Guardant Health Announces Preliminary Fourth Quarter and Full Year 2023 Results
January 08 2024 - 9:00AM
Business Wire
Full year revenue growth of 25% driven by
clinical volume growth of 39%
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.
Upcoming events
Guardant Health plans to report its fourth quarter and full year
audited financial results for the period ended December 31, 2023,
during its February 2024 earnings call.
About Guardant Health
Guardant Health is a leading precision oncology company focused
on guarding wellness and giving every person more time free from
cancer. Founded in 2012, Guardant is transforming patient care by
providing critical insights into what drives disease through its
advanced blood and tissue tests, real-world data and AI analytics.
Guardant tests help improve outcomes across all stages of care,
including screening to find cancer early, monitoring for recurrence
in early-stage cancer, and helping doctors select the best
treatment for patients with advanced cancer. For more information,
visit guardanthealth.com and follow the company on LinkedIn, X
(Twitter) and Facebook.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of federal securities laws, including statements
relating to Guardant Health’s future results, reaching more
patients with a growing product portfolio, or regarding the
potential benefits and advantages of Guardant Health’s platforms,
assays and tests, which involve risks and uncertainties that could
cause Guardant Health’s actual results to differ materially from
the anticipated results and expectations expressed in these
forward-looking statements. These statements are based on current
expectations, forecasts and assumptions, and actual outcomes and
results could differ materially from these statements due to a
number of factors. These and additional risks and uncertainties
that could affect Guardant Health’s financial and operating results
and cause actual results to differ materially from those indicated
by the forward-looking statements made in this press release
include those discussed under the captions “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operation” and elsewhere in its Annual Report on Form
10-K for the year ended December 31, 2022, and any current and
periodic reports filed with or furnished to the Securities and
Exchange Commission thereafter. The forward-looking statements in
this press release are based on information available to Guardant
Health as of the date hereof, and Guardant Health disclaims any
obligation to update any forward-looking statements provided to
reflect any change in its expectations or any change in events,
conditions, or circumstances on which any such statement is based,
except as required by law. These forward-looking statements should
not be relied upon as representing Guardant Health’s views as of
any date subsequent to the date of this press release.
Source: Guardant Health, Inc.
Reconciliation of Free Cash
Flow to Net Cash Used in Operating Activities
(unaudited)
(in millions)
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
Net cash used in operating activities
$
(82)
$
(90)
$
(328)
$
(309)
Purchase of property and equipment
(2)
(11)
(19)
(78)
Free cash flow
$
(84)
$
(101)
$
(347)
$
(387)
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version on businesswire.com: https://www.businesswire.com/news/home/20240108590229/en/
Investor Contact: investors@guardanthealth.com
Media Contact: Melissa Marasco press@guardanthealth.com
+1 650-647-3711
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