Core Insights - Guardant Health reported a revenue of $232.09 million for the quarter ended June 2025, reflecting a 31% increase year-over-year and surpassing the Zacks Consensus Estimate of $211.43 million by 9.77% [1] - The company’s EPS was -$0.44, an improvement from -$0.48 in the same quarter last year, with an EPS surprise of 15.38% against the consensus estimate of -$0.52 [1] Revenue Breakdown - Oncology revenue reached $158.69 million, exceeding the three-analyst average estimate of $153.38 million [4] - Licensing and other revenue was $2.57 million, surpassing the average estimate of $1.81 million from three analysts [4] - Screening revenue amounted to $14.81 million, significantly higher than the three-analyst average estimate of $8.31 million [4] - Biopharma and data revenue totaled $56.02 million, exceeding the average estimate of $48.06 million from three analysts [4] Stock Performance - Over the past month, shares of Guardant Health have declined by 14.6%, while the Zacks S&P 500 composite increased by 3.4% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - Q2 revenue grew 31% year over year to $232,100,000, driven by strong performance across oncology, biopharma, and screening businesses [8][28] - Non-GAAP gross profit increased by $47,000,000 or 44% year over year, with a non-GAAP gross margin of 66%, up from 60% in 2024 [35] - Adjusted EBITDA loss improved to $51,900,000 for Q2 2025, compared to a loss of $61,900,000 in Q2 2024 [37] Business Line Data and Key Metrics Changes - Oncology revenue increased 22% to $158,700,000, with volumes growing 30% year over year to approximately 64,000 tests [29][30] - Biopharma revenue reached a record $56,000,000, growing 28% year over year [32] - Shield testing revenue totaled $15,000,000 in Q2, driven by approximately 16,000 tests [20][33] Market Data and Key Metrics Changes - Guardant360 Liquid saw over 20% year-over-year volume growth for the fourth consecutive quarter [30] - Guardant360 tissue achieved an average selling price (ASP) of approximately $2,000, reaching the 2028 target three years ahead of schedule [31] - Shield ASP increased to over $900 in Q2, up from approximately $600 in Q1 [34][54] Company Strategy and Development Direction - The company is focused on expanding its commercial infrastructure, expecting to surpass 250 sales reps by year-end to support growth [21] - Shield is positioned as a multi-cancer detection platform, with ongoing efforts to broaden its impact across various cancer types [25][26] - The company aims to achieve cash flow breakeven by 2028, with a commitment to reducing cash burn each year [41][92] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the oncology business's durable growth, supported by CGP penetration and favorable ASP dynamics [18] - The company raised its full-year 2025 revenue guidance to $915,000,000 to $925,000,000, representing growth of approximately 24% to 25% compared to 2024 [39] - Management remains optimistic about the potential for Shield and its inclusion in national screening guidelines [23][81] Other Important Information - The company is actively working on the Shield V2 program, with ongoing developments and no specific timeline committed for data release [52][86] - The National Comprehensive Cancer Network (NCCN) updated its CRC screening guidelines to include Shield, enhancing its market position [23][24] Q&A Session Summary Question: Did you see any benefit from the New England Journal publication in Q2? - Management noted that the impact from the publication was minimal, with most growth attributed to product market fit and ongoing demand [46] Question: What is driving Shield's impressive growth? - Management highlighted strong demand from physicians, increased sales rep productivity, and the recent NCCN guideline update as key drivers [51][52] Question: Can you provide insights on the growth of Guardant360? - Management indicated broad-based growth, with increased utilization and significant share gains in the market [59][60] Question: What are the next steps for Shield to be marketed as an MSEAD test? - Management confirmed that Shield is operationally ready for patient testing and is not waiting for additional pivotal study readouts [66][67] Question: How confident is management about Reveal Medicare reimbursement? - Management expressed high confidence based on previous experiences and the speed of past approvals [78][80] Question: What is the timeline for Shield V2 data? - Management stated that the program is active, with ongoing work, but no specific timeline for data release was provided [86]

