olivLaw · US equity research
GH GH
Services-Medical Laboratories · SIC 8071 · Vertical: Services-Medical Laboratories (SIC 8071)
Guardant Health is a precision oncology company selling blood and tissue tests for screening, monitoring and therapy selection. Total revenue rose from $982.0 million in fiscal 2025 to $335.0 million in the second quarter of 2026, and the company remains loss-making, with a net loss of $416.3 million in fiscal 2025.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, GH (GH) stock was 153.43 USD (−8.99% on the day), with market capitalisation 20.8 bn USD, beta 1.26, 52-week range 78.60–187.22 USD. Latest reported quarter (Q3 2026): revenue of 361.0 m USD (+36.1% YoY), net income of -124.4 m USD, diluted EPS -0.93 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 37.9
- weak (30–45)
- Bollinger (20, 2)
- 151.70 – 184.77
- in the lower half of the band · %B 0.05 · band width 19.7%
- SMA 50 / 200
- 169.67 / 131.56
- mixed trend
- MACD (12, 26, 9)
- -0.13 / 0.91
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −10.1% | −5.9% | −4.2 pp | — |
| 3 months | −2.6% | −4.6% | +2.0 pp | — |
| 6 months | +66.3% | +0.2% | +66.1 pp | — |
| Year to date | +50.2% | +7.4% | +42.8 pp | — |
| 1 year | +61.4% | +8.2% | +53.2 pp | −13.7% |
| 3 years | +453.1% | +68.4% | +384.7 pp | +33.4% |
| 5 years | +39.2% | +56.5% | −17.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 201.8 m | 203.5 m | 232.1 m | 265.2 m | 281.3 m | 301.7 m | 335.0 m | 361.0 m |
| Cost of revenue | 77.6 m | 74.7 m | 81.2 m | 93.6 m | 99.5 m | 104.9 m | 115.9 m | 124.8 m |
| Research & development | 93.5 m | 88.5 m | 87.4 m | 90.0 m | 98.3 m | 91.0 m | 96.5 m | 100.8 m |
| Operating income | -126.0 m | -111.0 m | -106.4 m | -99.0 m | -120.8 m | -121.4 m | -129.1 m | -132.8 m |
| Depreciation & amortisation | 10.5 m | 10.2 m | 10.0 m ≈ | 9.4 m ≈ | 10.1 m | 9.4 m | 9.6 m ≈ | 10.2 m ≈ |
| Interest expense | 645.0 k | 791.0 k | 983.0 k | 943.0 k | 1.2 m | 1.3 m | 1.3 m | 1.3 m |
| Pre-tax income | -110.3 m | -94.9 m | -99.9 m | -92.6 m | -130.2 m | -111.7 m | -120.0 m | -124.0 m |
| Income tax | 716.0 k | 290.0 k | 38.0 k | 136.0 k | -1.7 m | 372.0 k | 185.0 k | 343.0 k |
| Net income | -111.0 m | -95.2 m | -99.9 m | -92.7 m | -128.5 m | -112.1 m | -120.1 m | -124.4 m |
| Diluted EPS | -0.90 ≈ | -0.77 | -0.80 | -0.74 | -1.00 ≈ | -0.85 | -0.90 | -0.93 |
| Operating cash flow | -64.5 m | -62.7 m | -60.3 m ≈ | -35.4 m ≈ | -26.4 m | -65.6 m | -57.8 m ≈ | -23.7 m ≈ |
| Capex | 18.9 m | 4.5 m | 5.6 m ≈ | 10.4 m ≈ | 27.8 m | 5.6 m | 11.8 m ≈ | 13.5 m ≈ |
| Share repurchases | 0 | 45.0 m | 0 ≈ | 0 ≈ | 0 | 0 | 0 ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 90.6 m | 214.4 m | 286.7 m | 373.7 m | 449.5 m | 563.9 m | 739.0 m | 982.0 m |
| Revenue YoY | +81.9% | +136.5% | +33.8% | +30.3% | +20.3% | +25.5% | +31.0% | +32.9% |
| Net income | -85.1 m | -75.7 m | -246.3 m | -384.8 m | -654.6 m | -479.4 m | -436.4 m | -416.3 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -0.84 | -2.60 | -4.00 | -6.41 | -4.28 | -3.56 | -3.32 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -93.8% | -35.3% | -85.9% | -103.0% | -145.6% | -85.0% | -59.0% | -42.4% |
| Free cash flow | -92.4 m | -65.9 m | -140.1 m | -284.1 m | -386.9 m | -345.5 m | -274.9 m | -233.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 378.2 m USD
