Guardant Health Reports Fourth Quarter and Full Year 2023 Financial Results and Provides 2024 Outlook
- Revenue grew by 25% in 2023 driven by a 39% increase in clinical volume.
- Full year 2024 revenue is expected to be in the range of $655 to $670 million.
- Cash flow breakeven was achieved in the Therapy Selection business by the end of 2023.
- The company ended the year with $1.2 billion in cash, cash equivalents, and marketable debt securities.
- Guardant Health made progress with FDA on its Shield PMA submission.
- The company anticipates launching its Shield IVD test in 2024 post FDA approval.
- Net loss increased year-over-year primarily due to a non-recurring legal accrual.
- Operating expenses were $206.6 million for Q4 2023, down from $225.9 million in the prior year.
- Free cash flow for Q4 2023 was negative $82.8 million compared to negative $100.8 million in the prior year.
- Non-GAAP net loss was $75.9 million for Q4 2023, a decrease from $119.6 million in the prior year.
- Adjusted EBITDA loss was $78.4 million for Q4 2023, an improvement from a $109.8 million loss in the prior year.
Insights
The reported revenue growth of 25% for Guardant Health in full year 2023 and the projected 16% to 19% growth for 2024 suggest a robust expansion phase for the company, likely buoyed by increased clinical test volumes. This is a positive signal to investors, as it indicates that the company's core business is gaining traction in the market. However, the reported net losses, despite being an improvement over the previous year, highlight the company's ongoing investment in growth, which is typical for companies in the biotechnology sector that are in the process of scaling operations and pursuing regulatory approvals.
The free cash flow improvement is also noteworthy, as it signifies a potential trend towards financial sustainability, which is crucial for long-term value creation. Investors should monitor the company's ability to manage operating expenses, which are expected to increase slightly in 2024 and maintain revenue growth to ensure that the path to profitability is clear.
The clinical volume growth of 39% is a key indicator of the increasing adoption of Guardant Health's precision oncology services. The anticipated CMS reimbursement increase for the Guardant360 LDT from $3,500 to $5,000 demonstrates a recognition of the value of such tests in clinical settings. This could lead to higher revenue per test and potentially improve gross margins in the future.
Furthermore, the FDA's progress on the PMA submission for the Shield test and the expected launch following approval could be a significant catalyst for the company. The colorectal cancer (CRC) screening market is large and underserved and if the Shield test is successful, it could lead to a substantial increase in revenue. However, the costs associated with the development and approval process are considerable and the success of such endeavors is never guaranteed, which is reflected in the cautious optimism of the company's guidance.
Guardant Health's strategic collaborations with the US Oncology Network and community oncology practices to increase biomarker testing usage are essential for driving market penetration and securing long-term growth. As precision medicine continues to gain prominence, partnerships and collaborations are crucial for expanding the customer base and improving market access.
Investors should also consider the competitive landscape and reimbursement policies, as these will influence the company's market share and pricing power. The increased cash and cash equivalents position provides Guardant Health with a buffer to navigate market uncertainties and invest in strategic initiatives, which could be a competitive advantage.
Full year 2023 revenue growth of
Expects full year 2024 revenue to be in the range of
Fourth Quarter 2023 Financial Highlights
-
Revenue of
$155.1 million 22% over the fourth quarter of 2022 -
Reported 46,400 tests to clinical customers and 9,500 tests to biopharmaceutical customers in the fourth quarter of 2023, representing increases of
29% and16% , respectively, over the fourth quarter of 2022
Full Year 2023 Financial Highlights
-
Revenue of
$563.9 million 25% over the full year 2022 -
Reported 172,900 tests to clinical customers and 29,900 tests to biopharmaceutical customers in the full year 2023, representing an increase of
39% and15% , respectively, over the full year 2022 - Lowered full year 2023 operating expenses and improved free cash flow compared to full year 2022
-
Ended the year with
$1.2 billion
Recent Operating Highlights
-
Improved ASPs with Guardant360 LDT CMS reimbursement increased from
$3,500 $5,000 - Published first paper for Shield™ demonstrating improved adherence with blood-based CRC screening
- Collaborated with US Oncology Network and leading community oncology practices to increase the use of biomarker testing to identify patients who would benefit from therapies
- Appointed Terilyn Juarez Monroe as chief people officer
“2023 marked another strong year for Guardant. This was underscored by our team’s exceptional execution to deliver strong clinical volumes, which grew nearly
“We are continuing to make steady progress with FDA on our PMA submission for Shield and look forward to the upcoming Advisory Committee Panel as the next phase of the review process,” said AmirAli Talasaz, co-founder and co-CEO. “2024 will be a pivotal year for our screening business as we prepare to launch our Shield IVD test following expected FDA approval. We are excited to see the impact our test will have to CRC screening when it is broadly launched later this year.”