Financial Data and Key Metrics Changes - In Q2 2025, total revenue grew 31% year over year to $232.1 million, driven by strong performance across oncology, biopharma, and screening business lines [6][27][30] - Non-GAAP gross profit increased by $47 million or 44% year over year, with a non-GAAP gross margin of 66%, up from 60% in 2024 [34] - Adjusted EBITDA loss improved to $51.9 million, a $10 million improvement compared to Q2 2024 [36] Business Line Data and Key Metrics Changes - Oncology revenue increased 22% to $158.7 million, with volumes growing 30% year over year to approximately 64,000 tests [28][29] - Biopharma revenue reached a record $56 million, growing 28% year over year [30] - Screening revenue from Shield totaled $14.8 million, driven by approximately 16,000 tests [31] Market Data and Key Metrics Changes - Guardant360 Liquid ASP was in the range of $3,000 to $3,100, while Guardant360 Tissue ASP reached approximately $2,000, achieving the 2028 target three years ahead of schedule [29] - Shield ASP increased to over $900 in Q2, up from approximately $600 in Q1, driven by improved Medicare reimbursement rates [32][52] Company Strategy and Development Direction - The company is focused on expanding its oncology business through product innovation and commercial execution, particularly with Guardant360 Liquid and REVEAL [4][17] - Shield is positioned as a multi-cancer detection platform, with ongoing efforts to broaden its impact across various cancer types [24][25] - The company plans to reinvest incremental gross profit from Shield back into sales and marketing to accelerate commercial infrastructure [33][91] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving cash flow breakeven by 2028, with a commitment to reducing cash burn each year [39][90] - The company raised its full-year 2025 revenue guidance to a range of $915 million to $925 million, reflecting stronger than expected performance [37] - Management highlighted the positive reception of new product features and the potential for significant growth in the liquid biopsy market [45][59] Other Important Information - The company is actively working on the Shield V2 program, with expectations for data release and potential FDA approval by year-end [96][97] - The NCCN updated its CRC screening guidelines to include Shield, which is expected to enhance commercial coverage and patient access [21][21] Q&A Session Summary Question: Did the New England Journal publication benefit Guardant360 Liquid in Q2? - Management noted that while growth was strong, any impact from the publication was minimal, with significant growth expected upon drug approval [42][44] Question: What is driving Shield's impressive growth? - Management attributed the growth to strong market demand, increased sales rep productivity, and the recent NCCN guideline inclusion [47][49] Question: What are the next steps for Shield to be marketed as an MSEAD test? - Management confirmed that Shield is operationally ready for patient testing and is not waiting for additional studies to broaden access [62][64] Question: How confident is management about Reveal Medicare reimbursement? - Management expressed high confidence based on previous experiences with Medicare coverage processes [76][78] Question: What is the timeline for Shield V2 data? - Management indicated that while there may be slight delays, significant work is ongoing, and they are not rushed to meet the timeline [96][97]

PART I [Unaudited Condensed Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Guardant Health's unaudited financial statements for H1 2025 show a 26% revenue increase, a narrowed net loss, and a widening stockholders' deficit [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to **$1.33 billion** as of June 30, 2025, with liabilities slightly up and stockholders' deficit widening to **$305.5 million** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $629,143 | $525,540 | | Short-term marketable debt securities | $0 | $314,438 | | Total current assets | $883,432 | $1,055,114 | | Total Assets | $1,331,999 | $1,485,609 | | **Liabilities & Stockholders' Deficit** | | | | Total current liabilities | $238,430 | $225,583 | | Convertible senior notes, net | $1,115,526 | $1,142,547 | | Total Liabilities | $1,637,474 | $1,625,256 | | Total Stockholders' Deficit | $(305,475) | $(139,647) | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 revenue grew **31%** to **$232.1 million** with a net