Guardant Health, Inc.
guardanthealth.comWhat Do They Do?
Sells blood and tissue tests for cancer screening, recurrence monitoring and treatment selection to patients and clinicians, and provides tests and research data to biopharmaceutical companies.
10-K for FY2025, filed Feb 19, 2026We are a leading precision oncology company focused on guarding wellness and giving every person more time free from cancer. We are…View ↗
We also collaborate with biopharmaceutical companies in clinical studies by providing the above-mentioned tests, as well as the…View ↗
For early cancer detection, we offer the Shield blood test for colorectal cancer screening in adults age 45 and older who are at average…View ↗
How Do They Make Money?
Clinical customers, patients and payers pay for oncology and Shield tests, with sales counted when results are reported to physicians. Biopharmaceutical companies pay per test or over testing periods, and for services or when development milestones are reached; the company also earns revenue from technology licenses.
10-K for FY2025, filed Feb 19, 2026The Company derives revenue from four major sources, including oncology, biopharma and data, screening, and licensing and other. The…View ↗
Oncology revenue is recognized at the time results of the test are reported to physicians. Most oncology tests requested by clinical…View ↗
Revenue from the delivery of the Company's tests for biopharmaceutical customers are based on a negotiated price per test or on the basis…View ↗
In addition, the Company collaborates with biopharmaceutical companies in the development of new drugs. As part of these collaborations…View ↗
Screening revenue, previously included in other revenue, includes amounts derived from the delivery of the Company's Shield screening…View ↗
The Company also derives revenue from licensing its technologies, previously included in other revenue. The Company recognizes its…View ↗
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10-K for FY2025, filed Feb 19, 2026
FY2025 revenue by product or service ↗
$982M
-
10-K for FY2025, filed Feb 19, 2026
$982M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Oncology
Sold outright
10-K for FY2025, filed Feb 19, 2026 |
70% |
Oncology, FY2025
$683.6M Sources
|
Sold outright |
|
Biopharma and data
Mix
10-K for FY2025, filed Feb 19, 2026 |
21% |
Biopharma and data, FY2025
$210.1M Sources
|
Mix |
|
Screening
Sold outright
|
8.1% |
Screening, FY2025
$79.7M Sources
|
Sold outright |
|
Licensing and other
Licensed
|
0.9% |
Licensing and other, FY2025
$8.6M Sources
|
Licensed |
Who Are Their Customers?
Clinical testing is paid for by commercial and government payers, hospitals, cancer centers, research institutions and patients; some tests are delivered through strategic partner labs. Biopharma companies and research institutes also buy tests and data services, with international lab partners and distributors in the channel.
10-K for FY2025, filed Feb 19, 2026The Company derives revenue from four major sources, including oncology, biopharma and data, screening, and licensing and other. The…View ↗
Oncology revenue was previously presented as precision oncology revenue from tests for clinical customers. Oncology revenue includes…View ↗
Biopharma and data revenue includes amounts derived from the delivery of the Company's tests for biopharmaceutical customers, previously…View ↗
Do Revenues Turn Into Profits?
No. It lost $416.3M in FY2025.
10-K for FY2025, filed Feb 19, 2026
−$437.2MView ↗
10-K for FY2025, filed Feb 19, 2026
−$416.3MView ↗
10-K for FY2025, filed Feb 19, 2026
−$233.1MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Jul 30, 2026
−$120.1MView ↗
- ▲ +20% (Loss)
- vs −$99.9M in Q2 FY2025
10-Q for Q2 FY2026, filed Jul 30, 2026
Open tableView ↗
Growing. Revenue grew 2.6x in 4 years, from $373.7M in FY2021 to $982M in FY2025, about 27% a year.
Shield gains approval
The earlier report describes Shield as a launched laboratory-developed test and an investigational platform; the latest report describes it as an FDA-approved blood test for primary colorectal cancer screening that meets Medicare coverage requirements.
10-K for FY2022, filed Feb 23, 2023 10-K for FY2025, filed Feb 19, 2026According to American Cancer Society: Colorectal Cancer Facts & Figures 2020-2022, it is estimated that only 66% of adults at 50 years and…View ↗
In order to systematically address this need, we offer the Shield blood test to address the needs of individuals eligible for colorectal…View ↗
Who Do They Compete With?
Competes with Foundation Medicine, Caris Life Sciences, Tempus AI, NeoGenomics, Exact Sciences, BillionToOne, Quest Diagnostics, Laboratory Corporation of America, Natera, Myriad Genetics, Personalis, GRAIL, Freenome Holdings, Delfi Diagnostics, Illumina, Thermo Fisher Scientific, Pacific Biosciences of California, Ultima Genomics, and Oxford Nanopore Technologies
10-K for FY2025, filed Feb 19, 2026Our competitors within the liquid biopsy space for therapy selection include Foundation Medicine, Inc., which was acquired by Roche…View ↗
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