Fourth Quarter 2023 Financial Results
Revenue was
Gross profit, or total revenue less cost of precision oncology testing and cost of development services and other, was
Operating expenses (research and development expense, sales and marketing expense, and general and administrative expense) were
Net loss was
Non-GAAP net loss was
Adjusted EBITDA loss was
Free cash flow for the fourth quarter of 2023 was negative
Full Year 2023 Financial Results
Revenue was
Gross profit, or total revenue less cost of precision oncology testing and cost of development services and other, was
Operating expenses (research and development expense, sales and marketing expense, and general and administrative expense) were
Net loss was
Non-GAAP net loss was
Adjusted EBITDA loss was
Free cash flow for 2023 was negative
2024 Guidance
Guardant Health expects full year 2024 revenue excluding screening to be in the range of
Webcast Information
Guardant Health will host a conference call to discuss the fourth quarter and full year 2023 financial results after market close on Thursday, February 22, 2024 at 1:30 pm Pacific Time / 4:30 pm Eastern Time. A webcast of the conference call can be accessed at http://investors.guardanthealth.com. The webcast will be archived and available for replay for at least 90 days after the event.
Non-GAAP Measures
Guardant Health has presented in this release certain financial information in accordance with
We define our non-GAAP measures as the applicable GAAP measure adjusted for the impacts of stock-based compensation and related employer payroll tax payments, contingent consideration, amortization of intangible assets, fair value adjustments on marketable equity securities, impairment of non-marketable equity securities and other related assets, fair value adjustments of noncontrolling interest liability, and other non-recurring items.
Adjusted EBITDA is defined as net loss adjusted for interest income; interest expense; other income (expense), net; provision for (benefit from) income taxes; depreciation and amortization expense; stock-based compensation expense and related employer payroll tax payments; contingent consideration; fair value adjustments of noncontrolling interest liability; and other non-recurring items. Free cash flow is defined as net cash used in operating activities in the period less purchase of property and equipment in the period.
We believe that the exclusion of certain income and expenses in calculating these non-GAAP financial measures can provide a useful measure for investors when comparing our period-to-period core operating results, and when comparing those same results to that published by our peers. We exclude certain items because we believe that these income and expenses do not reflect expected future operating performance. Additionally, certain items are inconsistent in amounts and frequency, making it difficult to perform a meaningful evaluation of our current or past operating performance. We use these non-GAAP financial measures to evaluate ongoing operations, for internal planning and forecasting purposes, and to manage our business.
These non-GAAP financial measures are not intended to be considered in isolation from, as substitute for, or as superior to, the corresponding financial measures prepared in accordance with GAAP. There are limitations inherent in non-GAAP financial measures because they exclude charges and credits that are required to be included in a GAAP presentation, and do not present the full measure of our recorded costs against its revenue. In addition, our definition of the non-GAAP financial measures may differ from non-GAAP measures used by other companies.
About Guardant Health
Guardant Health is a leading precision oncology company focused on guarding wellness and giving every person more time free from cancer. Founded in 2012, Guardant is transforming patient care by providing critical insights into what drives disease through its advanced blood and tissue tests, real-world data and AI analytics. Guardant tests help improve outcomes across all stages of care, including screening to find cancer early, monitoring for recurrence in early-stage cancer, and helping doctors select the best treatment for patients with advanced cancer. For more information, visit guardanthealth.com and follow the company on LinkedIn, X (Twitter) and Facebook.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws, including statements relating to Guardant Health’s future results, regulatory approval for products or regarding the potential benefits and advantages of Guardant Health’s platforms, assays and tests, which involve risks and uncertainties that could cause Guardant Health’s actual results to differ materially from the anticipated results and expectations expressed in these forward-looking statements. These statements are based on current expectations, forecasts and assumptions, and actual outcomes and results could differ materially from these statements due to a number of factors. These and additional risks and uncertainties that could affect Guardant Health’s financial and operating results and cause actual results to differ materially from those indicated by the forward-looking statements made in this press release include those discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operation” and elsewhere in its Annual Report on Form 10-K for the year ended December 31, 2023, and any current and periodic reports filed with or furnished to the Securities and Exchange Commission thereafter. The forward-looking statements in this press release are based on information available to Guardant Health as of the date hereof, and Guardant Health disclaims any obligation to update any forward-looking statements provided to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. These forward-looking statements should not be relied upon as representing Guardant Health’s views as of any date subsequent to the date of this press release.
