Guardant Health, Inc. (GH) Earnings
Guardant Health, Inc. is expected to report next earnings on July 29, 2026 (in NaN days), with a consensus EPS estimate of $-0.42. GH has beaten EPS estimates in 7 of its last 12 reported quarters (average surprise -16.4% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $-0.47 | $-0.85 | -80.9% | $302M | +8.1% |
| Feb 19, 2026 | $-0.42 | $-0.50 | -19.0% | $281M | +2.0% |
| Oct 29, 2025 | $-0.48 | $-0.39 | +18.7% | $265M | -0.9% |
| Jul 30, 2025 | $-0.52 | $-0.44 | +15.4% | $232M | -1.5% |
| Apr 30, 2025 | $-0.61 | $-0.49 | +19.7% | $203M | -3.8% |
| Feb 20, 2025 | $-0.75 | $-0.62 | +17.3% | $202M | +4.8% |
| May 9, 2024 | $-0.72 | $-0.46 | +36.1% | $168M | +11.8% |
| Feb 22, 2024 | $-0.93 | $-1.58 | -69.9% | $155M | +3.7% |
| Aug 3, 2023 | $-1.25 | $-0.67 | +46.4% | $137M | +6.0% |
| Feb 23, 2023 | $-1.40 | $-1.36 | +2.9% | $127M | +2.5% |
| Nov 3, 2022 | $-1.27 | $-1.58 | -24.4% | $117M | -0.3% |
| Aug 4, 2022 | $-1.25 | $-2.25 | -80.0% | $109M | +3.9% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Entered 2026 with significant momentum, Q1 was remarkable with fastest year-over-year revenue growth in 5 years and surpassing $1B trailing 12-month revenue. • Story of 77-year-old Atlanta resident using Shield CRC test showing real-world impact. • Oncology business had 36% revenue growth, 47% volume growth in oncology tests. Garmin 360 Liquid 30% volume growth, Garmin 360 Tissue scaling, Reveal over 100% volume growth. • Data treasury harnesses insights from over 1M patient samples, 500,000 epigenetic profiles across over 100 tumor types. • Progress in Reveal data pipeline with submissions to MoldDx for coverage and ongoing studies. • GARDEN360 portfolio progress: FDA review on track for GARDEN 360 liquid, second major platform upgrade in tissue expanding RNA testing to transcriptome. • Strong showing at AACR with 38 abstracts presented. • Biopharma data business revenue up 17%, CDX franchise with 26 approvals, multi-year agreement with Merck. • Screening had $42M revenue, 44,000 tests, strong volume growth, DTC and influencer campaigns, Quest collaboration, SHIELD multi-cancer detection launch in Asia, reduced blood collection for Shield tests approved by FDA
Guidance
• Raised full-year 2026 revenue guidance to $1.30 - $1.32 billion, 32%-34% growth. • Oncology revenue expected to grow 28%-29% with volume growth >35%. • Biopharma and data expected to grow in low double digits. • Screening revenue expected to be $186 - $198 million, driven by Shield volume 30,000 - 245,000 tests. • Full-year non-GAAP gross margin expected 64%-65%. • 2026 non-GAAP operating expenses expected $1.05 - $1.07 billion, 16%-18% growth. • Full-year free cash flow burn expected $185 - $195 million, improvement year-over-year. Excluding screening, remainder of business expected free cash flow positive for full year 2026, aiming for company-wide cash flow breakeven by end of 2027
Segment performance
Total revenue in Q1 2026 was $302 million, a 48% year-over-year growth. Oncology revenue was $205 million, up 36% year-over-year with 86,000 tests, 47% volume growth. Garmin 360 Liquid had 30% volume growth, Garmin 360 Tissue was second fastest growing, Reveal had over 100% volume growth. Biopharma and data revenue was $53 million, up 17% year-over-year. Screening revenue was $42 million, up from $6 million in prior year period. Non-GAAP gross margin was 66% in Q1 2026, up from 65% in prior year period. Oncology revenue contribution: ~67.9% ($205M/$302M). Biopharma and data: ~17.5% ($53M/$302M). Screening: ~13.9% ($42M/$302M)
Risks & headwinds
• Forward-looking statements involve material risks and uncertainties that could cause actual results to differ. • Impact of FDA decisions on approval of Garden 360 Liquid, Reveal Ultra, camisestrant, etc. • Competitive landscape and potential impact on market share. • Uncertainty around reimbursement outcomes from submissions to MoldDx and other entities. • Weather and seasonal impacts on business operations
Analyst Q&A
Q: Mark Massaro asked about Shield volume momentum in April and reason for raising Shield volume guide.
