Guardant Health, Inc. (GH) Earnings & Analysis

Latest quarter

Guardant Health reported Q2 FY2026 revenue of $335.0 million, above the consensus of $316.0 million. Its adjusted loss per share was −$0.42, compared with the consensus estimate of −$0.40.

Revenue rose 44.3% from $232.1 million a year earlier. In its filing, Guardant attributed oncology revenue growth primarily to higher test volume. The company also said higher Shield test volume drove screening revenue growth, while milestones in companion diagnostic development and regulatory approval agreements lifted biopharma and data revenue.

Guardant reported a gross margin of 65.4%, compared with 65.0% a year earlier, and an operating margin of −38.5%, compared with −45.9%. The filing attributed higher sales and marketing expenses to commercial expansion and marketing for Shield and oncology. Diluted loss per share was −$0.90, compared with −$0.80 a year earlier. Free cash flow was −$69.5 million, compared with −$65.9 million.

Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.

What management said on the call

In its filing, Guardant said its revenue depends on payer coverage and reimbursement, and that payments can vary depending on whether it has a contract with a payer.

Guidance

For FY2026, Guardant raised its expected oncology volume growth to approximately 50.0% and oncology revenue growth to approximately 30.0%. The company also increased its outlook for non-GAAP operating expenses and now expects free cash flow burn of $195.0 million to $205.0 million, above its previous outlook.