Guardant Health Inc
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +0.25%.
Did GH Beat Earnings? Q3 2025 Results
Guardant Health posted a notably strong third quarter, with revenue climbing 38.5% year-over-year to $265.20 million and a loss per share of $0.39, both well ahead of Wall Street expectations; analysts had modeled $237.06 million in revenue and a $0.49 loss per share, translating to beats of 11.87% and 20.33%, respectively. The primary engine behind the outperformance was broad commercial momentum across all business lines, with oncology revenue reaching $184.40 million on 40% test volume growth and screening revenue surging to $24.11 million from just $1.00 million a year ago, driven by roughly 24,000 Shield colorectal cancer screening tests. Margin discipline added to the positive picture, as GAAP gross margin improved to 65% from 61% a year earlier. Looking ahead, management raised full-year 2025 revenue guidance to $965 to $970 million, implying approximately 31% growth, while lifting screening revenue guidance to $71 to $73 million; the company's expanding clinical data presence, including upcoming presentations at ESMO 2025, reinforces the scientific foundation underpinning that confidence.
- Oncology test volume grew 40% year-over-year with fifth consecutive quarter of accelerating Guardant360 Liquid volume growth
- Shield screening test ramp driving Screening revenue to $24.1 million from $1.0 million a year ago
- Biopharma & Data revenue growth driven by achievement of certain milestones under service agreements
- Non-GAAP gross margin improved to 66% from 63% year-over-year
“This was an exceptional quarter for Guardant with broad-based growth across our business. Oncology volumes grew 40% year-over-year, driven by very strong performance across all products, including the fifth consecutive quarter of accelerating Guardant360 Liquid volume growth. Notably, this quarter we crossed over $1 billion in annualized revenue. This sets us up well to deliver on the long-term plan we presented at our Investor Day last month.”
Guardant Health CEO, on the earnings call
Forward Guidance & Outlook
Guardant Health raised its full-year 2025 revenue guidance to $965–$970 million (approximately 31% YoY growth), up from prior guidance of $915–$925 million. Oncology revenue is now expected to grow approximately 25% YoY (up from 20%), with oncology volume expected to accelerate to greater than 30% growth. Screening revenue guidance was increased to $71–$73 million with 80,000–82,000 Shield tests (from $55–$60 million and 68,000–73,000 tests). Biopharma & Data revenue growth is expected to continue in the mid-teens range. Non-GAAP gross margin is expected to be 64%–65% (improved from 63%–64%). Total non-GAAP operating expenses are expected to be $865–$875 million (up from $840–$850 million). Free cash flow burn is still expected to be $225–$235 million, an improvement from $275 million in full-year 2024.
GH YoY Financials
GH Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.