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Benzinga
Benzinga
Business
Vandana Singh

Guardant Health Clocks 22% Jump In Q1 Revenues, Reiterates FY22 Guidance

  • Guardant Health Inc's (NASDAQ:GHQ1 FY22 revenues rose 22% Y/Y to $96.1 million, beating the consensus of $95.70 million.
  • Guardant's precision oncology testing revenues grew 32% to $84.1 million, driven by the increase in clinical and biopharma testing. 
  • Development services and other revenues rose 20% to $12.0 million from $14.9 million in Q1 2021, primarily due to the progression of collaboration projects with biopharmaceutical customers for companion diagnostic development and regulatory approval services. 
  • The company reported 21,100 tests to clinical customers and 5,100 to biopharmaceutical customers during the quarter, increasing 47% and 45%.
  • "We now have more than 11,000 ordering oncologists and are seeing our core base of customers ordering more tests and using more Guardant products each quarter, co-CEO Helmy Eltoukhy said.
  • Adjusted EPS loss of $(0.91) came in above the consensus of $(1.21) but deeper than $(0.49) a year ago.
  • As of March 31, Guardant held $573.6 million in cash and cash equivalents and $388.7 million in short-term marketable securities. 
  • Guidance: The company reiterated its FY22 revenue guidance of $460 million - $470 million, up 23% - 26% Y/Y, compared to the consensus of $465.93 million.
  • Price Action: GH shares are down 27% at $37.02 during the market session on the last check Friday.
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