Guardant Health Inc
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.30%.
Did GH Beat Earnings? Q2 2025 Results
Guardant Health posted a notably strong second quarter, with revenue of $232.09 million climbing 30.9% year over year and handily clearing the $211.28 million consensus estimate by 9.85%, while its loss per share of $0.44 came in well ahead of the $0.51 analysts had expected, representing a 14.53% beat. The headline driver was broad commercial momentum across all three business segments, most visibly in Shield, the company's colorectal cancer screening product, which generated $14.81 million from roughly 16,000 tests in just its third full quarter on the market, exceeding management's own expectations. Oncology revenue grew 22% to $158.69 million on a 30% rise in test volumes, while Biopharma and Data expanded 28% to $56.02 million. Non-GAAP gross margin widened to 66% from 60% a year ago. Encouraged by the momentum, Guardant raised its full-year 2025 revenue guidance to $915 million to $925 million, reflecting 24% to 25% annual growth, with Screening revenue guidance climbing to $55 million to $60 million from the prior $40 million to $45 million range.
- Oncology test volume grew 30% year over year to approximately 64,000 tests
- Guardant360 Tissue average selling price increased to approximately $2,000, achieving 2028 target three years early
- Guardant360 Liquid year-over-year growth accelerated for the fourth consecutive quarter
- Increased reimbursement for Oncology tests
- Higher GuardantINFINITY average selling prices and increased biopharmaceutical service agreements
- Non-GAAP gross margin expanded to 66% from 60% in the prior year period
- Shield volume of approximately 16,000 screening tests exceeded expectations
“Q2 was another exceptional quarter for Guardant and we were able to increase our 2025 revenue guidance yet again. We saw especially strong performance from Guardant360 Liquid, where year-over-year growth accelerated for the fourth consecutive quarter.”
Guardant Health CEO, on the earnings call
Forward Guidance & Outlook
Guardant Health raised its full-year 2025 revenue guidance to $915-$925 million, representing 24%-25% growth, up from the prior range of $880-$890 million. Oncology revenue is now expected to grow approximately 20% YoY (up from 18%), with volume accelerating to greater than 27% growth. Screening revenue guidance was raised to $55-$60 million from $40-$45 million, driven by Shield volume of 68,000-73,000 tests (up from 52,000-58,000). Biopharma & Data revenue growth expectations increased to mid-teens from low double-digits. Non-GAAP gross margin is expected to be 63%-64% (up from 62%-63%). Non-GAAP operating expenses are expected to be $840-$850 million (up from $830-$840 million) due to reinvestment of incremental Screening gross profit. Free cash flow burn is expected to be $225-$235 million, including approximately $200 million of Screening net cash burn. The company continues to expect the non-Screening business to reach free cash flow breakeven in Q4 2025.
GH YoY Financials
GH Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.