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]

Summary of Guardant Health (GH) 2025 Conference Call Company Overview - **Company**: Guardant Health (GH) - **Industry**: In Vitro Diagnostics (IVD) Key Points and Arguments FDA Breakthrough Designation - Guardant Health received FDA breakthrough designation for its multi-cancer detection test, Shield, which is expected to expedite the path to market and enhance communication with the FDA [3][4] NCCN Recommendation - The National Comprehensive Cancer Network (NCCN) has recommended Shield as a Category 2A screening test for colorectal cancer, which is anticipated to boost adoption among physicians and improve discussions with commercial payers [4][6] Unmet Need in Cancer Screening - There are approximately 50 million unscreened patients, highlighting a significant unmet need in cancer screening. The introduction of Shield is seen as a new choice for patients [6][7] SERENO-six Study - The SERENO-six study, in collaboration with AstraZeneca, is expected to change the paradigm of care in oncology by allowing for adaptive management of patients based on molecular progression [9][10] Volume Growth and Market Expansion - Following the ESR1 approval, Guardant Health experienced a doubling of breast cancer volume, with expectations for similar growth from the new study [11] - The company has launched 11 new applications for its smart liquid biopsy program, indicating a strong pipeline for future growth [12][13] Pricing and ASP Improvement - The average selling price (ASP) for Guardant360 has increased from approximately $2,700 to $3,000-$3,100, with expectations for further increases to $3,200-$3,300 [19][21] - Medicare reimbursement rates have also improved, contributing to the positive pricing environment [20] New Applications and Features - New applications for liquid biopsy include negative prediction for mutations and features for immune checkpoint inhibitors, enhancing the diagnostic capabilities of the tests [22][23] Tissue Test Enhancements - The company has made significant enhancements to its tissue tests, reducing the amount of tissue needed and improving the breadth of genomic testing [26][28] Reveal Product Line - The Reveal product line has shown positive gross margins and is expected to ramp up significantly in the second half of the year, driven by new reimbursement for colorectal cancer surveillance [29][30][31] Future Indications and Market Needs - Guardant Health is making progress on submissions for new indications in breast cancer and immuno-oncology, with expectations for publications and submissions by early next year [32][34] Multi-Cancer Detection and Reimbursement - The company is focused on developing a multi-cancer detection solution, starting with colorectal cancer, and plans to expand reimbursement pathways as the test evolves [60][61] Abu Dhabi Project - Guardant Health is involved in a government-funded population-scale screening program in Abu Dhabi, aiming to improve colorectal cancer screening compliance in the region [63] Additional Important Insights - The company is actively hiring and training sales representatives, aiming to increase its field presence from 100 to over 200 by the end of the year [45][47] - Cost of goods sold (COGS) has decreased significantly, with plans to further reduce costs through automation and workflow efficiencies [49][51] - The company is optimistic about the upcoming Shield 2.0, with expectations for improved analytical performance and potential FDA approval by the end of the year [52][54] This summary encapsulates the key discussions and insights from the Guardant Health conference call, highlighting the company's strategic initiatives, market opportunities, and growth prospects in the IVD industry.