Snapshot
Guardant Health, Inc. reported $232M of revenue in Q2 2025, up 30.9% year over year, with diluted EPS of $-0.80 and an operating margin of -45.9%.
- Revenue
- $232M
- YoY growth
- +30.9%
- Diluted EPS
- $-0.80
- Operating margin
- -45.9%
$232M
Revenue
+30.9%
YoY growth
$-0.80
Diluted EPS
-45.9%
Operating margin
01 Key takeaways
What management said
- •We continued to build momentum across Oncology, Biopharma, and Screening business lines, including accelerating therapy selection and MRD volume growth, record Biopharma sales, and quickly scaling Shield volumes and revenues.
- •Q2 revenue grew 31% year-over-year to $232 million, with strong performance across our Oncology, Screening, and Biopharma & Data businesses.
- •Roughly 1/2 of the overall year-over-year revenue growth in Q2 came from the Oncology business, with revenue increasing 22% to $159 million.
- •Oncology volumes increased 30% year-over-year to approximately 64,000 tests in the second quarter, with the majority of growth driven by Guardant360 Liquid, again closely followed by strong contribution from Reveal.
- •We saw continued volume growth across all oncology tests this quarter, with particularly strong performance from Guardant360 Liquid, where year-over-year growth accelerated for the fourth consecutive quarter and was over 20% in Q2.
- •We continue to believe that the steady cadence of new app introductions powered by Smart Liquid Biopsy has been instrumental to the accelerating growth profile of Guardant360 Liquid.
- •With a prevalent pool of approximately 40,000 patients in the U.S., this new application of Guardant360 has the potential to drive significant incremental Guardant360 revenue in 2026 and beyond.
- •Since July of last year, Guardant360 has delivered accelerating growth each quarter, fueled by our Guardant Infinity Smart Liquid Biopsy platform.
- •Our Oncology business is well-positioned for durable growth, supported by continued CGP penetration, favorable ASP dynamics, and international expansion.
- •With our redoubled commercial focus on Reveal following major COGS improvements in Medicare CRC surveillance reimbursement earlier this year, the business is primed for strong growth in MRD.
- •We delivered a record quarter for our Biopharma business, achieving all-time highs in both volume and revenue, with second quarter revenue growing 28% year-over-year.
- •We continue to have a robust and growing pipeline of partnerships, and near-term revenue visibility remains high.
SourcesCompany financials · earnings call
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