Guardant Health Reports Third Quarter 2024 Financial Results and Increases 2024 Revenue Guidance
Guardant Health (GH) reported strong Q3 2024 financial results with revenue of $191.5 million, marking a 34% increase year-over-year. The company performed 53,100 clinical tests and 10,500 biopharma tests, up 21% and 40% respectively. Key highlights include achieving a Guardant360 ASP over $3,000 and receiving favorable Medicare pricing of $920 for Shield. The company raised its 2024 revenue guidance to $720-725 million, representing 28-29% growth. Free cash flow improved to $(55) million from $(80) million in the prior year. Despite revenue growth, the company reported a net loss of $107.8 million for Q3 2024.
Guardant Health (GH) ha riportato risultati finanziari robusti nel terzo trimestre del 2024, con un fatturato di 191,5 milioni di dollari, segnando un aumento del 34% rispetto all'anno precedente. L'azienda ha eseguito 53.100 test clinici e 10.500 test biopharma, con un incremento rispettivamente del 21% e del 40%. I punti salienti includono il raggiungimento di un prezzo medio di Guardant360 superiore a 3.000 dollari e l'ottenimento di una tariffa Medicare favorevole di 920 dollari per Shield. L'azienda ha alzato la sua previsione di fatturato per il 2024 a 720-725 milioni di dollari, il che rappresenta una crescita del 28-29%. Il flusso di cassa libero è migliorato, passando da (80) milioni di dollari dell'anno precedente a (55) milioni di dollari. Nonostante la crescita dei ricavi, l'azienda ha riportato una perdita netta di 107,8 milioni di dollari per il terzo trimestre del 2024.
Guardant Health (GH) reportó resultados financieros sólidos en el tercer trimestre de 2024, con ingresos de 191.5 millones de dólares, marcando un aumento del 34% en comparación con el año anterior. La compañía realizó 53,100 pruebas clínicas y 10,500 pruebas biopharma, un aumento del 21% y del 40%, respectivamente. Los puntos destacados incluyen alcanzar un precio promedio de Guardant360 de más de 3,000 dólares y recibir una tarifa favorable de Medicare de 920 dólares para Shield. La compañía elevó su guía de ingresos para 2024 a 720-725 millones de dólares, lo que representa un crecimiento del 28-29%. El flujo de caja libre mejoró a (55) millones de dólares, desde (80) millones de dólares en el año anterior. A pesar del crecimiento de los ingresos, la compañía reportó una pérdida neta de 107.8 millones de dólares para el tercer trimestre de 2024.
Guardant Health (GH)는 2024년 3분기 강력한 재무 결과를 발표했으며, 수익은 1억 9,150만 달러로 지난해 대비 34% 증가했습니다. 회사는 53,100건의 임상 검사와 10,500건의 바이오 제약 검사를 수행했으며, 각각 21% 및 40% 증가했습니다. 주요 하이라이트로는 Guardant360의 평균 가격이 3,000달러를 초과하고, Shield에 대해 유리한 메디케어 가격인 920달러를 받았다는 점이 있습니다. 회사는 2024년 수익 가이던스를 7억 2,000만 - 7억 2,500만 달러로 상향 조정했으며, 이는 28-29% 성장에 해당합니다. 자유 현금 흐름은 지난해 (8천만 달러)에서 (5천5백만 달러)로 개선되었습니다. 수익 성장에도 불구하고 회사는 2024년 3분기에 1억 7,780만 달러의 순손실을 기록했습니다.
Guardant Health (GH) a annoncé de solides résultats financiers pour le troisième trimestre 2024, avec un chiffre d'affaires de 191,5 millions de dollars, marquant une augmentation de 34 % par rapport à l'année précédente. L'entreprise a réalisé 53 100 tests cliniques et 10 500 tests biopharmaceutiques, en hausse de 21 % et de 40 % respectivement. Parmi les faits marquants, on note l'atteinte d'un prix moyen de Guardant360 supérieur à 3 000 dollars et l'obtention d'un tarif Medicare favorable de 920 dollars pour Shield. L'entreprise a relevé ses prévisions de revenus pour 2024 à 720-725 millions de dollars, représentant une croissance de 28-29 %. Le flux de trésorerie disponible s'est amélioré, passant de (80) millions de dollars l'année précédente à (55) millions de dollars. Malgré la croissance des revenus, l'entreprise a enregistré une perte nette de 107,8 millions de dollars pour le troisième trimestre 2024.
