Guardant raises 2026 revenue forecast as Q3 loss narrows more than expected

Guardant Health (GH) posted a third-quarter non-GAAP loss of 29 cents per share, a smaller loss than the 33 cents consensus estimate. Revenue was $360.98 million, in line with the $360.87 million estimate. The company also raised its 2026 revenue forecast.

Shares fell 1.7% at 3:59 p.m. ET, from a $153.43 close.

Revenue rose 36% from $265.2 million a year earlier. Oncology and Screening drove most of the growth.

Here's how the company did:

• Non-GAAP loss per share: 29 cents vs. 39 cents a year earlier, against 33 cents expected
• Revenue: $360.98 million vs. $265.2 million a year earlier, against $360.87 million expected
• GAAP net loss: $124.4 million vs. $92.7 million a year earlier
• Adjusted EBITDA loss: $37.3 million vs. $45.5 million a year earlier

Oncology revenue rose 25% to $231.3 million from $184.4 million. Oncology test volume grew 58% to 117,000 tests.

Screening revenue rose 180% to $67.6 million from $24.1 million. Shield tests reached 83,000, up 246%.

Biopharma & Data revenue grew 8% to $59.0 million from $54.7 million.

Revenue has risen in each of the last three quarters, from $265.2 million in the third quarter of 2025 to $335.0 million in the second quarter of 2026.

Co-founder and co-CEO Helmy Eltoukhy said the FDA approval of Guardant360 CDx for longitudinal ESR1 testing "is a major advance for breast cancer patients."

2026 guidance

Guardant now expects 2026 revenue of $1.36 billion to $1.37 billion, growth of 38% to 40%. That compares with the $1.34 billion to $1.36 billion range it gave on July 30, which implied growth of 36% to 38%.

Screening revenue is now expected to be $233 million to $238 million, from $218 million to $230 million. The company expects Shield volume of 285,000 to 290,000 tests, up from 270,000 to 285,000.

Oncology revenue is expected to grow about 30%, and Oncology volume is now expected to grow more than 50%. Biopharma & Data revenue growth is expected to be in the low double-digit range.

The company expects a non-GAAP gross margin of 65%, compared with 64% to 65% previously. Non-GAAP operating expenses are expected at $1.105 billion to $1.125 billion, up from $1.080 billion to $1.100 billion.

Costs and cash

GAAP operating expenses were $368.9 million, up from $270.6 million. The company attributed the increase mainly to commercial infrastructure expansion, marketing and stock-based compensation.

Free cash flow was negative $37.2 million, compared with negative $45.8 million a year earlier. Full-year free cash flow burn is now expected at $205 million to $220 million, from $195 million to $205 million.

Cash, cash equivalents and restricted cash were $1.1 billion as of September 30, 2026.