EarningsQ2 2026 Earnings Report
MX:GH Q2 2026 EPS Results
Actual EPS-$15.22
Consensus EPS-$12.89
Beat/MissMissed by -$2.33
One Year Ago EPS-$13.53
MX:GH Q2 2026 Revenue Results
Actual Revenue$5.67B
Expected Revenue$5.31B
Beat/MissBeat by +$350.86M
YoY Revenue Growth+44.33%
Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeAfter Close
Conference CallThursday, July 30, 2026
MX:GH Upcoming Earnings
Guardant Health's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:GH Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong operational momentum: broad-based, high-double-digit revenue and volume growth, major FDA approvals (Guardant360 Liquid CDx and a higher-throughput Shield workflow), guideline inclusion and a major payer (UnitedHealth) coverage decision for Shield, record Biopharma results, meaningful margin and cost-per-test improvement initiatives, and expanded commercial reach. Offsetting these positives are elevated operating expenses and investments (S&M and CapEx) to scale Screening, a modest adjusted EBITDA loss and increased free cash flow burn, and outstanding reimbursement/pricing uncertainties (ADLT timing, MolDX/Reveal coverage, USPSTF). On balance, the positive commercial, regulatory and margin trends materially outweigh the near-term cost and reimbursement risks, though execution and payer outcomes remain key near-term sensitivities.Company Guidance
Record Quarterly Revenue and Raised Guidance
Q2 revenue of $335 million, up 44% year-over-year; company raised full-year 2026 revenue guidance to $1.34–$1.36 billion (36%–38% growth).
Oncology Volume Surge
Oncology revenue $219 million, up 38% YoY; Oncology test volumes rose ~63% YoY to ~104,000 tests (from ~64,000). Guardant360 Liquid volume grew >30% YoY; Reveal volumes >100% YoY and is the fastest-growing product.
Strong Screening (Shield) Commercial Traction
Shield testing revenue $53 million in Q2 vs $15 million a year ago; Shield volume ~66,000 tests vs ~16,000 prior-year. ASP ~ $800/test currently; guidance increased to 270,000–285,000 Shield tests and $218–$230 million Shield revenue for 2026. Shield added to ACS and NCCN guidelines and UnitedHealth Group announced coverage effective Aug 1 (adults 45+).
Major Regulatory Milestones
FDA approval of Guardant360 Liquid CDx (May 2026) — expanded content and consolidation potential; FDA approval of a higher-throughput, lower-COGS Shield workflow; 28 CDx approvals company-wide (4 added in H1 2026).
Margin and Cost Efficiency Improvements
Non-GAAP gross margin improved to 67% (vs 66% a year ago). Completed Guardant360 Liquid transition to NovaSeq X in May, reducing cost per test by ~ $200. New Shield workflow expected to reduce Shield cost per test by ~15% from current ~$410 by end of 2026; longer-term Shield cost target ~$200 per test by 2028.
Record Biopharma & Data Quarter and Unique Data Asset
Biopharma & Data revenue reached a record $61 million, up 9% YoY; franchise benefits from InfinityAI and strategic partnerships. Proprietary data asset now spans >1.3 million patient tests and >700,000 epigenetic profiles across 100+ tumor types.
Commercial Expansion and Distribution Partnerships
Field organization expanded to >400 professionals; dedicated health-system team >30 people; Quest collaboration providing nationwide EMR access and co-promotion; combined initiatives (DTC, field, Quest) materially drove sequential Shield growth.
Improved Outlook on Profitability Path
Management expects the business excluding Screening to generate positive free cash flow in 2026 and reiterated goal of company-wide cash flow breakeven by end of 2027; ADLT designation for Guardant360 Liquid CDx targeted H1 2027 which could uplift ASPs over time.
MX:GH Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed