Guardant Health Announces Preliminary Fourth Quarter and Full Year 2023 Results

Guardant Health, Inc. (Nasdaq: GH), a leading precision oncology company, today announced preliminary, unaudited results for the quarter and full year ended December 31, 2023.

Full year 2023 preliminary unaudited financial results

For the twelve-month period ended December 31, 2023, as compared to the same period of 2022:

• Revenue of between $562 million and $563 million, an increase of 25%
• Reported 172,900 tests to clinical customers and 29,900 tests to biopharma customers, an increase of 39% and 15%, respectively

Fourth quarter 2023 preliminary unaudited financial results

For the three-month period ended December 31, 2023, as compared to the same period of 2022:

• Revenue of between $153 million and $154 million, an increase of 21%
• Reported 46,400 tests to clinical customers and 9,500 tests to biopharma customers, an increase of 29% and 16%, respectively

Preliminary unaudited free cash flow was approximately negative $84 million for the fourth quarter of 2023, and approximately negative $347 million for the full year 2023. Cash, cash equivalents and marketable debt securities were $1.2 billion as of December 31, 2023.

“We finished the year strong with revenue growth of 25% in 2023, driven by robust clinical volume growth. We benefitted from tailwinds throughout the year driving us to breakeven in our therapy selection business, which we believe sets us up for another successful year of robust growth in 2024,” said Helmy Eltoukhy, co-founder and co-CEO.

“We made steady progress in our screening business this year with our Shield blood test. We are encouraged by the overwhelming physician and patient enthusiasm for the option to do a simple blood draw to screen for colorectal cancer,” said AmirAli Talasaz, co-founder and co-CEO. “We look forward to the launch of Shield IVD this year, following FDA approval, which will be transformative to the cancer screening landscape.”

Guardant Health has not completed preparation of its financial statements for the fourth quarter or full year of 2023. The revenue ranges, test volumes and free cash flow presented in this release for the fourth quarter and the year ended December 31, 2023, are preliminary and unaudited and are thus inherently uncertain and subject to change as we complete our financial results. The company is in the process of completing its customary year-end close and review procedures as of and for the year ended December 31, 2023, and there can be no assurance that final results for this period will not differ from these estimates. During the preparation of Guardant Health’s consolidated financial statements and related notes as of and for the year ended December 31, 2023, the company's independent registered public accountants may identify items that could cause final reported results to be materially different from the preliminary financial estimates presented herein.