveal test to include late-stage therapy response monitoring for patients with solid tumors. Our product portfolio is now powered by our Smart Platform, which utilizes methylation technology with genomic, epigenomic, and RNA-based data, to unlock multi-modal biology with proprietary chemistry, advanced algorithms and our InfinityAI learning engine.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- United States
- International
| Region | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| United States | $923.3M | $697.2M | $526.5M |
| International | $58.7M | $41.9M | $37.4M |
As the company reported it, from the “Segment and Geographic Information - Schedule of Revenue By Geographic Areas (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $982.0M | $739.0M | $563.9M | $449.5M | $373.7M | $286.7M | $214.4M | $90.6M | $49.8M | $25.2M |
| Cost of revenue | $349.0M | $289.8M | $227.1M | — | — | — | — | — | — | — |
| Gross profit | $633.0M | $449.2M | $336.9M | — | — | — | — | — | — | — |
| R&D | $364.2M | $347.8M | $367.2M | $373.8M | $263.2M | $149.9M | $86.3M | $50.7M | $25.6M | $10.9M |
| SG&A | $211.4M | $180.1M | $155.8M | $164.0M | $206.6M | $192.8M | $61.4M | $36.2M | $36.8M | $9.9M |
| Total operating expenses | $1.42B | $1.18B | $1.13B | $993.9M | $784.7M | $541.7M | $296.7M | $183.6M | $126.5M | $69.1M |
| Operating income | -$437.2M | -$443.6M | -$564.7M | -$544.4M | -$411.0M | -$254.9M | -$82.4M | -$92.9M | -$76.6M | -$43.8M |
| Interest expense | $3.9M | $2.6M | $2.6M | $2.6M | $2.6M | $4.8M | $1.2M | $1.3M | $2.7M | $3.0M |
| Pre-tax income | -$417.5M | -$435.1M | -$478.8M | -$653.4M | -$384.5M | -$245.9M | -$69.7M | -$84.2M | -$83.2M | -$46.1M |
| Income tax | $1.3M | $1.3M | $685.0K | $1.1M | $300.0K | $379.0K | $1.9M | $38.0K | $7.0K | $6.0K |
| Net income | -$416.3M | -$436.4M | -$479.4M | -$654.6M | -$384.8M | -$246.3M | -$67.9M | -$84.3M | -$83.2M | -$46.1M |
| EPS, basic | -3.32 | -3.56 | -4.28 | -6.41 | -4.00 | -2.60 | -0.84 | — | — | — |
| EPS, diluted | -3.32 | -3.56 | -4.28 | -6.41 | -4.00 | -2.60 | -0.84 | -2.80 | -7.07 | -3.53 |
| Shares, diluted (wtd. avg.) | 125.4M | 122.7M | 112.0M | 102.2M | 101.3M | 97.5M | 90.6M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $378.2M | $525.5M | $1.13B | $141.9M | $492.3M | $833.0M | $143.2M | $140.5M | $72.6M | $33.6M |
| Short-term investments | $823.4M | $314.4M | $35.1M | $869.6M | $440.5M | $961.9M | $379.6M | $278.4M | — | — |
| Receivables | $137.8M | $110.3M | $88.8M | $97.3M | $97.7M | $53.3M | $48.0M | $35.7M | — | — |
| Inventory | $85.9M | $71.1M | $61.9M | $51.6M | $30.7M | $22.7M | $15.2M | $9.1M | — | — |
| Total current assets | $1.47B | $1.06B | $1.35B | $1.19B | $1.11B | $1.89B | $597.4M | $469.0M | — | — |
| Property, plant and equipment | $145.9M | $136.8M | $145.1M | $167.9M | $124.5M | $62.8M | $43.7M | $31.0M | — | — |
| Goodwill | $77.3M | $3.3M | $3.3M | $3.3M | $3.3M | $3.3M | $3.3M | $0 | — | — |
| Other intangibles | $25.9M | $6.8M | $9.0M | $11.7M | $14.2M | $16.2M | $8.5M | $0 | — | — |
| Total assets | $2.01B | $1.49B | $1.79B | $1.61B | $2.20B | $2.27B | $962.5M | $587.4M | — | — |
| Accounts payable | $54.4M | $38.6M | $51.7M | $68.9M | $38.5M | $7.3M | $16.2M | $10.6M | — | — |
| Total current liabilities | $302.7M | $225.6M | $205.9M | $193.2M | $194.7M | $66.8M | $72.7M | $46.9M | — | — |
| Long-term debt | $1.50B | $1.14B | — | — | — | — | — | — | — | — |
| Total liabilities | $2.11B | $1.63B | $1.63B | $1.55B | $1.56B | $916.2M | $114.5M | $62.5M | — | — |
| Retained earnings | -$2.99B | -$2.58B | -$2.14B | -$1.66B | -$1.01B | -$606.6M | -$352.8M | -$280.8M | — | — |
| Total equity | -$99.3M | -$139.6M | $158.7M | $60.2M | $645.0M | $1.30B | $798.4M | $483.2M | $308.6M | $79.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$184.8M | -$239.9M | -$325.0M | -$309.5M | -$209.0M | -$103.9M | -$47.1M | -$72.2M | -$72.2M | -$36.7M |
| Depreciation and amortisation | $39.7M | $42.4M | $42.9M | $36.0M | $22.3M | $16.1M | $11.4M | $7.1M | $5.2M | $3.7M |
| Stock-based compensation | $166.2M | $140.4M | $90.8M | $94.7M | $151.4M | $144.1M | $17.0M | $6.9M | $3.7M | $2.0M |
| Capital expenditure | $48.3M | $35.1M | $20.5M | $77.5M | $75.0M | $36.2M | $18.7M | $20.2M | $6.7M | $1.8M |
| Investing cash flow | -$627.2M | -$261.3M | $840.2M | $149.8M | -$63.2M | -$617.1M | -$317.6M | -$153.0M | -$170.4M | $26.2M |
| Financing cash flow | $671.1M | -$996.0K | $477.4M | -$189.1M | -$66.8M | $1.41B | $367.3M | $293.2M | $281.7M | $39.8M |
| Buybacks | $45.0M | $0 | $0 | — | — | $0 | $0 | $172.0K | $7.2M | $100.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-187403.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $25.2M | $49.8M | $90.6M | $214.4M | $286.7M | $373.7M | $449.5M | $563.9M | $739.0M | $982.0M |
| Gross profit | — | — | — | — | — | — | — | $336.9M | $449.2M | $633.0M |
| Net income | -$46.1M | -$83.2M | -$84.3M | -$67.9M | -$246.3M | -$384.8M | -$654.6M | -$479.4M | -$436.4M | -$416.3M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Results announced Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 8071
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| NTRA | Natera, Inc. | $58.23B | — | 35.9% |
| DGX | QUEST DIAGNOSTICS INC | $26.70B | 27.6x | 11.8% |
| LH | LABCORP HOLDINGS INC. | $26.68B | 31.4x | 7.2% |
| CAI | Caris Life Sciences, Inc. | $9.04B | — | 97.0% |
| GRAL | GRAIL, Inc. | $5.92B | — | 17.2% |
| RDNT | RadNet, Inc. | $5.54B | — | 11.5% |
| BLLN | BillionToOne, Inc. | $5.00B | 769.8x | 100.0% |
| VCYT | VERACYTE, INC. | $3.85B | 58.5x | 16.0% |