Guardant Health (GH) hat starke Finanzdaten für das dritte Quartal 2024 gemeldet, mit einem Umsatz von 191,5 Millionen Dollar, was einem Anstieg von 34 % im Vergleich zum Vorjahr entspricht. Das Unternehmen führte 53.100 klinische Tests und 10.500 biopharmazeutische Tests durch, was einen Anstieg von 21 % bzw. 40 % bedeutet. Zu den wichtigsten Punkten gehört, dass der Guardant360-Durchschnittspreis über 3.000 Dollar liegt und das Unternehmen eine günstige Medicare-Preissetzung von 920 Dollar für Shield erhalten hat. Das Unternehmen hob die Umsatzprognose für 2024 auf 720-725 Millionen Dollar an, was einem Wachstum von 28-29 % entspricht. Der freie Cashflow verbesserte sich von (80) Millionen Dollar im Vorjahr auf (55) Millionen Dollar. Trotz des Umsatzwachstums meldete das Unternehmen für das dritte Quartal 2024 einen Nettoverlust von 107,8 Millionen Dollar.
- Revenue increased 34% YoY to $191.5 million
- Clinical test volume grew 21% and biopharma tests volume increased 40%
- Guardant360 ASP achieved over $3,000
- Medicare pricing of $920 secured for Shield
- Raised 2024 revenue guidance to $720-725 million
- Free cash flow improved by $25 million YoY
- Net loss increased to $107.8 million from $86.1 million YoY
- Operating expenses increased to $234.3 million from $199.0 million YoY
- Development services gross margin declined to 23% from 59% YoY
- Continuing negative free cash flow of $(55.3) million
Insights
Guardant Health delivered strong Q3 results with
The commercial success of Shield's launch and Medicare's decision to remove cost-sharing for follow-up colonoscopies represent significant market opportunities. The partnership with Policlinico Gemelli expands international presence, while the SCRUM-Japan GOZILA study results showing doubled survival rates strengthen clinical validation. The upgrade to Smart Liquid Biopsy is driving both account expansion and deeper penetration. These developments, combined with Medicare price increases for TissueNext to
Revenue growth of
Shield received favorable Medicare pricing of
Third Quarter 2024 Financial Highlights
-
Recorded revenue of
$191.5 million 34% over the third quarter of 2023 -
Reported 53,100 clinical tests (excluding Shield) and 10,500 biopharma tests in the third quarter of 2024, representing increases of
21% and40% , respectively, over the third quarter of 2023 -
Achieved Guardant360 ASP of over
$3,000 -
Raised 2024 annual guidance for revenue to a new range of
$720 $725 million 28% to29% -
Improved free cash flow to
$(55) million $(80) million -
Revised annual free cash flow guidance to
$(265) $(275) million $70 $80 million
Recent Operating Highlights
- Successfully launched Shield IVD with strong reception from physicians and patients
-
Received Medicare pricing of
$920 - CMS finalized its policy to remove cost-sharing for a follow-on colonoscopy after a blood-based screening test for Medicare beneficiaries
-
Announced Medicare pricing for TissueNext will increase from
$3,100 $3,500 -
Entered into laboratory partnership with Policlinico Gemelli in
Italy , a leading European oncology center, to test advanced cancer patients locally - Published data from SCRUM-Japan GOZILA study in Nature Medicine showing patients receiving Guardant360 CDx guided treatment survived twice as long
“We had another record quarter of revenue driven by significant Guardant360 reimbursement tailwinds and volume growth,” said Helmy Eltoukhy, co-founder and co-CEO. “With this momentum, we are raising revenue guidance for the third time this year and improving our free cash flow outlook for the full year. The upgrade of Guardant360 LDT to Smart Liquid Biopsy has already contributed to an increase in both breadth and depth of accounts, and we expect this to be a strong growth driver for our therapy selection business going forward.”