loss of **$99.9 million**, while H1 2025 revenue increased **26%** to **$435.6 million** with a narrowed net loss Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $232,088 | $177,235 | $435,559 | $345,726 | | Loss from operations | $(106,413) | $(100,618) | $(217,454) | $(200,301) | | Net loss | $(99,899) | $(102,628) | $(195,058) | $(217,613) | | Net loss per share | $(0.80) | $(0.84) | $(1.57) | $(1.78) | - Operating expenses increased across all categories, with sales and marketing showing the largest percentage increase (**46% YoY** for the quarter) to support the Shield product launch[15](index=15&type=chunk)[199](index=199&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities improved to **$123.0 million** for H1 2025, with investing activities providing **$292.2 million**, resulting in a **$105.7 million** increase in total cash Cash Flow Summary for Six Months Ended June 30 (in thousands) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(122,974) | $(124,286) | | Net cash provided by investing activities | $292,215 | $22,989 | | Net cash (used in) provided by financing activities | $(65,226) | $4,824 | | Net increase (decrease) in cash | $105,725 | $(98,448) | - Financing activities in H1 2025 included a **$45.0 million** repurchase of treasury stock and **$12.3 million** in debt issuance costs, which were not present in H1 2024[28](index=28&type=chunk)[229](index=229&type=chunk) [Notes to the Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Key notes detail the FDA approval and launch of the Shield blood test, a **$659.3 million** note exchange yielding a **$13.7 million** gain, and ongoing significant legal proceedings - The Shield blood test for colorectal cancer screening received FDA approval in **July 2024**, became commercially available in **August 2024**, and was included in NCCN screening guidelines in **June 2025**[32](index=32&type=chunk) Revenue Disaggregation (in thousands) | Revenue Source | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Oncology | $158,685 | $130,269 | $309,244 | $256,017 | | Biopharma and data | $56,020 | $43,933 | $101,396 | $81,520 | | Screening | $14,814 | $0 | $20,491 | $0 | | Licensing and other | $2,569 | $3,033 | $4,428 | $8,189 | | **Total revenue** | **$232,088** | **$177,235** | **$435,559** | **$345,726** | - In February 2025, the company exchanged **$659.3 million** of its 2027 Notes for **$600.0 million** of new 1.25% Convertible Senior Notes due 2031, recognizing a **$13.7 million** gain on extinguishment[99](index=99&type=chunk) - A jury awarded the company **$292.5 million** (affirmed at **$287.0 million**) in its false advertising lawsuit against Natera. The company is also defending against patent infringement claims from TwinStrand, Tempus, and CSHL[122](index=122&type=chunk)[123](index=123&type=chunk)[126](index=126&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 2025 financial performance, noting a **31%** revenue increase to **$232.1 million**, rising operating expenses, a **$99.9 million** net loss, and sufficient liquidity for over 12 months [Results of Operations](index=41&type=section&id=Results%20of%20Operations) Q2 2025 total revenue increased **31%** to **$232.1 million**, driven by growth across all segments, while operating expenses rose **22%**, and H1 2025 net loss narrowed due to a debt extinguishment gain Quarterly Revenue Comparison (in thousands) | Revenue Source | Q2 2025 | Q2 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Oncology | $158,685 | $130,269 | $28,416 | 22% | | Biopharma and data | $56,020 | $43,933 | $12,087 | 28% | | Screening | $14,814 | $0 | $14,814 | N/A | | **Total revenue** | **$232,088** | **$177,235** | **$54,853** | **31%** | - Oncology test volume increased to approximately **64,000** in Q2 2025 from **49,400** in Q2 2024[194](index=194&type=chunk) Quarterly Operating Expense Comparison (in thousands) | Expense Category | Q2 2025 | Q2 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Cost of revenue | $81,205 | $72,421 | $8,784 | 12% | | Research and development | $87,449 | $83,102 | $4,347 | 5% | | Sales and marketing | $119,588 | $81,867 | $37,721 | 46% | | General and administrative | $50,259 | $40,463 | $9,796 | 24% | - Other income (expense), net, was a **$7.8 million** income for H1 2025, primarily due to a **$13.7 million** gain on debt extinguishment, compared to a **$44.3 million** expense in H1 2024 which was driven by unrealized losses on an equity investment[217](index=217&type=chunk) [Liquidity and Capital