10-QPeriod: Q1 FY2026

Guardant Health, Inc. Quarterly Report for Q1 Ended Mar 31, 2026

Filed May 7, 2026For Securities:GH

Summary

Guardant Health, Inc. reported a significant increase in revenue for the first quarter of 2026, reaching $301.7 million, a 48% jump from the prior year's $203.5 million. This growth was primarily driven by a substantial increase in test volumes across its oncology and screening segments, with the Shield screening test showing remarkable 633% revenue growth. Despite strong top-line performance, the company continued to experience operating losses, with a net loss of $112.1 million for the quarter, compared to $95.2 million in the same period last year. This widening net loss reflects increased operating expenses, particularly in sales and marketing, which grew by 62% to support commercial expansion and marketing initiatives. The company maintains a solid liquidity position with approximately $1.2 billion in cash, cash equivalents, and marketable securities as of March 31, 2026, which it believes is sufficient to fund operations for over 12 months.

Financial Highlights

54 data points
Beta

Revenue

$301.67M

65.2% Gross Margin

Net Income

-$112.08M

-37.2% Net Margin

EPS (Diluted)

$-0.85

Total Assets

$1.92B

Cash & Equivalents

$989.29M

Free Cash Flow

-$71.20M

Financial Statements
Beta
Revenue$301.67M
Cost of Revenue$104.92M
Gross Profit$196.75M
R&D Expenses$91.04M
Operating Expenses$423.01M
Operating Income-$121.35M
Interest Expense$1.35M
Net Income-$112.08M
EPS (Basic)$-0.85
EPS (Diluted)$-0.85
Shares Outstanding (Basic)131.27M
Shares Outstanding (Diluted)131.27M

Key Highlights

  • 1Total revenue increased by 48% year-over-year to $301.7 million in Q1 2026.
  • 2Oncology revenue grew by 36% to $205.0 million, driven by higher test volumes and improved reimbursement.
  • 3Screening revenue experienced a significant surge of 633% to $41.6 million, fueled by increased adoption of the Shield test post-FDA approval.
  • 4Net loss widened to $112.1 million from $95.2 million in the prior year's quarter.
  • 5Sales and marketing expenses increased substantially by 62% to $169.1 million, reflecting investment in commercial expansion.
  • 6The company maintained a strong liquidity position with $1.2 billion in cash, cash equivalents, and marketable securities at the end of the quarter.
  • 7The acquisition of MetaSight Diagnostics Ltd. in December 2025 added $73.9 million in goodwill and $20.8 million in IPR&D.

Frequently Asked Questions

Revenue growth was primarily driven by a substantial increase in test volumes across both the oncology and screening segments. Specifically, the Shield screening test saw a remarkable 633% increase in revenue, largely due to its second full quarter post-FDA approval, and the oncology segment benefited from increased volumes and improved reimbursement rates.

The increase in net loss is attributable to a significant rise in operating expenses. Sales and marketing expenses saw a substantial increase of 62%, reflecting investments in commercial infrastructure and marketing activities to support growth. Research and development and general and administrative expenses also increased, contributing to the wider net loss.

Guardant Health maintains a strong liquidity position with approximately $1.2 billion in cash, cash equivalents, and marketable securities as of March 31, 2026. Management believes this is sufficient to meet anticipated cash requirements for more than 12 months. Despite continued operating losses, the company anticipates continued revenue growth and is exploring capital raises for expansion and strategic investments.

Yes, the company is involved in several legal proceedings, including a patent infringement suit with TwinStrand Biosciences where a jury verdict of $83.4 million was awarded, though the company is contesting this. There are also ongoing disputes and lawsuits related to false advertising claims with Natera and Tempus AI, and a civil investigative demand from the U.S. Attorney for the Southern District of Florida concerning billing to federal health insurance programs. The company is actively defending itself in these matters.