Guardant Health Reports Second Quarter 2024 Financial Results and Increases 2024 Revenue Guidance
Guardant Health (Nasdaq: GH) reported strong Q2 2024 financial results, with revenue increasing 29% to $177.2 million. The company raised its 2024 revenue guidance to $690-$700 million, representing 22-24% growth. Key highlights include:
1. Clinical testing volume up 14% and biopharma testing volume up 56% year-over-year
2. FDA approval of Shield as a first-line colorectal cancer screening option
3. Launch of upgraded Guardant360 on Smart Liquid Biopsy platform
4. Gross profit increased to $104.8 million, with a 59% gross margin
5. Net loss of $102.6 million, or $0.84 per share
The company's strong performance was driven by solid volume growth and improved reimbursement for Guardant360 tests.
Guardant Health (Nasdaq: GH) ha riportato risultati finanziari solidi per il secondo trimestre del 2024, con un aumento del fatturato del 29% a 177,2 milioni di dollari. L'azienda ha alzato le previsioni di fatturato per il 2024 a 690-700 milioni di dollari, corrispondente a una crescita del 22-24%. I punti salienti includono:
1. Aumento del volume dei test clinici del 14% e del volume dei test biopharma del 56% rispetto all'anno precedente
2. Approvazione da parte della FDA di Shield come opzione di screening per il cancro colorettale di prima linea
3. Lancio della versione aggiornata di Guardant360 sulla piattaforma Smart Liquid Biopsy
4. Aumento del profitto lordo a 104,8 milioni di dollari, con un margine lordo del 59%
5. Perdita netta di 102,6 milioni di dollari, ovvero 0,84 dollari per azione
Le solide prestazioni dell'azienda sono state guidate da una crescita robusta del volume e da un miglioramento del rimborso per i test Guardant360.
Guardant Health (Nasdaq: GH) reportó resultados financieros sólidos para el segundo trimestre de 2024, con un aumento del ingreso del 29% a 177.2 millones de dólares. La compañía aumentó su guía de ingresos para 2024 a 690-700 millones de dólares, lo que representa un crecimiento del 22-24%. Los puntos destacados incluyen:
1. Volumen de pruebas clínicas aumentó un 14% y el volumen de pruebas biopharma aumentó un 56% interanual
2. Aprobación de la FDA de Shield como opción de cribado de cáncer colorrectal de primera línea
3. Lanzamiento de Guardant360 actualizado en la plataforma Smart Liquid Biopsy
4. El beneficio bruto aumentó a 104.8 millones de dólares, con un margen bruto del 59%
5. Pérdida neta de 102.6 millones de dólares, o 0.84 dólares por acción
El sólido desempeño de la compañía fue impulsado por un robusto crecimiento de volumen y una mejora en el reembolso de las pruebas Guardant360.
Guardant Health (Nasdaq: GH)는 2024년 2분기 재무 실적이 강력하게 나타났다고 보고했으며, 수익은 29% 증가하여 1억 7720만 달러에 달했습니다. 이 회사는 2024년 수익 가이던스를 6억 9000만 - 7억 달러로 상향 조정했으며, 이는 22-24%의 성장을 나타냅니다. 주요 하이라이트는 다음과 같습니다:
1. 임상 테스트 대량이 전년 대비 14% 증가하고 생명공학 테스트 대량이 56% 증가
2. 대장암 선별 검사 옵션으로서 Shield의 FDA 승인
3. Smart Liquid Biopsy 플랫폼에서의 업그레이드된 Guardant360 출시
4. 총 이익이 1억 480만 달러로 증가했으며, 총 이익률은 59%
5. 순손실은 1억 260만 달러로, 주당 0.84 달러입니다
회사의 강력한 성과는 안정적인 대량 성장과 Guardant360 테스트에 대한 개선된 상환 덕분에 이루어졌습니다.
Guardant Health (Nasdaq: GH) a annoncé des résultats financiers solides pour le deuxième trimestre de 2024, avec des revenus en hausse de 29% atteignant 177,2 millions de dollars. L'entreprise a relevé ses prévisions de revenus pour 2024 à 690-700 millions de dollars, représentant une croissance de 22-24%. Les principaux points saillants incluent :
1. Volume des tests cliniques en hausse de 14% et volume des tests biopharma en hausse de 56% par rapport à l'année précédente
2. Approbation de la FDA pour Shield en tant qu'option de dépistage du cancer colorectal en première ligne
3. Lancement de Guardant360 mis à jour sur la plateforme Smart Liquid Biopsy
4. Le bénéfice brut a augmenté à 104,8 millions de dollars, avec une marge brute de 59%
5. Perte nette de 102,6 millions de dollars, soit 0,84 dollar par action
La forte performance de l’entreprise a été entraînée par une croissance solide du volume et une amélioration du remboursement pour les tests Guardant360.