- Financial debt
- 1.5 bn USD
- Net debt
- 1.1 bn USD
- Equity
- -99.3 m USD
- Total assets
- 2.0 bn USD
- Debt / equity
- unavailable
- Current ratio
- 4.84x
- ROE
- unavailable
- ROA
- -23.8%
- FCF margin
- -23.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 286.7 m | 373.7 m | 449.5 m | 563.9 m | 739.0 m | 982.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Cost of revenue | — | — | — | 227.1 m | 289.8 m | 349.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Gross profit | — | — | — | 336.9 m ≈ | 449.2 m ≈ | 633.0 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Research & development | 149.9 m | 263.2 m | 373.8 m | 367.2 m | 347.8 m | 364.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Operating income | -255.0 m | -411.0 m | -544.4 m | -564.7 m | -443.6 m | -437.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Depreciation & amortisation | 16.1 m | 22.3 m | 36.0 m | 42.9 m | 42.4 m | 39.7 m | SEC (XBRL)· 19 Feb 2026verified |
| EBITDA | -238.9 m ≈ | -388.7 m ≈ | -508.4 m ≈ | -521.8 m ≈ | -401.2 m ≈ | -397.5 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Interest expense | 4.8 m | 2.6 m | 2.6 m | 2.6 m | 2.6 m | 3.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Pre-tax income | -245.9 m | -384.5 m | -653.4 m | -478.8 m | -435.1 m | -417.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Income tax | 379.0 k | 300.0 k | 1.1 m | 685.0 k | 1.3 m | -1.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Net income | -246.3 m | -384.8 m | -654.6 m | -479.4 m | -436.4 m | -416.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Diluted EPS | -2.60 | -4.00 | -6.41 | -4.28 | -3.56 | -3.32 | SEC (XBRL)· 19 Feb 2026verified |
| Weighted average diluted shares | 97.5 m | 101.3 m | 102.2 m | 112.0 m | 122.7 m | 125.4 m | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 833.0 m | 492.2 m | 141.6 m | 1.1 bn | 525.5 m | 378.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Receivables | 53.3 m | 97.7 m | 97.3 m | 88.8 m | 110.3 m | 137.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Inventories | 22.7 m | 30.7 m | 51.6 m | 61.9 m | 71.1 m | 85.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Current assets | 1.9 bn | 1.1 bn | 1.2 bn | 1.3 bn | 1.1 bn | 1.5 bn | SEC (XBRL)· 19 Feb 2026verified |
| Property, plant & equipment, net | 62.8 m | 124.5 m | 167.9 m | 145.1 m | 136.8 m | 145.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Goodwill | 3.3 m | 3.3 m | 3.3 m | 3.3 m | 3.3 m | 77.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Intangibles (excl. goodwill) | 16.2 m | 14.2 m | 11.7 m | 9.0 m | 6.8 m | 25.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Total assets | 2.3 bn | 2.2 bn | 1.6 bn | 1.8 bn | 1.5 bn | 2.0 bn | SEC (XBRL)· 19 Feb 2026verified |
| Accounts payable | 7.3 m | 38.5 m | 68.9 m | 51.7 m | 38.6 m | 54.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Long-term debt | — | — | — | — | 1.1 bn | 1.5 bn | SEC (XBRL)· 19 Feb 2026verified |
| Current liabilities | 66.8 m | 194.7 m | 193.2 m | 205.9 m | 225.6 m | 302.7 m | SEC (XBRL)· 19 Feb 2026verified |
| Total liabilities | 916.2 m | 1.6 bn | 1.5 bn | 1.6 bn | 1.6 bn | 2.1 bn | SEC (XBRL)· 19 Feb 2026verified |