Resources](index=47&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the company held **$735.5 million** in cash, with management deeming it sufficient for over 12 months of operations despite a **$2.8 billion** accumulated deficit - The company has an accumulated deficit of **$2.8 billion** as of June 30, 2025[219](index=219&type=chunk) - Cash, cash equivalents and restricted cash totaled **$735.5 million** as of June 30, 2025[220](index=220&type=chunk) - In August 2024, the company established an at-the-market (ATM) offering program to sell up to **$400.0 million** of common stock, but no shares have been sold as of June 30, 2025[223](index=223&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=49&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from interest rate changes on its **$735.5 million** portfolio and foreign currency fluctuations, though management deems their impact immaterial - Primary market risks are interest rate risk on its **$735.5 million** cash and investment portfolio and foreign currency risk from international expansion[235](index=235&type=chunk)[236](index=236&type=chunk) - A hypothetical **100 basis point** change in interest rates would have an immaterial impact on the fair value of investments[235](index=235&type=chunk) [Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - The Co-CEOs and CFO concluded that disclosure controls and procedures were effective as of June 30, 2025[237](index=237&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter[238](index=238&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=51&type=section&id=Item%201.%20Legal%20Proceedings) This section incorporates by reference detailed legal proceedings from Note 8, including ongoing patent litigation and a significant false advertising verdict - Information regarding legal proceedings is incorporated by reference from Note 8 to the condensed consolidated financial statements[240](index=240&type=chunk) [Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) No material changes occurred to the company's previously disclosed risk factors during Q2 2025, with investors referred to the Annual Report on Form 10-K - There were no material changes to the company's previously disclosed risk factors during the second quarter of fiscal 2025[241](index=241&type=chunk) [Other Information](index=51&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter ended June 30, 2025 - No directors or officers adopted or terminated a Rule 10b5-1 trading arrangement during the quarter ended June 30, 2025[246](index=246&type=chunk)

Financial Performance - Total revenue for Q2 2025 reached $232.1 million, a 31% increase compared to $177.2 million in Q2 2024[7, 40] - Oncology revenue grew by 22% year-over-year, reaching $158.7 million in Q2 2025, up from $130.3 million in Q2 2024[10, 40] - Biopharma & Data revenue experienced a 28% year-over-year growth, totaling $56 million in Q2 2025 compared to $44 million in Q2 2024[7, 29, 40] - Screening revenue for Q2 2025 was $14.8 million[7, 32, 40] - The company is raising revenue guidance for the full year 2025 to $915 million - $925 million, representing a 24%-25% year-over-year growth[48] Oncology Business - Oncology volume grew by 30% year-over-year[10] - Guardant360 Tissue ASP increased to approximately $2,000, achieving the company's 2028 target ahead of schedule[12] - Reveal identified that 63% of patients with detectable ctDNA experienced recurrence within three years, compared to 15% of those without detectable ctDNA[25] Screening Business - Shield's Q2 2025 revenue reached $15 million[32] - Shield volume in Q2 2025 was 16,000[32] - Shield non-GAAP gross margin improved significantly, reaching 48% in Q1 2025 and 18% in Q4 2024, and 2% in Q2 2025[42]

[Overview and Key Highlights](index=1&type=section&id=Overview%20and%20Key%20Highlights) Guardant Health reported strong Q2 2025 results with 31% revenue growth, raising full-year guidance and achieving key operational milestones - The company raised its 2025 revenue guidance to a range of **$915 million to $925 million**, representing **24% to 25%** annual growth[1](index=1&type=chunk) - Co-CEO Helmy Eltoukhy highlighted that Guardant360 Liquid's year-over-year growth accelerated for the fourth consecutive quarter, bolstered by the introduction of 11 new Smart Liquid Biopsy applications[3](index=3&type=chunk) - Co-CEO AmirAli Talasaz noted that the Shield screening test showed strong demand, with volume, revenue, and gross profit exceeding expectations in its third full quarter