“Shield has received a very positive reception from physicians and patients in the first few months of commercial launch following FDA approval,” said AmirAli Talasaz, co-founder and co-CEO. “We were very pleased to see Shield receive a Medicare price of
Third 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 cost of screening was
Operating expenses were
Net loss was
Non-GAAP net loss was
Adjusted EBITDA loss was
Free cash flow for the third quarter of 2024 was
2024 Guidance
Guardant Health now expects full year 2024 revenue to be in the range of
Webcast Information
Guardant Health will host a conference call to discuss the third quarter 2024 financial results after market close on Wednesday, November 6, 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, unrealized and realized gains and losses 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 September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
||||||||
Revenue: |
|
|
|
|
|
|
|
||||||||
Precision oncology testing |
$ |
180,604 |
|
|
$ |
133,423 |
|
|
$ |
503,351 |
|
|
$ |
372,060 |
|
Development services and other |
|
10,872 |
|
|
|
9,607 |
|
|
|
33,851 |
|
|
|
36,834 |
|
Total revenue |
|
191,476 |
|
|
|
143,030 |
|
|
|
537,202 |
|
|
|
408,894 |
|
Costs and operating expenses: |
|
|
|
|
|
|
|
||||||||
Cost of precision oncology testing |
|
66,095 |
|
|
|
53,648 |
|
|
|
191,116 |
|
|
|
148,111 |
|
Cost of development services and other |
|
8,394 |
|
|
|
3,966 |
|
|
|
21,090 |
|
|
|
16,424 |
|
Research and development expense |
|
87,306 |
|
|
|
93,851 |
|
|
|
254,210 |
|
|
|
277,338 |
|
Sales and marketing expense |
|
97,880 |
|
|
|
68,934 |
|
|
|
260,172 |
|
|
|
216,100 |
|
General and administrative expense |
|
49,129 |
|
|
|
36,174 |
|
|
|
128,243 |
|
|
|
118,135 |
|
Total costs and operating expenses |
|
308,804 |
|
|
|
256,573 |
|
|
|
854,831 |
|
|
|
776,108 |
|
Loss from operations |
|
(117,328 |
) |
|
|
(113,543 |
) |
|
|
(317,629 |
) |
|
|
(367,214 |
) |
Interest income |
|
13,257 |
|
|
|
11,690 |
|
|
|
42,038 |
|
|
|
21,477 |
|
Interest expense |
|
(646 |
) |
|
|
(644 |
) |
|
|
(1,936 |
) |
|
|
(1,933 |
) |
Other income (expense), net |
|
(3,007 |
) |
|
|
16,885 |
|
|
|
(47,272 |
) |
|
|
56,490 |
|
Loss before provision for income taxes |
|
(107,724 |
) |
|
|
(85,612 |
) |
|
|
(324,799 |
) |
|
|
(291,180 |
) |
Provision for income taxes |
|
30 |
|
|
|
490 |
|
|
|
568 |
|
|
|
1,226 |
|
Net loss |
$ |
(107,754 |
) |
|
$ |
(86,102 |
) |
|
$ |
(325,367 |
) |
|
$ |
(292,406 |
) |
Net loss per share, basic and diluted |
$ |
(0.88 |
) |
|
$ |
(0.73 |
) |
|
$ |
(2.66 |
) |
|
$ |
(2.66 |
) |
Weighted-average shares used in computing net loss per share, basic and diluted |
|
123,051 |
|
|
|
117,736 |
|
|
|
122,406 |
|
|
|
109,791 |
|
Guardant Health, Inc. Condensed Consolidated Balance Sheets (unaudited) (in thousands, except share and per share data) |
|||||||
|
September 30, 2024 |
