Revenue growth of 31% driven by strong clinical and biopharma volume and Guardant360 ASP tailwinds
PALO ALTO, Calif.–(BUSINESS WIRE)–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
Recent Operating Highlights
- Validated the strength and quality of ECLIPSE clinical data with the study publication in The New England Journal of Medicine
- Launched new service at The Royal Marsden to test advanced NSCLC patients in England through an expanded NHS study
- Presented new data demonstrating the value of epigenomic analysis and methylation sequencing using the Smart Liquid Biopsy platform at the 2024 AACR Annual Meeting
- Surpassed 500 peer-reviewed publications highlighting Guardant Health (NASDAQ:) technology in scientific literature
We started the year off very strongly with first quarter revenue growing 31%, driven by both solid volume growth and significant improvements to Guardant360 reimbursement, said Helmy Eltoukhy, co-founder and co-CEO. In addition to strong topline performance, this was the first quarter of generating positive cash flow in our Therapy Selection business. We also recently surpassed a significant milestone with over 500 peer-reviewed publications highlighting our technology in scientific literature, demonstrating the impact our innovative suite of products have on both patients and the scientific community.
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The publication of ECLIPSE data in The New England Journal of Medicine, one of the world’s leading medical journals, underscores the quality of our clinical data, said AmirAli Talasaz, co-founder and co-CEO. Our team has worked incredibly hard and is now…
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