Guardant Health, Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 30 July 2026: press release. Guidance figures: 7 raised, 2 kept. The quarter’s numbers.

Key takeaways

Revenue rose 44% year over year: Total revenue was $335.0 million, up 44% from $232.1 million, with the company citing Oncology and Screening as drivers. Source
Screening revenue grew over 250%: Screening revenue was $52.9 million, against $14.8 million, driven primarily by Shield screening test volume. Source
Oncology tests rose 63%: Oncology test volume was about 104,000 tests, an increase of 63% over the prior year period. Source
Shield tests reached about 66,000: Shield screening tests were about 66,000 in the quarter, against about 16,000 in the prior year period. Source
Non-GAAP operating expenses reached $288.3M: Non-GAAP operating expenses were $288.3 million against $215.3 million, driven by commercial infrastructure and marketing for Shield and Oncology. Source
Free cash flow used $69.5 million: Free cash flow was negative $69.5 million, against negative $65.9 million a year earlier; first-half free cash flow was negative $140.7 million. Source
Revenue guidance raised by $40 million: The company raised full-year revenue guidance by $40 million at both ends of the range, to growth of 36% to 38%. Source

“Our second-quarter performance reflected broad-based momentum across the Guardant portfolio, with revenue increasing 44% year over year,”
Helmy Eltoukhy, co-founder and co-CEO

Guidance

Area	Period	Figure	Against last quarter
Total revenue Source	full year 2026	$1.34 to $1.36 billion, growth of 36% to 38%	Raised from $1.30 to $1.32 billion, growth of 32% to 34%
Oncology revenue growth Source	full year 2026	approximately 30%	Raised from 28% to 29%
Oncology volume growth Source	full year 2026	approximately 50%	Raised from approximately 35%
Biopharma & Data revenue growth Source	full year 2026	low double-digit range	Kept
Screening revenue Source	full year 2026	$218 to $230 million	Raised from $186 to $198 million
Shield test volume Source	full year 2026	270,000 to 285,000 tests	Raised from 230,000 to 245,000 tests
Non-GAAP gross margin Source	full year 2026	64% to 65%	Kept
Non-GAAP operating expenses Source	full year 2026	$1.08 to $1.10 billion	Raised from $1.05 to $1.07 billion
Free cash flow burn Source	full year 2026	$195 million to $205 million	Raised from $185 million to $195 million

What changed from last quarter

Guidance raised: Full-year 2026 revenue guidance raised to $1.34 to $1.36 billion from $1.30 to $1.32 billion. Source
Guidance raised: Oncology revenue growth guidance raised to about 30% from 28% to 29%; oncology volume growth raised to about 50% from about 35%. Source
Guidance raised: Screening revenue guidance raised to $218 to $230 million from $186 to $198 million. Source
Guidance raised: Non-GAAP operating expense guidance raised to $1.08 to $1.10 billion from $1.05 to $1.07 billion. Source
Guidance raised: Free cash flow burn guidance raised to $195 to $205 million from $185 to $195 million. Source
Guidance kept: Non-GAAP gross margin guidance of 64% to 65% was continued from the prior release. Source
Guidance kept: Biopharma & Data revenue growth was continued in the low double-digit range.
New: Shield coverage was obtained from UnitedHealth Group, described as the first major commercial insurer to provide coverage. Source
New: Shield was included in the American Cancer Society's updated colorectal cancer screening guidelines. Source
New: FDA approval was received for Guardant360 Liquid CDx, described as the most advanced FDA-approved liquid biopsy panel. Source

Results and loss measures

Revenue rose 44% year over year: Total revenue was $335.0 million, up 44% from $232.1 million, with the company citing Oncology and Screening as drivers. Source
GAAP net loss rose to $120.1 million: Net loss was $120.1 million, or $0.90 per share, against $99.9 million, or $0.80 per share, a year earlier. Source
Non-GAAP loss per share was $0.42: Non-GAAP net loss was $56.2 million, or $0.42 per share, compared with $55.0 million, or $0.44 per share, a year earlier. Source
Adjusted EBITDA loss was $55.9 million: Adjusted EBITDA loss was $55.9 million, against $51.9 million a year earlier; stock-based compensation and related payroll tax were $62.4 million in the GAAP reconciliation. Source