|
December 31, 2023 |
||||
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash, cash equivalents and restricted cash |
$ |
688,368 |
|
|
$ |
1,133,537 |
|
Short-term marketable debt securities |
|
310,701 |
|
|
|
35,097 |
|
Accounts receivable, net |
|
88,465 |
|
|
|
88,783 |
|
Inventory, net |
|
72,298 |
|
|
|
61,948 |
|
Prepaid expenses and other current assets, net |
|
66,883 |
|
|
|
27,741 |
|
Total current assets |
|
1,226,715 |
|
|
|
1,347,106 |
|
Property and equipment, net |
|
125,169 |
|
|
|
145,096 |
|
Right-of-use assets, net |
|
144,964 |
|
|
|
157,616 |
|
Intangible assets, net |
|
7,251 |
|
|
|
8,979 |
|
Goodwill |
|
3,290 |
|
|
|
3,290 |
|
Other assets, net |
|
31,338 |
|
|
|
124,334 |
|
Total Assets |
$ |
1,538,727 |
|
|
$ |
1,786,421 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
15,473 |
|
|
$ |
51,741 |
|
Accrued compensation |
|
80,647 |
|
|
|
72,736 |
|
Accrued expenses |
|
71,671 |
|
|
|
63,475 |
|
Deferred revenue |
|
29,554 |
|
|
|
17,965 |
|
Total current liabilities |
|
197,345 |
|
|
|
205,917 |
|
Convertible senior notes, net |
|
1,141,901 |
|
|
|
1,139,966 |
|
Long-term operating lease liabilities |
|
170,131 |
|
|
|
185,848 |
|
Other long-term liabilities |
|
89,446 |
|
|
|
96,006 |
|
Total Liabilities |
|
1,598,823 |
|
|
|
1,627,737 |
|
Stockholders’ equity: |
|
|
|
||||
Common stock, par value of |
|
1 |
|
|
|
1 |
|
Additional paid-in capital |
|
2,410,416 |
|
|
|
2,304,220 |
|
Accumulated other comprehensive loss |
|
(3,284 |
) |
|
|
(3,675 |
) |
Accumulated deficit |
|
(2,467,229 |
) |
|
|
(2,141,862 |
) |
Total Stockholders’ (Deficit) Equity |
|
(60,096 |
) |
|
|
158,684 |
|
Total Liabilities and Stockholders’ (Deficit) Equity |
$ |
1,538,727 |
|
|
$ |
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 September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP cost of precision oncology testing |
$ |
66,095 |
|
|
$ |
53,648 |
|
|
$ |
191,116 |
|
|
$ |
148,111 |
|
Amortization of intangible assets |
|
(151 |
) |
|
|
(151 |
) |
|
|
(450 |
) |
|
|
(448 |
) |
Stock-based compensation expense and related employer payroll tax payments |
|
(1,505 |
) |
|
|
(1,120 |
) |
|
|
(4,092 |
) |
|
|
(3,563 |
) |
Non-GAAP cost of precision oncology testing |
$ |
64,439 |
|
|
$ |
52,377 |
|
|
$ |
186,574 |
|
|
$ |
144,100 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP cost of development services and other |
$ |
8,394 |
|
|
$ |
3,966 |
|
|
$ |
21,090 |
|
|
$ |
16,424 |
|
Amortization of intangible assets |
|
— |
|
|
|
(201 |
) |
|
|
(267 |
) |
|
|
(603 |
) |
Stock-based compensation expense and related employer payroll tax payments |
|
(2,412 |
) |
|
|
(437 |
) |
|
|
(3,409 |
) |
|
|
(1,391 |
) |
Non-GAAP cost of development services and other |
$ |
5,982 |
|
|
$ |
3,328 |
|
|
$ |
17,414 |
|
|
$ |
14,430 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP gross profit |
$ |
116,987 |
|
|
$ |
85,416 |