Guardant Health, Inc. Condensed Consolidated Statements of Operations (unaudited) (in thousands, except per share data) |
|||||||||||||||
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Revenue: |
|
|
|
|
|
|
|
||||||||
Precision oncology testing |
$ |
142,189 |
|
|
$ |
113,797 |
|
|
$ |
514,249 |
|
|
$ |
392,049 |
|
Development services and other |
|
12,865 |
|
|
|
13,094 |
|
|
|
49,699 |
|
|
|
57,489 |
|
Total revenue |
|
155,054 |
|
|
|
126,891 |
|
|
|
563,948 |
|
|
|
449,538 |
|
Costs and operating expenses: |
|
|
|
|
|
|
|
||||||||
Cost of precision oncology testing |
|
57,417 |
|
|
|
43,706 |
|
|
|
205,528 |
|
|
|
148,199 |
|
Cost of development services and other |
|
5,100 |
|
|
|
3,415 |
|
|
|
21,524 |
|
|
|
8,126 |
|
Research and development expense |
|
89,856 |
|
|
|
106,578 |
|
|
|
367,194 |
|
|
|
373,807 |
|
Sales and marketing expense |
|
79,127 |
|
|
|
81,423 |
|
|
|
295,227 |
|
|
|
299,828 |
|
General and administrative expense |
|
37,665 |
|
|
|
37,888 |
|
|
|
155,800 |
|
|
|
163,956 |
|
Other operating expense |
|
83,400 |
|
|
|
— |
|
|
|
83,400 |
|
|
|
— |
|
Total costs and operating expenses |
|
352,565 |
|
|
|
273,010 |
|
|
|
1,128,673 |
|
|
|
993,916 |
|
Loss from operations |
|
(197,511 |
) |
|
|
(146,119 |
) |
|
|
(564,725 |
) |
|
|
(544,378 |
) |
Interest income |
|
13,888 |
|
|
|
2,150 |
|
|
|
35,365 |
|
|
|
6,069 |
|
Interest expense |
|
(645 |
) |
|
|
(644 |
) |
|
|
(2,578 |
) |
|
|
(2,577 |
) |
Other income (expense), net |
|
(3,316 |
) |
|
|
5,281 |
|
|
|
53,174 |
|
|
|
(12,778 |
) |
Fair value adjustments of noncontrolling interest liability |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(99,785 |
) |
Loss before provision for income taxes |
|
(187,584 |
) |
|
|
(139,332 |
) |
|
|
(478,764 |
) |
|
|
(653,449 |
) |
(Benefit from) provision for income taxes |
|
(541 |
) |
|
|
602 |
|
|
|
685 |
|
|
|
1,139 |
|
Net loss |
$ |
(187,043 |
) |
|
$ |
(139,934 |
) |
|
$ |
(479,449 |
) |
|
$ |
(654,588 |
) |
Net loss per share, basic and diluted |
$ |
(1.58 |
) |
|
$ |
(1.36 |
) |
|
$ |
(4.28 |
) |
|
$ |
(6.41 |
) |
Weighted-average shares used in computing net loss per share, basic and diluted |
|
118,508 |
|
|
|
102,516 |
|
|
|
111,988 |
|
|
|
102,178 |
|
Guardant Health, Inc. Condensed Consolidated Balance Sheets (unaudited) (in thousands, except share and per share data) |
|||||||
|
December 31,
|
|
December 31,
|
||||
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
1,133,537 |
|
|
$ |
141,647 |
|
Short-term marketable debt securities |
|
35,097 |
|
|
|
869,584 |
|
Accounts receivable, net |
|
88,783 |
|
|
|
97,256 |
|
Inventory, net |
|
61,948 |
|
|
|
51,598 |
|
Prepaid expenses and other current assets, net |
|
27,741 |
|
|
|
31,509 |
|
Total current assets |
|
1,347,106 |
|
|
|
1,191,594 |
|
Property and equipment, net |
|
145,096 |
|
|
|
167,920 |
|
Right-of-use assets, net |
|
157,616 |
|
|
|
174,001 |
|
Intangible assets, net |
|
8,979 |
|
|
|
11,727 |
|
Goodwill |
|
3,290 |
|
|
|
3,290 |
|
Other assets, net |
|
124,334 |
|
|
|
61,453 |
|
Total Assets |
$ |
1,786,421 |
|
|
$ |