A: Saw huge momentum in March from DTC campaigns, influencer campaigns, Quest live, EMR connectivity. New guide includes quest contribution but monitoring ongoing.
Q: Subbu Nambi asked about Garden 360 outsized growth drivers and contribution to full-year guidance.
A: Garden 360 growth due to step change in liquid biopsy capabilities, share gains, under-penetrated longitudinal testing. Growth broad-based, contribution to guidance from its outlook.
Q: Patrick Donnelly asked about Reveal market drivers and reimbursement catalyst.
A: Drivers include CRC, breast, lung cancers in surveillance and therapy monitoring. Progress with MoldDx submissions, volume as leading indicator for revenue and ASP.
Q: Doug Schenkel asked about Shield ASP expectations and CMS volume percentage.
A: Q1 Shield ASP predominantly Medicare and Medicare advantage, remainder of year mix to under 65s, ASP expected to tick down.
Q: Casey Woodring asked about Garden 360 tissue growth sustainability and ASP upside from transcriptome addition.
A: Growth sustainable with GARDEN 360 liquid approval streamlining portfolio. Transcriptome addition expected to improve ASP further via ADLP status.
Q: Puneet Soda asked about SHIELD volume cadence and G360 repeat use.
A: SHIELD volume guide implies over 10K sequential growth, monitoring DTC, Quest, rep productivity. G360 repeat use driven by multiple shots on goal for therapy monitoring, confident in future growth.
Q: Dan Arias asked about commensurate adcom and trials for therapy monitoring.
A: Confident other trials will push envelope, first paradigm shift needs mountain of evidence.
Q: Kyle Mixon asked about Shield ASP and AI strategy.
A: Remainder of year Shield ASP around $775, mix change driving tick down. AI leading in actionable insights, Infinity AI powering smart apps, building exabyte of data.
Q: Tycho Peterson asked about therapy monitoring timelines, competitive landscape, and weather impact.
A: Reveal therapy monitoring and reimbursement packages on deck as primary shots. Competitive landscape balancing organic and inorganic growth. Weather impact in Q1 normal seasonal, no catch-up expected.
Q: Bill Bonello asked about customer ordering multiple products and competitive takeaway.
A: Increasing depth of ordering with multiple products, balance of depth and share gains, mostly depth and longitudinal growth.
Q: Michael Ryskin asked about commercial Salesforce expansion and screening sales investment.
A: Oncology Salesforce scaled based on revenue per territory and ROI. Screening incremental gross profit reinvested in S&M, hiring additional sales force, DTC campaigns.
Q: Dan Brennan asked about Garden 360 volume growth drivers and multi-cancer regulatory plan.
A: Garden 360 growth due to best-in-class capabilities, FDA approval as catalyst. MCD option rate strong, on track to build largest clinical database, waiting for regulatory milestones.
Q: Brandon Coulart asked about Shield sales reps, two blood tubes impact, and ACS guidelines.
A: Sales rep number commercially sensitive, but well positioned for estimation. Two blood tubes kit approved, ACS guideline expected any day with positive conversation.
Q: Bradley Bowers asked about Reveal volume growth areas and post-breast price lift.
A: Reveal volume growth across CRC, breast, lungs, therapy monitoring. Expect price lift from Medicare coverage of breast, IO, chemo submissions