Guardant Health (Nasdaq: GH) hat für das zweite Quartal 2024 starke Finanzergebnisse bekanntgegeben, mit einem Umsatzanstieg von 29% auf 177,2 Millionen US-Dollar. Das Unternehmen hat seine Umsatzprognose für 2024 auf 690-700 Millionen US-Dollar angehoben, was einem Wachstum von 22-24% entspricht. Wesentliche Höhepunkte sind:
1. Klinisches Testvolumen um 14% gestiegen und Biopharma-Testvolumen um 56% im Vergleich zum Vorjahr
2. FDA-Zulassung von Shield als erste Screening-Option für Darmkrebs
3. Einführung von Guardant360 auf der aktualisierten Smart Liquid Biopsy Plattform
4. Bruttogewinn stieg auf 104,8 Millionen US-Dollar, mit einer Bruttogewinnmarge von 59%
5. Nettoverlust von 102,6 Millionen US-Dollar oder 0,84 US-Dollar pro Aktie
Die starke Leistung des Unternehmens wurde durch solides Volumenwachstum und verbesserte Erstattungen für Guardant360-Tests unterstützt.
- Revenue growth of 29% year-over-year to $177.2 million
- Raised 2024 revenue guidance to $690-$700 million (22-24% growth)
- Clinical testing volume increased 14% and biopharma testing volume up 56%
- FDA approval of Shield as first-line colorectal cancer screening option
- Gross profit increased to $104.8 million
- Improved reimbursement for Guardant360 tests
- Net loss increased to $102.6 million from $72.8 million in Q2 2023
- Gross margin decreased to 59% from 61% in the prior year period
- Operating expenses increased to $205.4 million from $202.9 million in Q2 2023
- Free cash flow remained negative at $(99.1) million
Insights
Guardant Health's Q2 2024 results show strong performance, with revenue growing
However, the widening net loss (
The
The FDA approval of Shield as a first-line colorectal cancer (CRC) screening option is a significant milestone. This blood-based test could revolutionize CRC screening, potentially increasing compliance rates due to its less invasive nature compared to colonoscopies.
The upgrade of Guardant360 to the Smart Liquid Biopsy platform, combining genomics and epigenomics, represents a technological leap in liquid biopsy capabilities. This could enhance detection accuracy and provide more comprehensive insights into cancer biology.
The expansion of Guardant360 TissueNext to a 498-gene panel is also noteworthy, potentially broadening treatment options for advanced cancer patients by identifying more actionable mutations.
Guardant Health's market position in precision oncology is strengthening. The
The Shield test's Medicare coverage for 45 million eligible individuals opens a substantial market opportunity. With CRC being a leading cause of cancer deaths, this could drive significant adoption and revenue growth.
However, the company faces challenges in its development services segment, with revenue declining slightly. This suggests a need to diversify revenue streams and reduce dependence on the precision oncology segment for long-term growth.
Revenue growth of
Shield approved by FDA as primary option for CRC screening and is commercially available in
Second Quarter 2024 Financial Highlights
-
Revenue of
$177.2 million 29% over the second quarter of 2023 -
Reported 49,400 tests to clinical customers and 10,475 tests to biopharmaceutical customers in the second quarter of 2024, representing increases of
14% and56% , respectively, over the second quarter of 2023 -
Raised 2024 annual guidance for revenue to a new range of
$690 $700 million 22% to24%
Recent Operating Highlights
- Received FDA approval for Shield as a first-line CRC screening option and initiated commercial launch of Shield IVD
- Shield now meets the requirements for Medicare coverage for 45 million eligible individuals
- Launched major upgrade of Guardant360 on Smart Liquid Biopsy platform, further extending best-in-class performance
- Upgraded Guardant360 TissueNext to a 498 gene panel to identify more treatment options for patients with advanced cancer
- Publication of COSMOS study data in Clinical Cancer Research further validates Reveal for MRD CRC surveillance testing in Stage II and III patients
“We had another strong quarter driven by solid volume growth, particularly for biopharma, and continued improvements to Guardant360 reimbursement,” said Helmy Eltoukhy, co-founder and co-CEO. “We also reached major milestones across our oncology business with the upgrades of Guardant360 onto our Smart Liquid Biopsy platform, a revolutionary platform that combines genomics with epigenomics, and of Guardant360 TissueNext to identify more treatment options for patients with advanced cancer. Additionally, our COSMOS study was recently published in Clinical Cancer Research and submitted to MolDx for Medicare reimbursement of CRC surveillance. We look forward to continuing this momentum throughout the remainder of the year as we deliver on our mission of giving us all more time free from cancer.”