Segment revenue

Oncology revenue rose 38%: Oncology revenue was $219.1 million, up from $158.7 million, driven primarily by test volume. Source
Screening revenue grew over 250%: Screening revenue was $52.9 million, against $14.8 million, driven primarily by Shield screening test volume. Source
Biopharma & Data grew 9%: Biopharma & Data revenue was $60.9 million, up from $56.0 million, an increase of 9%. Source
Licensing and other revenue declined: Licensing and other revenue was $2.1 million, compared with $2.6 million in the prior year period. Source

“Growth was fueled by strong oncology volume, with acceleration across every product.”
Helmy Eltoukhy, co-founder and co-CEO

Products, approvals and coverage

Liquid CDx panel gained FDA approval: The company reported FDA approval for Guardant360 Liquid CDx, which it described as the most advanced FDA-approved liquid biopsy panel. Source
Companion diagnostic approved for lung cancer: FDA approved Guardant360 CDx as a companion diagnostic for Boehringer Ingelheim's HERNEXEOS in HER2-mutant advanced non-small cell lung cancer. Source
Shield added to cancer society guidelines: The American Cancer Society's updated colorectal cancer screening guidelines now include Shield, according to the company. Source
UnitedHealth Group covers Shield: UnitedHealth Group is described as the first major commercial insurer to provide Shield coverage. Source
Higher-throughput Shield workflow approved: FDA approved a higher-throughput, lower-COGS Shield workflow, according to the company. Source
38 abstracts presented at ASCO: The company presented 38 abstracts at the 2026 ASCO Annual Meeting, which it said highlight the expanding clinical utility of its portfolio. Source

Test volumes

Oncology tests rose 63%: Oncology test volume was about 104,000 tests, an increase of 63% over the prior year period. Source
Shield tests reached about 66,000: Shield screening tests were about 66,000 in the quarter, against about 16,000 in the prior year period. Source
Shield tests were 44,000 in Q1: The prior-quarter release reported about 44,000 Shield screening tests in the first quarter of 2026.
Oncology tests were 86,000 in Q1: The prior-quarter release reported about 86,000 oncology tests in the first quarter of 2026, up 47% year over year.

“The inclusion of the Shield blood test in the American Cancer Society’s screening guidelines, together with UnitedHealth Group’s broad coverage decision, represents powerful validation of Shield’s clinical utility and its potential to improve access to screening.”
AmirAli Talasaz, co-founder and co-CEO

Costs and margins

Non-GAAP gross margin was 67%: Non-GAAP gross margin was 67%, against 66% in the prior year period. Source
GAAP gross margin held at 65%: GAAP gross margin was 65% for the second quarter of 2026, the same as the prior year period. Source
GAAP operating expenses rose: Operating expenses were $348.1 million against $257.3 million; the company cited stock-based compensation as a further driver. Source
Non-GAAP operating expenses reached $288.3M: Non-GAAP operating expenses were $288.3 million against $215.3 million, driven by commercial infrastructure and marketing for Shield and Oncology. Source

Cash flow and capital

Free cash flow used $69.5 million: Free cash flow was negative $69.5 million, against negative $65.9 million a year earlier; first-half free cash flow was negative $140.7 million. Source
Capital expenditures rose to $11.8M: Purchases of property and equipment were $11.8 million in the quarter, compared with $5.6 million a year earlier. Source
Cash position of $1.2 billion: Cash, cash equivalents and restricted cash totaled $1.2 billion at June 30, 2026; the prior release also included marketable securities. Source
Shares outstanding increased: Shares outstanding were 133,612,678 at June 30, 2026, up from 130,635,301 at December 31, 2025. Source

Full-year 2026 guidance

Revenue guidance raised by $40 million: The company raised full-year revenue guidance by $40 million at both ends of the range, to growth of 36% to 38%. Source
Oncology volume growth guidance lifted: Oncology volume growth for 2026 is now expected at about 50%, up from about 35%, with revenue growth at about 30%. Source
Screening revenue guidance raised: Screening revenue is now expected at $218 to $230 million, from $186 to $198 million, on Shield volume of 270,000 to 285,000 tests. Source
Gross margin guidance held: Full-year non-GAAP gross margin guidance of 64% to 65% was continued, unchanged from the prior release. Source
Operating expense guidance raised: Non-GAAP operating expenses are now expected at $1.08 to $1.10 billion, up from $1.05 to $1.07 billion. Source
Free cash flow burn guidance raised: Full-year free cash flow burn is now expected at $195 to $205 million, against the previous $185 to $195 million. Source

Coming up, as management said on 30 July 2026

Laboratory capacity investment accelerating: The company said the revised free cash flow range reflects accelerated investment in laboratory capacity for Shield volume growth. Source

Figures management reported

Figure	Reported
Oncology test volume Source	approximately 104,000 tests, up 63%
Shield screening tests Source	approximately 66,000 tests, against 16,000 in the prior year period

Earlier plans management reported on

Not stated: The company continues to expect non-GAAP gross margin of 64% to 65% for full-year 2026, as stated in the prior guidance. Source
Not stated: The prior release said the company continued to expect Biopharma & Data growth in the low double-digit range; the current release says it is expected in that range.