1,609,985 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable and accrued liabilities |
$ |
187,952 |
|
|
$ |
175,817 |
|
Deferred revenue |
|
17,965 |
|
|
|
17,403 |
|
Total current liabilities |
|
205,917 |
|
|
|
193,220 |
|
Convertible senior notes, net |
|
1,139,966 |
|
|
|
1,137,391 |
|
Long-term operating lease liabilities |
|
185,848 |
|
|
|
210,015 |
|
Other long-term liabilities |
|
96,006 |
|
|
|
9,179 |
|
Total Liabilities |
|
1,627,737 |
|
|
|
1,549,805 |
|
Stockholders’ equity: |
|
|
|
||||
Common stock, par value of |
|
1 |
|
|
|
1 |
|
Additional paid-in capital |
|
2,304,220 |
|
|
|
1,742,114 |
|
Accumulated other comprehensive loss |
|
(3,675 |
) |
|
|
(19,522 |
) |
Accumulated deficit |
|
(2,141,862 |
) |
|
|
(1,662,413 |
) |
Total Stockholders’ Equity |
|
158,684 |
|
|
|
60,180 |
|
Total Liabilities and Stockholders’ Equity |
$ |
1,786,421 |
|
|
$ |
1,609,985 |
|
Guardant Health, Inc. Reconciliation of Selected GAAP Measures to Non-GAAP Measures (unaudited) (in thousands, except per share data) |
|||||||||||||||
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
|
|
|
|
|
|
|
|
||||||||
GAAP cost of precision oncology testing |
$ |
57,417 |
|
|
$ |
43,706 |
|
|
$ |
205,528 |
|
|
$ |
148,199 |
|
Amortization of intangible assets |
|
(151 |
) |
|
|
(351 |
) |
|
|
(599 |
) |
|
|
(933 |
) |
Stock-based compensation expense and related employer payroll tax payments |
|
(1,164 |
) |
|
|
(1,793 |
) |
|
|
(4,727 |
) |
|
|
(5,575 |
) |
Non-GAAP cost of precision oncology testing |
$ |
56,102 |
|
|
$ |
41,562 |
|
|
$ |
200,202 |
|
|
$ |
141,691 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP cost of development services and other |
$ |
5,100 |
|
|
$ |
3,415 |
|
|
$ |
21,524 |
|
|
$ |
8,126 |
|
Amortization of intangible assets |
|
(201 |
) |
|
|
— |
|
|
|
(804 |
) |
|
|
— |
|
Stock-based compensation expense and related employer payroll tax payments |
|
(466 |
) |
|
|
— |
|
|
|
(1,857 |
) |
|
|
— |
|
Non-GAAP cost of development services and other |
$ |
4,433 |
|
|
$ |
3,415 |
|
|
$ |
18,863 |
|
|
$ |
8,126 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP gross profit |
$ |
92,537 |
|
|
$ |
79,770 |
|
|
$ |
336,896 |
|
|
$ |
293,213 |
|
Amortization of intangible assets |
|
352 |
|
|
|
351 |
|
|
|
1,403 |
|
|
|
933 |
|
Stock-based compensation expense and related employer payroll tax payments |
|
1,630 |
|
|
|
1,793 |
|
|
|
6,584 |
|
|
|
5,575 |
|
Non-GAAP gross profit |
$ |
94,519 |
|
|
$ |
81,914 |
|
|
$ |
344,883 |
|
|
$ |
299,721 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP cost of screening |
$ |
3,453 |
|
|
$ |
2,017 |
|
|
$ |
13,476 |
|
|
$ |
2,017 |
|
Amortization of intangible assets |
|
(201 |
) |
|
|
— |
|
|
|
(804 |
) |
|
|
— |
|
Stock-based compensation expense and related employer payroll tax payments |
|
(466 |
) |
|
|
— |
|
|
|
(1,857 |
) |
|
|
— |
|
Non-GAAP cost of screening |
$ |
2,786 |
|
|
$ |
2,017 |
|
|
$ |
10,815 |
|
|
$ |
2,017 |
|
Non-GAAP gross profit excluding cost of screening |
$ |
97,305 |
|
|
$ |
83,931 |
|
|
$ |
355,698 |
|
|
$ |
301,738 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP research and development expense |