|
|
$ |
324,996 |
|
|
$ |
244,359 |
|
Amortization of intangible assets |
|
151 |
|
|
|
352 |
|
|
|
717 |
|
|
|
1,051 |
|
Stock-based compensation expense and related employer payroll tax payments |
|
3,917 |
|
|
|
1,557 |
|
|
|
7,501 |
|
|
|
4,954 |
|
Non-GAAP gross profit |
$ |
121,055 |
|
|
$ |
87,325 |
|
|
$ |
333,214 |
|
|
$ |
250,364 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP cost of screening |
$ |
5,320 |
|
|
$ |
2,992 |
|
|
$ |
12,108 |
|
|
$ |
10,023 |
|
Amortization of intangible assets |
|
— |
|
|
|
(201 |
) |
|
|
(267 |
) |
|
|
(603 |
) |
Stock-based compensation expense and related employer payroll tax payments |
|
(2,412 |
) |
|
|
(437 |
) |
|
|
(3,409 |
) |
|
|
(1,391 |
) |
Non-GAAP cost of screening |
$ |
2,908 |
|
|
$ |
2,354 |
|
|
$ |
8,432 |
|
|
$ |
8,029 |
|
Non-GAAP gross profit excluding cost of screening |
$ |
123,963 |
|
|
$ |
89,679 |
|
|
$ |
341,646 |
|
|
$ |
258,393 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP research and development expense |
$ |
87,306 |
|
|
$ |
93,851 |
|
|
$ |
254,210 |
|
|
$ |
277,338 |
|
Stock-based compensation expense and related employer payroll tax payments |
|
(18,750 |
) |
|
|
(8,611 |
) |
|
|
(38,815 |
) |
|
|
(25,877 |
) |
Contingent consideration |
|
(190 |
) |
|
|
(531 |
) |
|
|
(675 |
) |
|
|
(1,632 |
) |
Non-GAAP research and development expense |
$ |
68,366 |
|
|
$ |
84,709 |
|
|
$ |
214,720 |
|
|
$ |
249,829 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP sales and marketing expense |
$ |
97,880 |
|
|
$ |
68,934 |
|
|
$ |
260,172 |
|
|
$ |
216,100 |
|
Stock-based compensation expense and related employer payroll tax payments |
|
(13,287 |
) |
|
|
(5,137 |
) |
|
|
(27,874 |
) |
|
|
(18,657 |
) |
Non-GAAP sales and marketing expense |
$ |
84,593 |
|
|
$ |
63,797 |
|
|
$ |
232,298 |
|
|
$ |
197,443 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP general and administrative expense |
$ |
49,129 |
|
|
$ |
36,174 |
|
|
$ |
128,243 |
|
|
$ |
118,135 |
|
Amortization of intangible assets |
|
(340 |
) |
|
|
(339 |
) |
|
|
(1,011 |
) |
|
|
(1,006 |
) |
Stock-based compensation expense and related employer payroll tax payments |
|
(14,068 |
) |
|
|
(6,794 |
) |
|
|
(30,891 |
) |
|
|
(18,017 |
) |
Contingent consideration |
|
(340 |
) |
|
|
(220 |
) |
|
|
(760 |
) |
|
|
(230 |
) |
Non-GAAP general and administrative expense |
$ |
34,381 |
|
|
$ |
28,821 |
|
|
$ |
95,581 |
|
|
$ |
98,882 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP loss from operations |
$ |
(117,328 |
) |
|
$ |
(113,543 |
) |
|
$ |
(317,629 |
) |
|
$ |
(367,214 |
) |
Amortization of intangible assets |
|
491 |
|
|
|
691 |
|
|
|
1,728 |
|
|
|
2,057 |
|
Stock-based compensation expense and related employer payroll tax payments |
|
50,022 |
|
|
|
22,099 |
|
|
|
105,081 |
|
|
|
67,505 |
|
Contingent consideration |
|
530 |
|
|
|
751 |
|
|
|
1,435 |
|
|
|
1,862 |
|
Non-GAAP loss from operations |