| Equity | 1.3 bn † | 645.0 m † | 60.2 m † | 158.7 m † | -139.6 m † | -99.3 m † | SEC (XBRL)· 19 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -103.9 m | -209.0 m | -309.5 m | -325.0 m | -239.9 m | -184.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Capex | 36.2 m | 75.0 m | 77.5 m | 20.5 m | 35.1 m | 48.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Free cash flow | -140.1 m ≈ | -284.1 m ≈ | -386.9 m ≈ | -345.5 m ≈ | -274.9 m ≈ | -233.1 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Investing cash flow | -617.1 m | -63.2 m | 149.8 m | 840.3 m | -261.3 m | -627.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Financing cash flow | 1.4 bn | -66.8 m | -189.1 m | 477.4 m | -996.0 k | 671.1 m | SEC (XBRL)· 19 Feb 2026verified |
| Share repurchases | 0 | — | — | 0 | 0 | 45.0 m | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 39.6% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 20.8 bn USD
Key indicators
Coverage and freshness
Score by group
40% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 39.6% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -37.9% | 26 (vs peers) | 16% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 29.8% | 100 (on a fixed band) | 21% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -96.6x | 0 (on a fixed band) | 16% |
| Current ratio · Balance sheet | 3.6x | 100 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -1.1% | 0 (on a fixed band) | 21% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial26/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
GUARDANT HEALTH, INC. (GH). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 982.0 m USD in 2025; YoY growth 32.9%; net margin -37.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 39.6% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 29.8%
- Current ratio: 3.6x
What contradicts it
- Net margin: -37.9%
- Interest coverage: -96.6x
- FCF yield: -1.1%
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Services-Medical Laboratories (SIC 8071) · same industry (4-digit SIC) · compared with 23 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NTRANatera, Inc. | 52.7 bn | — | -10.6% | -5.7% | +35.9% | +52% / +550% |
| LHLabcorp Holdings Inc. | 29.5 bn | 29.8 | 11.4% | 6.9% | +7.2% | +35% / +67% |
| DGXQuest Diagnostics Inc | 28.0 bn | 25.4 | 15.2% | 9.5% | +11.8% | +35% / +86% |
| GHGuardant Health, Inc. | 20.8 bn | — | — | -37.9% | +32.9% | +61% / +453% |
| CAICaris Life Sciences, Inc. | 7.5 bn | 76.5 | 17.2% | 9.2% | +97.0% | +2% / unavailable |
| RDNTRadNet, Inc. | 6.1 bn | — | -2.1% | -0.9% | +11.5% | −6% / +135% |
| GRALGRAIL, Inc. | 5.4 bn | — | -17.3% | -243.8% | +17.2% | +8% / unavailable |
| CDNACaredx, Inc. | 4.0 bn | 31.9 | 33.0% | 25.9% | +13.8% | +327% / +686% |
| FTREFortrea Holdings Inc. | 2.0 bn | — | -12.3% | -2.6% | +1.0% | +61% / −31% |
| VCYTVeracyte, Inc. | 1.9 bn | 15.6 | 9.4% | 21.8% | +16.0% | −49% / −6% |
| PSNLPersonalis, Inc. | 1.7 bn | — | -62.1% | -147.7% | −17.7% | +45% / +916% |
| BLLNBillionToOne, Inc. | 1.3 bn | 116.9 | 30.2% | 11.3% | +100.0% | −14% / unavailable |
| CSTLCastle Biosciences, Inc. | 1.1 bn | — | -4.9% | -6.1% | +3.7% | −14% / +71% |
| FLGTFulgent Genetics, Inc. | 521.3 m | — | -8.6% | -27.5% | +13.8% | −37% / −32% |
| YDESYD Bio Limited | 508.3 m | — | -445.1% | -1,392.6% | +16.9% | −38% / unavailable |
| BDSXBiodesix, Inc. | 220.0 m | — | -778.9% | -25.7% | +24.1% | +140% / −33% |