$ |
89,856 |
|
|
$ |
106,578 |
|
|
$ |
367,194 |
|
|
$ |
373,807 |
|
Stock-based compensation expense and related employer payroll tax payments |
|
(9,409 |
) |
|
|
(8,071 |
) |
|
|
(35,286 |
) |
|
|
(26,928 |
) |
Contingent consideration |
|
(450 |
) |
|
|
(2,577 |
) |
|
|
(2,082 |
) |
|
|
(5,229 |
) |
Non-GAAP research and development expense |
$ |
79,997 |
|
|
$ |
95,930 |
|
|
$ |
329,826 |
|
|
$ |
341,650 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP sales and marketing expense |
$ |
79,127 |
|
|
$ |
81,423 |
|
|
$ |
295,227 |
|
|
$ |
299,828 |
|
Amortization of intangible assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(201 |
) |
Stock-based compensation expense and related employer payroll tax payments |
|
(6,438 |
) |
|
|
(7,399 |
) |
|
|
(25,095 |
) |
|
|
(25,666 |
) |
Non-GAAP sales and marketing expense |
$ |
72,689 |
|
|
$ |
74,024 |
|
|
$ |
270,132 |
|
|
$ |
273,961 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP general and administrative expense |
$ |
37,665 |
|
|
$ |
37,888 |
|
|
$ |
155,800 |
|
|
$ |
163,956 |
|
Amortization of intangible assets |
|
(339 |
) |
|
|
(339 |
) |
|
|
(1,345 |
) |
|
|
(1,346 |
) |
Stock-based compensation expense and related employer payroll tax payments |
|
(7,081 |
) |
|
|
(6,240 |
) |
|
|
(25,098 |
) |
|
|
(37,282 |
) |
Contingent consideration |
|
120 |
|
|
|
(110 |
) |
|
|
(110 |
) |
|
|
(4,305 |
) |
Non-GAAP general and administrative expense |
$ |
30,365 |
|
|
$ |
31,199 |
|
|
$ |
129,247 |
|
|
$ |
121,023 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP other operating expense |
$ |
83,400 |
|
|
$ |
— |
|
|
$ |
83,400 |
|
|
$ |
— |
|
Non-recurring other operating expense |
|
(83,400 |
) |
|
|
— |
|
|
|
(83,400 |
) |
|
|
— |
|
Non-GAAP other operating expense |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
||||||||
GAAP loss from operations |
$ |
(197,511 |
) |
|
$ |
(146,119 |
) |
|
$ |
(564,725 |
) |
|
$ |
(544,378 |
) |
Amortization of intangible assets |
|
691 |
|
|
|
690 |
|
|
|
2,748 |
|
|
|
2,480 |
|
Stock-based compensation expense and related employer payroll tax payments |
|
24,558 |
|
|
|
23,503 |
|
|
|
92,063 |
|
|
|
95,451 |
|
Contingent consideration |
|
330 |
|
|
|
2,687 |
|
|
|
2,192 |
|
|
|
9,534 |
|
Non-recurring other operating expense |
|
83,400 |
|
|
|
— |
|
|
|
83,400 |
|
|
|
— |
|
Non-GAAP loss from operations |
$ |
(88,532 |
) |
|
$ |
(119,239 |
) |
|
$ |
(384,322 |
) |
|
$ |
(436,913 |
) |
|
|
|
|
|
|
|
|
||||||||
GAAP net loss |
$ |
(187,043 |
) |
|
$ |
(139,934 |
) |
|
$ |
(479,449 |
) |
|
$ |
(654,588 |
) |
Amortization of intangible assets |
|
691 |
|
|
|
690 |
|
|
|
2,748 |
|
|
|
2,480 |
|
Stock-based compensation expense and related employer payroll tax payments |
|
24,558 |
|
|
|
23,503 |
|
|
|
92,063 |
|
|
|
95,451 |
|
Contingent consideration |
|
330 |
|
|
|
2,687 |
|
|
|
2,192 |
|
|
|
9,534 |
|
Non-recurring other operating expense |
|
83,400 |
|
|
|
— |
|
|
|
83,400 |
|
|
|
— |
|
Unrealized losses (gains) on marketable equity securities |
|
4,803 |
|
|
|
(5,437 |
) |
|
|
(79,710 |
) |
|
|
7,793 |
|
