Guardant Health Inc

Strong Q2 growth across all segments (good): - Revenue: $335M, +44% YoY (broad-based: Oncology, Biopharma & Data, Screening). - Oncology: $219M, +38% YoY; ~104k tests, +63% YoY. - Guardant360 Liquid: >30% YoY growth (Smart app adoption). - Guardant360 Tissue: accelerated; second-fastest growing product. - Reveal (MRD/therapy monitoring): >100% YoY volume growth; strong ramp and therapy monitoring contributing meaningfully. - Biopharma & Data: $61M, +9% YoY (record quarter); growing companion diagnostic franchise (28 CDx approvals, 4 added in 1H 2026). - Screening (Shield): $53M, +~3.3x YoY (from ~$15M); ~66k tests (from ~16k).

Major product/regulatory catalysts (surprising + opportunity): - FDA approval of Guardant360 Liquid CDx (May 2026): integrates genomic + epigenomic (methylation/epigenomic content); major milestone; phased rollout already started. - Guardant360 Liquid CDx ADLT expected in H1 2027 (enables Medicare Advantage/commercial repricing). - FDA approval for higher-throughput, lower-COGS Shield workflow (June; live in production August): expected to reduce Shield cost/test (step-down initially) and improve lab scalability. - Shield commercial acceptance: included in American Cancer Society CRC guidelines; UnitedHealth Group coverage decision (effective Aug 1) for ages 45+ (primary CRC screening option).

2026 guidance raised (good) with clear demand + cost trajectory: - Full-year revenue guidance: raised to $1.34B–$1.36B (+36% to +38% YoY). - Oncology: now expects ~30% revenue growth and ~50% volume growth (portfolio strength across Liquid/Tissue/Reveal despite tougher comps). - Screening (Shield): raised to $218M–$230M and 270k–285k Shield tests (confidence increased after ACS inclusion + UnitedHealth coverage starting Aug 1). - Gross margin (non-GAAP): outlook maintained at 64%–65% (lower testing costs partially offset by mix; Shield + Reveal scaling). - OpEx: $1.08B–$1.1B (+20% to +22% YoY), reflecting expanded Screening commercialization investment. - Free cash flow: expects burn $195M–$205M (about $10M worse vs prior, driven by additional CapEx to expand Shield lab capacity); committed to cash flow breakeven by end of 2027.