Guardant Health Reports Q2 2024 Financial Results Revenue and EPS Beat Consensus Estimates
Intellectia.AI Updated: 2024-08-08
Guardant Health Reports Q2 2024 Financial Results: Revenue and EPS Beat Consensus Estimates
Guardant Health, Inc. (NASDAQ: GH), a leading precision oncology company, today reported its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimates (Q2 2024) |
|---|---|---|---|---|
| Revenue (millions) | $177.2 | $137.2 | +29% | $162.7 |
| Earnings Per Share (EPS) | $-0.84 | $-0.67 | -25% | $-0.74 |
| Non-GAAP Net Loss per Share | $-0.48 | $-0.82 | +41% | N/A |
Guardant Health outperformed consensus estimates, with revenue reaching $177.2 million, a 29% increase year-over-year and well above the expected $162.7 million. However, the company's EPS was -$0.84, worse than the consensus estimate of -$0.74. Despite the increased net loss, the non-GAAP net loss per share improved to $-0.48 from $-0.82 in the previous year.
Revenue Performance by Segment
| Segment | Q2 2024 | Q2 2023 | YoY Change |
|---|---|---|---|
| Precision Oncology Revenue | $166.5 | $125.2 | +33% |
| Development Services & Other | $10.7 | $11.9 | -10% |
The most notable growth was in precision oncology revenue, which increased by 33% year-over-year, driven by significant increases in clinical and biopharma testing volume. Development services and other revenue saw a slight decrease of 10% from the previous year.
Key Operational Data
| Operational Metric | Q2 2024 | Q2 2023 | YoY Change |
|---|---|---|---|
| Clinical Tests | 49,400 | 43,362 | +14% |
| Biopharmaceutical Tests | 10,475 | 6,715 | +56% |
Executive Comments
Co-founders and co-CEOs Helmy Eltoukhy and AmirAli Talasaz highlighted several achievements, including the FDA approval and commercial launch of Shield for CRC screening and the significant advancements in Guardant360. Both executives expressed optimism about the company's future momentum and its mission to enhance cancer patient outcomes.
Additional Announcements
Guardant Health raised its 2024 revenue guidance to a range of $690 to $700 million, representing a 22% to 24% growth. The company also maintained its non-GAAP gross margin excluding screening to be between 61% and 63%, and expects non-GAAP operating expenses to be in the range of $720 to $730 million.
Stock Price Movement
Following the release of the earnings report, Guardant Health's stock saw an increase of approximately 5.60%.
Guardant Health continues to push forward with its mission of providing transformative cancer detection and treatment technologies, and its recent financial results reflect this strategic focus.