Impairment of non-marketable equity securities and other related assets |
|
— |
|
|
|
— |
|
|
|
29,054 |
|
|
|
5,261 |
|
Fair value adjustments of noncontrolling interest liability |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
99,785 |
|
Non-recurring other income |
|
(2,631 |
) |
|
|
(1,100 |
) |
|
|
(2,631 |
) |
|
|
(1,100 |
) |
Non-GAAP net loss |
$ |
(75,892 |
) |
|
$ |
(119,591 |
) |
|
$ |
(352,333 |
) |
|
$ |
(435,384 |
) |
|
|
|
|
|
|
|
|
||||||||
GAAP net loss per share, basic and diluted |
$ |
(1.58 |
) |
|
$ |
(1.36 |
) |
|
$ |
(4.28 |
) |
|
$ |
(6.41 |
) |
Non-GAAP net loss per share, basic and diluted |
$ |
(0.64 |
) |
|
$ |
(1.17 |
) |
|
$ |
(3.15 |
) |
|
$ |
(4.26 |
) |
Weighted-average shares used in computing GAAP and Non-GAAP net loss per share, basic and diluted |
|
118,508 |
|
|
|
102,516 |
|
|
|
111,988 |
|
|
|
102,178 |
|
Guardant Health, Inc. Reconciliation of GAAP Net Loss to Adjusted EBITDA (unaudited) (in thousands) |
|||||||||||||||
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
|
|
|
|
|
|
|
|
||||||||
GAAP net loss |
$ |
(187,043 |
) |
|
$ |
(139,934 |
) |
|
$ |
(479,449 |
) |
|
$ |
(654,588 |
) |
Interest income |
|
(13,888 |
) |
|
|
(2,150 |
) |
|
|
(35,365 |
) |
|
|
(6,069 |
) |
Interest expense |
|
645 |
|
|
|
644 |
|
|
|
2,578 |
|
|
|
2,577 |
|
Other expense (income), net |
|
3,316 |
|
|
|
(5,281 |
) |
|
|
(53,174 |
) |
|
|
12,778 |
|
(Benefit from) provision for income taxes |
|
(541 |
) |
|
|
602 |
|
|
|
685 |
|
|
|
1,139 |
|
Depreciation and amortization |
|
10,868 |
|
|
|
10,169 |
|
|
|
42,881 |
|
|
|
35,962 |
|
Stock-based compensation expense and related employer payroll tax payments |
|
24,558 |
|
|
|
23,503 |
|
|
|
92,063 |
|
|
|
95,451 |
|
Contingent consideration |
|
330 |
|
|
|
2,687 |
|
|
|
2,192 |
|
|
|
9,534 |
|
Non-recurring other operating expense |
|
83,400 |
|
|
|
— |
|
|
|
83,400 |
|
|
|
— |
|
Fair value adjustments of noncontrolling interest liability |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
99,785 |
|
Adjusted EBITDA |
$ |
(78,355 |
) |
|
$ |
(109,760 |
) |
|
$ |
(344,189 |
) |
|
$ |
(403,431 |
) |
Reconciliation of Free Cash Flow to Net Cash Used in Operating Activities (unaudited) (in thousands) |
|||||||||||||||
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Net cash used in operating activities |
$ |
(78,728 |
) |
|
$ |
(90,749 |
) |
|
$ |
(324,975 |
) |
|
$ |
(309,463 |
) |
Purchase of property and equipment |
|
(4,077 |
) |
|
|
(10,001 |
) |
|
|
(20,486 |
) |
|
|
(77,461 |
) |
Free cash flow |
$ |
(82,805 |
) |
|
$ |
(100,750 |
) |
|
$ |
(345,461 |
) |
|
$ |
(386,924 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240221850021/en/
Investor Contact:
investors@guardanthealth.com
Media Contact:
Melissa Marasco
press@guardanthealth.com
+1 650-647-3711
Source: Guardant Health, Inc.
FAQ
What was Guardant Health's revenue growth in 2023?
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What milestone did Guardant Health achieve in 2023?
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What does Guardant Health anticipate in 2024 regarding its Shield IVD test?
