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Guardant Health, Inc.GH

Sector
Healthcare
Industry
Services-Medical Laboratories
Exchange
Nasdaq

Stock Price $GH

Latest filings

You are here#40 of 40 in Healthcare by market cap

Filing record · 2018–202610-K810-Q248-K99

GH filed 8 annual reports (10-K), 24 quarterly reports (10-Q) and 99 current reports (8-K) between 2018 and 2026.

  1. Leadership change8-K · Oct ’20Oct ’20
  2. Leadership change8-K · Jul ’22Jul ’22
  3. Material agreement8-K · Nov ’25Nov ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  10. $982.0M
YoY changeLargest recent move+136.5%in FY19Latest +32.9%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All GH Financial Metrics59 metrics

Income Statement17

Balance Sheet26

Cash Flow12

Per Share4

02—Overview

Guardant Health, Inc. Financial Overview 2021–2025

Updated Aug 15, 2026

Fueled by the commercial launch of its Shield blood test, Guardant Health saw its early screening revenue explode by 633%a in Q1 2026, validating the company's costly push into primary cancer detection. The core investment thesis is clear: Guardant is a high-growth, high-burn clinical powerhouse capturing massive market share in precision oncology, even as its profitability remains deeply constrained by commercialization costs.

The company has demonstrated relentless top-line execution, with total revenue scaling rapidly from $373.7 million in FY2021 to $982.0 millionb in FY2025. This expansion is underpinned by soaring clinical test volumes and improving reimbursement rates, though it continues to demand heavy capital outlays. In FY2025, Guardant Health posted a $416.3 million net loss, driven heavily by a 36% year-over-year spike in sales and marketing expenses to $494.7 million. Despite these persistent deficits, the balance sheet remains fortified, closing FY2025 with $1.3 billion in cash and marketable debt securities to fund ongoing operations and commercial rollouts.

Investors have largely rewarded this growth-at-all-costs trajectory, pricing the diagnostics leader based on its expanding clinical footprint rather than near-term earnings. At the close of FY2025, the market valued the company at a $13.3 billionc market cap. Shares traded at $102.14 alongside a negative -$3.32 earnings per share, reflecting a premium valuation tied directly to the anticipated long-term adoption of its early-detection portfolio.

Recent Developments (Q1 and Q2 2026)

Guardant Health generated $335.0 milliond in revenue during Q2 2026, marking a 44% year-over-year increase. This top-line growth was driven by a 257% jump in Shield test volumes and FDA approval for the Guardant360 Liquid CDx test. Sales and marketing expenses rose 59% during the quarter, contributing to a $120.1 million net loss. The company experienced leadership turnover following the resignation of its Chief Medical Officer in May 2026.

Bulls focus on expanding clinical volume supported by a $1.2 billione cash balance. Bears highlight ongoing net losses and a $0 to $250 million contingent liability tied to a TwinStrand patent infringement verdict. The stock trades at a -44.6x P/E ratio alongside a $19.3 billion market cap as of the July 30, 2026 report.

What to watch: TwinStrand patent lawsuit appeal developments; successor appointment for the Chief Medical Officer role.