“FDA approval of our Shield blood test for first-line colorectal cancer screening is a huge victory for Guardant and patients,” said AmirAli Talasaz, co-founder and co-CEO. “Commercial launch of Shield and CMS coverage make our blood-based screening option accessible to more than 45 million Medicare beneficiaries. Shield offers a more pleasant way to stay up to date with colorectal cancer screening and detect the disease early, when it is more easily treated.”
Second Quarter 2024 Financial Results
Revenue was
Gross profit, or total revenue less cost of precision oncology testing and cost of development services and other, was
Non-GAAP gross profit was
Non-GAAP gross profit excluding screening was
Operating expenses were
Net loss was
Non-GAAP net loss was
Adjusted EBITDA loss was
Free cash flow for the second quarter of 2024 was
2024 Guidance
Guardant Health now 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 second quarter 2024 financial results after market close on Wednesday, August 7, 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, and other non-recurring items.
Adjusted EBITDA is defined as net loss adjusted for interest income; interest expense; other income (expense), net; provision for income taxes; depreciation and amortization expense; stock-based compensation expense and related employer payroll tax payments; contingent consideration; 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 and accelerating new cancer therapies 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 treatment selection 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 June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
||||||||
Revenue: |
|
|
|
|
|
|
|
||||||||
Precision oncology testing |
$ |
166,518 |
|
|
$ |
125,244 |
|
|
$ |
322,747 |
|
|
$ |
238,637 |
|
Development services and other |
|
10,717 |
|
|
|
11,906 |
|
|
|
22,979 |
|
|
|
27,227 |
|
Total revenue |
|
177,235 |
|
|
|
137,150 |
|
|
|
345,726 |
|
|
|
265,864 |
|
Costs and operating expenses: |
|
|
|
|
|
|
|
||||||||
Cost of precision oncology testing |
|
65,715 |
|
|
|
49,357 |
|
|
|
125,021 |
|
|
|
94,463 |
|
Cost of development services and other |
|
6,706 |
|
|
|
4,491 |
|
|
|
12,696 |
|
|
|
12,458 |
|
Research and development expense |
|
83,102 |
|
|
|
90,359 |
|
|
|
166,904 |
|
|
|
183,487 |
|
Sales and marketing expense |
|
81,867 |
|
|
|
71,043 |
|
|
|
162,292 |
|
|
|
147,166 |
|
General and administrative expense |
|
40,463 |
|
|
|
41,516 |
|
|
|
79,114 |
|
|
|
81,961 |
|
Total costs and operating expenses |
|
277,853 |
|
|
|
256,766 |
|
|
|
546,027 |
|
|
|
519,535 |
|
Loss from operations |
|
(100,618 |
) |
|
|
(119,616 |
) |
|
|
(200,301 |
) |
|
|
(253,671 |
) |
Interest income |
|
13,913 |
|
|
|
6,727 |
|
|
|
28,781 |
|
|
|
9,787 |
|
Interest expense |
|
(645 |
) |
|
|
(645 |
) |
|
|
(1,290 |
) |
|
|
(1,289 |
) |
Other income (expense), net |
|
(15,145 |
) |
|
|
41,259 |
|
|
|
(44,265 |
) |
|
|
39,605 |
|
Loss before provision for income taxes |
|
(102,495 |
) |
|
|
(72,275 |
) |
|
|
(217,075 |
) |
|
|
(205,568 |
) |
Provision for income taxes |
|
133 |
|
|
|
496 |
|
|
|
538 |
|
|
|