post-launch[3](index=3&type=chunk) - Significant operational milestones include the Shield test's inclusion in NCCN colorectal cancer screening guidelines and the Shield Multi-Cancer Detection (MCD) test receiving FDA Breakthrough Device Designation[5](index=5&type=chunk) [Q2 2025 Financial Performance](index=1&type=section&id=Q2%202025%20Financial%20Performance) Q2 2025 saw 31% revenue growth to $232.1 million, improved gross margins, and reduced net losses, with better free cash flow Q2 2025 Key Financial Metrics (vs. Q2 2024) | Financial Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $232.1M | $177.2M | +31% | | Gross Profit (GAAP) | $150.9M | $104.8M | +44% | | Gross Margin (GAAP) | 65% | 59% | +6 p.p. | | Non-GAAP Gross Margin | 66% | 60% | +6 p.p. | | Net Loss (GAAP) | $(99.9)M | $(102.6)M | Improved | | Net Loss per Share (GAAP) | $(0.80) | $(0.84) | Improved | | Non-GAAP Net Loss | $(55.0)M | $(58.5)M | Improved | | Adjusted EBITDA | $(51.9)M | $(61.9)M | Improved | | Free Cash Flow | $(65.9)M | $(99.1)M | Improved | - Operating expenses increased to **$257.3 million** from **$205.4 million** year-over-year, primarily due to commercial team expansion and marketing activities for the Shield product launch[8](index=8&type=chunk) - As of June 30, 2025, the company had cash, cash equivalents, and restricted cash totaling **$735.5 million**[11](index=11&type=chunk) [Business Segment Performance](index=1&type=section&id=Business%20Segment%20Performance) All business segments showed strong Q2 2025 growth, with Oncology revenue up 22%, Screening generating $14.8 million, and Biopharma & Data up 28% Q2 2025 Revenue by Segment (vs. Q2 2024) | Segment | Q2 2025 Revenue | Q2 2024 Revenue | YoY Growth | | :--- | :--- | :--- | :--- | | Oncology | $158.7M | $130.3M | +22% | | Screening | $14.8M | $0 | N/A | | Biopharma & Data | $56.0M | $43.9M | +28% | | Licensing and other | $2.6M | $3.0M | -13% | | **Total Revenue** | **$232.1M** | **$177.2M** | **+31%** | - Oncology test volume (Guardant360 Liquid & Tissue, Reveal, Response) grew **30%** over the prior year period, reaching approximately **64,000** tests[4](index=4&type=chunk)[5](index=5&type=chunk) - The Screening segment, in its third full quarter of commercial launch, generated **$14.8 million** from approximately **16,000** Shield tests[4](index=4&type=chunk)[5](index=5&type=chunk) [Updated 2025 Full-Year Guidance](index=3&type=section&id=Updated%202025%20Full-Year%20Guidance) Guardant Health significantly raised its full-year 2025 revenue guidance to $915-$925 million and improved non-GAAP gross margin forecasts Full-Year 2025 Guidance Update | Metric | New 2025 Guidance | Prior 2025 Guidance | | :--- | :--- | :--- | | Total Revenue | $915M - $925M | $880M - $890M | | Non-GAAP Gross Margin | 63% - 64% | 62% - 63% | | Non-GAAP OpEx | $840M - $850M | $830M - $840M | | Free Cash Flow Burn | $225M - $235M | Unchanged | Full-Year 2025 Revenue Guidance by Segment | Segment | New 2025 Guidance | Prior 2025 Guidance | | :--- | :--- | :--- | | Oncology Revenue Growth | ~20% | ~18% | | Screening Revenue | $55M - $60M | $40M - $45M | | Biopharma & Data Growth | Mid-teens | Low double-digits | - The company continues to expect the business, excluding the Screening segment, to achieve free cash flow breakeven in the fourth quarter of 2025[12](index=12&type=chunk) [Financial Statements and Reconciliations](index=4&type=section&id=Financial%20Statements%20and%20Reconciliations) This section presents unaudited Q2 2025 financial statements, including statements of operations, balance sheets, and GAAP to non-GAAP reconciliations [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 statements show revenue of $232.1 million, an operating loss of $106.4 million, and a net loss of $99.9 million Condensed Consolidated Statements of Operations (in thousands) | Line Item | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | $232,088 | $177,235 | | Cost of revenue | $81,205 | $72,421 | | Loss from operations | $(106,413) | $(100,618) | | Net loss | $(99,899) | $(102,628) | | Net loss per share | $(0.80) | $(0.84) | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets were $1.33 billion, with $629.1 million in cash and $1.64 billion in total liabilities Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $629,143 | $525,540 | | Total Assets | $1,331,999 | $1,485,609 | | Total Liabilities | $1,637,474 | $1,625,256 | | Total Stockholders' Deficit | $(305,475) | $(139,647) | [Supplemental Revenue Information](index=7&type=section&id=Supplemental%20Revenue%20Information) This