03—Filings

Recent SEC Filings

  1. 8-KGuardant Health, Inc. 8-K Report, Financial Results (Jul 30, 2026)Guardant Health (GH) reported strong second quarter 2026 results, with total revenue of $335.0 million, up 44% year over year from $232.1 million. The growth was led by Oncology revenue of $219.1 million (up 38%, on approximately 63% higher test volume) and a sharp ramp in Screening revenue to $52.9 million from $14.8 million, driven by roughly 66,000 Shield tests versus 16,000 a year earlier. Biopharma & Data grew a more modest 9% to $60.9 million. Non-GAAP gross margin improved to 67% from 66%. Profitability remains negative and spending is rising. GAAP net loss widened to $120.1 million (from $99.9 million), and non-GAAP net loss was $56.2 million, roughly flat year over year. Non-GAAP operating expenses rose to $288.3 million from $215.3 million, reflecting commercial infrastructure and marketing investment behind Shield and Oncology. Free cash flow was $(69.5) million for the quarter. The company ended June 30, 2026 with about $1.2 billion in cash, cash equivalents, and restricted cash, though it carries roughly $1.5 billion in convertible senior notes. Management raised 2026 revenue guidance to $1.34–$1.36 billion (36%–38% growth, from $1.30–$1.32 billion). The raise is driven by Screening, now expected at $218–$230 million on 270,000–285,000 Shield tests. Guidance for non-GAAP operating expenses ($1.08–$1.10 billion) and free cash flow burn ($195–$205 million) was also increased, reflecting accelerated lab capacity investment. The company held its non-GAAP gross margin guidance at 64%–65%. Investors will likely focus on whether Shield's volume ramp and new coverage can keep pace with rising spending.
  2. 8-KGuardant Health, Inc. 8-K Report, Shareholder Vote Results (Jun 18, 2026)Guardant Health, Inc. (GH) held its Annual Meeting of Stockholders on June 17, 2026, with the results detailed in this 8-K filing. Key outcomes include the election of all director nominees and the ratification of Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026. The company also sought advisory votes on executive compensation and the frequency of future advisory votes on executive compensation. While director elections and auditor ratification were strongly supported by shareholders, the advisory vote on executive compensation ("Say-on-Pay") did not receive majority approval. This indicates a potential disconnect between management's compensation practices and shareholder sentiment. Furthermore, shareholders voted overwhelmingly in favor of an annual advisory vote on executive compensation, suggesting a desire for more frequent engagement on this matter.
  3. 8-KGuardant Health, Inc. 8-K Report, Financial Results (May 7, 2026)Guardant Health reported first quarter 2026 revenue of $301.7 million, up 48% year over year from $203.5 million. Growth came mainly from Screening, where Shield revenue rose to $41.6 million from $5.7 million on about 44,000 tests versus 9,000 a year earlier. Oncology revenue grew 36% to $205.0 million on 47% higher test volume (about 86,000 tests), and Biopharma & Data grew 17% to $53.0 million. GAAP gross margin was 65% and non-GAAP gross margin was 66%, both up from the prior year. Profitability remains negative, though the non-GAAP picture is steadier. GAAP net loss widened to $112.1 million ($0.85 per share) from $95.2 million, driven by higher sales and marketing spending (up 62%) to build out Shield and oncology commercial infrastructure. Non-GAAP net loss narrowed to $58.7 million from $61.1 million, and adjusted EBITDA loss was roughly flat at $58.9 million. Free cash flow was negative $71.2 million, compared with negative $67.1 million a year earlier. Cash, cash equivalents, restricted cash and marketable securities totaled about $1.2 billion at March 31, 2026, against $1.5 billion of convertible senior notes on the balance sheet. The stockholders' deficit widened to $181.1 million from $99.3 million. Management raised 2026 revenue guidance to $1.30 to $1.32 billion (32% to 34% growth), up from $1.25 to $1.28 billion. Screening revenue guidance rose to $186 to $198 million on Shield volume of 230,000 to 245,000 tests, and oncology volume growth is now expected to exceed 35%. The company also raised its non-GAAP operating expense outlook to $1.05 to $1.07 billion, while keeping its free cash flow burn guidance at $185 to $195 million and its non-GAAP gross margin guidance at 64% to 65%. Investors will want to track whether Shield volume and reimbursement can keep scaling while operating expenses rise.
  4. 8-KGuardant Health, Inc. 8-K Report, Executive Changes (Apr 27, 2026)Guardant Health, Inc. (GH) announced a significant change in its executive leadership with the resignation of its Chief Medical Officer, Craig Eagle, M.D., effective May 8, 2026. This departure marks the end of Dr. Eagle's tenure in a critical role overseeing the company's medical strategy and clinical development, particularly relevant given Guardant Health's focus on cancer diagnostics and precision medicine. Investors will be keen to understand the implications of this change on the company's ongoing research, clinical trial progress, and its overall medical vision moving forward. The company has not yet announced a successor for Dr. Eagle. The absence of immediate plans for a replacement could suggest a period of transition or a strategic review of the CMO role. Investors should closely monitor future filings and communications from Guardant Health for updates on leadership appointments and any potential shifts in the company's medical and scientific direction.
  5. 8-KGuardant Health, Inc. 8-K Report, Financial Results (Feb 19, 2026)Guardant Health (GH) reported strong fourth quarter and full year 2025 results, with total revenue of $281.3 million in Q4 (up 39% year-over-year) and $982.0 million for the full year (up 33%). Growth was led by Oncology, where test volume rose 38% in Q4 and 34% for the year, and by the rapid ramp of Shield, the company's blood-based colorectal cancer screening test, which generated $35.1 million in Q4 screening revenue from roughly 38,000 tests versus 6,400 a year earlier. Non-GAAP gross margin expanded to 66% for both the quarter and the full year, and free cash flow burn narrowed to $(233) million in 2025 from $(275) million in 2024. Net loss improved to $(416.3) million for the year from $(436.4) million, and non-GAAP net loss narrowed to $(228.1) million. Management guided 2026 total revenue to $1.25 to $1.28 billion, implying 27% to 30% growth. The outlook calls for Oncology revenue growth of 25% to 27% with approximately 30% volume growth, Biopharma & Data growth in the low double digits, and Screening revenue of $162 to $174 million on 210,000 to 225,000 tests. Non-GAAP gross margin is guided to 64% to 65%, non-GAAP operating expenses to $1.03 to $1.05 billion (up 14% to 16%), and free cash flow burn to $185 to $195 million, an improvement from 2025. The company ended 2025 with about $1.3 billion in cash, cash equivalents, restricted cash and marketable debt securities, after a November 2025 follow-on offering (net proceeds of $327.3 million) and $402.5 million of 0% convertible notes due 2033. Total convertible notes on the balance sheet rose to $1.5 billion, which is a point investors will want to track alongside the path to free cash flow breakeven. The release also highlights strategic progress: a Merck collaboration for companion diagnostics, first Guardant360 CDx companion diagnostic approval in colorectal cancer, expanded tissue-free Guardant Reveal monitoring, TRICARE coverage for Shield, early health system integrations, and the acquisition of MetaSight Diagnostics for $59.0 million upfront plus up to $90.0 million in contingent consideration. Note that the 2026 free cash flow guidance text refers to "2025" in its wording, which appears to be a typographical error for 2026.
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04—See also

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