Guardant Health Reports $203.5 Million Revenue in Q1 2025, Net Loss of $95.2 Million

Guardant Health, Inc. reported a total revenue of $203.5 million for the first quarter of 2025, marking a 21% increase from $168.5 million in the same period of 2024. The growth was primarily driven by a 20% rise in oncology revenue, which reached $150.6 million, attributed to an increase in test volume to approximately 59,000 tests performed. Additionally, biopharma and data revenue rose by 21% to $45.4 million, reflecting increased testing for biopharmaceutical customers. However, licensing and other revenue decreased significantly, falling to $1.9 million from $5.2 million, largely due to a one-time revenue recorded in the previous year.

Despite the revenue growth, Guardant Health reported a net loss of $95.2 million for the first quarter of 2025, a slight improvement from a net loss of $115.0 million in the prior year. The company's total costs and operating expenses increased to $314.5 million, up from $268.2 million, driven by higher sales and marketing expenses, which surged by 30% to $104.3 million as the company expanded its commercial team and marketing efforts. Research and development expenses also rose to $88.5 million, reflecting ongoing investments in technology and product development.

In terms of operational metrics, Guardant Health's cash, cash equivalents, and restricted cash totaled approximately $803.9 million as of March 31, 2025, an increase from $629.8 million at the end of 2024. The company has continued to invest in its product offerings, including the recently FDA-approved Shield blood test for colorectal cancer screening, which became commercially available in August 2024. This test is notable for being the first blood test approved for primary colorectal cancer screening and meets Medicare coverage requirements.

Guardant Health's strategic initiatives also included a significant debt restructuring, where the company exchanged $600 million in convertible senior notes due in 2027 for new notes due in 2031. This transaction resulted in a gain of $13.7 million on the extinguishment of the older notes. The company continues to focus on expanding its market presence, particularly in international markets, and anticipates further growth in testing volumes and revenue as it enhances its product offerings and payer relationships.

Looking ahead, Guardant Health expects to continue incurring operating losses as it invests in clinical studies and product development. The company believes its current cash reserves and anticipated cash flows will be sufficient to meet its operational needs for the next 12 months. However, it remains open to raising additional capital to support its growth strategy and may consider various financing options as market conditions evolve.