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Guardant Health Reports Second Quarter 2026 Financial Results and Increases 2026 Revenue Guidance

Second quarter 2026 revenue growth of 44% driven by strong performance in Oncology and Screening

Raises 2026 revenue guidance to $1.34 to $1.36 billion, representing growth of 36% to 38%

PALO ALTO, Calif. July 30, 2026 - Guardant Health, Inc. (Nasdaq: GH), a leading precision oncology company, today reported financial results for the quarter ended June 30, 2026.

Second Quarter 2026 Financial Highlights

For the three-month period ended June 30, 2026, as compared to the same period of 2025:

Reported total revenue of $335.0 million, an increase of 44%, driven by:
Oncology revenue of $219.1 million, an increase of 38%, and approximately 104,000 oncology tests, an increase of 63%
Biopharma & Data revenue of $60.9 million, an increase of 9%
Screening revenue of $52.9 million, and approximately 66,000 Shield™ screening tests, compared to $14.8 million revenue and 16,000 tests in the prior year period
Generated non-GAAP gross margin of 67%, compared to 66% for the second quarter of 2025

Recent Operating Highlights

Received U.S. Food and Drug Administration (FDA) approval for Guardant360® Liquid CDx, the most advanced FDA-approved liquid biopsy panel
Presented 38 abstracts at the 2026 American Society of Clinical Oncology Annual Meeting, highlighting the expanding clinical utility of Guardant’s portfolio
Received FDA approval for Guardant360® CDx as a companion diagnostic for Boehringer Ingelheim’s HERNEXEOS for HER2 (ERBB2)-mutant advanced non-small cell lung cancer
Achieved inclusion of Shield in the American Cancer Society’s updated colorectal cancer screening guidelines
Obtained Shield coverage from UnitedHealth Group, the first major commercial insurer to provide coverage
Received FDA approval for higher-throughput, lower-COGS Shield workflow

“Our second-quarter performance reflected broad-based momentum across the Guardant portfolio, with revenue increasing 44% year over year,” said Helmy Eltoukhy, co-founder and co-CEO. “Growth was fueled by strong oncology volume, with acceleration across every product. The landmark FDA approval of Guardant360 Liquid CDx further strengthens our portfolio and positions us to drive sustained growth in the years ahead.”

“Our team delivered another quarter of exceptional growth for Shield, and we are excited about several important milestones that reinforce its expanding role in colorectal cancer screening,” said AmirAli Talasaz, co-founder and co-CEO. “The inclusion of the Shield blood test in the American Cancer Society’s screening guidelines, together with UnitedHealth Group’s broad coverage decision, represents powerful validation of Shield’s clinical utility and its potential to improve access to screening.”

Second Quarter 2026 Financial Results

Revenue was $335.0 million for the second quarter of 2026, a 44% increase from $232.1 million for the corresponding prior year period. Oncology revenue grew 38% to $219.1 million for the second quarter of 2026, from $158.7 million for the corresponding prior year period, driven primarily by an increase in Oncology test volume, which grew 63% over the prior year period. Screening revenue grew over 250% to $52.9 million for the second quarter of 2026, from $14.8 million for the corresponding prior year period, driven primarily by an increase in Shield screening test volume, which grew to approximately 66,000 tests in the second quarter of 2026, from approximately 16,000 tests in the prior year period. Biopharma & Data revenue grew 9% to $60.9 million for the second quarter of 2026, from $56.0 million for the corresponding prior year period. Licensing and other revenue was $2.1 million for the second quarter of 2026, compared to $2.6 million for the corresponding prior year period.

Gross profit, or total revenue less cost of revenue, was $219.0 million for the second quarter of 2026, an increase of $68.1 million or 45%, from $150.9 million for the corresponding prior year period. Gross margin, or gross profit divided by total revenue, was 65% for the second quarter of 2026, as compared to 65% for the corresponding prior year period.