736 |
|
Net loss |
$ |
(102,628 |
) |
|
$ |
(72,771 |
) |
|
$ |
(217,613 |
) |
|
$ |
(206,304 |
) |
Net loss per share, basic and diluted |
$ |
(0.84 |
) |
|
$ |
(0.67 |
) |
|
$ |
(1.78 |
) |
|
$ |
(1.95 |
) |
Weighted-average shares used in computing net loss per share, basic and diluted |
|
122,447 |
|
|
|
108,808 |
|
|
|
122,080 |
|
|
|
105,752 |
|
Guardant Health, Inc. Condensed Consolidated Balance Sheets (unaudited) (in thousands, except share and per share data) |
|||||||
|
June 30, 2024 |
|
December 31, 2023 |
||||
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash, cash equivalents and restricted cash |
$ |
1,035,239 |
|
|
$ |
1,133,537 |
|
Short-term marketable debt securities |
|
— |
|
|
|
35,097 |
|
Accounts receivable, net |
|
100,519 |
|
|
|
88,783 |
|
Inventory, net |
|
66,984 |
|
|
|
61,948 |
|
Prepaid expenses and other current assets, net |
|
87,232 |
|
|
|
27,741 |
|
Total current assets |
|
1,289,974 |
|
|
|
1,347,106 |
|
Property and equipment, net |
|
132,317 |
|
|
|
145,096 |
|
Right-of-use assets, net |
|
146,111 |
|
|
|
157,616 |
|
Intangible assets, net |
|
7,742 |
|
|
|
8,979 |
|
Goodwill |
|
3,290 |
|
|
|
3,290 |
|
Other assets, net |
|
29,906 |
|
|
|
124,334 |
|
Total Assets |
$ |
1,609,340 |
|
|
$ |
1,786,421 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
42,447 |
|
|
$ |
51,741 |
|
Accrued compensation |
|
59,067 |
|
|
|
72,736 |
|
Accrued expenses |
|
70,680 |
|
|
|
63,475 |
|
Deferred revenue |
|
29,375 |
|
|
|
17,965 |
|
Total current liabilities |
|
201,569 |
|
|
|
205,917 |
|
Convertible senior notes, net |
|
1,141,256 |
|
|
|
1,139,966 |
|
Long-term operating lease liabilities |
|
172,194 |
|
|
|
185,848 |
|
Other long-term liabilities |
|
95,934 |
|
|
|
96,006 |
|
Total Liabilities |
|
1,610,953 |
|
|
|
1,627,737 |
|
Stockholders’ equity: |
|
|
|
||||
Common stock, par value of |
|
1 |
|
|
|
1 |
|
Additional paid-in capital |
|
2,363,501 |
|
|
|
2,304,220 |
|
Accumulated other comprehensive loss |
|
(5,640 |
) |
|
|
(3,675 |
) |
Accumulated deficit |
|
(2,359,475 |
) |
|
|
(2,141,862 |
) |
Total Stockholders’ (Deficit) Equity |
|
(1,613 |
) |
|
|
158,684 |
|
Total Liabilities and Stockholders’ (Deficit) Equity |
$ |
1,609,340 |
|
|
$ |
1,786,421 |
|
Guardant Health, Inc. Reconciliation of Selected GAAP Measures to Non-GAAP Measures (unaudited) (in thousands, except per share data) |
|||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP cost of precision oncology testing |
$ |
65,715 |
|
|
$ |
49,357 |
|
|
$ |
125,021 |
|
|
$ |
94,463 |
|
Amortization of intangible assets |
|
(150 |
) |
|
|
(149 |
) |
|
|
(299 |
) |
|
|
(297 |
) |
Stock-based compensation expense and related employer payroll tax payments |
|
(1,309 |
) |
|
|
(1,225 |
) |
|
|
(2,587 |
) |
|
|
(2,443 |
) |
Non-GAAP cost of precision oncology testing |
$ |
64,256 |
|
|
$ |
47,983 |
|
|
$ |
122,135 |
|
|
$ |
91,723 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP cost of development services and other |
$ |
6,706 |
|
|
$ |
4,491 |
|
|
$ |
12,696 |
|
|
$ |
12,458 |
|
Amortization of intangible assets |
|
(67 |
) |
|
|
(201 |
) |
|
|
(267 |
) |
|
|
(402 |
) |
Stock-based compensation expense and related employer payroll tax payments |
|
(498 |
) |
|
|
(478 |
) |
|
|
(997 |
) |
|
|
(954 |
) |
Non-GAAP cost of development services and other |
$ |
6,141 |
|
|
$ |
3,812 |
|
|
$ |
11,432 |
|
|
$ |
11,102 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP gross profit |
$ |
104,814 |
|
|
$ |
83,302 |
|
|
$ |
208,009 |
|
|
$ |
158,943 |
|
Amortization of intangible assets |
|
217 |
|
|
|
350 |
|
|
|
566 |
|
|
|
699 |
|
Stock-based compensation expense and related employer payroll tax payments |
|
1,807 |
|
|
|
1,703 |
|
|
|
3,584 |
|
|
|
3,397 |
|
Non-GAAP gross profit |
$ |
106,838 |
|
|
$ |
85,355 |
|
|
$ |
212,159 |
|
|
$ |
163,039 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP cost of screening |
$ |
3,459 |
|
|
$ |
2,966 |
|
|
$ |
6,788 |
|
|
$ |
7,031 |
|
Amortization of intangible assets |
|
(67 |
) |
|
|
(201 |
) |
|
|
(267 |
) |
|
|
(402 |
) |
Stock-based compensation expense and related employer payroll tax payments |
|
(498 |
) |
|
|
(478 |
) |
|
|
(997 |
) |
|
|
(954 |
) |
Non-GAAP cost of screening |
$ |
2,894 |
|
|
$ |
2,287 |
|
|
$ |
5,524 |
|
|
$ |
5,675 |
|
Non-GAAP gross profit excluding cost of screening |
$ |
109,732 |
|
|
$ |
87,642 |
|
|
$ |
217,683 |
|
|
$ |
168,714 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP research and development expense |
$ |
83,102 |
|
|
$ |
90,359 |
|
|
$ |
166,904 |
|
|
$ |
183,487 |
|
Stock-based compensation expense and related employer payroll tax payments |
|
(10,001 |
) |
|
|
(8,518 |
) |
|
|
(20,065 |
) |
|
|
(17,266 |
) |
Contingent consideration |
|
(110 |
) |
|
|
(531 |
) |
|
|
(485 |
) |
|
|
(1,101 |
) |
Non-GAAP research and development expense |
$ |
72,991 |
|
|
$ |
81,310 |
|
|
$ |
146,354 |
|
|
$ |
165,120 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP sales and marketing expense |
$ |
81,867 |
|
|
$ |
71,043 |
|
|
$ |
162,292 |
|
|
$ |
147,166 |
|
Stock-based compensation expense and related employer payroll tax payments |
|
(7,258 |
) |
|
|
(5,977 |
) |
|
|
(14,587 |
) |
|
|
(13,520 |
) |
Non-GAAP sales and marketing expense |
$ |
74,609 |
|
|
$ |
65,066 |
|
|
$ |
147,705 |
|
|
$ |
133,646 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP general and administrative expense |
$ |
40,463 |
|
|
$ |
41,516 |
|
|
$ |
79,114 |
|
|
$ |
81,961 |
|
Amortization of intangible assets |
|
(335 |
) |
|
|
(336 |
) |
|
|
(671 |
) |
|
|
(667 |
) |
Stock-based compensation expense and related employer payroll tax payments |
|
(8,659 |
) |
|
|
(6,755 |
) |
|
|
(16,823 |
) |
|
|
(11,223 |
) |
Contingent consideration |
|
(300 |
) |
|
|
(310 |
) |
|
|
(420 |
) |
|
|
(10 |
) |
Non-GAAP general and administrative expense |
$ |
31,169 |
|
|
$ |
34,115 |
|
|
$ |
61,200 |
|
|
$ |
70,061 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP loss from operations |
$ |
(100,618 |
) |
|
$ |
(119,616 |
) |
|
$ |
(200,301 |
) |
|
$ |
(253,671 |
) |
Amortization of intangible assets |
|
552 |
|
|
|
686 |
|
|
|
1,237 |
|
|
|
1,366 |
|
Stock-based compensation expense and related employer payroll tax payments |
|
27,725 |
|
|
|
22,953 |
|
|
|
55,059 |