| XGNExagen Inc. | 184.1 m | — | -113.8% | -26.6% | +19.7% | −4% / +313% |
| SERASera Prognostics, Inc. | 60.9 m | — | -49.7% | -34,866.7% | +5.2% | −38% / +7% |
| AMSAmerican Shared Hospital Services | 7.8 m | — | -7.5% | -5.8% | −0.9% | −45% / −51% |
| MDXHMdxhealth SA | 7.8 m | — | -2,440.4% | -31.1% | +19.8% | −96% / −95% |
| ACONAclarion, Inc. | 4.5 m | — | -74.1% | -10,260.0% | +65.6% | −75% / −100% |
| ADVBAdvanced Biomed Inc. | 3.1 m | 0.4 | 84.8% | 5,231.3% | unavailable | −77% / unavailable |
| BGLCBioNexus Gene Lab Corp. | 2.5 m | — | -33.7% | -82.4% | −21.9% | −81% / −91% |
| BNRBurning Rock Biotech Limited | 0 | — | -10.1% | -10.3% | +9.2% | −39% / +60% |
1- and 3-year price returns: for GH from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (05 Nov 2026), 8-K (05 Nov 2026 · results).
In brief
Guardant Health is a precision oncology company selling blood and tissue tests for screening, monitoring and therapy selection. Total revenue rose from $982.0 million in fiscal 2025 1 to $335.0 million in the second quarter of 2026 23, and the company remains loss-making, with a net loss of $416.3 million in fiscal 2025 1.
SWOT
Strengths
- The company has an FDA-approved test for colorectal cancer screening and the first blood test covered by Medicare for that purpose 1.
- The Smart Platform is used across several products, which could reduce development costs 1.
- Revenue growth in the second quarter of 2026 was driven by strong volume in oncology and screening 3.
Weaknesses
Opportunities
- Expansion into lung cancer screening and multi-cancer detection is planned and could open new markets 1.
- Coverage by new insurers and inclusion in guidelines could speed up adoption of the Shield test 31.
- Partnerships with biopharmaceutical companies and GuardantINFORM data could generate additional revenue 1.
Risks
- Continuing net losseshigh
The company is not yet profitable and could keep losing money if revenue does not grow enough 1.
- Retroactive reimbursement reviewshigh
Payers can review payments and offset differences, which could significantly affect results in a given quarter 1.
- Dependence on testsmedium
Nearly all revenue comes from tests, so any change in their acceptance could affect the company directly 1.
- Delays in new productsmedium
Development of new products such as lung cancer screening may be delayed or fail due to insufficient data 1.
- Laboratory capacitylow
Rapid growth in Shield volume could outpace laboratory capacity, and extra investment could raise costs 3.
Investment thesis
What would need to be true (bull case)
- If revenue keeps growing at the pace of the second quarter of 2026, the company could approach profitability sooner than expected 3.
- Coverage of Shield by more insurers and its inclusion in guidelines could speed adoption of the screening product 31.
- A portfolio built on a shared platform could lower the cost of future products 1.
What would break the thesis
- The company could stay loss-making if operating expenses keep rising faster than revenue 3.
- Retroactive payer reimbursements could make quarterly revenue hard to predict and could cause estimates to be missed 1.
- If biopharmaceutical companies keep using other providers, growth in oncology testing could slow 1.