Non-GAAP gross profit was $223.1 million for the second quarter of 2026, an increase of $69.3 million or 45%, from $153.8 million for the corresponding prior year period. Non-GAAP gross margin was 67% for the second quarter of 2026, as compared to 66% for the corresponding prior year period.

Operating expenses were $348.1 million for the second quarter of 2026, as compared to $257.3 million for the corresponding prior year period. The year-over-year increase in operating expenses was primarily related to commercial infrastructure expansion and marketing activities to support the Shield and Oncology growth and an increase in stock-based compensation. Non-GAAP operating expenses were $288.3 million for the second quarter of 2026, as compared to $215.3 million for the corresponding prior year period. The year-over-year increase in non-GAAP operating expenses was primarily related to commercial infrastructure expansion and marketing activities to support the Shield and Oncology growth.

Net loss was $120.1 million for the second quarter of 2026, as compared to $99.9 million for the corresponding prior year period. Net loss per share was $0.90 for the second quarter of 2026, as compared to $0.80 for the corresponding prior year period.

Non-GAAP net loss was $56.2 million for the second quarter of 2026, as compared to $55.0 million for the corresponding prior year period. Non-GAAP net loss per share was $0.42 for the second quarter of 2026, as compared to $0.44 for the corresponding prior year period.

Adjusted EBITDA loss was $55.9 million for the second quarter of 2026, as compared to a $51.9 million loss for the corresponding prior year period.

Free cash flow for the second quarter of 2026 was $(69.5) million, as compared to $(65.9) million for the corresponding prior year period.

Cash, cash equivalents, and restricted cash were $1.2 billion as of June 30, 2026.

2026 Guidance

Guardant Health now expects full year 2026 revenue to be in the range of $1.34 to $1.36 billion, representing growth of 36% to 38% compared to full year 2025. This compares to the prior range of $1.30 to $1.32 billion, representing growth of 32% to 34%.

Within this revenue range:

Oncology revenue is now expected to grow approximately 30% in 2026, compared to prior guidance of 28% to 29%. Oncology volume is now expected to grow to approximately 50% in 2026, compared to prior guidance of approximately 35%.
Biopharma & Data revenue growth is expected to be in the low double-digit range.
Screening revenue is now expected to be in the range of $218 to $230 million, driven by Shield volume of 270,000 to 285,000 tests. This compares to the prior guidance of $186 to $198 million revenue and 230,000 to 245,000 tests.

Guardant Health continues to expect full year 2026 non-GAAP gross margin to be in the range of 64% to 65%. Guardant Health now expects total non-GAAP operating expenses to be in the range of $1.08 to $1.10 billion, an increase compared to the prior range of $1.05 to $1.07 billion. Guardant Health now expects full-year free cash flow burn of $195 million to $205 million, compared with its previous outlook of $185 million to $195 million. The revised range reflects accelerated investment in laboratory capacity to support rapid Shield volume growth and represents an improvement from the $233 million of free cash flow burn reported for full-year 2025.

Webcast Information

Guardant Health will host a conference call to discuss the second quarter 2026 financial results after market close on Thursday, July 30, 2026 at 1:30 pm Pacific Time / 4:30 pm Eastern Time. A webcast of the conference call can be accessed at http://investors.guardanthealth.com. The webcast will be archived and available for replay for at least 90 days after the event.

Non-GAAP Measures

Guardant Health has presented in this release certain financial information in accordance with U.S. Generally Accepted Accounting Principles (GAAP) and also on a non-GAAP basis, including non-GAAP cost of revenue, non-GAAP gross profit, non-GAAP research and development expense, non-GAAP sales and marketing expense, non-GAAP general and administrative expense, non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss per share, basic and diluted, adjusted EBITDA, and free cash flow.

We define our non-GAAP measures as the applicable GAAP measure adjusted for the impacts of stock-based compensation and related employer payroll tax payments, contingent consideration, amortization of intangible assets, impairment of non-marketable equity securities, gain on extinguishment of convertible notes, and other non-recurring items.

Adjusted EBITDA is defined as net loss adjusted for interest income; interest expense; other income (expense), net; provision for income taxes; depreciation and amortization expense; stock-based compensation expense and related employer payroll tax payments; contingent consideration; and other non-recurring items. Free cash flow is defined as net cash used in operating activities in the period less purchases of property and equipment in the period.

