Guardant Health Inc

NASDAQ:GHUnited States

May 9, 2024

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• -- Earnings Flash (GH) GUARDANT HEALTH Reports Q1 Revenue $168.5M, vs. Street Est of $150.1M, from 4:22PM ET on Thursday May 09, 2024 by MT Newswires

  4:22PM ET on Thursday May 09, 2024 by MT Newswires
  Companies Mentioned: GH
  04:22 PM EDT, 05/09/2024 (MT Newswires) -- ...

• Guardant Health Reports First Quarter 2024 Financial Results and Increases 2024 Revenue Guidance, from 4:05PM ET on Thursday May 09, 2024 by Business Wire

  4:05PM ET on Thursday May 09, 2024 by Business Wire
  Companies Mentioned: GH

  Guardant Health, Inc. (Nasdaq: GH), a leading precision oncology company, today reported financial results for the quarter ended March 31, 2024.

  First Quarter 2024 Financial Highlights

  Revenue of $168.5 million for the first quarter of 2024, an increase of 31% over the first quarter of 2023 Reported 46,900 tests to clinical customers and 8,450 tests to biopharmaceutical customers in the first quarter of 2024, representing increases of 20% and 37%, respectively, over the first quarter of 2023 Reduced free cash flow to $(37.2) million in the first quarter of 2024, compared to $(82.0) million in the prior year Raised 2024 annual guidance for revenue to a new range of $675 to $685 million, representing growth of 20% to 21% Improved annual free cash flow guidance to $(275) to $(285) million, a reduction of $60 to $70 million compared to 2023

• Guardant Health Reports First Quarter 2024 Financial Results and Increases 2024 Revenue Guidance, from 4:05PM ET on Thursday May 09, 2024 by Dow Jones

  4:05PM ET on Thursday May 09, 2024 by Dow Jones
  Companies Mentioned: GH
  ------------ ----------- Non-GAAP cost of precision oncology testing $ 57,879 $ 43,740 ============ =========== GAAP cost of development services and other $ 5,990 $ 7,967 Amortization of intangible assets (200) (201) Stock-based compensation expense and related employer payroll tax payments (499) (476) ------------ ----------- Non-GAAP cost of development services and other $ 5,291 $ 7,290 ============ =========== GAAP gross profit $ 103,195 $ 75,641 Amortization of intangible assets 349 349 Stock-based compensation expense and related employer payroll tax payments 1,777 1,694 ------------ ----------- Non-GAAP gross profit $ 105,321 $ 77,684 ============ =========== GAAP cost of screening $ 3,329 $ 4,065 Amortization of intangible assets (200) (201) Stock-based compensation expense and related employer payroll tax payments (499) (476) ------------ ----------- Non-GAAP cost of screening $ 2,630 $ 3,388 ------------ ----------- Non-GAAP gross profit excluding cost of screening $ 107,951 $ 81,072 ============ =========== GAAP research and development expense $ 83,802 $ 93,128 Stock-based compensation expense and related employer payroll tax payments (10,064) (8,748) Contingent consideration (375) (570) ------------ ----------- Non-GAAP research and development expense $ 73,363 $ 83,810 ============ =========== GAAP sales and marketing expense $ 80,425 $ 76,123 Stock-based compensation expense and related employer payroll tax payments (7,329) (7,543) ------------ ----------- Non-GAAP sales and marketing expense $ 73,096 $ 68,580 ============ =========== GAAP general and administrative expense $ 38,651 $ 40,445 Amortization of intangible assets (336) (331) Stock-based compensation expense and related employer payroll tax payments (8,164) (4,468) Contingent consideration (120) 300 ------------ ----------- Non-GAAP general and administrative expense $ 30,031 $ 35,946 ============ =========== GAAP loss from operations $ (99,683) $ (134,055) Amortization of intangible assets 685 680 Stock-based compensation expense and related employer payroll tax payments 27,334 22,453 Contingent consideration 495 270 ------------ ----------- Non-GAAP loss from operations $ (71,169) $ (110,652) ============ =========== GAAP net loss $ (114,985) $ (133,533) Amortization of intangible assets 685 680 Stock-based compensation expense and related employer payroll tax payments 27,334 22,453 Contingent consideration 495 270 Unrealized losses (gains) on marketable equity securities 30,054 (3,882) Impairment of non-marketable equity securities and other related assets -- 5,485 ------------ ----------- Non-GAAP net loss $ (56,417) $ (108,527) ============ =========== GAAP net loss per share, basic and diluted $ (0.94) $ (1.30) Non-GAAP net loss per share, basic and diluted $ (0.46) $ (1.06) Weighted-average shares used in computing GAAP and Non-GAAP net loss per share, basic and diluted 121,712 102,663 Reconciliation of GAAP Net Loss to Adjusted EBITDA (unaudited) (in thousands) Three Months Ended March 31, ---------------------------------- 2024 2023 ----------------- --------------- GAAP net loss $ (114,985) $ (133,533) Interest income (14,868) (3,060) Interest expense 645 644 Other expense (income), net 29,120 1,654 Provision for income taxes 405 240 Depreciation and amortization 10,712 10,345 Stock-based compensation expense and related employer payroll tax payments 27,334 22,453 Contingent consideration 495 270 ------------ ----------- Adjusted EBITDA $ (61,142) $ (100,987) ============ =========== Reconciliation of Free Cash Flow to Net Cash Used in Operating Activities (unaudited) (in thousands) Three Months Ended March 31, ------------------------------------ 2024 2023 --- ----------- ---------- Net cash used in operating activities $ (30,284) $ (74,441) Purchase of property and equipment (6,934) (7,524) --- ----------- ---------- Free cash flow $ (37,218) $ (81,965) === =========== ==========