What to watch
- Delivery of 2026 revenue guidance of $1.34 to $1.36 billion2026
- Non-GAAP operating expenses and free cash flow against updated guidanceQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (05 Nov 2026), 8-K (05 Nov 2026 · results).
The business
Guardant Health builds its portfolio around three areas: tests for therapy selection in advanced cancer, tests for minimal residual disease and recurrence, and screening tests, the most important being the Shield blood test for colorectal cancer 1. The company says its Smart Platform, based on genomic, epigenomic and RNA data, underlies all its products 1. In 2026 it obtained FDA approval for Guardant360 Liquid CDx, and Shield was included in the American Cancer Society's colorectal screening guidelines 3.
The commercial model serves three groups: clinicians and patients, biopharmaceutical companies, and, since 2024, the screening program. Oncology tests are reimbursed by commercial payers and Medicare, and revenue depends on test volume, average price and payer coverage 1. The company operates CLIA-licensed laboratories in Redwood City, California, and Long Island City, New York 1.
The company has extended Shield into markets in Asia and launched the Shield MCD test in several of them, while offering biopharmaceutical clients services such as GuardantINFORM and GuardantConnect 2. The sources do not state how large each of these markets is in total revenue.
Market context
Trends
- Shield coverage by insurerstailwind
Shield has received coverage from UnitedHealth Group and the VA network, which could widen access to screening 31. If more insurers follow, test volume could grow faster.
- Inclusion in guidelinestailwind
Inclusion of the Shield test in NCCN and American Cancer Society guidelines could support physician recommendation of it 12.
- Retroactive payer reviewsheadwind
Commercial payers can review previously paid claims and offset amounts against later payments, which makes quarterly revenue harder to predict 1.
- Heavy spending for growthmixed
Operating expenses rise with commercial infrastructure and laboratory investment, and free cash flow remains negative 3. If test volume does not grow enough, pressure on profitability could persist.
Competitive position
The sources do not describe competitors in detail, but the company says many biopharmaceutical partners already work with other molecular test providers, including direct competitors, and that switching tests can be costly 1. It supports its position by pointing to the number of orders for Guardant360 CDx 1.
In screening, Shield competes with established colorectal cancer screening methods, and the sources do not name other blood-based test providers 1. The competitive analysis therefore remains limited to what the sources state.
- Other molecular test providers used by biopharmaceutical companies
The sources do not name them but state that some already have relationships with biopharmaceutical companies 1.
- Other liquid biopsy tumor tests
The sources say Guardant360 CDx has the largest number of orders among liquid tests but do not name rivals 1.
- Established colorectal cancer screening methods
Shield competes with existing screening methods, which the sources do not specify 1.
- Partner laboratories in Europe and Asia
The company relies on partners for distribution and testing outside the US, so they may also compete in some markets 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- AI-Fueled Precision Oncology Firm Guardant Health Is In Focus. Here's Why.Yahoo Finance — News · 21 Sept 2026 · EN
- Guardant Health Nears Buy Point As Sales Outlook BrightensYahoo Finance — News · 16 Sept 2026 · EN
- What Makes Guardant Health (GH) a Compelling Bet?Yahoo Finance — News · 08 Sept 2026 · EN
- Guardant Health Faces a $245 Million Patent Judgment, But Its Newer Tests Could Offer ProtectionYahoo Finance — News · 05 Sept 2026 · EN
- Guardant Health Dives After Losing A Patent Dispute; Judge Orders RoyaltiesYahoo Finance — News · 24 Aug 2026 · EN
The latest news item in our archive is from 21 Sept 2026; the newest SEC filing is from 05 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report05 Nov 2026
- Current report05 Nov 2026Results of operations · Financial statements and exhibits
- Current report03 Nov 2026Departure or appointment of officers · Financial statements and exhibits
- Current report03 Nov 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report18 Jun 2026Shareholder vote
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Proxy statement28 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / GH · 19 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / GH · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / GH · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.