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Guardant Health(GH) - 2024 Q1 - Quarterly Results
GHGuardant Health(GH)2024-05-09 20:11

Revenue Growth and Performance - Revenue for Q1 2024 was 168.5million,a31168.5 million, a 31% increase from 128.7 million in Q1 2023[4] - Precision oncology revenue grew 38% to 156.2millioninQ12024,drivenbya20156.2 million in Q1 2024, driven by a 20% increase in clinical testing volume and a 37% increase in biopharma testing volume[4] - The company raised 2024 revenue guidance to 675-685million,representing20−21685 million, representing 20-21% growth compared to the previous range of 655-670million[14]−GuardantHealthreported46,900clinicaltestsand8,450biopharmatestsinQ12024,representingyear−over−yearincreasesof20670 million[14] - Guardant Health reported 46,900 clinical tests and 8,450 biopharma tests in Q1 2024, representing year-over-year increases of 20% and 37%, respectively[5] - The Medicare reimbursement rate for Guardant360 LDT increased to 5,000 effective January 1, 2024, contributing to revenue growth[4] Profitability and Financial Metrics - Non-GAAP gross profit was 105.3millioninQ12024,upfrom105.3 million in Q1 2024, up from 77.7 million in Q1 2023, with a gross margin of 63% compared to 60% in the prior year[2] - Free cash flow improved to (37.2)millioninQ12024from(37.2) million in Q1 2024 from (82.0) million in Q1 2023[5] - Non-GAAP net loss improved to 56.4millioninQ12024from56.4 million in Q1 2024 from 108.5 million in Q1 2023[6] - GAAP net loss improved from (133,533)thousandinQ12023to(133,533) thousand in Q1 2023 to (114,985) thousand in Q1 2024[30] - Adjusted EBITDA improved from (100,987)thousandinQ12023to(100,987) thousand in Q1 2023 to (61,142) thousand in Q1 2024[30] - Non-GAAP net loss improved from (108,527)thousandinQ12023to(108,527) thousand in Q1 2023 to (56,417) thousand in Q1 2024[31] - Non-GAAP gross profit increased from 77,684thousandinQ12023to77,684 thousand in Q1 2023 to 105,321 thousand in Q1 2024[29] Operational and Testing Metrics - Guardant Health surpassed 500 peer-reviewed publications highlighting its technology in scientific literature[5] - The company anticipates FDA approval for Shield IVD in 2024 and expects rapid adoption post-launch[1] Asset and Expense Changes - Total assets decreased from 1,786,421thousandinDecember2023to1,786,421 thousand in December 2023 to 1,704,598 thousand in March 2024[27] - Total current assets decreased from 1,347,106thousandinDecember2023to1,347,106 thousand in December 2023 to 1,308,546 thousand in March 2024[27] - GAAP cost of precision oncology testing increased from 45,106thousandinQ12023to45,106 thousand in Q1 2023 to 59,306 thousand in Q1 2024[29] - GAAP research and development expense decreased from 93,128thousandinQ12023to93,128 thousand in Q1 2023 to 83,802 thousand in Q1 2024[29] - GAAP sales and marketing expense increased from 76,123thousandinQ12023to76,123 thousand in Q1 2023 to 80,425 thousand in Q1 2024[29] - Weighted-average shares used in computing GAAP and Non-GAAP net loss per share increased from 102,663 thousand in Q1 2023 to 121,712 thousand in Q1 2024[31]