We believe that the exclusion of certain income and expenses in calculating these non-GAAP financial measures can provide a useful measure for investors when comparing our period-to-period core operating results, and when comparing those same results to that published by our peers. We exclude certain items because we believe that these income and expenses do not reflect expected future operating performance. Additionally, certain items are inconsistent in amounts and frequency, making it difficult to perform a meaningful evaluation of our current or past operating performance. We use these non-GAAP financial measures to evaluate ongoing operations, for internal planning and forecasting purposes, and to manage our business.

These non-GAAP financial measures are not intended to be considered in isolation from, as substitute for, or as superior to, the corresponding financial measures prepared in accordance with GAAP. There are limitations inherent in non-GAAP financial measures because they exclude charges and credits that are required to be included in a GAAP presentation, and do not present the full measure of our recorded costs against its revenue. In addition, our definition of the non-GAAP financial measures may differ from non-GAAP measures used by other companies.

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 and accelerating new cancer therapies 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 treatment selection for patients with advanced cancer. For more information, visit guardanthealth.com and follow the company on LinkedIn, X (Twitter) and Facebook.

Forward Looking Statements

Forward-looking statements notice

This press release contains forward-looking statements within the meaning of federal securities laws, including statements regarding the potential utilities, values, benefits and advantages of Guardant Health’s liquid biopsy tests or assays, which involve risks and uncertainties that could cause the 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, 2025, and in its other 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.

Condensed Consolidated Statements of Operations

(unaudited)

(in thousands, except per share data)

	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Revenue	$334,978	$232,088	$636,643	$435,559
Costs and operating expenses:
Cost of revenue	115,949	81,205	220,868	155,928
Research and development expense	96,533	87,449	187,571	175,970
Sales and marketing expense	189,954	119,588	359,086	223,904
General and administrative expense	61,660	50,259	119,586	97,211
Total costs and operating expenses	464,096	338,501	887,111	653,013
Loss from operations	(129,118)	(106,413)	(250,468)	(217,454)
Interest income	10,199	7,560	21,350	16,672
Interest expense	(1,346)	(983)	(2,693)	(1,774)
Other income (expense), net	308	(25)	151	7,826
Loss before provision for income taxes	(119,957)	(99,861)	(231,660)	(194,730)
Provision for income taxes	185	38	557	328
Net loss	$(120,142)	$(99,899)	$(232,217)	$(195,058)
Net loss per share, basic and diluted	$(0.90)	$(0.80)	$(1.76)	$(1.57)
Weighted-average shares used in computing net loss per share, basic and diluted	132,867	124,114	132,074	123,993

Condensed Consolidated Balance Sheets

(unaudited)

(in thousands, except share and per share data)

	June 30, 2026	December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$1,053,469	$378,203
Short-term marketable securities	-	823,395
Accounts receivable, net	144,249	137,849
Inventory, net	105,463	85,876
Prepaid expenses and other current assets, net	61,458	40,723
Total current assets	1,364,639	1,466,046
Restricted cash	114,270	111,214
Property and equipment, net	155,299	145,915
Right-of-use assets, net	147,566	158,849
Intangible assets, net	25,267	25,921
Goodwill	77,257	77,257
Other assets, net	27,996	28,457
Total Assets	$1,912,294	$2,013,659
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable	$93,514	$54,442
Accrued compensation	121,366	119,646
Accrued expenses	79,291	77,889
Deferred revenue	44,791	50,753
Total current liabilities	338,962	302,730
Convertible senior notes, net	1,502,943	1,504,000
Long-term operating lease liabilities	166,312	178,463
Other long-term liabilities	126,944	127,773
Total Liabilities	2,135,161	2,112,966
Stockholders’ deficit:
Common stock, par value of $0.00001 per share; 350,000,000 shares authorized; 133,612,678 and 130,635,301 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	1	1
Additional paid-in capital	3,009,424	2,900,056
Accumulated other comprehensive loss	(5,563)	(4,852)
Accumulated deficit	(3,226,729)	(2,994,512)
Total Stockholders’ Deficit	(222,867)	(99,307)
Total Liabilities and Stockholders’ Deficit	$1,912,294	$2,013,659

Supplemental Revenue Information

(unaudited)

(in thousands)

	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Oncology	$219,105	$158,685	$424,059	$309,244
Biopharma and data	60,947	56,020	113,924	101,396
Screening	52,866	14,814	94,456	20,491
Licensing and other	2,060	2,569	4,204	4,428
Total revenue	$334,978	$232,088	$636,643	$435,559

Reconciliation of Selected GAAP Measures to Non-GAAP Measures

(unaudited)

