Guardant Health(GH)2024-05-09 20:11Revenue Growth and Performance - Revenue for Q1 2024 was $168.5 million, a 31% increase from $128.7 million in Q1 2023[4] - Precision oncology revenue grew 38% to $156.2 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-$685 million, representing 20-21% growth compared to the previous range of $655-$670 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 $105.3 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) million in Q1 2024 from $(82.0) million in Q1 2023[5] - Non-GAAP net loss improved to $56.4 million in Q1 2024 from $108.5 million in Q1 2023[6] - GAAP net loss improved from $(133,533) thousand in Q1 2023 to $(114,985) thousand in Q1 2024[30] - Adjusted EBITDA improved from $(100,987) thousand in Q1 2023 to $(61,142) thousand in Q1 2024[30] - Non-GAAP net loss improved from $(108,527) thousand in Q1 2023 to $(56,417) thousand in Q1 2024[31] - Non-GAAP gross profit increased from $77,684 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 $1,786,421 thousand in December 2023 to $1,704,598 thousand in March 2024[27] - Total current assets decreased from $1,347,106 thousand in December 2023 to $1,308,546 thousand in March 2024[27] - GAAP cost of precision oncology testing increased from $45,106 thousand in Q1 2023 to $59,306 thousand in Q1 2024[29] - GAAP research and development expense decreased from $93,128 thousand in Q1 2023 to $83,802 thousand in Q1 2024[29] - GAAP sales and marketing expense increased from $76,123 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]