$ |
(66,285 |
) |
|
$ |
(90,002 |
) |
|
$ |
(209,385 |
) |
|
$ |
(295,790 |
) |
|
|
|
|
|
|
|
|
||||||||
GAAP net loss |
$ |
(107,754 |
) |
|
$ |
(86,102 |
) |
|
$ |
(325,367 |
) |
|
$ |
(292,406 |
) |
Amortization of intangible assets |
|
491 |
|
|
|
691 |
|
|
|
1,728 |
|
|
|
2,057 |
|
Stock-based compensation expense and related employer payroll tax payments |
|
50,022 |
|
|
|
22,099 |
|
|
|
105,081 |
|
|
|
67,505 |
|
Contingent consideration |
|
530 |
|
|
|
751 |
|
|
|
1,435 |
|
|
|
1,862 |
|
Unrealized and realized losses (gains) on marketable equity securities |
|
1,686 |
|
|
|
(16,634 |
) |
|
|
47,225 |
|
|
|
(84,513 |
) |
Impairment of non-marketable equity securities and other related assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
29,054 |
|
Non-GAAP net loss |
$ |
(55,025 |
) |
|
$ |
(79,195 |
) |
|
$ |
(169,898 |
) |
|
$ |
(276,441 |
) |
|
|
|
|
|
|
|
|
||||||||
GAAP net loss per share, basic and diluted |
$ |
(0.88 |
) |
|
$ |
(0.73 |
) |
|
$ |
(2.66 |
) |
|
$ |
(2.66 |
) |
Non-GAAP net loss per share, basic and diluted |
$ |
(0.45 |
) |
|
$ |
(0.67 |
) |
|
$ |
(1.39 |
) |
|
$ |
(2.52 |
) |
Weighted-average shares used in computing GAAP and Non-GAAP net loss per share, basic and diluted |
|
123,051 |
|
|
|
117,736 |
|
|
|
122,406 |
|
|
|
109,791 |
|
Reconciliation of GAAP Net Loss to Adjusted EBITDA (unaudited) (in thousands) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP net loss |
$ |
(107,754 |
) |
|
$ |
(86,102 |
) |
|
$ |
(325,367 |
) |
|
$ |
(292,406 |
) |
Interest income |
|
(13,257 |
) |
|
|
(11,690 |
) |
|
|
(42,038 |
) |
|
|
(21,477 |
) |
Interest expense |
|
646 |
|
|
|
644 |
|
|
|
1,936 |
|
|
|
1,933 |
|
Other expense (income), net |
|
3,007 |
|
|
|
(16,885 |
) |
|
|
47,272 |
|
|
|
(56,490 |
) |
Provision for income taxes |
|
30 |
|
|
|
490 |
|
|
|
568 |
|
|
|
1,226 |
|
Depreciation and amortization |
|
10,598 |
|
|
|
11,037 |
|
|
|
31,933 |
|
|
|
32,013 |
|
Stock-based compensation expense and related employer payroll tax payments |
|
50,022 |
|
|
|
22,099 |
|
|
|
105,081 |
|
|
|
67,505 |
|
Contingent consideration |
|
530 |
|
|
|
751 |
|
|
|
1,435 |
|
|
|
1,862 |
|
Adjusted EBITDA |
$ |
(56,178 |
) |
|
$ |
(79,656 |
) |
|
$ |
(179,180 |
) |
|
$ |
(265,834 |
) |
Reconciliation of Free Cash Flow to Net Cash Used in Operating Activities (unaudited) (in thousands) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
||||||||
Net cash used in operating activities |
$ |
(51,059 |
) |
|
$ |
(77,791 |
) |
|
$ |
(175,345 |
) |
|
$ |
(246,247 |
) |
Purchases of property and equipment |
|
(4,199 |
) |
|
|
(2,372 |
) |
|
|
(16,210 |
) |
|
|
(16,409 |
) |
Free cash flow |
$ |
(55,258 |
) |
|
$ |
(80,163 |
) |
|
$ |
(191,555 |
) |
|
$ |
(262,656 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106173129/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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