section details Q2 2025 revenue by source, with Oncology contributing $158.7 million and Screening $14.8 million Revenue by Source - Three Months Ended June 30 (in thousands) | Source | 2025 | 2024 | | :--- | :--- | :--- | | Oncology | $158,685 | $130,269 | | Biopharma and data | $56,020 | $43,933 | | Screening | $14,814 | — | | Licensing and other | $2,569 | $3,033 | | **Total revenue** | **$232,088** | **$177,235** | [Reconciliation of GAAP to Non-GAAP Measures](index=7&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) This section reconciles GAAP net loss to non-GAAP net loss and Adjusted EBITDA, adjusting for non-cash items Reconciliation of GAAP Net Loss to Non-GAAP Net Loss (Q2, in thousands) | Description | 2025 | 2024 | | :--- | :--- | :--- | | GAAP net loss | $(99,899) | $(102,628) | | Stock-based compensation | $43,602 | $27,725 | | Unrealized losses on securities | — | $15,485 | | Other adjustments | $1,293 | $962 | | **Non-GAAP net loss** | **$(55,004)** | **$(58,456)** | Reconciliation of GAAP Net Loss to Adjusted EBITDA (Q2, in thousands) | Description | 2025 | 2024 | | :--- | :--- | :--- | | GAAP net loss | $(99,899) | $(102,628) | | Adjustments (Net Interest, Taxes, D&A, etc.) | $48,007 | $40,768 | | **Adjusted EBITDA** | **$(51,892)** | **$(61,860)** |

Group 1 - Gamehost Inc. has declared a cash dividend of $0.05 (CDN) per common share for July 2025, which annualizes to $0.60 (CDN) per common share [1] - The dividend will be paid on August 15, 2025, to shareholders of record on July 31, 2025 [1] - This dividend is classified as an "Eligible Dividend," making it eligible for enhanced gross-up and dividend tax credit for Canadian shareholders [2] Group 2 - Gamehost operates various facilities in Alberta, including the Rivers Casino & Entertainment Centre, Great Northern Casino, Service Plus Inns & Suites, Encore Suites hotels, and Deerfoot Inn & Casino [3] - The company's common shares are traded on the Toronto Stock Exchange (TSX) under the symbol GH [4]

Core Insights - Tempus AI and Guardant Health are leading companies in AI-powered precision oncology, with Tempus reporting a 75% year-over-year revenue growth in Q1 2025, driven by genomics testing demand and a $200 million data licensing deal with AstraZeneca and Pathos [1][6] - Guardant Health is enhancing its position in liquid biopsy and early cancer detection, achieving positive gross margins for the first time in Q1 2025 [1][10] Company Performance - Tempus AI's revenue growth is attributed to a 89% increase in genomics revenues, with gross profit nearly doubling (up 99.8% year-over-year) and adjusted EBITDA improving by $27.8 million [6][9] - Guardant Health raised its 2025 revenue guidance to $880-$890 million, driven by increased test volume and average selling prices, with oncology revenues projected to grow 18% [10][12] Strategic Developments - Tempus AI is transitioning from a clinical testing provider to a data-driven platform, with a total remaining contract value exceeding $1 billion due to its strategic partnerships [7] - Guardant Health's Reveal product has turned gross margin positive, benefiting from reduced costs and improved reimbursement, positioning it for high growth in minimal residual disease detection [11][12] Financial Outlook - Tempus AI has raised its full-year guidance to $1.25 billion, indicating around 80% annual growth, despite posting a Q1 adjusted EBITDA loss of $16.2 million [8][9] - Guardant Health expects to reach breakeven for non-screening operations by Q4 2025, with projected cash burn significantly reduced to $25-$35 million for the year [12][13] Valuation Comparison - Tempus AI is trading at a forward price-to-sales ratio of 8.48, while Guardant Health's ratio is 6.22, indicating that Tempus AI is relatively more expensive compared to Guardant Health [14] - Analysts suggest a potential decline of 5.2% for Tempus AI's stock price, while Guardant Health's average price target indicates a 16.1% upside [15][17] Investment Considerations - Both companies are seen as strong long-term plays in AI-powered precision oncology, but Guardant Health is currently better positioned due to its improving gross margins and disciplined cash management [20]