(in thousands, except per share data)

	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
GAAP cost of revenue	$115,949	$81,205	$220,868	$155,928
Amortization of intangible assets	(150)	(150)	(298)	(298)
Stock-based compensation expense and related employer payroll tax payments	(3,945)	(2,759)	(7,156)	(5,149)
Non-GAAP cost of revenue	$111,854	$78,296	$213,414	$150,481
GAAP gross profit	$219,029	$150,883	$415,775	$279,631
Amortization of intangible assets	150	150	298	298
Stock-based compensation expense and related employer payroll tax payments	3,945	2,759	7,156	5,149
Non-GAAP gross profit	$223,124	$153,792	$423,229	$285,078
GAAP research and development expense	$96,533	$87,449	$187,571	$175,970
Stock-based compensation expense and related employer payroll tax payments	(16,025)	(14,255)	(30,474)	(27,345)
Contingent consideration	-	(647)	-	(1,181)
Non-GAAP research and development expense	$80,508	$72,547	$157,097	$147,444
GAAP sales and marketing expense	$189,954	$119,588	$359,086	$223,904
Stock-based compensation expense and related employer payroll tax payments	(17,594)	(11,756)	(32,296)	(21,945)
Non-GAAP sales and marketing expense	$172,360	$107,832	$326,790	$201,959
GAAP general and administrative expense	$61,660	$50,259	$119,586	$97,211
Amortization of intangible assets	(126)	(266)	(356)	(598)
Stock-based compensation expense and related employer payroll tax payments	(24,842)	(14,832)	(44,351)	(28,403)
Contingent consideration	(1,000)	(230)	(1,000)	(720)
Other	(250)	-	(1,400)	(2,000)
Non-GAAP general and administrative expense	$35,442	$34,931	$72,479	$65,490

	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
GAAP loss from operations	$(129,118)	$(106,413)	$(250,468)	$(217,454)
Amortization of intangible assets	276	416	654	896
Stock-based compensation expense and related employer payroll tax payments	62,406	43,602	114,277	82,842
Contingent consideration	1,000	877	1,000	1,901
Other	250	-	1,400	2,000
Non-GAAP loss from operations	$(65,186)	$(61,518)	$(133,137)	$(129,815)
GAAP net loss	$(120,142)	$(99,899)	$(232,217)	$(195,058)
Amortization of intangible assets	276	416	654	896
Stock-based compensation expense and related employer payroll tax payments	62,406	43,602	114,277	82,842
Contingent consideration	1,000	877	1,000	1,901
Impairment of non-marketable equity securities	-	-	-	5,000
Gain on extinguishment of convertible notes	-	-	-	(13,672)
Other	250	-	1,400	2,000
Non-GAAP net loss	$(56,210)	$(55,004)	$(114,886)	$(116,091)
GAAP net loss per share, basic and diluted	$(0.90)	$(0.80)	$(1.76)	$(1.57)
Non-GAAP net loss per share, basic and diluted	$(0.42)	$(0.44)	$(0.87)	$(0.94)
Weighted-average shares used in computing GAAP and Non-GAAP net loss per share, basic and diluted	132,867	124,114	132,074	123,993

Reconciliation of GAAP Net Loss to Adjusted EBITDA

(unaudited)

(in thousands)

	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
GAAP net loss	$(120,142)	$(99,899)	$(232,217)	$(195,058)
Interest income	(10,199)	(7,560)	(21,350)	(16,672)
Interest expense	1,346	983	2,693	1,774
Other expense (income), net	(308)	25	(151)	(7,826)
Provision for income taxes	185	38	557	328
Depreciation and amortization	9,561	10,042	19,003	20,278
Stock-based compensation expense and related employer payroll tax payments	62,406	43,602	114,277	82,842
Contingent consideration	1,000	877	1,000	1,901
Other	250	-	1,400	2,000
Adjusted EBITDA	$(55,901)	$(51,892)	$(114,788)	$(110,433)

Reconciliation of Free Cash Flow to Net Cash Used in Operating Activities

(unaudited)

(in thousands)

	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Net cash used in operating activities	$(57,778)	$(60,285)	$(123,401)	$(122,974)
Purchases of property and equipment	(11,759)	(5,649)	(17,339)	(10,108)
Free cash flow	$(69,537)	$(65,934)	$(140,740)	$(133,082)

Contacts
Zarak Khurshid investors@guardanthealth.com
Meaghan Smith press@guardanthealth.com