|
|
|
45,406 |
|
Contingent consideration |
|
410 |
|
|
|
841 |
|
|
|
905 |
|
|
|
1,111 |
|
Non-GAAP loss from operations |
$ |
(71,931 |
) |
|
$ |
(95,136 |
) |
|
$ |
(143,100 |
) |
|
$ |
(205,788 |
) |
|
|
|
|
|
|
|
|
||||||||
GAAP net loss |
$ |
(102,628 |
) |
|
$ |
(72,771 |
) |
|
$ |
(217,613 |
) |
|
$ |
(206,304 |
) |
Amortization of intangible assets |
|
552 |
|
|
|
686 |
|
|
|
1,237 |
|
|
|
1,366 |
|
Stock-based compensation expense and related employer payroll tax payments |
|
27,725 |
|
|
|
22,953 |
|
|
|
55,059 |
|
|
|
45,406 |
|
Contingent consideration |
|
410 |
|
|
|
841 |
|
|
|
905 |
|
|
|
1,111 |
|
Unrealized losses (gains) on marketable equity securities |
|
15,485 |
|
|
|
(63,997 |
) |
|
|
45,539 |
|
|
|
(67,879 |
) |
Impairment of non-marketable equity securities and other related assets |
|
— |
|
|
|
23,569 |
|
|
|
— |
|
|
|
29,054 |
|
Non-GAAP net loss |
$ |
(58,456 |
) |
|
$ |
(88,719 |
) |
|
$ |
(114,873 |
) |
|
$ |
(197,246 |
) |
|
|
|
|
|
|
|
|
||||||||
GAAP net loss per share, basic and diluted |
$ |
(0.84 |
) |
|
$ |
(0.67 |
) |
|
$ |
(1.78 |
) |
|
$ |
(1.95 |
) |
Non-GAAP net loss per share, basic and diluted |
$ |
(0.48 |
) |
|
$ |
(0.82 |
) |
|
$ |
(0.94 |
) |
|
$ |
(1.87 |
) |
Weighted-average shares used in computing GAAP and Non-GAAP net loss per share, basic and diluted |
|
122,447 |
|
|
|
108,808 |
|
|
|
122,080 |
|
|
|
105,752 |
|
Reconciliation of GAAP Net Loss to Adjusted EBITDA (unaudited) (in thousands) |
|||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP net loss |
$ |
(102,628 |
) |
|
$ |
(72,771 |
) |
|
$ |
(217,613 |
) |
|
$ |
(206,304 |
) |
Interest income |
|
(13,913 |
) |
|
|
(6,727 |
) |
|
|
(28,781 |
) |
|
|
(9,787 |
) |
Interest expense |
|
645 |
|
|
|
645 |
|
|
|
1,290 |
|
|
|
1,289 |
|
Other expense (income), net |
|
15,145 |
|
|
|
(41,259 |
) |
|
|
44,265 |
|
|
|
(39,605 |
) |
Provision for income taxes |
|
133 |
|
|
|
496 |
|
|
|
538 |
|
|
|
736 |
|
Depreciation and amortization |
|
10,623 |
|
|
|
10,631 |
|
|
|
21,335 |
|
|
|
20,976 |
|
Stock-based compensation expense and related employer payroll tax payments |
|
27,725 |
|
|
|
22,953 |
|
|
|
55,059 |
|
|
|
45,406 |
|
Contingent consideration |
|
410 |
|
|
|
841 |
|
|
|
905 |
|
|
|
1,111 |
|
Adjusted EBITDA |
$ |
(61,860 |
) |
|
$ |
(85,191 |
) |
|
$ |
(123,002 |
) |
|
$ |
(186,178 |
) |
Reconciliation of Free Cash Flow to Net Cash Used in Operating Activities (unaudited) (in thousands) |
|||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
||||||||
Net cash used in operating activities |
$ |
(94,002 |
) |
|
$ |
(94,015 |
) |
|
$ |
(124,286 |
) |
|
$ |
(168,456 |
) |
Purchase of property and equipment |
|
(5,077 |
) |
|
|
(6,513 |
) |
|
|
(12,011 |
) |
|
|
(14,037 |
) |
Free cash flow |
$ |
(99,079 |
) |
|
$ |
(100,528 |
) |
|
$ |
(136,297 |
) |
|
$ |
(182,493 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240807054615/en/
Investor Contact:
Zarak Khurshid
investors@guardanthealth.com
Media Contact:
Melissa Marasco
press@guardanthealth.com
+1 650-647-3711
Source: Guardant Health, Inc.
FAQ
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