Financial Data and Key Metrics Changes - The company reported that proxies for more than 105 million shares of common stock were received, representing approximately 85% of the total outstanding shares as of the record date [10] - The voting results indicated that all director nominees received a majority of the votes, confirming their election [14] Business Line Data and Key Metrics Changes - No specific data on business lines or key metrics changes were provided in the meeting records Market Data and Key Metrics Changes - No specific market data or key metrics changes were provided in the meeting records Company Strategy and Development Direction and Industry Competition - The meeting focused on the election of directors and the ratification of the independent auditor, indicating a focus on governance and compliance [12][15] - The approval of executive compensation on an advisory basis suggests a commitment to aligning management incentives with shareholder interests [15] Management's Comments on Operating Environment and Future Outlook - No specific comments from management regarding the operating environment or future outlook were provided in the meeting records Other Important Information - The meeting was conducted virtually, allowing stockholders to participate and vote online [4][3] - The final voting results will be detailed in a current report on Form 8-K to be filed with the SEC within four days [15] Q&A Session Summary - There were no questions submitted during the Q&A session, leading to the conclusion of the annual meeting [16]

Summary of Guardant Health (GH) FY Conference Call - June 09, 2025 Company Overview - **Company**: Guardant Health (GH) - **Industry**: Life Sciences Tools and Diagnostics Key Highlights and Core Points 1. **Strong Business Performance**: The company reported significant growth in the first half of the year, particularly with the G360 therapy selection platform, driven by new features and the smart liquid biopsy platform [3][4] 2. **REVEAL Test Success**: The REVEAL test for colorectal cancer (CRC) surveillance is gaining traction, with increasing volumes and reimbursement developments [4][12] 3. **Breast Cancer Indication**: A second publication in breast cancer was recently released, with plans to submit for Medicare reimbursement [4][10] 4. **Shield Test Updates**: The Shield test has seen a price increase from $9.20 to $14.95, and it has received ADLT status, indicating strong market positioning [4][35] 5. **NCCN Guidelines Impact**: The updated NCCN guidelines recommending testing every three years for Shield are expected to positively impact adoption and coverage [7][8] 6. **Breakthrough Device Designation**: Shield received breakthrough device designation for multi-cancer detection, which may expedite market entry and reimbursement discussions [10][11] 7. **ASCO Conference Insights**: The company presented significant data at ASCO, including the largest MRD study to date, validating the REVEAL test as a decision support tool [12][13] 8. **Competitive Landscape**: Guardant Health maintains a competitive edge with its smart liquid biopsy platform, which offers faster results and higher sensitivity compared to competitors [19][20] 9. **Tissue Test Launch**: The launch of Guardant360 Tissue aims to penetrate the crowded tissue testing market, leveraging the company's established liquid biopsy reputation [24][26] 10. **MRD Test Expansion**: The REVEAL test is gaining traction among patients who are further out from surgery or have inaccessible tissue samples, indicating a strong market opportunity [29][30] 11. **First Mover Advantage**: The company emphasizes the importance of its first mover advantage in the screening market, particularly with the Shield test [33][34] 12. **ASP Growth**: The average selling prices (ASPs) for Guardant360 and REVEAL tests have increased significantly, contributing to revenue growth [39][40] 13. **Path to Profitability**: The company targets breakeven by 2028, with a focus on reducing cash burn and improving gross margins across its product portfolio [47][48] 14. **Long-term Gross Margin Goals**: Guardant Health aims for gross margins of at least 60% across all products, with specific targets for Guardant360 and REVEAL [50][51] Additional Important Insights - **Biopharma Business Success**: The biopharma segment has shown strong growth, with over 80 pharmaceutical companies utilizing Guardant's services [58][59] - **Sales Team Effectiveness**: The company has achieved high effectiveness and perceived utility in its oncology sales team, which is crucial for market penetration [28][62] - **Future Growth Potential**: The company believes that the combination of new product launches, data releases, and market dynamics will drive significant growth in the coming years [64][65]